Progrowth Bank Mortgage Rates, Fees & Info

NICOLLET, MN

LEI: 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

30

Origination Dollar Volume (All Markets)

$4,550,000

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
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%
Progrowth Bank's top markets include Mankato, Minneapolis, Punta Gorda, Battle Creek, and Grand Rapids among others.

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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 19 $3,105,000 $163,421 $2,330 5.62%
    15 Year 4 $520,000 $130,000 $0 5.90%
    5 Year 4 $820,000 $205,000 $0 5.15%
    3 Year 2 $90,000 $45,000 $0 6.25%
    1 Year 1 $15,000 $15,000 $0 5.25%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 12 $580,000 $48,333 $1,223 5.93%
    $100k-200k 10 $1,440,000 $144,000 $2,400 5.55%
    $200k-400k 5 $1,265,000 $253,000 $2,212 5.28%
    $400k-600k 3 $1,265,000 $421,667 $6,716 5.22%

    2018 saw Progrowth Bank place emphasis on $100,000 or less loans with 12 originations, totaling $580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 6 $520,000 $86,667 $1,658 5.77%
    $150k-250k 5 $665,000 $133,000 $3,347 6.13%
    $100k-150k 3 $565,000 $188,333 $2,208 5.35%
    $50k-75k 3 $565,000 $188,333 $2,164 4.98%
    $250k+ 1 $175,000 $175,000 $0 5.52%
    $50k or less 1 $35,000 $35,000 $1,321 5.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $595,000 $119,000 $1,859 5.73%
    40% 2 $210,000 $105,000 $0 5.68%
    30-36% 2 $160,000 $80,000 $2,094 4.88%
    >60% 2 $500,000 $250,000 $2,234 4.98%
    44% 1 $275,000 $275,000 $2,190 5.65%
    46% 1 $65,000 $65,000 $0 5.25%
    39% 1 $125,000 $125,000 $2,265 5.63%
    36% 1 $415,000 $415,000 $6,716 5.65%
    37% 1 $35,000 $35,000 $425 6.00%
    <20% 1 $105,000 $105,000 $2,272 5.40%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 19 $2,285,000 $120,263 $2,340 5.68%
    Not applicable 10 $2,010,000 $201,000 $0 5.62%
    Asian 1 $255,000 $255,000 $2,234 4.70%

    Approval Rates

    Total approvals of all applications
    93.94%

    Progrowth Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.67%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $445,000 $445,000
    Single Family (1-4 Units):Manufactured 2 $160,000 $80,000
    Single Family (1-4 Units):Site-Built 27 $3,945,000 $146,111

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $140,000 $70,000 $1,349 5.70%
    40-60% 2 $270,000 $135,000 $1,321 5.53%
    60-80% 17 $2,485,000 $146,176 $2,355 5.44%
    80-100% 6 $1,590,000 $265,000 $3,714 5.35%
    Under 20% 3 $65,000 $21,667 $1,051 7.21%