Bankvista Mortgage Rates, Fees & Info

Sartell, MN

LEI: 549300H1I95THVU5ZB04

Tax ID: 41-1962072

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bankvista is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Bankvista 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, Mankato, Brainerd, and Alexandria among others. Bankvista 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. Bankvista is typically an average fee lendor.


Originations

352

Origination Dollar Volume (All Markets)

$92,990,000

Employee count

73

Awards

BankVista 30 Year Conventional Loans bronze BankVista 30 Year Conventional Loans bronze BankVista 30 Year Conventional Loans gold BankVista 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Bankvista's average 30 year fixed rate mortgage of loans were 2.84%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.31%.

Relative Fees

Bankvista's average total fees for a 30 year fixed rate mortgage are $3,755.

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) 147 $35,685,000 $242,755 $3,218 2.83%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 105 $30,535,000 $290,810 $3,281 2.95%
MANKATO, MN (FHA|USDA|VA) 40 $11,310,000 $282,750 $3,654 2.89%
Outside of Metro Areas 28 $5,310,000 $189,643 $3,635 2.85%
Brainerd, MN (FHA|USDA|VA) 7 $2,595,000 $370,714 $3,091 3.02%
Alexandria, MN (FHA|USDA|VA) 2 $840,000 $420,000 $3,386 2.81%
Bemidji, MN (FHA|USDA|VA) 1 $735,000 $735,000 $0 4.50%
Hutchinson, MN (FHA|USDA|VA) 2 $660,000 $330,000 $6,779 2.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $570,000 $285,000 $2,589 2.75%
Marshall, MN (FHA|USDA|VA) 2 $560,000 $280,000 $0 4.15%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $545,000 $545,000 $4,833 2.63%
ROCHESTER, MN (FHA|USDA|VA) 2 $510,000 $255,000 $2,206 2.44%
Spirit Lake, IA (FHA|USDA|VA) 1 $505,000 $505,000 $3,821 2.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $405,000 $405,000 $4,570 2.88%
COLUMBUS, OH (FHA|USDA|VA) 1 $345,000 $345,000 $3,707 2.75%
Willmar, MN (FHA|USDA|VA) 2 $310,000 $155,000 $4,786 3.38%
RICHMOND, VA (FHA|USDA|VA) 1 $305,000 $305,000 $3,204 2.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,051 2.88%
FARGO, ND-MN (FHA|USDA|VA) 1 $245,000 $245,000 $5,380 3.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $225,000 $225,000 $2,612 2.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,647 2.88%
Albert Lea, MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,735 2.88%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,193 2.25%

Bankvista's top markets include St. Cloud, Minneapolis, Mankato, Brainerd, and Alexandria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 326 $87,010,000 $266,902 $3,145 2.92%
FHA 10 $2,020,000 $202,000 $6,753 2.69%
VA 9 $2,685,000 $298,333 $4,672 2.38%
USDA 7 $1,275,000 $182,143 $5,227 2.45%

For the 2021 period, Bankvista's most frequently originated loan type of loans were Conventional, with 326 originations. Their 2nd most popular type is FHA, with 10 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 151 $43,715,000 $289,503 $4,145 3.12%
Refi 120 $29,610,000 $246,750 $2,712 2.58%
Cash Out Refi 75 $19,245,000 $256,600 $3,225 2.74%
Home Improvement 3 $345,000 $115,000 $1,515 4.17%
Other 3 $75,000 $25,000 $465 5.50%

For the 2021, Bankvista's most frequently cited loan purpose of loans were Home Purchase, with 151 originations. The 2nd most popular reason of loans were Refi, with 120 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 205 $56,805,000 $277,098 $3,755 2.84%
15 Year 64 $14,660,000 $229,063 $2,859 2.38%
Other 23 $4,645,000 $201,957 $2,206 3.21%
20 Year 23 $5,525,000 $240,217 $2,581 2.68%
10 Year 18 $4,110,000 $228,333 $1,984 3.50%
5 Year 14 $5,980,000 $427,143 $250 4.39%
1 Year 4 $1,060,000 $265,000 $4,210 4.50%
3 Year 1 $205,000 $205,000 $0 4.00%

For the 2021, Bankvista's most frequently cited loan length of loans were 30 Year, with 205 originations. The 2nd most popular length of loans were 15 Year, with 64 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 272 $69,600,000 $255,882
$<1k 19 $2,915,000 $153,421
$2k-3k 15 $4,725,000 $315,000
$3k-4k 12 $3,780,000 $315,000
$5k+ 3 $1,565,000 $521,667

$3,755 of loans were Bankvista's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 272 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 136 $31,700,000 $233,088
2.5-3% 126 $35,260,000 $279,841
3-4% 52 $18,260,000 $351,154
4-5% 36 $7,720,000 $214,444
5-6% 2 $50,000 $25,000

During 2021, Bankvista's average interest rate of loans were 2.84%, while their most frequently originated rate bucket of loans were <2.5%, with 136 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 162 $46,170,000 $285,000 $3,317 2.79%
$100k-200k 115 $17,375,000 $151,087 $3,182 2.95%
$400k-600k 41 $19,865,000 $484,512 $4,472 2.88%
$100,000 or less 26 $1,470,000 $56,538 $1,678 2.96%
$1MM+ 4 $5,100,000 $1,275,000 $16,176 3.69%
$600k-1MM 4 $3,010,000 $752,500 $3,970 3.75%

2021 saw Bankvista place emphasis on $200k-400k loans with 162 originations, totaling $46,170,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 74 $21,090,000 $285,000 $3,372 2.75%
$150k-250k 64 $19,720,000 $308,125 $3,356 2.66%
$50k-75k 52 $9,660,000 $185,769 $3,498 2.79%
$75k-100k 51 $11,185,000 $219,314 $3,068 3.00%
$50k or less 49 $6,745,000 $137,653 $2,981 2.70%
$250k+ 32 $14,130,000 $441,563 $4,237 2.81%

Bankvista lent most frequently to those with incomes in the $100k-150k range, with 74 originations. The second most popular income band? $150k-250k, with 64 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 99 $26,775,000 $270,455 $3,241 2.69%
30-36% 65 $14,945,000 $229,923 $3,154 2.66%
<20% 48 $13,830,000 $288,125 $3,177 2.56%
39% 13 $3,355,000 $258,077 $3,684 3.24%
41% 11 $2,925,000 $265,909 $3,401 2.83%
37% 11 $2,295,000 $208,636 $3,461 3.06%
42% 11 $2,115,000 $192,273 $4,135 3.47%
44% 11 $2,975,000 $270,455 $3,165 2.68%
38% 10 $2,610,000 $261,000 $4,622 2.85%
43% 9 $1,875,000 $208,333 $3,337 3.13%
49% 8 $2,120,000 $265,000 $4,229 2.73%
40% 7 $2,185,000 $312,143 $4,152 2.75%
45% 6 $1,460,000 $243,333 $3,988 3.19%
36% 5 $1,375,000 $275,000 $4,060 2.93%
48% 4 $790,000 $197,500 $2,288 3.75%
46% 2 $470,000 $235,000 $3,039 3.38%
47% 2 $390,000 $195,000 $2,469 2.69%

Bankvista lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 65 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 314 $79,730,000 $253,917 $3,339 2.78%
Not applicable 24 $9,040,000 $376,667 $0 4.30%
Not provided 5 $1,885,000 $377,000 $3,531 2.73%
Asian 4 $1,260,000 $315,000 $3,661 3.31%
American Indian 3 $635,000 $211,667 $3,903 1.88%
Black 2 $440,000 $220,000 $2,607 3.00%

Approval Rates

Total approvals of all applications
96.10%

Bankvista 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
86.31%

Bankvista has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 352 $92,990,000 $264,176

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
352 $92,990,000 $264,176

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 14 $3,140,000 $224,286 $3,215 2.69%
40-60% 50 $11,010,000 $220,200 $2,704 2.71%
60-80% 174 $50,050,000 $287,644 $3,211 2.93%
80-100% 101 $27,575,000 $273,020 $4,119 2.95%
Over 100% 1 $295,000 $295,000 $10,004 2.50%
Under 20% 12 $920,000 $76,667 $902 2.72%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bankvista 125 Twin Rivers Court Sartell, MN 56377 Full Service B&M $208,869
Bankvista 1420 White Oak Drive Chaska, MN 55318 Full Service B&M $101,864
Bankvista 1501 Adams Street Mankato, MN 56001 Full Service B&M $65,924

For 2021, Bankvista had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $24,338
Net interest income $22,204
Total noninterest income $9,767
Gross Fiduciary activities income $0
Service charges on deposit accounts $243
Trading account gains and fees $0
Additional Noninterest Income $9,524
Pre-tax net operating income $17,549
Securities gains (or losses, -) $0
Income before extraordinary items $12,469
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,469
Minority interest net income $0
Net income $12,469
Sale, conversion, retirement of capital stock, net $0
Net operating income $12,469

Bankvista's gross interest income from loans was $24,338,000.
Bankvista's net interest income from loans was $22,204,000.
Bankvista's fee based income from loans was $243,000.
Bankvista's net income from loans was $12,469,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,134
Provision for credit losses $1,175
Total noninterest expense $13,247
Salaries and employee benefits $8,847
Premises and equipment expense $1,081
Additional noninterest expense $3,319
Applicable income taxes $5,080
Net charge-offs $86
Cash dividends $2,500

Bankvista's interest expense for loans was $2,134,000.
Bankvista's payroll and benefits expense were $8,847,000.
Bankvista's property, plant and equipment expenses $1,081,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $400,260
Deposits held in domestic offices $400,260
Deposits by Individuals, partnerships, and corporations $376,742
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $18,056
Deposits by Commercial banks and other depository institutions in U.S. $5,462
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $155,518
Demand deposits $155,518
Nontransaction accounts $244,742
Money market deposit accounts (MMDAs) $34,250
Other savings deposits (excluding MMDAs) $158,257
Total time deposits $52,235
Total time and savings deposits $244,742
Noninterest-bearing deposits $127,779
Interest-bearing deposits $272,481
Retail deposits $388,833
IRAs and Keogh plan accounts $4,378
Brokered deposits $2,006
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $471,597
Cash & Balances due from depository institutions $77,435
Interest-bearing balances $72,568
Total securities $12,941
Federal funds sold & reverse repurchase $0
Net loans and leases $369,215
Loan and leases loss allowance $6,627
Trading account assets $0
Bank premises and fixed assets $6,683
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $5,323

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $471,597
Total Liabilities $426,604
Total deposits $400,260
Interest-bearing deposits $272,481
Deposits held in domestic offices $400,260
% insured (estimated) $63
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $24,750
Subordinated debt $0
All other liabilities $1,594

Issued Loan Types

Type Value (in 000's)
Net loans and leases $369,215
Loan and leases loss allowance $6,627
Total loans and leases (domestic) $375,842
All real estate loans $245,664
Real estate loans in domestic offices $245,664
Construction and development loans $25,344
Residential 1-4 family construction $8,576
Other construction, all land development and other land $16,768
Loans secured by nonfarm nonresidential properties $167,256
Nonfarm nonresidential secured by owner-occupied properties $108,224
Commercial real estate & other non-farm, non-residential $59,032
Multifamily residential real estate $7,509
1-4 family residential loans $44,793
Farmland loans $762
Loans held in foreign offices $0
Farm loans $12
Commercial and industrial loans $118,369
To non-U.S. addressees $0
Loans to individuals $7,947
Credit card loans $0
Related Plans $1,025
Consumer Auto Loans $1,526
Other loans to individuals $5,396
All other loans & leases $3,850
Loans to foreign governments and official institutions $0
Other loans $111
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 $3,019
Non 1-4 family restructured loans & leases $3,019
Total loans and leases (foreign) $0

BankVista had $369,215,000 of loans outstanding in 2021. $245,664,000 of loans were in real estate loans. $25,344,000 of loans were in development loans. $7,509,000 of loans were in multifamily mortgage loans. $44,793,000 of loans were in 1-4 family mortgage loans. $12,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,526,000 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 255 $67,930 $266,392
Nonfarm, nonresidential loans - <$100k 22 $907 $41,227
Nonfarm, nonresidential loans - $100-250k 73 $9,136 $125,151
Nonfarm, nonresidential loans - $250k-1MM 160 $57,887 $361,794
Commercial & Industrial, US addressed loans - <$1MM 541 $57,432 $106,159
Commercial & Industrial, US addressed loans - <$100k 253 $7,478 $29,557
Commercial & Industrial, US addressed loans - $100-250k 126 $12,944 $102,730
Commercial & Industrial, US addressed loans - $250k-1MM 162 $37,010 $228,457
Farmland loans - <$1MM 5 $689 $137,800
Farmland loans - <$100k 2 $140 $70,000
Farmland loans - $100-250k 2 $291 $145,500
Farmland loans - $250k-1MM 1 $258 $258,000
Agriculture operations loans - <$1MM 1 $12 $12,000
Agriculture operations loans - <$100k 1 $12 $12,000