St. Cloud Financial Mortgage Rates, Fees & Info

Saint Cloud, MN

LEI: 549300ANTUZH5AQQXR02

Tax ID: 41-0517445

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

St. Cloud Financial is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. St. Cloud Financial has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include St. Cloud, Minneapolis, Brainerd, Willmar, and Grand Rapids among others. St. Cloud Financial has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. St. Cloud Financial is typically an average fee lendor.


Originations

536

Origination Dollar Volume (All Markets)

$94,680,000

Awards

ST. CLOUD FINANCIAL VA Loans bronze ST. CLOUD FINANCIAL VA Loans gold ST. CLOUD FINANCIAL USDA Loans silver
Show all (3) awards

Relative Rate

St. Cloud Financial's average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

St. Cloud Financial's average total fees for a 30 year fixed rate mortgage are $3,606.

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
ST. CLOUD, MN (FHA|USDA|VA) 368 $63,910,000 $173,668 $2,683 3.12%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 109 $20,885,000 $191,606 $2,901 3.15%
Outside of Metro Areas 39 $6,005,000 $153,974 $2,468 3.41%
Brainerd, MN (FHA|USDA|VA) 8 $1,990,000 $248,750 $3,362 3.00%
Willmar, MN (FHA|USDA|VA) 5 $905,000 $181,000 $3,855 2.80%
Grand Rapids, MN (FHA|USDA|VA) 2 $370,000 $185,000 $4,324 2.81%
Alexandria, MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,623 1.99%
Bemidji, MN (FHA|USDA|VA) 1 $135,000 $135,000 $1,995 2.49%
Marshall, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,543 3.50%
DULUTH, MN-WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,157 2.88%
Fairmont, MN (FHA|USDA|VA) 1 $75,000 $75,000 $2,701 2.88%

St. Cloud Financial's top markets include St. Cloud, Minneapolis, Brainerd, Willmar, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 505 $87,365,000 $173,000 $2,648 3.17%
VA 20 $4,780,000 $239,000 $3,523 2.60%
USDA 11 $2,535,000 $230,455 $5,336 2.68%

For the 2021 period, St. Cloud Financial's most frequently originated loan type of loans were Conventional, with 505 originations. Their 2nd most popular type is VA, with 20 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 189 $30,495,000 $161,349 $2,634 2.93%
Refi 167 $29,455,000 $176,377 $2,427 3.05%
Home Purchase 140 $32,350,000 $231,071 $3,788 3.01%
Other 38 $1,680,000 $44,211 $675 4.82%
Home Improvement 2 $700,000 $350,000 $3,963 6.00%

For the 2021, St. Cloud Financial's most frequently cited loan purpose of loans were Cash Out Refi, with 189 originations. The 2nd most popular reason of loans were Refi, with 167 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 241 $54,795,000 $227,365 $3,606 3.09%
Other 109 $12,075,000 $110,780 $1,642 3.12%
15 Year 104 $16,340,000 $157,115 $2,401 3.01%
20 Year 49 $8,655,000 $176,633 $2,723 2.87%
5 Year 20 $1,800,000 $90,000 $566 4.09%
10 Year 13 $1,015,000 $78,077 $1,181 4.73%

For the 2021, St. Cloud Financial's most frequently cited loan length of loans were 30 Year, with 241 originations. The 2nd most popular length of loans were Other, with 109 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 311 $53,665,000 $172,556
$1k-2k 140 $21,370,000 $152,643
$2k-3k 55 $10,975,000 $199,545
$3k-4k 20 $5,620,000 $281,000
$5k+ 4 $1,490,000 $372,500

$3,606 of loans were St. Cloud Financial's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 311 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 224 $42,780,000 $190,982
3-4% 134 $27,010,000 $201,567
<2.5% 130 $20,090,000 $154,538
5-6% 20 $2,320,000 $116,000
4-5% 16 $1,820,000 $113,750
6-7% 6 $300,000 $50,000
Over 8% 4 $250,000 $62,500
7-8% 2 $110,000 $55,000

During 2021, St. Cloud Financial's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 224 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 213 $31,805,000 $149,319 $2,843 2.94%
$200k-400k 166 $44,070,000 $265,482 $3,626 3.00%
$100,000 or less 136 $8,570,000 $63,015 $1,313 3.64%
$400k-600k 20 $9,570,000 $478,500 $3,912 2.91%
$600k-1MM 1 $665,000 $665,000 $0 3.50%

2021 saw St. Cloud Financial place emphasis on $100k-200k loans with 213 originations, totaling $31,805,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 138 $20,760,000 $150,435 $2,718 3.29%
$100k-150k 134 $25,130,000 $187,537 $2,555 3.29%
$50k or less 98 $13,020,000 $132,857 $2,712 2.86%
$75k-100k 98 $18,500,000 $188,776 $2,991 3.07%
$150k-250k 54 $12,810,000 $237,222 $2,915 2.92%
$250k+ 10 $3,140,000 $314,000 $2,209 3.23%

St. Cloud Financial lent most frequently to those with incomes in the $50k-75k range, with 138 originations. The second most popular income band? $100k-150k, with 134 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 154 $25,450,000 $165,260 $2,587 3.00%
30-36% 109 $20,365,000 $186,835 $2,806 3.09%
<20% 62 $9,210,000 $148,548 $2,307 2.66%
42% 22 $5,180,000 $235,455 $3,274 3.57%
39% 21 $4,065,000 $193,571 $3,067 3.57%
44% 21 $3,555,000 $169,286 $2,920 3.29%
36% 20 $3,140,000 $157,000 $2,753 2.82%
38% 20 $3,460,000 $173,000 $2,780 3.38%
37% 16 $3,080,000 $192,500 $3,719 3.30%
41% 15 $3,175,000 $211,667 $2,981 3.52%
43% 15 $2,715,000 $181,000 $2,955 3.31%
40% 15 $2,115,000 $141,000 $2,802 3.32%
45% 14 $2,540,000 $181,429 $2,521 3.83%
47% 8 $1,920,000 $240,000 $3,723 3.01%
46% 7 $1,235,000 $176,429 $2,619 2.84%
48% 6 $1,230,000 $205,000 $2,259 4.14%
49% 4 $500,000 $125,000 $1,950 4.78%
>60% 2 $290,000 $145,000 $1,806 2.75%
50-60% 1 $135,000 $135,000 $2,277 3.50%

St. Cloud Financial lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 109 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 522 $91,710,000 $175,690 $2,741 3.13%
Not applicable 4 $1,320,000 $330,000 $0 3.88%
Black 6 $1,130,000 $188,333 $2,506 3.08%
Not provided 2 $220,000 $110,000 $1,715 2.87%
American Indian 1 $165,000 $165,000 $3,306 2.50%
Asian 1 $135,000 $135,000 $3,779 3.13%

Approval Rates

Total approvals of all applications
96.68%

St. Cloud Financial 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
96.23%

St. Cloud Financial 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
NA 536 $94,680,000 $176,642

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
536 $94,680,000 $176,642

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 69 $5,675,000 $82,246 $1,518 3.32%
40-60% 89 $13,775,000 $154,775 $2,438 2.69%
60-80% 176 $35,990,000 $204,489 $3,082 3.07%
80-100% 156 $37,220,000 $238,590 $3,659 2.99%
Under 20% 46 $2,020,000 $43,913 $735 4.47%