Gateway Bank Mortgage Rates, Fees & Info
MENDOTA HEIGHTS, MNLEI: 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
33Origination Dollar Volume (All Markets)
$9,485,000Top 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% |
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
2018 saw Gateway Bank place emphasis on $100k-200k loans with 16 originations, totaling $2,550,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications97.14%
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 origination96.97%
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 |