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

Jump to:

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 small bank specializing in Refi loans. First National Bank Of Elk River has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Brainerd, St. Cloud, Alexandria, and Duluth 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 above 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.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    91

    Origination Dollar Volume (All Markets)

    $1,374,755,000

    Awards

    First National Bank of Elk River 30 Year Conventional Loans bronze First National Bank of Elk River 30 Year Conventional Loans silver
    Show all (2) 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) 82 $1,372,460,000 $16,737,317 $3,536 4.19%
    Outside of Metro Areas 4 $1,590,000 $397,500 $5,598 4.32%
    Brainerd, MN (FHA|USDA|VA) 2 $450,000 $225,000 $3,370 4.31%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $135,000 $135,000 $2,475 3.25%
    Alexandria, MN (FHA|USDA|VA) 1 $85,000 $85,000 $710 4.74%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $35,000 $35,000 $2,343 4.25%
    First National Bank Of Elk River's top markets include Minneapolis, Brainerd, St. Cloud, Alexandria, and Duluth among others.

    Their top states include:
  • Minnesota (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.

    ST. CLOUD FINANCIAL
    Similarity Rank: 978
    South Metro Federal Credit Union
    Similarity Rank: 1088
    First National Bank of Elk River
    Similarity Rank: 1110
    WESTconsin Credit Union
    Similarity Rank: 1216
    IDEAL
    Similarity Rank: 1221
    Liberty Bank Minnesota
    Similarity Rank: 1344
    SPIRE Credit Union
    Similarity Rank: 1368
    FLAT BRANCH MORTGAGE, INC.
    Similarity Rank: 1518
    Cornerstone State Bank
    Similarity Rank: 2002
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 2100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 91 $1,374,755,000 $15,107,198 $3,519 4.19%

    For 2019, First National Bank Of Elk River's most frequently originated type of loan was Conventional, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 34 $9,620,000 $282,941 $4,605 4.05%
    Refi 23 $1,360,345,000 $59,145,435 $4,112 4.02%
    Cash Out Refi 18 $3,700,000 $205,556 $3,971 4.05%
    Home Improvement 8 $410,000 $51,250 $536 5.03%
    Other 8 $680,000 $85,000 $718 4.75%

    For 2019, First National Bank Of Elk River's most frequently cited loan purpose was Home Purchase, with 34 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 40 $10,400,000 $260,000 $4,601 3.95%
    Other 23 $2,805,000 $121,957 $976 4.81%
    5 Year 14 $1,356,380,000 $96,884,286 $0 4.35%
    20 Year 8 $1,800,000 $225,000 $4,706 3.81%
    15 Year 5 $1,065,000 $213,000 $4,145 3.50%
    10 Year 1 $2,305,000 $2,305,000 $0 3.99%

    For 2019, First National Bank Of Elk River's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was Other, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 22 $2,890,000 $131,364
    $3k-4k 21 $5,335,000 $254,048
    $1k-2k 14 $3,280,000 $234,286
    $2k-3k 12 $2,070,000 $172,500
    $4k-5k 3 $1,155,000 $385,000
    $5k+ 3 $1,135,000 $378,333

    First National Bank Of Elk River's average total fees were $4,601, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 46 $11,620,000 $252,609
    3-4% 39 $1,362,445,000 $34,934,487
    5-6% 5 $255,000 $51,000
    2.5-3% 1 $435,000 $435,000

    During 2019, First National Bank Of Elk River's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 4-5%, with 46 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,235,000 $279,848 $4,776 3.96%
    $100k-200k 25 $3,715,000 $148,600 $3,906 4.07%
    $100,000 or less 18 $960,000 $53,333 $533 4.87%
    $400k-600k 8 $3,550,000 $443,750 $4,842 3.96%
    $600k-1MM 4 $2,760,000 $690,000 $3,765 4.45%
    $1MM+ 3 $1,354,535,000 $451,511,667 $0 4.02%

    2019 saw First National Bank Of Elk River place emphasis on $200k-400k loans with 33 originations, totaling $9,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 20 $6,080,000 $304,000 $4,001 4.10%
    $50k-75k 18 $2,770,000 $153,889 $3,271 4.13%
    $75k-100k 15 $2,315,000 $154,333 $2,336 4.53%
    $100k-150k 11 $2,645,000 $240,455 $3,863 4.01%
    $50k or less 10 $1,970,000 $197,000 $4,677 3.90%
    $250k+ 1 $85,000 $85,000 $710 4.74%

    First National Bank Of Elk River lent most frequently to those with incomes in the $150k-250k range, with 20 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 34 $6,130,000 $180,294 $3,021 4.26%
    20-30% 15 $3,765,000 $251,000 $3,944 3.80%
    30-36% 6 $2,110,000 $351,667 $5,084 4.09%
    36% 1 $185,000 $185,000 $4,967 3.63%
    38% 1 $265,000 $265,000 $2,672 4.88%
    40% 1 $255,000 $255,000 $5,736 3.50%
    42% 1 $265,000 $265,000 $5,108 4.25%
    43% 1 $295,000 $295,000 $4,371 4.50%
    49% 1 $205,000 $205,000 $4,068 4.38%

    First National Bank Of Elk River lent most frequently to those with DTI ratios of <20%, with 34 originations. The next most common DTI ratio? 20-30%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 16 $1,358,890,000 $84,930,625 $0 4.32%
    White 74 $15,570,000 $210,405 $3,494 4.16%
    Black 1 $295,000 $295,000 $5,355 4.50%

    Approval Rates

    Total approvals of all applications
    91.30%

    First National Bank Of Elk River has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.62%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 91 $1,374,755,000 $15,107,198

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $3,685,000 $1,228,333
    Single Family (1-4 Units):Site-Built 88 $1,371,070,000 $15,580,341

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $690,000 $69,000 $949 4.73%
    40-60% 10 $2,480,000 $248,000 $3,879 4.13%
    60-80% 32 $7,880,000 $246,250 $4,372 4.01%
    80-100% 26 $7,980,000 $306,923 $4,575 4.01%
    Over 100% 5 $1,355,425,000 $271,085,000 $0 4.06%
    Under 20% 8 $300,000 $37,500 $383 4.96%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST NATIONAL BANK OF OMAHA Conventional home mortgage Struggling to pay mortgage 1 16.7%
    FIRST NATIONAL BANK OF OMAHA Conventional home mortgage Closing on a mortgage 2 33.3%
    FIRST NATIONAL BANK OF OMAHA Conventional home mortgage Trouble during payment process 3 50.0%