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
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Mortgage Data
Bank 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
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Liberty Bank Minnesota - 2021
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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
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.
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 |