The Bank Of Elk River Mortgage Rates, Fees & Info
Elk River, MNLEI: 549300M5DZ6P9KNT7H33
Tax ID: 41-0138420
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
The Bank Of Elk River is a smaller bank specializing in Home Purchase loans. The Bank Of Elk River has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Cape Coral, St. Cloud, Brainerd, and Madison among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)The Bank Of Elk River 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
78Origination Dollar Volume (All Markets)
$27,060,000Top 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) | 64 | $23,210,000 | $362,656 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,765,000 | $588,333 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 5 | $1,235,000 | $247,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $280,000 | $140,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 78 | $27,060,000 | $346,923 | $0 | 0.00% |
For 2023, The Bank Of Elk River's most frequently originated type of loan was Conventional, with 78 originations.
Loan Reason
For 2023, The Bank Of Elk River's most frequently cited loan purpose was Home Purchase, with 48 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 | 78 | $27,060,000 | $346,923 | $0 | 0.00% |
For 2023, The Bank Of Elk River's most frequently cited loan duration was Other, with 78 originations.
Loan Sizing
2023 saw The Bank Of Elk River place emphasis on $200k-400k loans with 26 originations, totaling $7,160,000 in origination value.
Applicant Income
The Bank Of Elk River lent most frequently to those with incomes in the $250k+ range, with 14 originations. The second most popular income band? $150k-250k, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 78 | $27,060,000 | $346,923 | $0 | 0.00% |
The Bank Of Elk River lent most frequently to those with DTI ratios of Exempt%, with 78 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.38%
The Bank Of Elk River has an average approval rate.
Pick Rate
Approvals leading to origination92.31%
The Bank Of Elk River has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 78 | $27,060,000 | $346,923 |