American Federal Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300OHXNUMVE33Q475

Tax ID: 41-0229822

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    American Federal Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. American Federal Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top two markets are Fargo and Grand Forks .

    American Federal Bank 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    206

    Origination Dollar Volume (All Markets)

    $49,840,000

    Employee count

    121

    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
    Outside of Metro Areas 126 $26,990,000 $214,206 $0 0.00%
    FARGO, ND-MN (FHA|USDA|VA) 50 $17,020,000 $340,400 $0 0.00%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 30 $5,830,000 $194,333 $0 0.00%
    American Federal Bank's top markets include Fargo and Grand Forks among others.

    Their top states include:
  • (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 200 $49,140,000 $245,700 $0 0.00%
    FHA 3 $65,000 $21,667 $0 0.00%
    VA 3 $635,000 $211,667 $0 0.00%

    For 2018, American Federal Bank's most frequently originated type of loan was Conventional, with 200 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 121 $30,285,000 $250,289 $0 0.00%
    Cash Out Refi 47 $10,305,000 $219,255 $0 0.00%
    Home Improvement 23 $2,505,000 $108,913 $0 0.00%
    Refi 15 $6,745,000 $449,667 $0 0.00%

    For 2018, American Federal Bank's most frequently cited loan purpose was Home Purchase, with 121 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 206 $49,840,000 $241,942 $0 0.00%

    For 2018, American Federal Bank's most frequently cited loan duration was Other, with 206 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 80 $11,670,000 $145,875 $0 0.00%
    $100,000 or less 52 $3,180,000 $61,154 $0 0.00%
    $200k-400k 49 $12,955,000 $264,388 $0 0.00%
    $400k-600k 12 $6,000,000 $500,000 $0 0.00%
    $1MM+ 8 $12,490,000 $1,561,250 $0 0.00%
    $600k-1MM 5 $3,545,000 $709,000 $0 0.00%

    2018 saw American Federal Bank place emphasis on $100k-200k loans with 80 originations, totaling $11,670,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $3,080,000 $96,250 $0 0.00%
    $100k-150k 26 $4,820,000 $185,385 $0 0.00%
    $75k-100k 24 $3,570,000 $148,750 $0 0.00%
    $150k-250k 19 $4,995,000 $262,895 $0 0.00%
    $250k+ 18 $4,600,000 $255,556 $0 0.00%
    $50k-75k 17 $2,365,000 $139,118 $0 0.00%

    American Federal Bank lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $100k-150k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 206 $49,840,000 $241,942 $0 0.00%

    American Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 206 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 143 $28,215,000 $197,308 $0 0.00%
    Not applicable 61 $21,295,000 $349,098 $0 0.00%
    Not provided 1 $205,000 $205,000 $0 0.00%
    Asian 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    American Federal 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
    89.32%

    American Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 206 $49,840,000 $241,942

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 27 $19,535,000 $723,519
    Single Family (1-4 Units):Manufactured 3 $305,000 $101,667
    Single Family (1-4 Units):Site-Built 176 $30,000,000 $170,455

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    AMERIS BANCORP Other type of mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    American Federal Bank 101 East Johnson Ave Warren, MN 56762 Full Service B&M $8,793
    American Federal Bank 117 South Mill Street Fergus Falls, MN 56537 Full Service B&M $35,214
    American Federal Bank 1301 Thirtieth Avenue South Fargo, ND 58103 Full Service B&M $43,895
    American Federal Bank 140 Gateway Drive Ne East Grand Forks, MN 56721 Full Service B&M $46,899
    American Federal Bank 157 South Second Street Hallock, MN 56728 Full Service B&M $35,925
    American Federal Bank 201 East Main Street South Ada, MN 56510 Full Service B&M $17,333
    American Federal Bank 209 Johnson Avenue North Fosston, MN 56542 Full Service B&M $34,383
    American Federal Bank 215 North Fifth Street Fargo, ND 58102 Full Service B&M $91,062
    American Federal Bank 2551 South Columbia Road Grand Forks, ND 58201 Full Service B&M $21,548
    American Federal Bank 304 N Broadway Crookston, MN 56716 Full Service B&M $43,727
    American Federal Bank 504 1st Avenue North Northwood, ND 58267 Full Service B&M $8,710
    American Federal Bank 601 Center Avenue Moorhead, MN 56560 Full Service B&M $25,944
    American Federal Bank 615 2nd Ave N Wahpeton, ND 58075 Full Service B&M $18,336

    For 2018, American Federal Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $26,442
    Net interest income $21,764
    Total noninterest income $3,202
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $319
    Trading account gains and fees $0
    Additional Noninterest Income $2,883
    Pre-tax net operating income $9,666
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,662
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,662
    Minority interest net income $0
    Net income $9,662
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,662

    American Federal Bank's gross interest income from loans was $26,442,000.
    American Federal Bank's net interest income from loans was $21,764,000.
    American Federal Bank's fee based income from loans was $319,000.
    American Federal Bank's net income from loans was $9,662,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,678
    Provision for credit losses $-1,500
    Total noninterest expense $16,800
    Salaries and employee benefits $12,960
    Premises and equipment expense $1,287
    Additional noninterest expense $2,553
    Applicable income taxes $4
    Net charge-offs $12
    Cash dividends $9,000

    American Federal Bank's interest expense for loans was $4,678,000.
    American Federal Bank's payroll and benefits expense were $12,960,000.
    American Federal Bank's property, plant and equipment expenses $1,287,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $469,702
    Deposits held in domestic offices $469,702
    Deposits by Individuals, partnerships, and corporations $438,857
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $29,520
    Deposits by Commercial banks and other depository institutions in U.S. $1,325
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $193,565
    Demand deposits $101,953
    Nontransaction accounts $276,137
    Money market deposit accounts (MMDAs) $70,109
    Other savings deposits (excluding MMDAs) $66,410
    Total time deposits $139,618
    Total time and savings deposits $367,749
    Noninterest-bearing deposits $101,693
    Interest-bearing deposits $368,009
    Retail deposits $420,979
    IRAs and Keogh plan accounts $13,600
    Brokered deposits $32,731
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $592,764
    Cash & Balances due from depository institutions $15,986
    Interest-bearing balances $154
    Total securities $59,371
    Federal funds sold & reverse repurchase $0
    Net loans and leases $491,126
    Loan and leases loss allowance $5,282
    Trading account assets $0
    Bank premises and fixed assets $9,326
    Other real estate owned $0
    Goodwill and other intangibles $2,981
    All other assets $13,974

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $592,764
    Total Liabilities $543,199
    Total deposits $469,702
    Interest-bearing deposits $368,009
    Deposits held in domestic offices $469,702
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $71,050
    Subordinated debt $0
    All other liabilities $2,447

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $491,126
    Loan and leases loss allowance $5,282
    Total loans and leases (domestic) $496,408
    All real estate loans $312,588
    Real estate loans in domestic offices $312,588
    Construction and development loans $4,508
    Residential 1-4 family construction $1,840
    Other construction, all land development and other land $2,668
    Loans secured by nonfarm nonresidential properties $33,587
    Nonfarm nonresidential secured by owner-occupied properties $19,992
    Commercial real estate & other non-farm, non-residential $13,595
    Multifamily residential real estate $62,807
    1-4 family residential loans $95,019
    Farmland loans $116,667
    Loans held in foreign offices $0
    Farm loans $142,227
    Commercial and industrial loans $27,614
    To non-U.S. addressees $0
    Loans to individuals $6,445
    Credit card loans $0
    Related Plans $2,156
    Consumer Auto Loans $1,090
    Other loans to individuals $3,199
    All other loans & leases $7,534
    Loans to foreign governments and official institutions $0
    Other loans $172
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $83
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $481
    Non 1-4 family restructured loans & leases $467
    Total loans and leases (foreign) $0

    American Federal Bank had $491,126,000 of loans outstanding in 2018. $312,588,000 of loans were in real estate loans. $4,508,000 of loans were in development loans. $62,807,000 of loans were in multifamily mortgage loans. $95,019,000 of loans were in 1-4 family mortgage loans. $142,227,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,090,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 86 $15,012 $174,558
    Nonfarm, nonresidential loans - <$100k 28 $920 $32,857
    Nonfarm, nonresidential loans - $100-250k 27 $3,298 $122,148
    Nonfarm, nonresidential loans - $250k-1MM 31 $10,794 $348,194
    Commercial & Industrial, US addressed loans - <$1MM 141 $16,394 $116,270
    Commercial & Industrial, US addressed loans - <$100k 76 $1,969 $25,908
    Commercial & Industrial, US addressed loans - $100-250k 32 $3,905 $122,031
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $10,520 $318,788
    Farmland loans - <$1MM 359 $57,127 $159,128
    Farmland loans - <$100k 87 $3,958 $45,494
    Farmland loans - $100-250k 152 $19,116 $125,763
    Farmland loans - $250k-1MM 120 $34,053 $283,775
    Agriculture operations loans - <$1MM 299 $31,457 $105,207
    Agriculture operations loans - <$100k 102 $2,433 $23,853
    Agriculture operations loans - $100-250k 97 $9,865 $101,701
    Agriculture operations loans - $250k-1MM 100 $19,159 $191,590