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, Naples, Brainerd, and St. Cloud among others. We have data for 5 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 a below average pick rate when compared to similar lenders.
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Originations
104Origination Dollar Volume (All Markets)
$27,980,000Top 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) | 95 | $21,545,000 | $226,789 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $3,845,000 | $3,845,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 5 | $1,775,000 | $355,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $340,000 | $170,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 104 | $27,980,000 | $269,038 | $0 | 0.00% |
For 2022, The Bank Of Elk River's most frequently originated type of loan was Conventional, with 104 originations.
Loan Reason
For 2022, The Bank Of Elk River's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 29 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 104 | $27,980,000 | $269,038 | $0 | 0.00% |
For 2022, The Bank Of Elk River's most frequently cited loan duration was Other, with 104 originations.
Loan Sizing
2022 saw The Bank Of Elk River place emphasis on $200k-400k loans with 42 originations, totaling $11,530,000 in origination value.
Applicant Income
The Bank Of Elk River lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $50k-75k, with 16 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 104 | $27,980,000 | $269,038 | $0 | 0.00% |
The Bank Of Elk River lent most frequently to those with DTI ratios of Exempt%, with 104 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.19%
The Bank Of Elk River has an average approval rate.
Pick Rate
Approvals leading to origination86.54%
The Bank Of Elk River has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 104 | $27,980,000 | $269,038 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |