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 Cash Out Refi and Home Purchase loans. Western National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Bemidji, Naples, Rochester, and Orlando among others. We have data for 8 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 an above 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

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)

$10,465,000

Employee count

Awards

Western National Bank 30 Year Conventional Loans bronze

Show all (2) awards

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)	47	$8,965,000	$190,745	$3,116	3.30%
Bemidji, MN (FHA\|USDA\|VA)	2	$390,000	$195,000	$1,911	2.94%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$365,000	$365,000	$4,546	2.50%
Outside of Metro Areas	1	$265,000	$265,000	$5,517	5.25%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,073	2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$4,384	5.50%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	1	$75,000	$75,000	$2,686	2.50%
Brainerd, MN (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,467	2.50%

Western National Bank's top markets include Duluth, Bemidji, Naples, Rochester, and Orlando among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Florida (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: 132

NORTHWOODS
Similarity Rank: 303

Western National Bank
Similarity Rank: 368

SUPERIOR CHOICE
Similarity Rank: 464

Northview Bank
Similarity Rank: 608

American Bank of the North
Similarity Rank: 720

Tradition Mortgage, LLC
Similarity Rank: 738

MEMBERS COOPERATIVE
Similarity Rank: 780

National Bank of Commerce
Similarity Rank: 935

WINGS FINANCIAL
Similarity Rank: 1302

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	55	$10,465,000	$190,273	$3,168	3.31%

For 2021, Western National Bank's most frequently originated type of loan was Conventional, with 55 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	29	$5,615,000	$193,621	$3,071	3.06%
Home Purchase	19	$3,445,000	$181,316	$3,876	3.89%
Refi	7	$1,405,000	$200,714	$2,152	2.79%

For 2021, Western National Bank's most frequently cited loan purpose was Cash Out Refi, with 29 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	23	$4,835,000	$210,217	$3,335	3.05%
15 Year	14	$2,230,000	$159,286	$2,664	2.46%
5 Year	9	$1,235,000	$137,222	$2,467	4.99%
20 Year	6	$1,450,000	$241,667	$4,102	3.02%
Other	3	$715,000	$238,333	$3,300	4.75%

For 2021, Western National Bank's most frequently cited loan duration was 30 Year, with 23 originations. The 2nd most popular length was 15 Year, with 14 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	19	$4,835,000	$254,474
$1k-2k	18	$2,880,000	$160,000
$<1k	12	$1,560,000	$130,000
$3k-4k	1	$345,000	$345,000

Western National Bank's average total fees were $3,335, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 19 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	17	$3,645,000	$214,412
<2.5%	14	$2,460,000	$175,714
2.5-3%	14	$2,810,000	$200,714
4-5%	5	$1,005,000	$201,000
5-6%	5	$545,000	$109,000

During 2021, Western National Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 3-4%, with 17 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	28	$4,250,000	$151,786	$2,807	3.22%
$200k-400k	17	$4,875,000	$286,765	$3,954	3.23%
$100,000 or less	8	$530,000	$66,250	$2,222	3.83%
$400k-600k	2	$810,000	$405,000	$4,699	3.13%

2021 saw Western National Bank place emphasis on $100k-200k loans with 28 originations, totaling $4,250,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	12	$2,020,000	$168,333	$3,455	3.65%
$75k-100k	11	$1,995,000	$181,364	$2,483	3.36%
$100k-150k	10	$2,130,000	$213,000	$3,157	2.85%
$50k or less	9	$1,165,000	$129,444	$3,023	2.89%
$150k-250k	5	$1,205,000	$241,000	$3,456	2.95%
$250k+	3	$1,105,000	$368,333	$4,521	3.21%

Western National Bank lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $75k-100k, with 11 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	15	$2,995,000	$199,667	$3,398	2.89%
30-36%	10	$2,140,000	$214,000	$3,457	3.63%
37%	6	$1,000,000	$166,667	$2,418	3.08%
<20%	5	$805,000	$161,000	$2,323	3.05%
42%	3	$815,000	$271,667	$2,880	3.08%
48%	3	$575,000	$191,667	$2,995	2.13%
50-60%	2	$510,000	$255,000	$5,075	5.13%
38%	2	$190,000	$95,000	$2,862	2.94%
39%	2	$300,000	$150,000	$3,513	3.25%
47%	1	$135,000	$135,000	$4,384	5.50%
43%	1	$155,000	$155,000	$1,810	2.50%

Western National Bank lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 10 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	46	$8,980,000	$195,217	$3,292	3.17%
Not applicable	5	$845,000	$169,000	$0	4.48%
Not provided	2	$270,000	$135,000	$1,518	3.19%
American Indian	1	$195,000	$195,000	$3,924	3.38%
Black	1	$175,000	$175,000	$0	3.88%

Approval Rates

Total approvals of all applications
96.72%

Western National 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 origination
92.73%

Western National Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	55	$10,465,000	$190,273

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	55	$10,465,000	$190,273

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	9	$1,025,000	$113,889	$2,793	2.99%
40-60%	12	$1,880,000	$156,667	$2,318	3.08%
60-80%	21	$5,055,000	$240,714	$3,749	3.32%
80-100%	12	$2,440,000	$203,333	$3,453	3.53%
Under 20%	1	$65,000	$65,000	$2,458	6.00%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
WESTERN ALLIANCE BANCORPORATION	Conventional home mortgage	Trouble during payment process	2	100.0%

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	$84,590
Western National Bank	202 West Superior Street Duluth, MN 55802	Full Service B&M	$14,644
Western National Bank	4120 Richard Avenue Hermantown, MN 55811	Full Service B&M	$23,667

For 2021, Western National Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$4,198
Net interest income	$3,862
Total noninterest income	$1,091
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$81
Trading account gains and fees	$0
Additional Noninterest Income	$1,010
Pre-tax net operating income	$567
Securities gains (or losses, -)	$0
Income before extraordinary items	$567
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$567
Minority interest net income	$0
Net income	$567
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$567

Western National Bank's gross interest income from loans was $4,198,000.
Western National Bank's net interest income from loans was $3,862,000.
Western National Bank's fee based income from loans was $81,000.
Western National Bank's net income from loans was $567,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$336
Provision for credit losses	$38
Total noninterest expense	$4,348
Salaries and employee benefits	$2,099
Premises and equipment expense	$578
Additional noninterest expense	$1,671
Applicable income taxes	$0
Net charge-offs	$3
Cash dividends	$550

Western National Bank's interest expense for loans was $336,000.
Western National Bank's payroll and benefits expense were $2,099,000.
Western National Bank's property, plant and equipment expenses $578,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
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	$98,698
Deposits held in domestic offices	$98,698
Deposits by Individuals, partnerships, and corporations	$85,618
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$13,029
Deposits by Commercial banks and other depository institutions in U.S.	$51
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$36,482
Demand deposits	$29,222
Nontransaction accounts	$62,216
Money market deposit accounts (MMDAs)	$23,115
Other savings deposits (excluding MMDAs)	$17,608
Total time deposits	$21,493
Total time and savings deposits	$69,476
Noninterest-bearing deposits	$29,222
Interest-bearing deposits	$69,476
Retail deposits	$92,578
IRAs and Keogh plan accounts	$2,837
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$115,328
Cash & Balances due from depository institutions	$16,631
Interest-bearing balances	$14,455
Total securities	$12,767
Federal funds sold & reverse repurchase	$94
Net loans and leases	$74,983
Loan and leases loss allowance	$819
Trading account assets	$0
Bank premises and fixed assets	$3,649
Other real estate owned	$1,922
Goodwill and other intangibles	$3,249
All other assets	$2,033

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$115,328
Total Liabilities	$101,075
Total deposits	$98,698
Interest-bearing deposits	$69,476
Deposits held in domestic offices	$98,698
% insured (estimated)	$73
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$1,658
Subordinated debt	$0
All other liabilities	$719

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$74,983
Loan and leases loss allowance	$819
Total loans and leases (domestic)	$75,802
All real estate loans	$65,863
Real estate loans in domestic offices	$65,863
Construction and development loans	$238
Residential 1-4 family construction	$228
Other construction, all land development and other land	$10
Loans secured by nonfarm nonresidential properties	$43,411
Nonfarm nonresidential secured by owner-occupied properties	$17,746
Commercial real estate & other non-farm, non-residential	$25,665
Multifamily residential real estate	$4,513
1-4 family residential loans	$17,701
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$6,678
To non-U.S. addressees	$0
Loans to individuals	$2,506
Credit card loans	$464
Related Plans	$41
Consumer Auto Loans	$912
Other loans to individuals	$1,089
All other loans & leases	$755
Loans to foreign governments and official institutions	$0
Other loans	$36
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 $74,983,000 of loans outstanding in 2021. $65,863,000 of loans were in real estate loans. $238,000 of loans were in development loans. $4,513,000 of loans were in multifamily mortgage loans. $17,701,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $464,000 of loans were in credit card loans. $912,000 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	84	$43,411	$516,798
Nonfarm, nonresidential loans - <$100k	84	$43,411	$516,798
Commercial & Industrial, US addressed loans - <$1MM	121	$6,678	$55,190
Commercial & Industrial, US addressed loans - <$100k	121	$6,678	$55,190