Sherburne State Bank Mortgage Rates, Fees & Info

Becker, MN

LEI: 549300GWO8DN75PL7X16

Tax ID: 41-0522410

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Mortgage Data

Review & Overview

Sherburne State Bank is a smaller bank specializing in Home Purchase loans. Sherburne State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Cape Coral, Brainerd, and Duluth among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Sherburne State 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

183

Origination Dollar Volume (All Markets)

$40,625,000

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 128 $27,730,000 $216,641 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 25 $4,855,000 $194,200 $0 0.00%
Outside of Metro Areas 14 $3,400,000 $242,857 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,320,000 $660,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 5 $1,085,000 $217,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 3 $825,000 $275,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $645,000 $645,000 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Alexandria, MN (FHA|USDA|VA) 2 $170,000 $85,000 $0 0.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Bemidji, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Sherburne State Bank's top markets include Minneapolis, St. Cloud, Cape Coral, Brainerd, and Duluth among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 183 $40,625,000 $221,995 $0 0.00%

    For 2023, Sherburne State Bank's most frequently originated type of loan was Conventional, with 183 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 110 $31,180,000 $283,455 $0 0.00%
    Home Improvement 39 $2,465,000 $63,205 $0 0.00%
    Other 23 $3,415,000 $148,478 $0 0.00%
    Cash Out Refi 7 $1,715,000 $245,000 $0 0.00%
    Refi 4 $1,850,000 $462,500 $0 0.00%

    For 2023, Sherburne State Bank's most frequently cited loan purpose was Home Purchase, with 110 originations. The 2nd most popular reason was Home Improvement, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 183 $40,625,000 $221,995 $0 0.00%

    For 2023, Sherburne State Bank's most frequently cited loan duration was Other, with 183 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 76 $21,820,000 $287,105 $0 0.00%
    $100,000 or less 57 $2,525,000 $44,298 $0 0.00%
    $100k-200k 28 $3,890,000 $138,929 $0 0.00%
    $400k-600k 15 $7,325,000 $488,333 $0 0.00%
    $600k-1MM 6 $4,060,000 $676,667 $0 0.00%
    $1MM+ 1 $1,005,000 $1,005,000 $0 0.00%

    2023 saw Sherburne State Bank place emphasis on $200k-400k loans with 76 originations, totaling $21,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $9,590,000 $199,792 $0 0.00%
    $150k-250k 42 $13,570,000 $323,095 $0 0.00%
    $50k-75k 29 $4,085,000 $140,862 $0 0.00%
    $75k-100k 24 $3,170,000 $132,083 $0 0.00%
    $250k+ 19 $5,655,000 $297,632 $0 0.00%
    $50k or less 8 $630,000 $78,750 $0 0.00%

    Sherburne State Bank lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $150k-250k, with 42 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 183 $40,625,000 $221,995 $0 0.00%

    Sherburne State Bank lent most frequently to those with DTI ratios of Exempt%, with 183 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 163 $34,985,000 $214,632 $0 0.00%
    Not applicable 8 $2,880,000 $360,000 $0 0.00%
    Not provided 7 $1,835,000 $262,143 $0 0.00%
    Asian 2 $460,000 $230,000 $0 0.00%
    Korean 1 $305,000 $305,000 $0 0.00%
    Native Hawaiian or Islander 1 $145,000 $145,000 $0 0.00%
    Black 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.98%

    Sherburne State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.44%

    Sherburne State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 183 $40,625,000 $221,995

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    183 $40,625,000 $221,995