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, Iowa City, and Minneapolis 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% 4/21/24
    30 Year Conventional Refi 6.38% 4/21/24
    30 Year Cash-out Refi 6.54% 4/21/24
    15 Year Conventional Purchase 6.24% 4/21/24
    15 Year Conventional Refi 6.07% 4/21/24
    15 Year Cash-out Refi 6.07% 4/21/24
    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

    2,810

    Origination Dollar Volume (All Markets)

    $711,870,000

    Employee count

    98 Show all (7) 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) 2,187 $569,675,000 $260,482 $970 2.78%
    Outside of Metro Areas 356 $49,110,000 $137,949 $800 3.10%
    AMES, IA (FHA|USDA|VA) 113 $26,565,000 $235,088 $1,127 2.82%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 26 $23,140,000 $890,000 $745 2.96%
    IOWA CITY, IA (FHA|USDA|VA) 9 $9,665,000 $1,073,889 $1,030 2.89%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5 $8,165,000 $1,633,000 $2,408 2.78%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 20 $3,530,000 $176,500 $913 2.70%
    Mason City, IA (FHA|USDA|VA) 14 $3,380,000 $241,429 $1,264 2.89%
    Pella, IA (FHA|USDA|VA) 14 $3,270,000 $233,571 $1,317 2.84%
    Marshalltown, IA (FHA|USDA|VA) 10 $2,210,000 $221,000 $1,297 3.03%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 4 $1,610,000 $402,500 $1,052 2.86%
    Beaver Dam, WI (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $0 3.75%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 6 $1,320,000 $220,000 $1,291 2.52%
    Spirit Lake, IA (FHA|USDA|VA) 6 $1,230,000 $205,000 $1,277 2.73%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $855,000 $855,000 $0 3.60%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $855,000 $855,000 $0 3.60%
    Carroll, IA (FHA|USDA|VA) 6 $820,000 $136,667 $888 2.38%
    DUBUQUE, IA (FHA|USDA|VA) 4 $790,000 $197,500 $1,055 3.23%
    Platteville, WI (FHA|USDA|VA) 5 $765,000 $153,000 $672 3.16%
    Oskaloosa, IA (FHA|USDA|VA) 2 $670,000 $335,000 $1,339 3.48%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $500,000 $250,000 $1,952 3.23%
    Fort Dodge, IA (FHA|USDA|VA) 3 $405,000 $135,000 $1,024 3.16%
    Storm Lake, IA (FHA|USDA|VA) 1 $305,000 $305,000 $909 2.00%
    Ottumwa, IA (FHA|USDA|VA) 2 $280,000 $140,000 $1,320 3.38%
    DECATUR, IL (FHA|USDA|VA) 4 $230,000 $57,500 $0 4.03%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $225,000 $225,000 $1,271 2.38%
    ROCHESTER, MN (FHA|USDA|VA) 1 $205,000 $205,000 $886 2.90%
    Baraboo, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,182 3.40%
    COLUMBIA, MO (FHA|USDA|VA) 1 $135,000 $135,000 $695 2.63%
    MANKATO, MN (FHA|USDA|VA) 1 $125,000 $125,000 $1,431 2.38%
    Burlington, IA-IL (FHA|USDA|VA) 2 $120,000 $60,000 $0 4.30%
    Fairfield, IA (FHA|USDA|VA) 1 $95,000 $95,000 $666 3.13%
    Luana Savings Bank's top markets include Des Moines, Ames, Waterloo, Iowa City, and Minneapolis among others.

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

    Bank
    Similarity Rank: 82
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 102
    VisionBank of Iowa
    Similarity Rank: 286
    Fidelity Bank
    Similarity Rank: 392
    GREATER IOWA CREDIT UNION
    Similarity Rank: 414
    Raccoon Valley Bank
    Similarity Rank: 540
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 570
    Community Choice Credit Union
    Similarity Rank: 816
    Serve Credit Union
    Similarity Rank: 896
    Luana Savings Bank
    Similarity Rank: 960

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,810 $711,870,000 $253,335 $962 2.83%

    For 2021, Luana Savings Bank's most frequently originated type of loan was Conventional, with 2,810 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,565 $383,895,000 $245,300 $885 2.66%
    Home Purchase 786 $233,000,000 $296,438 $1,047 3.14%
    Cash Out Refi 424 $91,860,000 $216,651 $1,131 2.86%
    Other 18 $1,970,000 $109,444 $723 3.21%
    Home Improvement 17 $1,145,000 $67,353 $521 3.59%

    For 2021, Luana Savings Bank's most frequently cited loan purpose was Refi, with 1,565 originations. The 2nd most popular reason was Home Purchase, with 786 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,050 $253,640,000 $241,562 $1,147 2.99%
    15 Year 906 $155,130,000 $171,225 $846 2.54%
    Other 320 $117,170,000 $366,156 $829 2.85%
    10 Year 262 $119,090,000 $454,542 $717 3.02%
    20 Year 212 $45,300,000 $213,679 $1,006 2.88%
    5 Year 48 $19,540,000 $407,083 $105 3.23%
    3 Year 7 $925,000 $132,143 $0 3.21%
    1 Year 5 $1,075,000 $215,000 $957 3.38%

    For 2021, Luana Savings Bank's most frequently cited loan duration was 30 Year, with 1,050 originations. The 2nd most popular length was 15 Year, with 906 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,527 $515,525,000 $204,007
    $1k-2k 23 $5,505,000 $239,348
    $2k-3k 7 $1,565,000 $223,571
    $5k+ 4 $2,070,000 $517,500
    $3k-4k 3 $1,035,000 $345,000
    $4k-5k 3 $1,005,000 $335,000

    Luana Savings Bank's average total fees were $1,147, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,527 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,170 $283,630,000 $242,419
    <2.5% 887 $178,415,000 $201,144
    3-4% 687 $243,505,000 $354,447
    4-5% 66 $6,320,000 $95,758

    During 2021, Luana Savings Bank's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,170 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,098 $298,820,000 $272,149 $1,051 2.72%
    $100k-200k 1,032 $156,590,000 $151,734 $979 2.76%
    $100,000 or less 482 $27,010,000 $56,037 $524 3.20%
    $400k-600k 148 $70,150,000 $473,986 $1,454 2.77%
    $1MM+ 32 $145,740,000 $4,554,375 $0 3.28%
    $600k-1MM 18 $13,560,000 $753,333 $1,483 3.37%

    2021 saw Luana Savings Bank place emphasis on $200k-400k loans with 1,098 originations, totaling $298,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 808 $165,150,000 $204,394 $968 2.76%
    $150k-250k 696 $174,720,000 $251,034 $984 2.69%
    $75k-100k 454 $75,900,000 $167,181 $932 2.86%
    $50k-75k 347 $45,425,000 $130,908 $933 2.97%
    $250k+ 196 $62,440,000 $318,571 $1,073 2.68%
    $50k or less 157 $14,465,000 $92,134 $894 3.03%

    Luana Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 808 originations. The second most popular income band? $150k-250k, with 696 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,061 $222,695,000 $209,892 $966 2.78%
    <20% 640 $126,200,000 $197,188 $924 2.61%
    30-36% 504 $101,580,000 $201,548 $1,016 2.85%
    36% 83 $16,465,000 $198,373 $967 2.99%
    38% 78 $15,050,000 $192,949 $971 3.00%
    39% 66 $14,000,000 $212,121 $970 2.95%
    37% 65 $12,815,000 $197,154 $885 3.02%
    40% 52 $8,750,000 $168,269 $958 3.01%
    42% 51 $10,365,000 $203,235 $938 3.02%
    41% 34 $6,010,000 $176,765 $1,032 3.08%
    43% 13 $1,555,000 $119,615 $877 3.02%
    44% 9 $1,865,000 $207,222 $915 2.83%
    45% 6 $940,000 $156,667 $751 2.67%
    46% 4 $1,010,000 $252,500 $1,167 2.84%
    48% 2 $350,000 $175,000 $1,033 2.81%
    49% 2 $440,000 $220,000 $897 2.75%
    >60% 2 $90,000 $45,000 $48 4.33%

    Luana Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 1,061 originations. The next most common DTI ratio? <20%, with 640 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,302 $464,930,000 $201,968 $963 2.80%
    Not applicable 121 $168,385,000 $1,391,612 $0 3.53%
    Not provided 268 $53,800,000 $200,746 $946 2.83%
    Asian 62 $12,380,000 $199,677 $1,002 2.65%
    Asian Indian 29 $6,155,000 $212,241 $982 2.50%
    Black 11 $2,845,000 $258,636 $986 2.92%
    Other Asian 7 $1,275,000 $182,143 $684 2.50%
    American Indian 6 $900,000 $150,000 $1,033 2.80%
    Vietnamese 2 $600,000 $300,000 $816 2.56%
    Chinese 1 $405,000 $405,000 $1,234 2.13%
    Korean 1 $195,000 $195,000 $824 2.13%

    Approval Rates

    Total approvals of all applications
    96.76%

    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
    91.67%

    Luana Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,810 $711,870,000 $253,335

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,810 $711,870,000 $253,335

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 240 $56,060,000 $233,583 $948 2.67%
    40-60% 657 $127,775,000 $194,482 $973 2.56%
    60-80% 1,358 $423,660,000 $311,973 $1,047 2.81%
    80-100% 320 $87,190,000 $272,469 $1,195 3.11%
    Over 100% 1 $125,000 $125,000 $939 4.10%
    Under 20% 234 $17,060,000 $72,906 $82 3.47%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Long & Foster Financial Services, Inc. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 8.3%
    Long & Foster Financial Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 33.3%
    Long & Foster Financial Services, Inc. Conventional home mortgage Closing on a mortgage 2 16.7%
    Long & Foster Financial Services, Inc. Conventional home mortgage Trouble during payment process 2 16.7%
    Long & Foster Financial Services, Inc. FHA mortgage Closing on a mortgage 1 8.3%
    Long & Foster Financial Services, Inc. FHA mortgage Trouble during payment process 1 8.3%
    Long & Foster Financial Services, Inc. Other type of mortgage Closing on a mortgage 1 8.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Luana Savings Bank 22 West Main Street New Hampton, IA 50659 Full Service B&M $86,720
    Luana Savings Bank 100 Harvest Drive Luana, IA 52156 Full Service B&M $1,412,615
    Luana Savings Bank 123 East Main Street Ossian, IA 52161 Full Service B&M $67,274
    Luana Savings Bank 16390 Holcomb Ct. Clive, IA 50325 Full Service B&M $51,410
    Luana Savings Bank 855 West Bridge Road Polk City, IA 50226 Full Service B&M $84,226
    Luana Savings Bank 9321 Market Place Drive Norwalk, IA 50211 Full Service B&M $7,362

    For 2021, Luana Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $61,275
    Net interest income $45,558
    Total noninterest income $12,109
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $385
    Trading account gains and fees $0
    Additional Noninterest Income $11,724
    Pre-tax net operating income $24,760
    Securities gains (or losses, -) $0
    Income before extraordinary items $23,425
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $23,425
    Minority interest net income $0
    Net income $23,425
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $23,425

    Luana Savings Bank's gross interest income from loans was $61,275,000.
    Luana Savings Bank's net interest income from loans was $45,558,000.
    Luana Savings Bank's fee based income from loans was $385,000.
    Luana Savings Bank's net income from loans was $23,425,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $15,717
    Provision for credit losses $545
    Total noninterest expense $32,362
    Salaries and employee benefits $11,469
    Premises and equipment expense $1,449
    Additional noninterest expense $19,444
    Applicable income taxes $1,335
    Net charge-offs $-5
    Cash dividends $15,613

    Luana Savings Bank's interest expense for loans was $15,717,000.
    Luana Savings Bank's payroll and benefits expense were $11,469,000.
    Luana Savings Bank's property, plant and equipment expenses $1,449,000.

    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 $1,763,008
    Deposits held in domestic offices $1,763,008
    Deposits by Individuals, partnerships, and corporations $1,599,424
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $40,437
    Deposits by Commercial banks and other depository institutions in U.S. $123,147
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $139,952
    Demand deposits $116,183
    Nontransaction accounts $1,623,056
    Money market deposit accounts (MMDAs) $614,008
    Other savings deposits (excluding MMDAs) $22,885
    Total time deposits $986,163
    Total time and savings deposits $1,646,825
    Noninterest-bearing deposits $116,183
    Interest-bearing deposits $1,646,825
    Retail deposits $943,566
    IRAs and Keogh plan accounts $10,162
    Brokered deposits $814,283
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,965,700
    Cash & Balances due from depository institutions $85,024
    Interest-bearing balances $82,126
    Total securities $393,996
    Federal funds sold & reverse repurchase $822
    Net loans and leases $1,437,392
    Loan and leases loss allowance $14,550
    Trading account assets $0
    Bank premises and fixed assets $15,135
    Other real estate owned $116
    Goodwill and other intangibles $9,516
    All other assets $23,699

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,965,700
    Total Liabilities $1,767,358
    Total deposits $1,763,008
    Interest-bearing deposits $1,646,825
    Deposits held in domestic offices $1,763,008
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $4,350

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,437,392
    Loan and leases loss allowance $14,550
    Total loans and leases (domestic) $1,451,942
    All real estate loans $1,322,931
    Real estate loans in domestic offices $1,322,931
    Construction and development loans $127,612
    Residential 1-4 family construction $21,741
    Other construction, all land development and other land $105,871
    Loans secured by nonfarm nonresidential properties $234,599
    Nonfarm nonresidential secured by owner-occupied properties $21,606
    Commercial real estate & other non-farm, non-residential $212,993
    Multifamily residential real estate $244,263
    1-4 family residential loans $379,892
    Farmland loans $336,565
    Loans held in foreign offices $0
    Farm loans $63,489
    Commercial and industrial loans $14,912
    To non-U.S. addressees $0
    Loans to individuals $18,479
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $9,698
    Other loans to individuals $8,780
    All other loans & leases $32,131
    Loans to foreign governments and official institutions $0
    Other loans $31,710
    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 $590
    Non 1-4 family restructured loans & leases $157
    Total loans and leases (foreign) $0

    Luana Savings Bank had $1,437,392,000 of loans outstanding in 2021. $1,322,931,000 of loans were in real estate loans. $127,612,000 of loans were in development loans. $244,263,000 of loans were in multifamily mortgage loans. $379,892,000 of loans were in 1-4 family mortgage loans. $63,489,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,698,000 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 172 $38,556 $224,163
    Nonfarm, nonresidential loans - <$100k 57 $2,274 $39,895
    Nonfarm, nonresidential loans - $100-250k 46 $5,508 $119,739
    Nonfarm, nonresidential loans - $250k-1MM 69 $30,774 $446,000
    Commercial & Industrial, US addressed loans - <$1MM 264 $14,912 $56,485
    Commercial & Industrial, US addressed loans - <$100k 211 $5,239 $24,829
    Commercial & Industrial, US addressed loans - $100-250k 34 $3,503 $103,029
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $6,170 $324,737
    Farmland loans - <$1MM 651 $100,234 $153,969
    Farmland loans - <$100k 196 $8,101 $41,332
    Farmland loans - $100-250k 238 $30,143 $126,651
    Farmland loans - $250k-1MM 217 $61,990 $285,668
    Agriculture operations loans - <$1MM 568 $27,714 $48,792
    Agriculture operations loans - <$100k 405 $9,305 $22,975
    Agriculture operations loans - $100-250k 119 $10,225 $85,924
    Agriculture operations loans - $250k-1MM 44 $8,184 $186,000