Security State Bank Of Marine Mortgage Rates, Fees & Info

Marine on St Croix, MN

LEI: 549300OQMIO8XPU2KT43

Tax ID: 41-0531810

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Mortgage Data

Review & Overview

Security State Bank Of Marine is a smaller bank specializing in Home Purchase loans. Security State Bank Of Marine has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Duluth, and Milwaukee among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Security State Bank Of Marine 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

87

Origination Dollar Volume (All Markets)

$21,255,000

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) 77 $18,935,000 $245,909 $0 0.00%
Outside of Metro Areas 7 $1,655,000 $236,429 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 2 $380,000 $190,000 $0 0.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
Security State Bank Of Marine's top markets include Minneapolis, Duluth, and Milwaukee among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $21,255,000 $244,310 $0 0.00%

    For 2023, Security State Bank Of Marine's most frequently originated type of loan was Conventional, with 87 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 61 $17,545,000 $287,623 $0 0.00%
    Other 15 $2,575,000 $171,667 $0 0.00%
    Home Improvement 7 $545,000 $77,857 $0 0.00%
    Refi 3 $385,000 $128,333 $0 0.00%
    Cash Out Refi 1 $205,000 $205,000 $0 0.00%

    For 2023, Security State Bank Of Marine's most frequently cited loan purpose was Home Purchase, with 61 originations. The 2nd most popular reason was Other, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 87 $21,255,000 $244,310 $0 0.00%

    For 2023, Security State Bank Of Marine's most frequently cited loan duration was Other, with 87 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 30 $8,090,000 $269,667 $0 0.00%
    $100k-200k 25 $4,095,000 $163,800 $0 0.00%
    $100,000 or less 19 $1,095,000 $57,632 $0 0.00%
    $400k-600k 7 $3,145,000 $449,286 $0 0.00%
    $600k-1MM 5 $3,725,000 $745,000 $0 0.00%
    $1MM+ 1 $1,105,000 $1,105,000 $0 0.00%

    2023 saw Security State Bank Of Marine place emphasis on $200k-400k loans with 30 originations, totaling $8,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $2,895,000 $152,368 $0 0.00%
    $75k-100k 13 $2,345,000 $180,385 $0 0.00%
    $150k-250k 12 $3,940,000 $328,333 $0 0.00%
    $250k+ 11 $5,945,000 $540,455 $0 0.00%
    $50k-75k 8 $1,390,000 $173,750 $0 0.00%
    $50k or less 7 $765,000 $109,286 $0 0.00%

    Security State Bank Of Marine lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 87 $21,255,000 $244,310 $0 0.00%

    Security State Bank Of Marine lent most frequently to those with DTI ratios of Exempt%, with 87 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 65 $15,445,000 $237,615 $0 0.00%
    Not applicable 16 $3,750,000 $234,375 $0 0.00%
    Asian 2 $800,000 $400,000 $0 0.00%
    American Indian 2 $650,000 $325,000 $0 0.00%
    Not provided 2 $610,000 $305,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.74%

    Security State Bank Of Marine 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
    96.55%

    Security State Bank Of Marine 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
    Exempt 87 $21,255,000 $244,310

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    87 $21,255,000 $244,310