Security State Bank Mortgage Rates, Fees & Info
Iron River, WILEI: 549300BUNVNXN3U3OF88
Tax ID: 39-0281120
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Mortgage Data
Review & Overview
Security State Bank is a smaller bank specializing in Home Purchase and Refi loans. Security State Bank has a high proportion of conventional loans. Their top (well, only) market is Duluth.Security State 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
28Origination Dollar Volume (All Markets)
$3,690,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 19 | $2,325,000 | $122,368 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 9 | $1,365,000 | $151,667 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 28 | $3,690,000 | $131,786 | $0 | 0.00% |
For 2023, Security State Bank's most frequently originated type of loan was Conventional, with 28 originations.
Loan Reason
For 2023, Security State Bank's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 28 | $3,690,000 | $131,786 | $0 | 0.00% |
For 2023, Security State Bank's most frequently cited loan duration was Other, with 28 originations.
Loan Sizing
2023 saw Security State Bank place emphasis on $100,000 or less loans with 13 originations, totaling $765,000 in origination value.
Applicant Income
Security State Bank lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 28 | $3,690,000 | $131,786 | $0 | 0.00% |
Security State Bank lent most frequently to those with DTI ratios of Exempt%, with 28 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 25 | $2,985,000 | $119,400 | $0 | 0.00% |
| Not applicable | 3 | $705,000 | $235,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
Security State 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 origination96.43%
Security State 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 | 28 | $3,690,000 | $131,786 |