Western National Bank Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300BPU3QTJ3ZRVE07

Tax ID: 41-0607570

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

Review & Overview

Western National Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Western National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Bemidji, and Brainerd among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Western National Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Western National Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.53%	4/28/24
30 Year Conventional Refi	6.80%	4/28/24
30 Year Cash-out Refi	5.33%	4/28/24
15 Year Conventional Purchase	6.59%	4/28/24
15 Year Conventional Refi	5.97%	4/28/24
15 Year Cash-out Refi	5.97%	4/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Western National Bank Mortgage Calculator

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This is not an official calculator from Western National Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$10,730,000

Employee count

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
DULUTH, MN-WI (FHA\|USDA\|VA)	46	$10,000,000	$217,391	$3,311	4.54%
Bemidji, MN (FHA\|USDA\|VA)	1	$315,000	$315,000	$5,238	4.88%
Brainerd, MN (FHA\|USDA\|VA)	1	$255,000	$255,000	$1,570	4.25%
Outside of Metro Areas	2	$160,000	$80,000	$2,697	3.94%

Western National Bank's top markets include Duluth, Bemidji, and Brainerd among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Western National Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Cornerstone State Bank
Similarity Rank: 140

Western National Bank
Similarity Rank: 156

The Miners National Bank of Eveleth
Similarity Rank: 335

Tradition Mortgage, LLC
Similarity Rank: 407

SUPERIOR CHOICE
Similarity Rank: 606

North Shore Bank of Commerce
Similarity Rank: 670

AFFINITY PLUS
Similarity Rank: 1085

Regent Financial Group, Inc.
Similarity Rank: 1350

RESULTS MORTGAGE, LLC
Similarity Rank: 1479

Frandsen Bank & Trust
Similarity Rank: 1548

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	50	$10,730,000	$214,600	$3,287	4.52%

For 2019, Western National Bank's most frequently originated type of loan was Conventional, with 50 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	22	$4,450,000	$202,273	$3,871	4.59%
Refi	16	$3,110,000	$194,375	$3,088	4.31%
Cash Out Refi	10	$3,060,000	$306,000	$2,673	4.44%
Home Improvement	2	$110,000	$55,000	$1,801	5.75%

For 2019, Western National Bank's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 16 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	27	$5,665,000	$209,815	$3,416	4.24%
15 Year	9	$1,505,000	$167,222	$3,286	3.85%
Other	5	$765,000	$153,000	$2,047	5.80%
20 Year	4	$900,000	$225,000	$3,915	4.19%
5 Year	4	$1,830,000	$457,500	$2,273	5.89%
3 Year	1	$65,000	$65,000	$0	7.50%

For 2019, Western National Bank's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 15 Year, with 9 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	25	$4,005,000	$160,200
$2k-3k	9	$2,295,000	$255,000
$<1k	6	$810,000	$135,000
$3k-4k	5	$1,555,000	$311,000

Western National Bank's average total fees were $3,416, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 25 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	22	$4,490,000	$204,091
3-4%	15	$2,865,000	$191,000
5-6%	9	$2,585,000	$287,222
2.5-3%	2	$500,000	$250,000
6-7%	1	$225,000	$225,000
7-8%	1	$65,000	$65,000

During 2019, Western National Bank's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 4-5%, with 22 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	25	$6,795,000	$271,800	$3,944	4.33%
$100,000 or less	12	$900,000	$75,000	$2,229	4.96%
$100k-200k	11	$1,505,000	$136,818	$2,974	4.20%
$600k-1MM	2	$1,530,000	$765,000	$0	5.90%

2019 saw Western National Bank place emphasis on $200k-400k loans with 25 originations, totaling $6,795,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	11	$2,905,000	$264,091	$3,286	4.33%
$50k-75k	11	$1,645,000	$149,545	$3,187	4.56%
$75k-100k	11	$1,735,000	$157,727	$3,236	4.14%
$50k or less	7	$825,000	$117,857	$2,361	4.59%
$150k-250k	5	$1,515,000	$303,000	$4,575	4.38%
$250k+	1	$285,000	$285,000	$4,086	3.00%

Western National Bank lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $50k-75k, with 11 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	14	$2,620,000	$187,143	$3,603	4.04%
30-36%	11	$2,305,000	$209,545	$3,395	4.50%
<20%	4	$630,000	$157,500	$3,183	3.41%
43%	4	$810,000	$202,500	$3,623	4.38%
40%	3	$585,000	$195,000	$4,134	4.13%
39%	2	$270,000	$135,000	$2,499	4.75%
37%	1	$345,000	$345,000	$0	4.25%
42%	1	$105,000	$105,000	$1,016	4.75%
36%	1	$155,000	$155,000	$3,520	4.75%
45%	1	$95,000	$95,000	$63	6.00%
47%	1	$245,000	$245,000	$0	5.50%
48%	1	$355,000	$355,000	$4,131	4.38%
38%	1	$75,000	$75,000	$2,358	6.00%
50-60%	1	$315,000	$315,000	$4,436	5.50%

Western National Bank lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 11 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	40	$7,790,000	$194,750	$3,137	4.31%
Not provided	6	$1,560,000	$260,000	$4,131	4.94%
Native Hawaiian or Islander	1	$845,000	$845,000	$0	5.95%
Not applicable	2	$290,000	$145,000	$0	6.88%
Black	1	$245,000	$245,000	$4,940	4.00%

Approval Rates

Total approvals of all applications
94.12%

Western National Bank has an average approval rate.

Pick Rate

Approvals leading to origination
72.00%

Western National Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	50	$10,730,000	$214,600

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$1,530,000	$765,000
Single Family (1-4 Units):Site-Built	48	$9,200,000	$191,667

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	5	$415,000	$83,000	$1,924	4.55%
40-60%	8	$1,170,000	$146,250	$3,146	4.73%
60-80%	17	$4,315,000	$253,824	$3,589	4.25%
80-100%	19	$4,735,000	$249,211	$3,711	4.57%
Under 20%	1	$95,000	$95,000	$63	6.00%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
WESTERN UNION COMPANY, THE	Conventional home mortgage	Trouble during payment process	7	70.0%
WESTERN UNION COMPANY, THE	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	10.0%
WESTERN UNION COMPANY, THE	Other type of mortgage	Trouble during payment process	2	20.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Western National Bank	201 North Central Avenue Duluth, MN 55807	Full Service B&M	$60,999
Western National Bank	202 West Superior Street Duluth, MN 55802	Full Service B&M	$14,267
Western National Bank	5401 Burning Tree Road Duluth, MN 55811	Full Service B&M	$15,924

For 2019, Western National Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$5,177
Net interest income	$4,403
Total noninterest income	$631
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$159
Trading account gains and fees	$0
Additional Noninterest Income	$472
Pre-tax net operating income	$455
Securities gains (or losses, -)	$0
Income before extraordinary items	$455
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$455
Minority interest net income	$0
Net income	$455
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$455

Western National Bank's gross interest income from loans was $5,177,000.
Western National Bank's net interest income from loans was $4,403,000.
Western National Bank's fee based income from loans was $159,000.
Western National Bank's net income from loans was $455,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$774
Provision for credit losses	$680
Total noninterest expense	$3,899
Salaries and employee benefits	$1,925
Premises and equipment expense	$512
Additional noninterest expense	$1,462
Applicable income taxes	$0
Net charge-offs	$657
Cash dividends	$483

Western National Bank's interest expense for loans was $774,000.
Western National Bank's payroll and benefits expense were $1,925,000.
Western National Bank's property, plant and equipment expenses $512,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	2.0%
Real Estate loans	2.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	2.0%
Multifamily residential loans	0.0%
1-4 family residential loans	3.0%
HELOC loans	0.0%
All other family	3.0%
Commercial & industrial loans	1.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$88,624
Deposits held in domestic offices	$88,624
Deposits by Individuals, partnerships, and corporations	$75,303
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$13,179
Deposits by Commercial banks and other depository institutions in U.S.	$142
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$28,878
Demand deposits	$20,461
Nontransaction accounts	$59,746
Money market deposit accounts (MMDAs)	$12,899
Other savings deposits (excluding MMDAs)	$10,071
Total time deposits	$36,776
Total time and savings deposits	$68,163
Noninterest-bearing deposits	$20,461
Interest-bearing deposits	$68,163
Retail deposits	$61,582
IRAs and Keogh plan accounts	$2,821
Brokered deposits	$19,781
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$104,693
Cash & Balances due from depository institutions	$12,041
Interest-bearing balances	$7,192
Total securities	$1,588
Federal funds sold & reverse repurchase	$110
Net loans and leases	$81,298
Loan and leases loss allowance	$723
Trading account assets	$0
Bank premises and fixed assets	$2,853
Other real estate owned	$886
Goodwill and other intangibles	$3,282
All other assets	$2,635

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$104,693
Total Liabilities	$90,825
Total deposits	$88,624
Interest-bearing deposits	$68,163
Deposits held in domestic offices	$88,624
% insured (estimated)	$85
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$2,000
Subordinated debt	$0
All other liabilities	$201

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$81,298
Loan and leases loss allowance	$723
Total loans and leases (domestic)	$82,021
All real estate loans	$66,881
Real estate loans in domestic offices	$66,881
Construction and development loans	$3,646
Residential 1-4 family construction	$79
Other construction, all land development and other land	$3,567
Loans secured by nonfarm nonresidential properties	$38,642
Nonfarm nonresidential secured by owner-occupied properties	$30,396
Commercial real estate & other non-farm, non-residential	$8,246
Multifamily residential real estate	$3,362
1-4 family residential loans	$21,231
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$10,574
To non-U.S. addressees	$0
Loans to individuals	$2,873
Credit card loans	$895
Related Plans	$66
Consumer Auto Loans	$782
Other loans to individuals	$1,130
All other loans & leases	$1,693
Loans to foreign governments and official institutions	$0
Other loans	$12
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Western National Bank had $81,298,000 of loans outstanding in 2019. $66,881,000 of loans were in real estate loans. $3,646,000 of loans were in development loans. $3,362,000 of loans were in multifamily mortgage loans. $21,231,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $895,000 of loans were in credit card loans. $782,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	90	$38,642	$429,356
Nonfarm, nonresidential loans - <$100k	90	$38,642	$429,356
Commercial & Industrial, US addressed loans - <$1MM	125	$10,574	$84,592
Commercial & Industrial, US addressed loans - <$100k	125	$10,574	$84,592