Luana Savings Bank Mortgage Rates, Fees & Info

Luana, IA

LEI: 549300IZ5GOBKOERL931

Tax ID: 42-0386770

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Luana Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Luana Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Ames, Waterloo, Minneapolis, and Chicago among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Luana Savings 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. Luana Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.36% 12/16/24
    30 Year Conventional Refi 6.38% 12/16/24
    30 Year Cash-out Refi 6.54% 12/16/24
    15 Year Conventional Purchase 6.24% 12/16/24
    15 Year Conventional Refi 6.07% 12/16/24
    15 Year Cash-out Refi 6.07% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Luana Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Luana Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    3,426

    Origination Dollar Volume (All Markets)

    $852,540,000

    Employee count

    98 Show all (5) awards

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2,721 $706,225,000 $259,546 $921 3.04%
    Outside of Metro Areas 411 $56,915,000 $138,479 $706 3.25%
    AMES, IA (FHA|USDA|VA) 123 $47,255,000 $384,187 $897 3.24%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 29 $12,595,000 $434,310 $677 3.12%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 13 $3,035,000 $233,462 $1,464 3.14%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $2,620,000 $655,000 $840 2.72%
    IOWA CITY, IA (FHA|USDA|VA) 12 $2,570,000 $214,167 $966 3.11%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 13 $2,225,000 $171,154 $726 2.88%
    Pella, IA (FHA|USDA|VA) 12 $2,110,000 $175,833 $1,054 3.04%
    Spirit Lake, IA (FHA|USDA|VA) 8 $2,100,000 $262,500 $987 2.92%
    Mason City, IA (FHA|USDA|VA) 11 $1,955,000 $177,727 $907 2.94%
    MADISON, WI (FHA|USDA|VA) 7 $1,755,000 $250,714 $737 3.08%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 6 $1,560,000 $260,000 $569 3.06%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 6 $1,510,000 $251,667 $843 3.27%
    Marshalltown, IA (FHA|USDA|VA) 9 $1,365,000 $151,667 $881 3.26%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $980,000 $245,000 $1,114 2.78%
    DUBUQUE, IA (FHA|USDA|VA) 4 $920,000 $230,000 $820 3.08%
    Carroll, IA (FHA|USDA|VA) 5 $845,000 $169,000 $994 3.13%
    Muscatine, IA (FHA|USDA|VA) 4 $680,000 $170,000 $697 3.48%
    ROCHESTER, MN (FHA|USDA|VA) 4 $600,000 $150,000 $1,305 3.69%
    Platteville, WI (FHA|USDA|VA) 4 $460,000 $115,000 $1,002 3.60%
    Fort Dodge, IA (FHA|USDA|VA) 3 $295,000 $98,333 $631 3.94%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $295,000 $295,000 $1,889 3.00%
    Winona, MN (FHA|USDA|VA) 2 $290,000 $145,000 $907 2.94%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $285,000 $285,000 $902 3.00%
    Spencer, IA (FHA|USDA|VA) 1 $225,000 $225,000 $847 3.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $215,000 $215,000 $0 3.35%
    Owatonna, MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,465 2.50%
    Ottumwa, IA (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.30%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 2 $120,000 $60,000 $649 2.88%
    DECATUR, IL (FHA|USDA|VA) 2 $120,000 $60,000 $0 4.00%
    PEORIA, IL (FHA|USDA|VA) 1 $115,000 $115,000 $605 2.50%
    Luana Savings Bank's top markets include Des Moines, Ames, Waterloo, Minneapolis, and Chicago among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Luana Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 172
    GREATER IOWA CREDIT UNION
    Similarity Rank: 276
    Fidelity Bank
    Similarity Rank: 387
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 442
    Premier Credit Union
    Similarity Rank: 588
    MEMBERS1st Community Credit Union
    Similarity Rank: 749
    Raccoon Valley Bank
    Similarity Rank: 828
    Luana Savings Bank
    Similarity Rank: 1248
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 1470
    Bank Iowa
    Similarity Rank: 1512

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,426 $852,540,000 $248,844 $895 3.08%

    For 2020, Luana Savings Bank's most frequently originated type of loan was Conventional, with 3,426 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 2,298 $551,930,000 $240,178 $854 3.00%
    Home Purchase 711 $207,995,000 $292,539 $941 3.32%
    Cash Out Refi 382 $89,820,000 $235,131 $1,100 2.99%
    Home Improvement 20 $1,820,000 $91,000 $186 4.08%
    Other 15 $975,000 $65,000 $420 3.77%

    For 2020, Luana Savings Bank's most frequently cited loan purpose was Refi, with 2,298 originations. The 2nd most popular reason was Home Purchase, with 711 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,210 $303,640,000 $250,942 $1,084 3.12%
    15 Year 1,077 $191,935,000 $178,213 $786 2.83%
    Other 513 $121,945,000 $237,710 $817 3.14%
    10 Year 314 $157,700,000 $502,229 $418 3.56%
    20 Year 271 $70,825,000 $261,347 $957 3.09%
    5 Year 29 $5,185,000 $178,793 $119 3.73%
    3 Year 9 $1,125,000 $125,000 $464 3.64%
    1 Year 3 $185,000 $61,667 $0 4.48%

    For 2020, Luana Savings Bank's most frequently cited loan duration was 30 Year, with 1,210 originations. The 2nd most popular length was 15 Year, with 1,077 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3,093 $651,005,000 $210,477
    $1k-2k 35 $7,145,000 $204,143
    $2k-3k 3 $855,000 $285,000
    $3k-4k 2 $590,000 $295,000
    $5k+ 2 $1,030,000 $515,000
    $4k-5k 1 $255,000 $255,000

    Luana Savings Bank's average total fees were $1,084, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,093 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,359 $386,265,000 $284,227
    2.5-3% 1,307 $323,395,000 $247,433
    <2.5% 591 $129,005,000 $218,283
    4-5% 160 $13,650,000 $85,313
    5-6% 7 $175,000 $25,000
    6-7% 2 $50,000 $25,000

    During 2020, Luana Savings Bank's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 3-4%, with 1,359 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,466 $407,210,000 $277,769 $1,015 2.96%
    $100k-200k 1,160 $178,840,000 $154,172 $918 2.99%
    $100,000 or less 586 $30,910,000 $52,747 $405 3.55%
    $400k-600k 168 $77,490,000 $461,250 $1,171 2.94%
    $1MM+ 34 $148,250,000 $4,360,294 $0 3.52%
    $600k-1MM 12 $9,840,000 $820,000 $1,404 3.65%

    2020 saw Luana Savings Bank place emphasis on $200k-400k loans with 1,466 originations, totaling $407,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 979 $246,285,000 $251,568 $928 2.97%
    $100k-150k 966 $197,160,000 $204,099 $897 3.02%
    $75k-100k 515 $87,295,000 $169,505 $889 3.12%
    $50k-75k 388 $51,820,000 $133,557 $846 3.20%
    $250k+ 236 $83,860,000 $355,339 $948 2.89%
    $50k or less 112 $10,190,000 $90,982 $828 3.29%

    Luana Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 979 originations. The second most popular income band? $100k-150k, with 966 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,333 $281,215,000 $210,964 $906 3.01%
    <20% 800 $168,360,000 $210,450 $920 2.89%
    30-36% 627 $128,525,000 $204,984 $873 3.11%
    37% 84 $15,470,000 $184,167 $794 3.17%
    38% 83 $16,515,000 $198,976 $846 3.17%
    36% 78 $16,830,000 $215,769 $914 3.17%
    39% 68 $13,790,000 $202,794 $775 3.27%
    40% 61 $12,025,000 $197,131 $807 3.47%
    41% 39 $7,765,000 $199,103 $1,031 3.14%
    42% 37 $7,375,000 $199,324 $930 3.21%
    48% 6 $1,740,000 $290,000 $458 3.12%
    44% 5 $735,000 $147,000 $729 3.00%
    50-60% 5 $895,000 $179,000 $341 4.02%
    43% 4 $1,050,000 $262,500 $763 3.64%
    >60% 4 $700,000 $175,000 $1,038 3.38%
    49% 3 $525,000 $175,000 $1,381 3.18%
    46% 1 $265,000 $265,000 $1,349 2.88%
    45% 1 $235,000 $235,000 $1,199 2.50%
    47% 1 $75,000 $75,000 $0 2.75%

    Luana Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 1,333 originations. The next most common DTI ratio? <20%, with 800 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,833 $586,885,000 $207,160 $888 3.05%
    Not applicable 154 $158,120,000 $1,026,753 $0 3.81%
    Not provided 330 $83,760,000 $253,818 $954 3.01%
    Asian 55 $11,795,000 $214,455 $876 2.85%
    Asian Indian 34 $8,040,000 $236,471 $865 2.87%
    Black 8 $1,540,000 $192,500 $1,026 3.33%
    American Indian 5 $1,095,000 $219,000 $833 3.06%
    Other Asian 5 $1,065,000 $213,000 $994 3.20%
    Other Pacific Islander 2 $240,000 $120,000 $1,261 3.58%

    Approval Rates

    Total approvals of all applications
    97.20%

    Luana Savings Bank 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
    91.42%

    Luana Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1081.8 1 $125,000 $125,000
    NA 3,425 $852,415,000 $248,880

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $345,000 $345,000
    Multifamily:Site-Built 95 $166,575,000 $1,753,421
    Single Family (1-4 Units):Manufactured 10 $1,010,000 $101,000
    Single Family (1-4 Units):Site-Built 3,320 $684,610,000 $206,208

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 213 $48,495,000 $227,676 $844 3.07%
    40-60% 706 $164,000,000 $232,295 $941 2.82%
    60-80% 1,829 $526,825,000 $288,040 $981 3.02%
    80-100% 363 $92,845,000 $255,771 $1,081 3.30%
    Over 100% 2 $200,000 $100,000 $0 4.00%
    Under 20% 312 $20,060,000 $64,295 $43 3.75%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Long & Foster Financial Services, Inc. VA mortgage Trouble during payment process 1 20.0%
    Long & Foster Financial Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Long & Foster Financial Services, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Long & Foster Financial Services, Inc. FHA mortgage Closing on a mortgage 2 40.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Luana Savings Bank 100 Harvest Drive Luana, IA 52156 Full Service B&M $949,246
    Luana Savings Bank 123 East Main Street Ossian, IA 52161 Full Service B&M $44,011
    Luana Savings Bank 16390 Holcomb Ct. Clive, IA 50325 Full Service B&M $35,286
    Luana Savings Bank 22 West Main Street New Hampton, IA 50659 Full Service B&M $48,125
    Luana Savings Bank 855 West Bridge Road Polk City, IA 50226 Full Service B&M $57,366
    Luana Savings Bank 9321 Market Place Drive Norwalk, IA 50211 Full Service B&M $4,365

    For 2020, Luana Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $62,818
    Net interest income $38,732
    Total noninterest income $11,956
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $375
    Trading account gains and fees $0
    Additional Noninterest Income $11,581
    Pre-tax net operating income $29,343
    Securities gains (or losses, -) $0
    Income before extraordinary items $27,987
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $27,987
    Minority interest net income $0
    Net income $27,987
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $27,987

    Luana Savings Bank's gross interest income from loans was $62,818,000.
    Luana Savings Bank's net interest income from loans was $38,732,000.
    Luana Savings Bank's fee based income from loans was $375,000.
    Luana Savings Bank's net income from loans was $27,987,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $24,086
    Provision for credit losses $1,827
    Total noninterest expense $19,518
    Salaries and employee benefits $10,505
    Premises and equipment expense $1,474
    Additional noninterest expense $7,539
    Applicable income taxes $1,356
    Net charge-offs $27
    Cash dividends $9,556

    Luana Savings Bank's interest expense for loans was $24,086,000.
    Luana Savings Bank's payroll and benefits expense were $10,505,000.
    Luana Savings Bank's property, plant and equipment expenses $1,474,000.

    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 $1,322,729
    Deposits held in domestic offices $1,322,729
    Deposits by Individuals, partnerships, and corporations $1,145,635
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $95,104
    Deposits by Commercial banks and other depository institutions in U.S. $81,990
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $114,414
    Demand deposits $76,864
    Nontransaction accounts $1,208,315
    Money market deposit accounts (MMDAs) $206,396
    Other savings deposits (excluding MMDAs) $18,612
    Total time deposits $983,307
    Total time and savings deposits $1,245,865
    Noninterest-bearing deposits $77,910
    Interest-bearing deposits $1,244,819
    Retail deposits $419,363
    IRAs and Keogh plan accounts $11,333
    Brokered deposits $884,142
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,867,790
    Cash & Balances due from depository institutions $137,243
    Interest-bearing balances $134,343
    Total securities $301,357
    Federal funds sold & reverse repurchase $7,616
    Net loans and leases $1,359,397
    Loan and leases loss allowance $14,000
    Trading account assets $0
    Bank premises and fixed assets $14,955
    Other real estate owned $30
    Goodwill and other intangibles $7,026
    All other assets $40,166

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,867,790
    Total Liabilities $1,690,575
    Total deposits $1,322,729
    Interest-bearing deposits $1,244,819
    Deposits held in domestic offices $1,322,729
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $362,200
    Subordinated debt $0
    All other liabilities $5,646

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,359,397
    Loan and leases loss allowance $14,000
    Total loans and leases (domestic) $1,373,397
    All real estate loans $1,255,581
    Real estate loans in domestic offices $1,255,581
    Construction and development loans $85,062
    Residential 1-4 family construction $18,754
    Other construction, all land development and other land $66,308
    Loans secured by nonfarm nonresidential properties $197,683
    Nonfarm nonresidential secured by owner-occupied properties $19,869
    Commercial real estate & other non-farm, non-residential $177,814
    Multifamily residential real estate $228,510
    1-4 family residential loans $389,877
    Farmland loans $354,449
    Loans held in foreign offices $0
    Farm loans $58,713
    Commercial and industrial loans $17,221
    To non-U.S. addressees $0
    Loans to individuals $18,397
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $9,877
    Other loans to individuals $8,519
    All other loans & leases $23,485
    Loans to foreign governments and official institutions $0
    Other loans $23,485
    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 $777
    Non 1-4 family restructured loans & leases $182
    Total loans and leases (foreign) $0

    Luana Savings Bank had $1,359,397,000 of loans outstanding in 2020. $1,255,581,000 of loans were in real estate loans. $85,062,000 of loans were in development loans. $228,510,000 of loans were in multifamily mortgage loans. $389,877,000 of loans were in 1-4 family mortgage loans. $58,713,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,877,000 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 167 $32,807 $196,449
    Nonfarm, nonresidential loans - <$100k 59 $2,272 $38,508
    Nonfarm, nonresidential loans - $100-250k 46 $6,063 $131,804
    Nonfarm, nonresidential loans - $250k-1MM 62 $24,472 $394,710
    Commercial & Industrial, US addressed loans - <$1MM 372 $17,221 $46,293
    Commercial & Industrial, US addressed loans - <$100k 328 $9,447 $28,802
    Commercial & Industrial, US addressed loans - $100-250k 33 $4,336 $131,394
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $3,438 $312,545
    Farmland loans - <$1MM 611 $88,260 $144,452
    Farmland loans - <$100k 189 $8,087 $42,788
    Farmland loans - $100-250k 223 $27,116 $121,596
    Farmland loans - $250k-1MM 199 $53,057 $266,618
    Agriculture operations loans - <$1MM 528 $28,438 $53,860
    Agriculture operations loans - <$100k 401 $10,174 $25,372
    Agriculture operations loans - $100-250k 93 $9,975 $107,258
    Agriculture operations loans - $250k-1MM 34 $8,289 $243,794