Lake Elmo Bank Mortgage Rates, Fees & Info
Lake Elmo, MNLEI: 549300B934MYWT57IX38
Tax ID: 41-0557070
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Lake Elmo Bank is a smaller bank specializing in Home Purchase and Refi loans. Lake Elmo Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, Rochester, Eau Claire, and Willmar among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Lake Elmo 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
221Origination Dollar Volume (All Markets)
$57,375,000Top 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) | 206 | $54,080,000 | $262,524 | $0 | 0.00% |
| Outside of Metro Areas | 8 | $1,240,000 | $155,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 2 | $1,080,000 | $540,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 221 | $57,375,000 | $259,615 | $0 | 0.00% |
For 2022, Lake Elmo Bank's most frequently originated type of loan was Conventional, with 221 originations.
Loan Reason
For 2022, Lake Elmo Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 78 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 221 | $57,375,000 | $259,615 | $0 | 0.00% |
For 2022, Lake Elmo Bank's most frequently cited loan duration was Other, with 221 originations.
Loan Sizing
2022 saw Lake Elmo Bank place emphasis on $100,000 or less loans with 61 originations, totaling $3,245,000 in origination value.
Applicant Income
Lake Elmo Bank lent most frequently to those with incomes in the $150k-250k range, with 50 originations. The second most popular income band? $100k-150k, with 41 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 221 | $57,375,000 | $259,615 | $0 | 0.00% |
Lake Elmo Bank lent most frequently to those with DTI ratios of Exempt%, with 221 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.90%
Lake Elmo 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 origination96.38%
Lake Elmo 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 | 221 | $57,375,000 | $259,615 |