American Bank Of The North Mortgage Rates, Fees & Info

Nashwauk, MN

LEI: 549300P5P3TETH14UB50

Tax ID: 41-0122040

5 stars - out of 5 stars, based on 17 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Bank Data

    Review & Overview

    American Bank Of The North is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. American Bank Of The North has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Duluth, Minneapolis, St. Cloud, Grand Rapids, and Tucson among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    American Bank Of The North 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. American Bank Of The North is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.45% 10/3/22
    30 Year Conventional Refi 6.38% 10/3/22
    30 Year Cash-out Refi 6.51% 10/3/22
    30 Year FHA Purchase 7.17% 10/3/22
    30 Year VA Purchase 6.02% 10/3/22
    30 Year USDA Purchase 6.95% 10/3/22
    30 Year USDA Refi 6.29% 10/3/22
    15 Year Conventional Purchase 6.78% 10/3/22
    15 Year Conventional Refi 6.10% 10/3/22
    15 Year Cash-out Refi 6.10% 10/3/22
    15 Year FHA Purchase 8.29% 10/3/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    298

    Origination Dollar Volume (All Markets)

    $70,680,000

    Employee count

    168 Show all (5) awards

    Relative Rate

    American Bank Of The North's average 30 year fixed mortgage rate was 2.88%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.27%.

    Relative Fees (Closing Costs)

    American Bank Of The North's average total fees/closing costs for a 30 year fixed rate mortgage were $4,749.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    DULUTH, MN-WI (FHA|USDA|VA) 129 $25,175,000 $195,155 $4,015 2.69%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 40 $16,850,000 $421,250 $5,843 2.76%
    Outside of Metro Areas 49 $9,435,000 $192,551 $4,520 2.75%
    ST. CLOUD, MN (FHA|USDA|VA) 33 $7,265,000 $220,152 $2,828 2.94%
    Grand Rapids, MN (FHA|USDA|VA) 23 $4,005,000 $174,130 $4,089 2.58%
    TUCSON, AZ (FHA|USDA|VA) 1 $2,485,000 $2,485,000 $38,394 2.95%
    Brainerd, MN (FHA|USDA|VA) 4 $1,130,000 $282,500 $3,584 3.13%
    Willmar, MN (FHA|USDA|VA) 6 $1,070,000 $178,333 $3,860 2.56%
    Show Low, AZ (FHA|USDA|VA) 1 $965,000 $965,000 $18,756 2.99%
    Kapaa, HI (FHA|USDA|VA) 1 $545,000 $545,000 $9,242 2.75%
    ROCHESTER, MN (FHA|USDA|VA) 2 $370,000 $185,000 $5,720 2.94%
    FARGO, ND-MN (FHA|USDA|VA) 1 $295,000 $295,000 $6,197 3.00%
    Austin, MN (FHA|USDA|VA) 1 $255,000 $255,000 $5,344 2.63%
    Alexandria, MN (FHA|USDA|VA) 1 $205,000 $205,000 $2,859 2.88%
    Houghton, MI (FHA|USDA|VA) 1 $145,000 $145,000 $4,087 2.75%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $145,000 $145,000 $2,913 2.88%
    MANKATO, MN (FHA|USDA|VA) 1 $115,000 $115,000 $5,237 2.75%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $95,000 $95,000 $3,996 3.13%
    Hutchinson, MN (FHA|USDA|VA) 1 $65,000 $65,000 $2,479 2.63%
    Fergus Falls, MN (FHA|USDA|VA) 1 $65,000 $65,000 $4,223 3.50%

    American Bank Of The North's top markets include Duluth, Minneapolis, St. Cloud, Grand Rapids, and Tucson among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against American Bank of the North based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    NORTHWOODS
    Similarity Rank: 303
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    Similarity Rank: 368
    SUPERIOR CHOICE
    Similarity Rank: 464
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    Similarity Rank: 720
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    National Bank of Commerce
    Similarity Rank: 935
    MY Credit Union
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    Bank Midwest
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    Bankers' Bank
    Similarity Rank: 1775
    Liberty Bank Minnesota
    Similarity Rank: 1808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 275 $66,605,000 $242,200 $4,317 2.73%
    USDA 15 $2,175,000 $145,000 $5,616 2.92%
    VA 6 $1,710,000 $285,000 $5,463 2.56%
    FHA 2 $190,000 $95,000 $5,311 3.00%

    For 2021, American Bank Of The North's most frequently originated type of loan was Conventional, with 275 originations. Their 2nd most popular type was USDA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 128 $27,310,000 $213,359 $3,950 2.60%
    Cash Out Refi 97 $21,825,000 $225,000 $4,046 2.75%
    Home Purchase 72 $21,260,000 $295,278 $5,739 2.95%
    Home Improvement 1 $285,000 $285,000 $7,046 4.00%

    For 2021, American Bank Of The North's most frequently cited loan purpose was Refi, with 128 originations. The 2nd most popular reason was Cash Out Refi, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 185 $48,575,000 $262,568 $4,749 2.88%
    15 Year 86 $17,430,000 $202,674 $3,761 2.37%
    20 Year 19 $3,075,000 $161,842 $3,867 2.60%
    5 Year 3 $395,000 $131,667 $0 3.95%
    10 Year 2 $220,000 $110,000 $2,984 3.00%
    30+ year 2 $670,000 $335,000 $7,691 4.00%
    Other 1 $315,000 $315,000 $0 4.25%

    For 2021, American Bank Of The North's most frequently cited loan duration was 30 Year, with 185 originations. The 2nd most popular length was 15 Year, with 86 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 94 $16,330,000 $173,723
    $1k-2k 73 $8,415,000 $115,274
    $<1k 55 $12,135,000 $220,636
    $3k-4k 47 $12,345,000 $262,660
    $4k-5k 12 $5,030,000 $419,167
    $5k+ 12 $13,070,000 $1,089,167

    American Bank Of The North's average total fees were $4,749, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 94 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 147 $41,205,000 $280,306
    <2.5% 100 $16,980,000 $169,800
    3-4% 49 $11,975,000 $244,388
    4-5% 2 $520,000 $260,000

    During 2021, American Bank Of The North's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 140 $20,780,000 $148,429 $3,721 2.69%
    $200k-400k 93 $24,875,000 $267,473 $4,697 2.84%
    $100,000 or less 40 $2,820,000 $70,500 $3,004 2.61%
    $400k-600k 16 $7,980,000 $498,750 $5,684 2.78%
    $600k-1MM 5 $4,165,000 $833,000 $11,830 2.89%
    $1MM+ 4 $10,060,000 $2,515,000 $26,826 3.23%

    2021 saw American Bank Of The North place emphasis on $100k-200k loans with 140 originations, totaling $20,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 68 $12,890,000 $189,559 $3,910 2.71%
    $50k-75k 64 $9,770,000 $152,656 $3,788 2.67%
    $100k-150k 61 $14,205,000 $232,869 $4,248 2.76%
    $50k or less 53 $6,335,000 $119,528 $3,551 2.74%
    $150k-250k 25 $7,385,000 $295,400 $5,147 2.73%
    $250k+ 19 $16,105,000 $847,632 $10,605 2.70%

    American Bank Of The North lent most frequently to those with incomes in the $75k-100k range, with 68 originations. The second most popular income band? $50k-75k, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 93 $23,845,000 $256,398 $4,517 2.72%
    30-36% 61 $12,165,000 $199,426 $4,275 2.72%
    <20% 35 $9,335,000 $266,714 $5,432 2.60%
    41% 14 $2,820,000 $201,429 $4,018 2.80%
    40% 13 $2,605,000 $200,385 $4,274 2.67%
    37% 10 $1,930,000 $193,000 $4,008 2.91%
    39% 10 $2,120,000 $212,000 $4,452 2.55%
    43% 9 $2,165,000 $240,556 $3,713 2.90%
    36% 9 $1,945,000 $216,111 $4,574 2.60%
    42% 6 $1,340,000 $223,333 $3,211 2.96%
    38% 6 $970,000 $161,667 $3,274 2.79%
    49% 6 $1,240,000 $206,667 $3,273 2.90%
    45% 5 $1,255,000 $251,000 $4,050 3.05%
    46% 5 $1,165,000 $233,000 $4,081 2.63%
    47% 4 $640,000 $160,000 $4,092 2.31%
    48% 4 $1,290,000 $322,500 $5,686 2.84%
    44% 3 $495,000 $165,000 $4,287 2.67%

    American Bank Of The North lent most frequently to those with DTI ratios of 20-30%, with 93 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 271 $59,215,000 $218,506 $4,339 2.73%
    Not provided 17 $7,045,000 $414,412 $5,547 2.46%
    Not applicable 5 $3,355,000 $671,000 $0 4.02%
    Asian 2 $600,000 $300,000 $4,629 2.94%
    American Indian 2 $320,000 $160,000 $4,464 3.00%
    Other Asian 1 $145,000 $145,000 $4,770 2.75%

    Approval Rates

    Total approvals of all applications
    91.56%

    American Bank Of The North has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.56%

    American Bank Of The North has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 298 $70,680,000 $237,181

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    298 $70,680,000 $237,181

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $995,000 $90,455 $3,063 2.83%
    40-60% 66 $11,880,000 $180,000 $3,687 2.43%
    60-80% 133 $36,035,000 $270,940 $4,330 2.78%
    80-100% 86 $21,640,000 $251,628 $5,276 2.90%
    Under 20% 2 $130,000 $65,000 $3,464 3.00%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    AMERICAN BANCSHARES MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Park State Bank 1600 Miller Trunk Highway Duluth, MN 55811 Full Service B&M $23,606
    Park State Bank 117 Central Avenue Nashwauk, MN 55769 Full Service B&M $56,064
    Park State Bank 120 Mt Royal Shopping Circle Duluth, MN 55803 Full Service B&M $13,127
    Park State Bank 1215 Pokegama Avenue South Grand Rapids, MN 55744 Full Service B&M $105,770
    Park State Bank 128 Highway 53 Se Cook, MN 55723 Full Service B&M $40,907
    Park State Bank Platt Ave E Nashwauk, MN 55769 Limited, Administrative $0
    Park State Bank U.S. Highway 169 Calumet, MN 55716 Limited, Administrative $0
    Park State Bank 2015 Third Avenue East Hibbing, MN 55746 Full Service B&M $132,465
    Park State Bank 221 North Main Street Biwabik, MN 55708 Limited, Drive-thru $15,085
    Park State Bank 231 West Lake Street Chisholm, MN 55719 Full Service B&M $25,889
    Park State Bank 2630 W Superior St Duluth, MN 55806 Full Service B&M $67,594
    Park State Bank 3033 Excelsior Boulevard, Suite 345 Minneapolis, MN 55416 Full Service B&M $59,195
    Park State Bank 331 North Central Avenue Duluth, MN 55807 Full Service B&M $51,710
    Park State Bank 428 N. W. Fourth Avenue Grand Rapids, MN 55744 Full Service B&M $52,450
    Park State Bank 4539 Highway 53 Orr, MN 55771 Limited, Drive-thru $51,165
    Park State Bank 613 First Avenue Two Harbors, MN 55616 Full Service B&M $118,642
    Park State Bank 802 11th St Two Harbors, MN 55616 Limited, Drive-thru $0
    Park State Bank 8401 Unity Drive Mountain Iron, MN 55768 Full Service B&M $121,918
    Park State Bank 88 Outer Dr Silver Bay, MN 55614 Full Service B&M $30,587

    For 2021, American Bank Of The North had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,266
    Net interest income $37,344
    Total noninterest income $9,772
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,708
    Trading account gains and fees $0
    Additional Noninterest Income $6,064
    Pre-tax net operating income $17,125
    Securities gains (or losses, -) $473
    Income before extraordinary items $12,958
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,958
    Minority interest net income $0
    Net income $12,958
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,584

    American Bank Of The North's gross interest income from loans was $39,266,000.
    American Bank Of The North's net interest income from loans was $37,344,000.
    American Bank Of The North's fee based income from loans was $3,708,000.
    American Bank Of The North's net income from loans was $12,958,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,922
    Provision for credit losses $1,345
    Total noninterest expense $28,646
    Salaries and employee benefits $16,975
    Premises and equipment expense $2,135
    Additional noninterest expense $9,536
    Applicable income taxes $4,640
    Net charge-offs $-314
    Cash dividends $0

    American Bank Of The North's interest expense for loans was $1,922,000.
    American Bank Of The North's payroll and benefits expense were $16,975,000.
    American Bank Of The North's property, plant and equipment expenses $2,135,000.

    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 0.7%
    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 $1,029,778
    Deposits held in domestic offices $1,029,778
    Deposits by Individuals, partnerships, and corporations $866,408
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $161,406
    Deposits by Commercial banks and other depository institutions in U.S. $1,964
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $547,186
    Demand deposits $547,186
    Nontransaction accounts $482,592
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $362,720
    Total time deposits $119,872
    Total time and savings deposits $482,592
    Noninterest-bearing deposits $207,159
    Interest-bearing deposits $822,619
    Retail deposits $989,065
    IRAs and Keogh plan accounts $17,800
    Brokered deposits $10,375
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,144,580
    Cash & Balances due from depository institutions $232,110
    Interest-bearing balances $224,356
    Total securities $180,281
    Federal funds sold & reverse repurchase $0
    Net loans and leases $672,995
    Loan and leases loss allowance $4,709
    Trading account assets $0
    Bank premises and fixed assets $8,171
    Other real estate owned $325
    Goodwill and other intangibles $13,866
    All other assets $36,832

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,144,580
    Total Liabilities $1,045,160
    Total deposits $1,029,778
    Interest-bearing deposits $822,619
    Deposits held in domestic offices $1,029,778
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,299
    Subordinated debt $0
    All other liabilities $5,083

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $672,995
    Loan and leases loss allowance $4,709
    Total loans and leases (domestic) $677,704
    All real estate loans $483,808
    Real estate loans in domestic offices $483,808
    Construction and development loans $43,694
    Residential 1-4 family construction $11,945
    Other construction, all land development and other land $31,749
    Loans secured by nonfarm nonresidential properties $242,224
    Nonfarm nonresidential secured by owner-occupied properties $109,018
    Commercial real estate & other non-farm, non-residential $133,206
    Multifamily residential real estate $20,705
    1-4 family residential loans $177,185
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $143,456
    To non-U.S. addressees $0
    Loans to individuals $10,274
    Credit card loans $2,387
    Related Plans $1,733
    Consumer Auto Loans $1,719
    Other loans to individuals $4,435
    All other loans & leases $40,166
    Loans to foreign governments and official institutions $0
    Other loans $1,347
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $155
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    American Bank of the North had $672,995,000 of loans outstanding in 2021. $483,808,000 of loans were in real estate loans. $43,694,000 of loans were in development loans. $20,705,000 of loans were in multifamily mortgage loans. $177,185,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $2,387,000 of loans were in credit card loans. $1,719,000 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 253 $54,715 $216,265
    Nonfarm, nonresidential loans - <$100k 49 $1,816 $37,061
    Nonfarm, nonresidential loans - $100-250k 91 $10,645 $116,978
    Nonfarm, nonresidential loans - $250k-1MM 113 $42,254 $373,929
    Commercial & Industrial, US addressed loans - <$1MM 655 $49,212 $75,133
    Commercial & Industrial, US addressed loans - <$100k 460 $6,646 $14,448
    Commercial & Industrial, US addressed loans - $100-250k 97 $10,208 $105,237
    Commercial & Industrial, US addressed loans - $250k-1MM 98 $32,358 $330,184