Linn Area Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 549300EAZZ1G4DMO8869
Tax ID: 42-0173285
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Linn Area is a smaller mortgage company specializing in Refi and Home Purchase loans. Linn Area 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.) Their top markets include Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others. Linn Area 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. Linn Area is typically a low fee lendor.Originations
790Origination Dollar Volume (All Markets)
$115,080,000Awards
LINN AREA - 2021
LINN AREA is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Linn Area's average 30 year fixed rate mortgage of loans were
3.15%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0%.
Relative Fees
Linn Area's average total fees for a 30 year fixed rate
mortgage are $1,881.
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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 693 | $100,135,000 | $144,495 | $1,581 | 3.34% |
| Outside of Metro Areas | 43 | $6,185,000 | $143,837 | $1,505 | 3.62% |
| IOWA CITY, IA (FHA|USDA|VA) | 35 | $5,745,000 | $164,143 | $1,514 | 3.56% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $1,839 | 2.78% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $1,218 | 3.88% |
| DUBUQUE, IA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $1,944 | 2.90% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $2,121 | 2.31% |
| Muscatine, IA (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $1,362 | 3.67% |
| AMES, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,962 | 2.00% |
| Marshalltown, IA (FHA|USDA|VA) | 4 | $140,000 | $35,000 | $0 | 4.08% |
Linn Area's top markets include Cedar Rapids, Iowa City, Des Moines, Davenport, and Dubuque among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 785 | $114,005,000 | $145,229 | $1,552 | 3.37% |
| VA | 3 | $785,000 | $261,667 | $5,561 | 2.38% |
| FHA | 2 | $290,000 | $145,000 | $4,582 | 2.94% |
For the 2021 period, Linn Area's most frequently originated loan type of loans were Conventional, with 785 originations. Their 2nd most popular type is VA, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 454 | $69,840,000 | $153,833 | $1,541 | 3.11% |
| Home Purchase | 319 | $42,775,000 | $134,091 | $1,634 | 3.72% |
| Cash Out Refi | 11 | $1,455,000 | $132,273 | $0 | 3.83% |
| Home Improvement | 6 | $1,010,000 | $168,333 | $1,279 | 3.44% |
For the 2021, Linn Area's most frequently cited loan purpose of loans were Refi, with 454 originations. The 2nd most popular reason of loans were Home Purchase, with 319 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 424 | $75,610,000 | $178,325 | $1,881 | 3.15% |
| 15 Year | 233 | $25,175,000 | $108,047 | $1,091 | 3.72% |
| 20 Year | 79 | $9,775,000 | $123,734 | $1,763 | 3.36% |
| 10 Year | 29 | $2,515,000 | $86,724 | $966 | 3.02% |
| Other | 18 | $1,580,000 | $87,778 | $0 | 4.32% |
| 5 Year | 7 | $425,000 | $60,714 | $274 | 3.76% |
For the 2021, Linn Area's most frequently cited loan length of loans were 30 Year, with 424 originations. The 2nd most popular length of loans were 15 Year, with 233 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 728 | $109,390,000 | $150,261 |
| $1k-2k | 3 | $475,000 | $158,333 |
$1,881 of loans were Linn Area's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 728 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 300 | $39,570,000 | $131,900 |
| 2.5-3% | 265 | $47,225,000 | $178,208 |
| <2.5% | 115 | $22,905,000 | $199,174 |
| 5-6% | 63 | $2,335,000 | $37,063 |
| 4-5% | 32 | $2,640,000 | $82,500 |
| 6-7% | 15 | $405,000 | $27,000 |
During 2021, Linn Area's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 300 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 344 | $48,530,000 | $141,076 | $1,792 | 3.09% |
| $100,000 or less | 262 | $15,090,000 | $57,595 | $1,000 | 4.14% |
| $200k-400k | 170 | $44,720,000 | $263,059 | $1,929 | 2.79% |
| $400k-600k | 13 | $5,885,000 | $452,692 | $1,824 | 2.70% |
| $600k-1MM | 1 | $855,000 | $855,000 | $1,795 | 3.50% |
2021 saw Linn Area place emphasis on $100k-200k loans with 344 originations, totaling $48,530,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 189 | $23,555,000 | $124,630 | $1,532 | 3.47% |
| $50k or less | 169 | $14,975,000 | $88,609 | $1,505 | 3.64% |
| $100k-150k | 158 | $30,440,000 | $192,658 | $1,618 | 3.07% |
| $75k-100k | 151 | $22,435,000 | $148,576 | $1,588 | 3.28% |
| $150k-250k | 62 | $15,770,000 | $254,355 | $1,713 | 2.84% |
| $250k+ | 10 | $3,180,000 | $318,000 | $1,878 | 2.84% |
Linn Area lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $50k or less, with 169 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 241 | $35,895,000 | $148,942 | $1,627 | 3.27% |
| 30-36% | 171 | $24,205,000 | $141,550 | $1,519 | 3.46% |
| <20% | 74 | $11,380,000 | $153,784 | $1,625 | 2.94% |
| 38% | 41 | $6,515,000 | $158,902 | $1,563 | 3.38% |
| 39% | 34 | $4,410,000 | $129,706 | $1,372 | 3.69% |
| 36% | 28 | $3,780,000 | $135,000 | $1,532 | 3.50% |
| 42% | 27 | $4,215,000 | $156,111 | $1,442 | 3.44% |
| 37% | 27 | $4,475,000 | $165,741 | $1,400 | 3.75% |
| 40% | 20 | $2,360,000 | $118,000 | $1,578 | 3.24% |
| 41% | 18 | $3,510,000 | $195,000 | $1,604 | 2.94% |
| 43% | 15 | $2,715,000 | $181,000 | $1,800 | 3.09% |
| 44% | 9 | $1,095,000 | $121,667 | $1,371 | 3.13% |
| 47% | 7 | $1,195,000 | $170,714 | $1,935 | 2.64% |
| 45% | 6 | $1,110,000 | $185,000 | $2,184 | 2.96% |
| 49% | 4 | $900,000 | $225,000 | $1,889 | 2.81% |
| 48% | 3 | $955,000 | $318,333 | $1,982 | 3.17% |
| 50-60% | 3 | $665,000 | $221,667 | $1,917 | 3.21% |
| 46% | 2 | $450,000 | $225,000 | $1,953 | 3.00% |
| >60% | 1 | $35,000 | $35,000 | $310 | 4.00% |
Linn Area lent most frequently to those with DTI ratios of 20-30%, with 241 originations. The next most common DTI ratio? 30-36%, with 171 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 708 | $106,680,000 | $150,678 | $1,582 | 3.31% |
| Not applicable | 51 | $4,725,000 | $92,647 | $0 | 3.99% |
| Black | 16 | $1,690,000 | $105,625 | $1,352 | 3.73% |
| Asian | 11 | $1,265,000 | $115,000 | $1,605 | 3.41% |
| Not provided | 3 | $565,000 | $188,333 | $1,347 | 3.75% |
| Asian Indian | 1 | $155,000 | $155,000 | $1,912 | 2.13% |
Approval Rates
Total approvals of all applications97.43%
Linn Area has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.68%
Linn Area has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 790 | $115,080,000 | $145,671 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 790 | $115,080,000 | $145,671 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 77 | $4,155,000 | $53,961 | $685 | 4.46% |
| 40-60% | 95 | $11,425,000 | $120,263 | $1,592 | 2.90% |
| 60-80% | 336 | $55,330,000 | $164,673 | $1,771 | 3.09% |
| 80-100% | 222 | $41,970,000 | $189,054 | $1,900 | 3.12% |
| Over 100% | 1 | $265,000 | $265,000 | $8,124 | 2.25% |
| Under 20% | 58 | $1,850,000 | $31,897 | $249 | 5.27% |
