Drake Bank Mortgage Rates, Fees & Info

Saint Paul, MN

LEI: 5493007GTTV61V305H74

Tax ID: 32-0011226

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Drake Bank is a smaller bank specializing in Home Purchase loans. Drake Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Philadelphia, and St. Cloud among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Drake Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    53

    Origination Dollar Volume (All Markets)

    $15,495,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 49 $14,625,000 $298,469 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $460,000 $230,000 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Outside of Metro Areas 1 $185,000 $185,000 $0 0.00%
    Drake Bank's top markets include Minneapolis, Philadelphia, and St. Cloud among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 53 $15,495,000 $292,358 $0 0.00%

    For 2024, Drake Bank's most frequently originated type of loan was Conventional, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $12,700,000 $288,636 $0 0.00%
    Other 4 $2,210,000 $552,500 $0 0.00%
    Refi 2 $140,000 $70,000 $0 0.00%
    Cash Out Refi 2 $370,000 $185,000 $0 0.00%
    NA 1 $75,000 $75,000 $0 0.00%

    For 2024, Drake Bank's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Other, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 53 $15,495,000 $292,358 $0 0.00%

    For 2024, Drake Bank's most frequently cited loan duration was Other, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 35 $10,185,000 $291,000 $0 0.00%
    $100k-200k 8 $1,330,000 $166,250 $0 0.00%
    $100,000 or less 5 $345,000 $69,000 $0 0.00%
    $400k-600k 4 $1,710,000 $427,500 $0 0.00%
    $1MM+ 1 $1,925,000 $1,925,000 $0 0.00%

    2024 saw Drake Bank place emphasis on $200k-400k loans with 35 originations, totaling $10,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 16 $3,800,000 $237,500 $0 0.00%
    $100k-150k 8 $2,010,000 $251,250 $0 0.00%
    $150k-250k 6 $1,330,000 $221,667 $0 0.00%
    $50k-75k 6 $1,530,000 $255,000 $0 0.00%
    $250k+ 2 $710,000 $355,000 $0 0.00%
    $50k or less 1 $165,000 $165,000 $0 0.00%

    Drake Bank lent most frequently to those with incomes in the $75k-100k range, with 16 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 53 $15,495,000 $292,358 $0 0.00%

    Drake Bank lent most frequently to those with DTI ratios of Exempt%, with 53 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $8,735,000 $236,081 $0 0.00%
    Not applicable 14 $5,950,000 $425,000 $0 0.00%
    Not provided 2 $810,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.55%

    Drake Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    98.11%

    Drake Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 53 $15,495,000 $292,358

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    53 $15,495,000 $292,358