Liberty Bank Minnesota Mortgage Rates, Fees & Info

St. Cloud, MN

LEI: 549300DM47883NLNBK72

Tax ID: 41-0376477

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Liberty Bank Minnesota is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Liberty Bank Minnesota has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include St. Cloud, Minneapolis, Brainerd, Alexandria, and Rochester among others. Liberty Bank Minnesota has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Liberty Bank Minnesota is typically a low fee lendor.


Originations

1,130

Origination Dollar Volume (All Markets)

$240,140,000

Employee count

49 Show all (14) awards

Relative Rate

Liberty Bank Minnesota's average 30 year fixed rate mortgage of loans were 2.98%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.17%.

Relative Fees

Liberty Bank Minnesota's average total fees for a 30 year fixed rate mortgage are $2,730.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ST. CLOUD, MN (FHA|USDA|VA) 734 $153,140,000 $208,638 $2,445 2.84%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 284 $62,910,000 $221,514 $2,490 2.80%
Outside of Metro Areas 57 $11,985,000 $210,263 $2,488 2.77%
Brainerd, MN (FHA|USDA|VA) 33 $7,085,000 $214,697 $2,903 2.72%
Alexandria, MN (FHA|USDA|VA) 6 $1,600,000 $266,667 $2,389 2.71%
ROCHESTER, MN (FHA|USDA|VA) 3 $795,000 $265,000 $2,574 2.92%
DULUTH, MN-WI (FHA|USDA|VA) 3 $585,000 $195,000 $2,557 2.92%
Bemidji, MN (FHA|USDA|VA) 1 $465,000 $465,000 $3,649 3.00%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $460,000 $230,000 $2,846 2.63%
Grand Rapids, MN (FHA|USDA|VA) 1 $265,000 $265,000 $1,652 3.13%
Willmar, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,261 2.75%
MANKATO, MN (FHA|USDA|VA) 1 $165,000 $165,000 $1,927 2.63%
Hutchinson, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,262 2.88%
Fergus Falls, MN (FHA|USDA|VA) 1 $145,000 $145,000 $2,091 2.25%
Worthington, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,774 2.38%
Owatonna, MN (FHA|USDA|VA) 1 $85,000 $85,000 $2,406 3.38%

Liberty Bank Minnesota's top markets include St. Cloud, Minneapolis, Brainerd, Alexandria, and Rochester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,096 $232,740,000 $212,354 $2,424 2.83%
FHA 14 $2,640,000 $188,571 $4,638 2.75%
VA 12 $2,890,000 $240,833 $2,649 2.51%
USDA 8 $1,870,000 $233,750 $5,096 2.59%

For the 2021 period, Liberty Bank Minnesota's most frequently originated loan type of loans were Conventional, with 1,096 originations. Their 2nd most popular type is FHA, with 14 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 483 $94,305,000 $195,248 $2,234 2.66%
Home Purchase 285 $73,655,000 $258,439 $2,913 2.99%
Cash Out Refi 251 $51,545,000 $205,359 $2,532 2.82%
Other 64 $11,990,000 $187,344 $2,242 3.02%
Home Improvement 47 $8,645,000 $183,936 $2,252 3.19%

For the 2021, Liberty Bank Minnesota's most frequently cited loan purpose of loans were Refi, with 483 originations. The 2nd most popular reason of loans were Home Purchase, with 285 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 580 $142,940,000 $246,448 $2,730 2.98%
15 Year 351 $65,115,000 $185,513 $2,502 2.40%
20 Year 102 $22,150,000 $217,157 $2,539 2.79%
10 Year 57 $5,645,000 $99,035 $337 2.99%
Other 39 $4,115,000 $105,513 $1,112 4.01%
5 Year 1 $175,000 $175,000 $0 4.00%

For the 2021, Liberty Bank Minnesota's most frequently cited loan length of loans were 30 Year, with 580 originations. The 2nd most popular length of loans were 15 Year, with 351 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 934 $209,880,000 $224,711
$<1k 170 $23,000,000 $135,294
$2k-3k 14 $3,990,000 $285,000
$3k-4k 8 $2,370,000 $296,250
$5k+ 1 $545,000 $545,000

$2,730 of loans were Liberty Bank Minnesota's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 934 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 539 $120,205,000 $223,015
<2.5% 345 $64,985,000 $188,362
3-4% 226 $53,570,000 $237,035
5-6% 13 $385,000 $29,615
4-5% 7 $995,000 $142,143

During 2021, Liberty Bank Minnesota's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 539 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 487 $74,295,000 $152,556 $2,428 2.74%
$200k-400k 447 $121,125,000 $270,973 $2,799 2.84%
$100,000 or less 119 $8,175,000 $68,697 $1,178 3.07%
$400k-600k 75 $35,185,000 $469,133 $2,862 2.87%
$600k-1MM 2 $1,360,000 $680,000 $2,754 2.94%

2021 saw Liberty Bank Minnesota place emphasis on $100k-200k loans with 487 originations, totaling $74,295,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 318 $76,120,000 $239,371 $2,502 2.77%
$50k-75k 250 $44,520,000 $178,080 $2,488 2.84%
$75k-100k 212 $41,370,000 $195,142 $2,440 2.80%
$150k-250k 175 $49,255,000 $281,457 $2,594 2.87%
$50k or less 147 $19,565,000 $133,095 $2,281 2.89%
$250k+ 27 $9,135,000 $338,333 $2,488 2.75%

Liberty Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 318 originations. The second most popular income band? $50k-75k, with 250 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 312 $64,210,000 $205,801 $2,379 2.77%
30-36% 226 $50,580,000 $223,805 $2,524 2.83%
<20% 155 $28,765,000 $185,581 $2,278 2.72%
36% 42 $9,090,000 $216,429 $2,516 2.76%
42% 38 $9,000,000 $236,842 $2,408 3.00%
43% 38 $7,990,000 $210,263 $2,662 2.88%
44% 37 $8,335,000 $225,270 $2,640 2.84%
40% 36 $7,480,000 $207,778 $2,600 3.04%
41% 29 $7,165,000 $247,069 $2,635 2.70%
38% 29 $6,725,000 $231,897 $2,955 2.66%
47% 27 $5,855,000 $216,852 $2,875 2.89%
45% 26 $5,960,000 $229,231 $2,703 2.85%
39% 26 $5,870,000 $225,769 $2,674 2.98%
37% 25 $6,485,000 $259,400 $2,515 2.92%
46% 24 $5,280,000 $220,000 $2,732 2.92%
49% 17 $3,125,000 $183,824 $2,668 2.82%
50-60% 17 $2,655,000 $156,176 $2,105 3.16%
48% 16 $3,970,000 $248,125 $2,192 2.94%
>60% 9 $1,425,000 $158,333 $1,272 3.17%

Liberty Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 312 originations. The next most common DTI ratio? 30-36%, with 226 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,065 $226,835,000 $212,991 $2,463 2.82%
Not provided 49 $9,535,000 $194,592 $2,667 2.77%
Asian 10 $2,500,000 $250,000 $2,425 3.13%
Black 2 $560,000 $280,000 $2,832 3.13%
Not applicable 2 $420,000 $210,000 $3,152 3.38%
Asian Indian 1 $235,000 $235,000 $3,129 2.25%
Native Hawaiian 1 $55,000 $55,000 $1,740 2.25%

Approval Rates

Total approvals of all applications
95.41%

Liberty Bank Minnesota 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
89.70%

Liberty Bank Minnesota has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 4 $630,000 $157,500
NA 1,126 $239,510,000 $212,709

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,130 $240,140,000 $212,513

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 118 $13,910,000 $117,881 $1,712 2.69%
40-60% 285 $52,595,000 $184,544 $2,347 2.59%
60-80% 470 $112,770,000 $239,936 $2,661 2.86%
80-100% 227 $59,125,000 $260,463 $2,891 2.95%
Over 100% 1 $195,000 $195,000 $4,862 2.63%
Under 20% 29 $1,545,000 $53,276 $265 4.01%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Liberty Finance Co., Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Liberty Bank Minnesota 1560 Hart Boulevard Monticello, MN 55362 Full Service B&M $36,859
Liberty Bank Minnesota 198 Pine Cone Road South Sartell, MN 56377 Full Service B&M $18,834
Liberty Bank Minnesota 2842 2nd Street South Saint Cloud, MN 56301 Full Service B&M $103,234
Liberty Bank Minnesota 3299 Roosevelt Road Saint Cloud, MN 56301 Full Service B&M $23,164
Liberty Bank Minnesota 5803 Ridgewood Road St Cloud, MN 56303 Full Service B&M $46,871
Liberty Bank Minnesota 818 2nd Street South, Suite 120 Waite Park, MN 56387 Full Service B&M $35,148

For 2021, Liberty Bank Minnesota had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $5,684
Net interest income $5,366
Total noninterest income $9,505
Gross Fiduciary activities income $0
Service charges on deposit accounts $123
Trading account gains and fees $0
Additional Noninterest Income $9,382
Pre-tax net operating income $5,196
Securities gains (or losses, -) $-19
Income before extraordinary items $5,177
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,177
Minority interest net income $0
Net income $5,177
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,196

Liberty Bank Minnesota's gross interest income from loans was $5,684,000.
Liberty Bank Minnesota's net interest income from loans was $5,366,000.
Liberty Bank Minnesota's fee based income from loans was $123,000.
Liberty Bank Minnesota's net income from loans was $5,177,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $318
Provision for credit losses $0
Total noninterest expense $9,675
Salaries and employee benefits $5,064
Premises and equipment expense $1,257
Additional noninterest expense $3,354
Applicable income taxes $0
Net charge-offs $1
Cash dividends $4,421

Liberty Bank Minnesota's interest expense for loans was $318,000.
Liberty Bank Minnesota's payroll and benefits expense were $5,064,000.
Liberty Bank Minnesota's property, plant and equipment expenses $1,257,000.

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 0.0%
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 $272,323
Deposits held in domestic offices $272,323
Deposits by Individuals, partnerships, and corporations $270,996
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $1,327
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $148,682
Demand deposits $61,458
Nontransaction accounts $123,641
Money market deposit accounts (MMDAs) $26,034
Other savings deposits (excluding MMDAs) $82,894
Total time deposits $14,713
Total time and savings deposits $210,865
Noninterest-bearing deposits $51,096
Interest-bearing deposits $221,227
Retail deposits $270,684
IRAs and Keogh plan accounts $4,884
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $303,851
Cash & Balances due from depository institutions $15,123
Interest-bearing balances $10,848
Total securities $110,165
Federal funds sold & reverse repurchase $50,000
Net loans and leases $109,206
Loan and leases loss allowance $1,367
Trading account assets $0
Bank premises and fixed assets $10,965
Other real estate owned $0
Goodwill and other intangibles $6,376
All other assets $2,016

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $303,851
Total Liabilities $272,490
Total deposits $272,323
Interest-bearing deposits $221,227
Deposits held in domestic offices $272,323
% insured (estimated) $91
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $167

Issued Loan Types

Type Value (in 000's)
Net loans and leases $109,206
Loan and leases loss allowance $1,367
Total loans and leases (domestic) $110,573
All real estate loans $105,312
Real estate loans in domestic offices $105,312
Construction and development loans $3,726
Residential 1-4 family construction $2,381
Other construction, all land development and other land $1,345
Loans secured by nonfarm nonresidential properties $1,278
Nonfarm nonresidential secured by owner-occupied properties $1,041
Commercial real estate & other non-farm, non-residential $237
Multifamily residential real estate $0
1-4 family residential loans $100,308
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $210
To non-U.S. addressees $0
Loans to individuals $5,051
Credit card loans $0
Related Plans $7
Consumer Auto Loans $2,361
Other loans to individuals $2,683
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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

Liberty Bank Minnesota had $109,206,000 of loans outstanding in 2021. $105,312,000 of loans were in real estate loans. $3,726,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $100,308,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,361,000 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 11 $1,278 $116,182
Nonfarm, nonresidential loans - <$100k 2 $119 $59,500
Nonfarm, nonresidential loans - $100-250k 5 $293 $58,600
Nonfarm, nonresidential loans - $250k-1MM 4 $866 $216,500
Commercial & Industrial, US addressed loans - <$1MM 6 $210 $35,000
Commercial & Industrial, US addressed loans - <$100k 5 $91 $18,200
Commercial & Industrial, US addressed loans - $100-250k 1 $119 $119,000