First National Bank Of Milaca Mortgage Rates, Fees & Info

Milaca, MN

LEI: 549300LX1HMON836J004

Tax ID: 41-0256800

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

Review & Overview

First National Bank Of Milaca is a smaller bank specializing in Home Purchase loans. First National Bank Of Milaca has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Duluth, Brainerd, and Hutchinson among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First National Bank Of Milaca has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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Originations

Origination Dollar Volume (All Markets)

$7,715,000

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)	51	$5,245,000	$102,843	$0	0.00%
Outside of Metro Areas	11	$1,885,000	$171,364	$0	0.00%
ST. CLOUD, MN (FHA\|USDA\|VA)	4	$260,000	$65,000	$0	0.00%
DULUTH, MN-WI (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
Brainerd, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	0.00%
Hutchinson, MN (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	0.00%

First National Bank Of Milaca's top markets include Minneapolis, St. Cloud, Duluth, Brainerd, and Hutchinson among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	69	$7,715,000	$111,812	$0	0.00%

For 2019, First National Bank Of Milaca's most frequently originated type of loan was Conventional, with 69 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	45	$5,865,000	$130,333	$0	0.00%
Refi	15	$1,395,000	$93,000	$0	0.00%
Other	5	$345,000	$69,000	$0	0.00%
Home Improvement	4	$110,000	$27,500	$0	0.00%

For 2019, First National Bank Of Milaca's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 15 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	69	$7,715,000	$111,812	$0	0.00%

For 2019, First National Bank Of Milaca's most frequently cited loan duration was Other, with 69 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	34	$1,870,000	$55,000	$0	0.00%
$100k-200k	25	$3,315,000	$132,600	$0	0.00%
$200k-400k	10	$2,530,000	$253,000	$0	0.00%

2019 saw First National Bank Of Milaca place emphasis on $100,000 or less loans with 34 originations, totaling $1,870,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	23	$1,725,000	$75,000	$0	0.00%
$50k-75k	15	$1,485,000	$99,000	$0	0.00%
$75k-100k	10	$1,260,000	$126,000	$0	0.00%
$100k-150k	9	$1,525,000	$169,444	$0	0.00%
$150k-250k	6	$530,000	$88,333	$0	0.00%

First National Bank Of Milaca lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $50k-75k, with 15 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	69	$7,715,000	$111,812	$0	0.00%

First National Bank Of Milaca lent most frequently to those with DTI ratios of Exempt%, with 69 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	65	$6,735,000	$103,615	$0	0.00%
Not applicable	4	$980,000	$245,000	$0	0.00%

Approval Rates

Total approvals of all applications
89.41%

First National Bank Of Milaca has an average approval rate.

Pick Rate

Approvals leading to origination
91.30%

First National Bank Of Milaca has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	69	$7,715,000	$111,812

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	21	$1,705,000	$81,190
Single Family (1-4 Units):Site-Built	48	$6,010,000	$125,208

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Struggling to pay mortgage	1	16.7%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Trouble during payment process	3	50.0%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Closing on a mortgage	2	33.3%