Visionbank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 549300R9WS7FTSHD0V89

Tax ID: 20-0987179

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Bank Data

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

    • Review & Overview

    Visionbank is a smaller bank specializing in Home Purchase loans. Visionbank has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Minneapolis, Fergus Falls, Naples, and Wahpeton among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Visionbank 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. Visionbank 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.

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    Originations

    79

    Origination Dollar Volume (All Markets)

    $18,825,000

    Employee count

    50

    Awards

    VISIONBank 30 Year Conventional Loans gold VISIONBank 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
    FARGO, ND-MN (FHA|USDA|VA) 63 $10,675,000 $169,444 $1,967 4.67%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $4,730,000 $2,365,000 $22,468 4.95%
    Fergus Falls, MN (FHA|USDA|VA) 4 $1,150,000 $287,500 $2,077 4.81%
    Outside of Metro Areas 4 $800,000 $200,000 $2,319 5.00%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $795,000 $795,000 $0 4.95%
    Wahpeton, ND-MN (FHA|USDA|VA) 2 $590,000 $295,000 $5,085 4.81%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $65,000 $65,000 $359 4.25%
    Brainerd, MN (FHA|USDA|VA) 1 $15,000 $15,000 $195 5.25%
    Minot, ND (FHA|USDA|VA) 1 $5,000 $5,000 $236 4.75%
    Visionbank's top markets include Fargo, Minneapolis, Fergus Falls, Naples, and Wahpeton among others.

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

    • Similar Lenders

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

    VISIONBank
    Similarity Rank: 162
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 310
    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 312
    Deere Employees Credit Union
    Similarity Rank: 326
    VALLEY MORTGAGE, INC.
    Similarity Rank: 336
    Starion Bank
    Similarity Rank: 616
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 627
    Choice Financial Group
    Similarity Rank: 756
    BlackRidgeBANK
    Similarity Rank: 837
    First International Bank & Trust
    Similarity Rank: 851

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 79 $18,825,000 $238,291 $2,609 4.71%

    For 2018, Visionbank's most frequently originated type of loan was Conventional, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 46 $14,420,000 $313,478 $3,949 4.75%
    Refi 17 $3,485,000 $205,000 $1,584 4.77%
    Other 11 $625,000 $56,818 $247 4.49%
    Home Improvement 5 $295,000 $59,000 $207 4.65%

    For 2018, Visionbank's most frequently cited loan purpose was Home Purchase, with 46 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 52 $13,020,000 $250,385 $2,059 4.71%
    30 Year 17 $3,555,000 $209,118 $4,365 4.45%
    5 Year 6 $630,000 $105,000 $236 4.92%
    3 Year 4 $1,620,000 $405,000 $0 5.61%

    For 2018, Visionbank's most frequently cited loan duration was Other, with 52 originations. The 2nd most popular length was 30 Year, with 17 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 38 $3,580,000 $94,211
    $1k-2k 10 $2,110,000 $211,000
    $2k-3k 7 $1,365,000 $195,000
    $3k-4k 5 $1,115,000 $223,000
    $4k-5k 5 $2,255,000 $451,000
    $5k+ 3 $5,185,000 $1,728,333

    Visionbank's average total fees were $4,365, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 58 $15,030,000 $259,138
    5-6% 16 $3,210,000 $200,625
    3-4% 5 $585,000 $117,000

    During 2018, Visionbank's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 29 $4,305,000 $148,448 $2,101 4.55%
    $100,000 or less 25 $1,145,000 $45,800 $280 4.69%
    $200k-400k 15 $3,545,000 $236,333 $3,587 4.81%
    $400k-600k 4 $1,740,000 $435,000 $6,473 5.24%
    $600k-1MM 4 $3,360,000 $840,000 $3,550 5.05%
    $1MM+ 2 $4,730,000 $2,365,000 $22,468 4.95%

    2018 saw Visionbank place emphasis on $100k-200k loans with 29 originations, totaling $4,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 18 $2,240,000 $124,444 $1,875 4.75%
    $50k-75k 13 $1,645,000 $126,538 $1,577 4.52%
    $100k-150k 12 $1,690,000 $140,833 $1,987 4.86%
    $50k or less 11 $1,325,000 $120,455 $2,327 4.50%
    $250k+ 9 $5,455,000 $606,111 $3,875 4.83%
    $150k-250k 7 $1,285,000 $183,571 $1,958 4.65%

    Visionbank lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 24 $4,060,000 $169,167 $1,779 4.80%
    <20% 11 $4,655,000 $423,182 $3,513 4.51%
    30-36% 10 $1,390,000 $139,000 $1,765 4.56%
    42% 5 $625,000 $125,000 $1,909 4.71%
    36% 4 $450,000 $112,500 $2,634 4.59%
    >60% 3 $295,000 $98,333 $207 4.48%
    38% 3 $325,000 $108,333 $1,009 4.67%
    44% 2 $620,000 $310,000 $4,972 5.10%
    41% 2 $110,000 $55,000 $195 4.73%
    39% 2 $350,000 $175,000 $3,136 4.53%
    43% 2 $410,000 $205,000 $4,378 4.46%
    37% 1 $135,000 $135,000 $2,252 5.13%
    45% 1 $155,000 $155,000 $2,496 4.35%
    47% 1 $235,000 $235,000 $3,223 4.75%
    40% 1 $125,000 $125,000 $1,849 4.75%

    Visionbank lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 70 $13,460,000 $192,286 $2,165 4.68%
    Not applicable 5 $4,655,000 $931,000 $31,009 5.38%
    American Indian 2 $410,000 $205,000 $3,322 4.91%
    Not provided 2 $300,000 $150,000 $2,239 4.17%

    Approval Rates

    Total approvals of all applications
    99.04%

    Visionbank 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
    69.62%

    Visionbank 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 79 $18,825,000 $238,291

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $755,000 $755,000
    Single Family (1-4 Units):Manufactured 1 $135,000 $135,000
    Single Family (1-4 Units):Site-Built 77 $17,935,000 $232,922

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,680,000 $140,000 $565 4.59%
    40-60% 7 $2,215,000 $316,429 $2,300 4.74%
    60-80% 24 $9,980,000 $415,833 $5,289 4.97%
    80-100% 21 $4,365,000 $207,857 $3,414 4.51%
    Over 100% 1 $205,000 $205,000 $0 5.50%
    Under 20% 14 $380,000 $27,143 $199 4.62%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    VISIONBank 1321 21st Avenue North Fargo, ND 58102 Full Service B&M $27,815
    VISIONBank 3000 25th Street South Fargo, ND 58103 Full Service B&M $122,310
    VISIONBank 820 34th Avenue East West Fargo, ND 58078 Full Service B&M $7,964

    For 2018, Visionbank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,627
    Net interest income $7,427
    Total noninterest income $937
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $215
    Trading account gains and fees $0
    Additional Noninterest Income $722
    Pre-tax net operating income $1,688
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,239
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,239
    Minority interest net income $0
    Net income $1,239
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,239

    Visionbank's gross interest income from loans was $8,627,000.
    Visionbank's net interest income from loans was $7,427,000.
    Visionbank's fee based income from loans was $215,000.
    Visionbank's net income from loans was $1,239,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,200
    Provision for credit losses $275
    Total noninterest expense $6,401
    Salaries and employee benefits $3,764
    Premises and equipment expense $970
    Additional noninterest expense $1,667
    Applicable income taxes $449
    Net charge-offs $100
    Cash dividends $530

    Visionbank's interest expense for loans was $1,200,000.
    Visionbank's payroll and benefits expense were $3,764,000.
    Visionbank's property, plant and equipment expenses $970,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 3.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 6.0%
    HELOC loans 0.0%
    All other family 6.0%
    Commercial & industrial loans 5.0%
    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 $165,701
    Deposits held in domestic offices $165,701
    Deposits by Individuals, partnerships, and corporations $153,099
    Deposits by U.S. Government $116
    Deposits by States and political subdivisions in the U.S. $3,297
    Deposits by Commercial banks and other depository institutions in U.S. $9,189
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $47,720
    Demand deposits $33,698
    Nontransaction accounts $117,981
    Money market deposit accounts (MMDAs) $51,850
    Other savings deposits (excluding MMDAs) $2,544
    Total time deposits $63,587
    Total time and savings deposits $132,003
    Noninterest-bearing deposits $33,807
    Interest-bearing deposits $131,894
    Retail deposits $154,169
    IRAs and Keogh plan accounts $8,620
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $195,536
    Cash & Balances due from depository institutions $10,934
    Interest-bearing balances $6,049
    Total securities $100
    Federal funds sold & reverse repurchase $390
    Net loans and leases $177,240
    Loan and leases loss allowance $2,272
    Trading account assets $0
    Bank premises and fixed assets $4,705
    Other real estate owned $0
    Goodwill and other intangibles $659
    All other assets $1,508

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $195,536
    Total Liabilities $175,739
    Total deposits $165,701
    Interest-bearing deposits $131,894
    Deposits held in domestic offices $165,701
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $9,000
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,038

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $177,240
    Loan and leases loss allowance $2,272
    Total loans and leases (domestic) $179,512
    All real estate loans $119,358
    Real estate loans in domestic offices $119,358
    Construction and development loans $9,323
    Residential 1-4 family construction $2,869
    Other construction, all land development and other land $6,454
    Loans secured by nonfarm nonresidential properties $55,000
    Nonfarm nonresidential secured by owner-occupied properties $24,659
    Commercial real estate & other non-farm, non-residential $30,341
    Multifamily residential real estate $9,468
    1-4 family residential loans $43,986
    Farmland loans $1,581
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $50,818
    To non-U.S. addressees $0
    Loans to individuals $7,615
    Credit card loans $0
    Related Plans $1,109
    Consumer Auto Loans $2,068
    Other loans to individuals $4,438
    All other loans & leases $1,721
    Loans to foreign governments and official institutions $0
    Other loans $1,690
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $2,769
    Non 1-4 family restructured loans & leases $2,769
    Total loans and leases (foreign) $0

    VISIONBank had $177,240,000 of loans outstanding in 2018. $119,358,000 of loans were in real estate loans. $9,323,000 of loans were in development loans. $9,468,000 of loans were in multifamily mortgage loans. $43,986,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,068,000 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 69 $23,049 $334,043
    Nonfarm, nonresidential loans - <$100k 4 $160 $40,000
    Nonfarm, nonresidential loans - $100-250k 17 $2,409 $141,706
    Nonfarm, nonresidential loans - $250k-1MM 48 $20,480 $426,667
    Commercial & Industrial, US addressed loans - <$1MM 402 $41,075 $102,177
    Commercial & Industrial, US addressed loans - <$100k 227 $6,649 $29,291
    Commercial & Industrial, US addressed loans - $100-250k 88 $9,833 $111,739
    Commercial & Industrial, US addressed loans - $250k-1MM 87 $24,593 $282,678
    Farmland loans - <$1MM 6 $502 $83,667
    Farmland loans - <$100k 2 $99 $49,500
    Farmland loans - $100-250k 4 $403 $100,750