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 and Refi loans. Sterling State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Minneapolis, Austin, Duluth, and Alexandria among others. We have data for 5 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 an above 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

    59

    Origination Dollar Volume (All Markets)

    $10,755,000

    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) 33 $7,845,000 $237,727 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 22 $2,600,000 $118,182 $0 0.00%
    Austin, MN (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    Alexandria, MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Sterling State Bank's top markets include Rochester, Minneapolis, Austin, Duluth, and Alexandria among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 59 $10,755,000 $182,288 $0 0.00%

    For 2019, Sterling State Bank's most frequently originated type of loan was Conventional, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 27 $5,005,000 $185,370 $0 0.00%
    Refi 26 $5,200,000 $200,000 $0 0.00%
    Home Improvement 4 $470,000 $117,500 $0 0.00%
    Other 2 $80,000 $40,000 $0 0.00%

    For 2019, Sterling State Bank's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 59 $10,755,000 $182,288 $0 0.00%

    For 2019, Sterling State Bank's most frequently cited loan duration was Other, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 31 $2,155,000 $69,516 $0 0.00%
    $100k-200k 13 $1,875,000 $144,231 $0 0.00%
    $200k-400k 9 $2,475,000 $275,000 $0 0.00%
    $400k-600k 4 $1,930,000 $482,500 $0 0.00%
    $1MM+ 1 $1,705,000 $1,705,000 $0 0.00%
    $600k-1MM 1 $615,000 $615,000 $0 0.00%

    2019 saw Sterling State Bank place emphasis on $100,000 or less loans with 31 originations, totaling $2,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 7 $1,095,000 $156,429 $0 0.00%
    $75k-100k 6 $840,000 $140,000 $0 0.00%
    $50k-75k 5 $1,435,000 $287,000 $0 0.00%
    $250k+ 4 $1,020,000 $255,000 $0 0.00%
    $100k-150k 3 $255,000 $85,000 $0 0.00%
    $50k or less 1 $45,000 $45,000 $0 0.00%

    Sterling State Bank lent most frequently to those with incomes in the $150k-250k range, with 7 originations. The second most popular income band? $75k-100k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 59 $10,755,000 $182,288 $0 0.00%

    Sterling State Bank lent most frequently to those with DTI ratios of Exempt%, with 59 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 33 $6,065,000 $183,788 $0 0.00%
    White 25 $4,505,000 $180,200 $0 0.00%
    Black 1 $185,000 $185,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.77%

    Sterling State 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
    98.31%

    Sterling State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 59 $10,755,000 $182,288

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $615,000 $615,000
    Single Family (1-4 Units):Site-Built 58 $10,140,000 $174,828

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    STERLING BANCORP Conventional home mortgage Closing on a mortgage 2 12.5%
    STERLING BANCORP Conventional home mortgage Struggling to pay mortgage 2 12.5%
    STERLING BANCORP Conventional home mortgage Trouble during payment process 8 50.0%
    STERLING BANCORP Home equity loan or line of credit (HELOC) Trouble during payment process 3 18.8%
    STERLING BANCORP Other type of mortgage Trouble during payment process 1 6.3%