Sterling State Bank Mortgage Rates, Fees & Info

Austin, MN

LEI: 549300J40Q51KLQJLO73

Tax ID: 41-0805191

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

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Mortgage Data

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

    • Review & Overview

    Sterling State Bank is a smaller bank specializing in Home Purchase loans. Sterling State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Minneapolis, Tucson, and Austin among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sterling State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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.

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    Originations

    43

    Origination Dollar Volume (All Markets)

    $7,475,000

    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
    ROCHESTER, MN (FHA|USDA|VA) 28 $4,360,000 $155,714 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 10 $2,570,000 $257,000 $0 0.00%
    TUCSON, AZ (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    Austin, MN (FHA|USDA|VA) 4 $150,000 $37,500 $0 0.00%
    Sterling State Bank's top markets include Rochester, Minneapolis, Tucson, and Austin among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 43 $7,475,000 $173,837 $0 0.00%

    For 2018, Sterling State Bank's most frequently originated type of loan was Conventional, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 28 $6,100,000 $217,857 $0 0.00%
    Refi 7 $535,000 $76,429 $0 0.00%
    Home Improvement 5 $605,000 $121,000 $0 0.00%
    Other 3 $235,000 $78,333 $0 0.00%

    For 2018, Sterling State Bank's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 43 $7,475,000 $173,837 $0 0.00%

    For 2018, Sterling State Bank's most frequently cited loan duration was Other, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $795,000 $53,000 $0 0.00%
    $100k-200k 15 $2,075,000 $138,333 $0 0.00%
    $200k-400k 10 $2,580,000 $258,000 $0 0.00%
    $600k-1MM 2 $1,500,000 $750,000 $0 0.00%
    $400k-600k 1 $525,000 $525,000 $0 0.00%

    2018 saw Sterling State Bank place emphasis on $100,000 or less loans with 15 originations, totaling $795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $2,310,000 $288,750 $0 0.00%
    $50k-75k 7 $865,000 $123,571 $0 0.00%
    $100k-150k 6 $570,000 $95,000 $0 0.00%
    $150k-250k 4 $920,000 $230,000 $0 0.00%
    $50k or less 4 $330,000 $82,500 $0 0.00%
    $75k-100k 4 $440,000 $110,000 $0 0.00%

    Sterling State Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $50k-75k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 43 $7,475,000 $173,837 $0 0.00%

    Sterling State Bank lent most frequently to those with DTI ratios of Exempt%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $5,235,000 $168,871 $0 0.00%
    Not applicable 10 $2,040,000 $204,000 $0 0.00%
    Asian 1 $135,000 $135,000 $0 0.00%
    Black 1 $65,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.74%

    Sterling State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.05%

    Sterling State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 43 $7,475,000 $173,837

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $1,165,000 $388,333
    Single Family (1-4 Units):Site-Built 40 $6,310,000 $157,750

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    STERLING BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Closing on a mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Struggling to pay mortgage 5 33.3%
    STERLING BANCORP Conventional home mortgage Trouble during payment process 2 13.3%
    STERLING BANCORP FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Struggling to pay mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Trouble during payment process 1 6.7%