Security State Bank Mortgage Rates, Fees & Info

Iron River, WI

LEI: 549300BUNVNXN3U3OF88

Tax ID: 39-0281120

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

Jump to:

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.

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.


Originations

28

Origination Dollar Volume (All Markets)

$3,690,000

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
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%
Security State Bank's top markets include and Duluth among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 14 $1,870,000 $133,571 $0 0.00%
    Home Improvement 6 $410,000 $68,333 $0 0.00%
    Refi 4 $950,000 $237,500 $0 0.00%
    Cash Out Refi 3 $395,000 $131,667 $0 0.00%
    Other 1 $65,000 $65,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 13 $765,000 $58,846 $0 0.00%
    $100k-200k 10 $1,380,000 $138,000 $0 0.00%
    $200k-400k 4 $1,000,000 $250,000 $0 0.00%
    $400k-600k 1 $545,000 $545,000 $0 0.00%

    2023 saw Security State Bank place emphasis on $100,000 or less loans with 13 originations, totaling $765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $1,200,000 $120,000 $0 0.00%
    $75k-100k 6 $850,000 $141,667 $0 0.00%
    $50k-75k 4 $270,000 $67,500 $0 0.00%
    $150k-250k 2 $290,000 $145,000 $0 0.00%
    $250k+ 2 $280,000 $140,000 $0 0.00%
    $50k or less 1 $95,000 $95,000 $0 0.00%

    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 applications
    100.00%

    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 origination
    96.43%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    28 $3,690,000 $131,786