First National Bank Of Elk River Mortgage Rates, Fees & Info

Elk River, MN

LEI: 549300Q6UYO4VXM0VF43

Tax ID: 41-0235905

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

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

    • Review & Overview

    First National Bank Of Elk River is a smaller bank specializing in Home Purchase and Cash Out Refi loans. First National Bank Of Elk River has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Sioux Falls, Fergus Falls, and Alexandria among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First National Bank Of Elk River has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First National Bank Of Elk River is typically a low 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.

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    Originations

    48

    Origination Dollar Volume (All Markets)

    $9,120,000

    Awards

    First National Bank of Elk River 30 Year Conventional Loans bronze
    Show all (1) awards

    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) 42 $8,320,000 $198,095 $3,448 4.68%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $195,000 $195,000 $5,329 4.38%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $175,000 $175,000 $4,251 4.50%
    Fergus Falls, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,415 5.24%
    Outside of Metro Areas 2 $160,000 $80,000 $1,457 5.00%
    Alexandria, MN (FHA|USDA|VA) 1 $105,000 $105,000 $3,378 3.88%
    First National Bank Of Elk River's top markets include Minneapolis, Faribault, Sioux Falls, Fergus Falls, and Alexandria among others.

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

    • Similar Lenders

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

    Cornerstone State Bank
    Similarity Rank: 408
    MEMBERS COOPERATIVE
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882
    First National Bank of Elk River
    Similarity Rank: 984
    Liberty Bank Minnesota
    Similarity Rank: 1080
    ST. CLOUD FINANCIAL
    Similarity Rank: 1150
    First State Bank and Trust
    Similarity Rank: 1162
    St. Paul Federal Credit Union
    Similarity Rank: 1197

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 48 $9,120,000 $190,000 $3,417 4.67%

    For 2018, First National Bank Of Elk River's most frequently originated type of loan was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $4,075,000 $214,474 $4,450 4.58%
    Cash Out Refi 16 $2,940,000 $183,750 $3,782 4.50%
    Other 8 $390,000 $48,750 $484 5.24%
    Refi 5 $1,715,000 $343,000 $3,434 4.70%

    For 2018, First National Bank Of Elk River's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 24 $5,090,000 $212,083 $4,384 4.54%
    Other 15 $1,325,000 $88,333 $1,404 5.07%
    20 Year 3 $975,000 $325,000 $5,401 4.25%
    5 Year 3 $1,195,000 $398,333 $0 5.21%
    15 Year 2 $260,000 $130,000 $2,942 3.81%
    10 Year 1 $275,000 $275,000 $5,414 3.38%

    For 2018, First National Bank Of Elk River's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was Other, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 14 $1,020,000 $72,857
    $1k-2k 10 $1,420,000 $142,000
    $3k-4k 10 $3,010,000 $301,000
    $2k-3k 9 $1,705,000 $189,444
    $4k-5k 1 $355,000 $355,000
    $5k+ 1 $415,000 $415,000

    First National Bank Of Elk River's average total fees were $4,384, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 32 $6,080,000 $190,000
    5-6% 10 $2,180,000 $218,000
    3-4% 5 $815,000 $163,000
    6-7% 1 $45,000 $45,000

    During 2018, First National Bank Of Elk River's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 23 $3,355,000 $145,870 $3,180 4.53%
    $200k-400k 12 $3,490,000 $290,833 $5,483 4.49%
    $100,000 or less 10 $500,000 $50,000 $790 5.15%
    $400k-600k 2 $870,000 $435,000 $6,649 4.56%
    $600k-1MM 1 $905,000 $905,000 $0 5.75%

    2018 saw First National Bank Of Elk River place emphasis on $100k-200k loans with 23 originations, totaling $3,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $3,560,000 $254,286 $3,770 4.86%
    $50k-75k 10 $1,640,000 $164,000 $3,386 4.54%
    $150k-250k 9 $1,805,000 $200,556 $3,729 4.66%
    $50k or less 7 $665,000 $95,000 $2,233 4.48%
    $250k+ 3 $415,000 $138,333 $2,897 4.70%
    $75k-100k 2 $480,000 $240,000 $3,816 4.20%

    First National Bank Of Elk River lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $3,380,000 $241,429 $4,342 4.44%
    30-36% 4 $590,000 $147,500 $3,562 4.90%
    47% 3 $715,000 $238,333 $5,023 4.25%
    <20% 3 $365,000 $121,667 $3,263 4.33%
    50-60% 2 $230,000 $115,000 $3,739 4.69%
    41% 2 $510,000 $255,000 $4,013 4.50%
    39% 1 $295,000 $295,000 $6,023 4.53%
    48% 1 $215,000 $215,000 $4,543 4.38%
    38% 1 $305,000 $305,000 $5,967 5.03%

    First National Bank Of Elk River lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $6,815,000 $194,714 $3,868 4.58%
    Not applicable 11 $1,185,000 $107,727 $1,539 4.91%
    1 $905,000 $905,000 $0 5.75%
    Black 1 $215,000 $215,000 $4,543 4.38%

    Approval Rates

    Total approvals of all applications
    79.75%

    First National Bank Of Elk River has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.75%

    First National Bank Of Elk River has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 48 $9,120,000 $190,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $280,000 $140,000
    Single Family (1-4 Units):Site-Built 46 $8,840,000 $192,174

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $390,000 $97,500 $2,228 4.84%
    40-60% 11 $1,735,000 $157,727 $3,423 4.44%
    60-80% 14 $3,260,000 $232,857 $4,218 4.56%
    80-100% 11 $2,565,000 $233,182 $4,992 4.58%
    Under 20% 7 $265,000 $37,857 $350 5.17%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST NATIONAL BANK OF OMAHA Home equity loan or line of credit (HELOC) Closing on a mortgage 1 50.0%
    FIRST NATIONAL BANK OF OMAHA Conventional home mortgage Struggling to pay mortgage 1 50.0%