Progrowth Bank Mortgage Rates, Fees & Info
NICOLLET, MNLEI: 549300ELJT7N25NEWL38
Tax ID: 41-0442880
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Mortgage Data
Review & Overview
Progrowth Bank is a smaller bank specializing in Home Purchase loans. Progrowth Bank has a high proportion of conventional loans. Their top markets by origination volume include: Mankato, Minneapolis, Punta Gorda, Battle Creek, and Grand Rapids among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Progrowth 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
30Origination Dollar Volume (All Markets)
$4,550,000Top 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 |
|---|---|---|---|---|---|
| MANKATO, MN (FHA|USDA|VA) | 17 | $2,645,000 | $155,588 | $1,913 | 5.50% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 5 | $735,000 | $147,000 | $3,310 | 6.31% |
| Outside of Metro Areas | 5 | $575,000 | $115,000 | $1,321 | 5.58% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 5.25% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,902 | 5.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 5.52% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $4,550,000 | $151,667 | $2,330 | 5.62% |
For 2018, Progrowth Bank's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 23 | $4,135,000 | $179,783 | $2,943 | 5.44% |
| Refi | 6 | $380,000 | $63,333 | $1,886 | 6.25% |
| Other | 1 | $35,000 | $35,000 | $425 | 6.00% |
For 2018, Progrowth Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
For 2018, Progrowth Bank's most frequently cited loan duration was Other, with 19 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $965,000 | $137,857 |
| $1k-2k | 2 | $280,000 | $140,000 |
| $4k-5k | 1 | $415,000 | $415,000 |
Progrowth Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 20 | $3,180,000 | $159,000 |
| 4-5% | 6 | $1,220,000 | $203,333 |
| 6-7% | 3 | $125,000 | $41,667 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2018, Progrowth Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 20 originations.
Loan Sizing
2018 saw Progrowth Bank place emphasis on $100,000 or less loans with 12 originations, totaling $580,000 in origination value.
Applicant Income
Progrowth Bank lent most frequently to those with incomes in the $75k-100k range, with 6 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Progrowth Bank lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 40%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.94%
Progrowth Bank has an average approval rate.
Pick Rate
Approvals leading to origination96.67%
Progrowth 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 |
|---|---|---|---|
| NA | 30 | $4,550,000 | $151,667 |