Tradition Mortgage Rates, Fees & Info

Edina, MN

LEI: 5493007VDBJSG0E0S678

Tax ID: 41-1925607

5 stars - out of 5 stars, based on 68 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Tradition Mortgage is a small mortgage company specializing in Refi and Home Purchase loans. Tradition Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Minneapolis, Brainerd, Fergus Falls, Spirit Lake, and Faribault among others. Tradition Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Tradition Mortgage is typically a low fee lendor.


Originations

4,659

Origination Dollar Volume (All Markets)

$1,549,925,000
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Relative Rate

Tradition Mortgage 's average 30 year fixed rate mortgage of loans were 3.03%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.12%.

Relative Fees

Tradition Mortgage 's average total fees for a 30 year fixed rate mortgage are $3,222.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3,951 $1,371,275,000 $347,070 $3,096 2.95%
Outside of Metro Areas 214 $48,800,000 $228,037 $3,227 2.95%
Brainerd, MN (FHA|USDA|VA) 75 $23,135,000 $308,467 $2,911 2.87%
Fergus Falls, MN (FHA|USDA|VA) 88 $19,690,000 $223,750 $3,259 2.93%
Spirit Lake, IA (FHA|USDA|VA) 67 $17,115,000 $255,448 $2,714 2.89%
Faribault-Northfield, MN (FHA|USDA|VA) 32 $9,170,000 $286,563 $3,173 3.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 21 $7,405,000 $352,619 $3,106 2.94%
ROCHESTER, MN (FHA|USDA|VA) 28 $7,090,000 $253,214 $2,934 3.08%
DULUTH, MN-WI (FHA|USDA|VA) 26 $6,880,000 $264,615 $2,890 2.86%
ST. CLOUD, MN (FHA|USDA|VA) 24 $4,940,000 $205,833 $3,290 2.90%
Red Wing, MN (FHA|USDA|VA) 17 $4,235,000 $249,118 $2,872 2.87%
Grand Rapids, MN (FHA|USDA|VA) 9 $3,345,000 $371,667 $3,061 3.08%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 9 $2,725,000 $302,778 $1,850 3.00%
MADISON, WI (FHA|USDA|VA) 8 $2,570,000 $321,250 $2,758 3.00%
Alexandria, MN (FHA|USDA|VA) 7 $2,005,000 $286,429 $3,751 2.84%
EAU CLAIRE, WI (FHA|USDA|VA) 5 $1,665,000 $333,000 $2,866 2.82%
FARGO, ND-MN (FHA|USDA|VA) 6 $1,510,000 $251,667 $2,291 2.56%
Spencer, IA (FHA|USDA|VA) 10 $1,470,000 $147,000 $2,909 3.14%
MANKATO, MN (FHA|USDA|VA) 9 $1,465,000 $162,778 $2,357 2.83%
Willmar, MN (FHA|USDA|VA) 4 $1,450,000 $362,500 $2,627 3.09%
Bemidji, MN (FHA|USDA|VA) 5 $1,145,000 $229,000 $2,405 2.92%
Owatonna, MN (FHA|USDA|VA) 6 $1,080,000 $180,000 $3,131 2.62%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,050,000 $525,000 $2,275 3.12%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 4 $940,000 $235,000 $2,211 3.09%
Menomonie, WI (FHA|USDA|VA) 4 $920,000 $230,000 $2,062 2.63%
Hutchinson, MN (FHA|USDA|VA) 4 $900,000 $225,000 $2,412 3.06%
BOULDER, CO (FHA|USDA|VA) 2 $840,000 $420,000 $6,895 3.00%
FORT COLLINS, CO (FHA|USDA|VA) 1 $655,000 $655,000 $2,837 2.88%
Austin, MN (FHA|USDA|VA) 3 $645,000 $215,000 $2,449 3.04%
GREEN BAY, WI (FHA|USDA|VA) 3 $605,000 $201,667 $1,783 3.00%
TOLEDO, OH (FHA|USDA|VA) 2 $550,000 $275,000 $3,305 2.94%
GREELEY, CO (FHA|USDA|VA) 1 $515,000 $515,000 $2,127 2.88%
AMES, IA (FHA|USDA|VA) 2 $510,000 $255,000 $2,033 3.06%
Storm Lake, IA (FHA|USDA|VA) 2 $480,000 $240,000 $2,254 2.81%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $250,000 $125,000 $2,108 3.13%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $235,000 $235,000 $2,147 4.38%
APPLETON, WI (FHA|USDA|VA) 1 $195,000 $195,000 $1,664 2.88%
TUCSON, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $2,910 3.00%
RACINE, WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,127 3.63%
IOWA CITY, IA (FHA|USDA|VA) 1 $115,000 $115,000 $2,453 2.75%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $85,000 $85,000 $2,669 2.25%

Tradition Mortgage 's top markets include Minneapolis, Brainerd, Fergus Falls, Spirit Lake, and Faribault among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,463 $1,482,835,000 $332,251 $2,942 2.96%
VA 115 $44,745,000 $389,087 $5,209 2.59%
FHA 80 $22,090,000 $276,125 $7,927 2.79%
USDA 1 $255,000 $255,000 $4,509 2.75%

For the 2021 period, Tradition Mortgage 's most frequently originated loan type of loans were Conventional, with 4,463 originations. Their 2nd most popular type is VA, with 115 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 2,181 $679,625,000 $311,612 $2,530 2.85%
Home Purchase 1,521 $573,875,000 $377,301 $3,949 3.00%
Cash Out Refi 956 $296,080,000 $309,707 $2,993 3.06%
Other 1 $345,000 $345,000 $1,819 2.75%

For the 2021, Tradition Mortgage 's most frequently cited loan purpose of loans were Refi, with 2,181 originations. The 2nd most popular reason of loans were Home Purchase, with 1,521 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 3,691 $1,286,215,000 $348,473 $3,222 3.03%
15 Year 661 $164,725,000 $249,206 $2,552 2.50%
20 Year 160 $44,120,000 $275,750 $2,558 2.84%
Other 69 $20,375,000 $295,290 $2,553 2.90%
10 Year 57 $10,665,000 $187,105 $2,251 2.42%
30+ year 20 $23,600,000 $1,180,000 $10,812 3.80%
1 Year 1 $225,000 $225,000 $0 4.25%

For the 2021, Tradition Mortgage 's most frequently cited loan length of loans were 30 Year, with 3,691 originations. The 2nd most popular length of loans were 15 Year, with 661 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,876 $1,277,570,000 $329,610
$2k-3k 260 $78,230,000 $300,885
$1k-2k 240 $63,600,000 $265,000
$3k-4k 175 $60,875,000 $347,857
$5k+ 108 $69,650,000 $644,907

$3,222 of loans were Tradition Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,876 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,523 $846,395,000 $335,472
3-4% 1,483 $531,015,000 $358,068
<2.5% 623 $165,205,000 $265,177
4-5% 30 $7,310,000 $243,667

During 2021, Tradition Mortgage 's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,523 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 2,363 $691,445,000 $292,613 $3,033 2.94%
$400k-600k 1,073 $515,965,000 $480,862 $3,653 2.95%
$100k-200k 928 $146,510,000 $157,877 $2,437 2.91%
$600k-1MM 131 $100,055,000 $763,779 $4,237 3.18%
$100,000 or less 103 $8,605,000 $83,544 $2,339 2.79%
$1MM+ 61 $87,345,000 $1,431,885 $4,156 3.27%

2021 saw Tradition Mortgage place emphasis on $200k-400k loans with 2,363 originations, totaling $691,445,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 1,162 $442,150,000 $380,508 $3,177 2.93%
$100k-150k 1,154 $368,510,000 $319,333 $3,123 2.95%
$75k-100k 814 $218,240,000 $268,108 $3,014 2.94%
$50k-75k 646 $143,910,000 $222,771 $2,948 2.99%
$250k+ 594 $324,010,000 $545,471 $3,254 2.95%
$50k or less 289 $53,105,000 $183,754 $2,728 2.86%

Tradition Mortgage lent most frequently to those with incomes in the $150k-250k range, with 1,162 originations. The second most popular income band? $100k-150k, with 1,154 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,467 $496,795,000 $338,647 $2,996 2.91%
30-36% 876 $305,340,000 $348,562 $3,065 2.97%
<20% 780 $257,310,000 $329,885 $2,835 2.85%
38% 163 $55,675,000 $341,564 $3,332 3.02%
36% 161 $52,255,000 $324,565 $3,222 3.04%
37% 155 $53,325,000 $344,032 $3,397 3.03%
39% 135 $44,715,000 $331,222 $3,010 3.06%
41% 132 $42,120,000 $319,091 $3,189 2.99%
42% 119 $36,365,000 $305,588 $3,249 3.08%
43% 119 $35,595,000 $299,118 $3,318 3.04%
40% 117 $35,965,000 $307,393 $3,072 2.97%
44% 95 $28,965,000 $304,895 $3,380 3.05%
45% 75 $24,025,000 $320,333 $3,323 3.00%
46% 61 $19,495,000 $319,590 $3,378 2.94%
48% 52 $14,840,000 $285,385 $3,897 2.87%
49% 44 $12,820,000 $291,364 $3,607 3.19%
47% 38 $12,190,000 $320,789 $2,868 3.06%
50-60% 26 $7,850,000 $301,923 $6,119 2.88%
>60% 4 $1,310,000 $327,500 $2,523 2.84%

Tradition Mortgage lent most frequently to those with DTI ratios of 20-30%, with 1,467 originations. The next most common DTI ratio? 30-36%, with 876 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,792 $1,248,460,000 $329,235 $3,048 2.94%
Not provided 697 $235,035,000 $337,209 $3,080 2.94%
Asian 104 $42,120,000 $405,000 $3,753 2.95%
Black 45 $17,235,000 $383,000 $4,639 3.04%
American Indian 19 $6,235,000 $328,158 $3,062 3.06%
Korean 1 $495,000 $495,000 $12,960 2.75%
Native Hawaiian 1 $345,000 $345,000 $2,334 2.75%

Approval Rates

Total approvals of all applications
98.78%

Tradition Mortgage 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
89.14%

Tradition Mortgage has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,659 $1,549,925,000 $332,673

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,659 $1,549,925,000 $332,673

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 277 $58,645,000 $211,715 $2,538 2.74%
40-60% 1,011 $285,185,000 $282,082 $2,556 2.81%
60-80% 2,183 $781,205,000 $357,858 $2,968 3.01%
80-100% 1,160 $416,650,000 $359,181 $3,757 2.99%
Over 100% 14 $6,120,000 $437,143 $15,524 2.69%
Under 20% 14 $2,120,000 $151,429 $2,579 2.56%