Center National Bank Mortgage Rates, Fees & Info

Litchfield, MN

LEI: 5493008LABVG9QJ78G04

Tax ID: 41-0557120

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Mortgage Data

Review & Overview

Center National Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. Center National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Willmar, Hutchinson, St. Cloud, and Duluth among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Center National 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.

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Originations

91

Origination Dollar Volume (All Markets)

$15,005,000

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
Outside of Metro Areas 68 $10,090,000 $148,382 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 9 $1,735,000 $192,778 $0 0.00%
Willmar, MN (FHA|USDA|VA) 6 $1,000,000 $166,667 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 4 $980,000 $245,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 3 $905,000 $301,667 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
Center National Bank's top markets include Minneapolis, Willmar, Hutchinson, St. Cloud, and Duluth among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 91 $15,005,000 $164,890 $0 0.00%

    For 2019, Center National Bank's most frequently originated type of loan was Conventional, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 35 $5,405,000 $154,429 $0 0.00%
    Home Purchase 24 $3,880,000 $161,667 $0 0.00%
    Refi 23 $5,055,000 $219,783 $0 0.00%
    Other 6 $430,000 $71,667 $0 0.00%
    Home Improvement 2 $190,000 $95,000 $0 0.00%
    NA 1 $45,000 $45,000 $0 0.00%

    For 2019, Center National Bank's most frequently cited loan purpose was Cash Out Refi, with 35 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 91 $15,005,000 $164,890 $0 0.00%

    For 2019, Center National Bank's most frequently cited loan duration was Other, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 35 $5,485,000 $156,714 $0 0.00%
    $100,000 or less 29 $1,465,000 $50,517 $0 0.00%
    $200k-400k 25 $6,915,000 $276,600 $0 0.00%
    $400k-600k 1 $485,000 $485,000 $0 0.00%
    $600k-1MM 1 $655,000 $655,000 $0 0.00%

    2019 saw Center National Bank place emphasis on $100k-200k loans with 35 originations, totaling $5,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $3,535,000 $186,053 $0 0.00%
    $75k-100k 17 $2,865,000 $168,529 $0 0.00%
    $50k-75k 16 $1,520,000 $95,000 $0 0.00%
    $150k-250k 15 $3,305,000 $220,333 $0 0.00%
    $50k or less 11 $865,000 $78,636 $0 0.00%
    $250k+ 6 $1,420,000 $236,667 $0 0.00%

    Center National Bank lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 91 $15,005,000 $164,890 $0 0.00%

    Center National Bank lent most frequently to those with DTI ratios of Exempt%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $14,000,000 $162,791 $0 0.00%
    Not applicable 5 $1,005,000 $201,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.94%

    Center National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.80%

    Center National 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 91 $15,005,000 $164,890

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $655,000 $655,000
    Single Family (1-4 Units):Manufactured 6 $620,000 $103,333
    Single Family (1-4 Units):Site-Built 84 $13,730,000 $163,452

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CENTERSTATE BANK CORPORATION Conventional home mortgage Trouble during payment process 1 50.0%
    CENTERSTATE BANK CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%