Gateway Bank Mortgage Rates, Fees & Info

MENDOTA HEIGHTS, MN

LEI: 549300K25LF5SIJKLD23

Tax ID: 30-0223969

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Mortgage Data

Review & Overview

Gateway Bank is a smaller bank specializing in Home Purchase loans. Gateway Bank has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

Gateway 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.

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Originations

33

Origination Dollar Volume (All Markets)

$9,485,000

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 33 $9,485,000 $287,424 $0 0.00%
Gateway Bank's top markets include and Minneapolis among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $9,485,000 $287,424 $0 0.00%

    For 2018, Gateway Bank's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 27 $7,815,000 $289,444 $0 0.00%
    Home Improvement 3 $825,000 $275,000 $0 0.00%
    Refi 3 $845,000 $281,667 $0 0.00%

    For 2018, Gateway Bank's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Home Improvement, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 33 $9,485,000 $287,424 $0 0.00%

    For 2018, Gateway Bank's most frequently cited loan duration was Other, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 16 $2,550,000 $159,375 $0 0.00%
    $200k-400k 13 $3,825,000 $294,231 $0 0.00%
    $400k-600k 2 $980,000 $490,000 $0 0.00%
    $1MM+ 1 $1,285,000 $1,285,000 $0 0.00%
    $600k-1MM 1 $845,000 $845,000 $0 0.00%

    2018 saw Gateway Bank place emphasis on $100k-200k loans with 16 originations, totaling $2,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 4 $1,240,000 $310,000 $0 0.00%
    $150k-250k 4 $960,000 $240,000 $0 0.00%
    $250k+ 4 $990,000 $247,500 $0 0.00%
    $50k-75k 4 $770,000 $192,500 $0 0.00%
    $75k-100k 1 $115,000 $115,000 $0 0.00%

    Gateway Bank lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $150k-250k, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 16 $5,410,000 $338,125 $0 0.00%
    White 16 $3,960,000 $247,500 $0 0.00%
    Not provided 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.14%

    Gateway 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
    96.97%

    Gateway 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
    NA 33 $9,485,000 $287,424

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,645,000 $881,667
    Single Family (1-4 Units):Site-Built 30 $6,840,000 $228,000