First Dakota National Bank Mortgage Rates, Fees & Info
Yankton, SDLEI: 549300T1ONVEMLQ4B629
Tax ID: 46-0208038
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Mortgage Data
Review & Overview
First Dakota National Bank is a smaller bank specializing in Home Purchase loans. First Dakota National Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Yankton, Mitchell, Duluth, and Vermillion among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)First Dakota National Bank 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 Dakota National Bank 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.60% | 11/17/24 |
| 30 Year Conventional Refi | 6.76% | 11/17/24 |
| 30 Year Cash-out Refi | 6.57% | 11/17/24 |
| 30 Year FHA Purchase | 7.15% | 11/17/24 |
| 30 Year FHA Refi | 6.75% | 11/17/24 |
| 30 Year VA Purchase | 6.18% | 11/17/24 |
| 30 Year VA Refi | 5.70% | 11/17/24 |
| 30 Year USDA Purchase | 6.49% | 11/17/24 |
| 30 Year USDA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 6.35% | 11/17/24 |
| 15 Year Cash-out Refi | 6.35% | 11/17/24 |
| 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. | ||
First Dakota National Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
822Origination Dollar Volume (All Markets)
$291,500,000Awards
First Dakota National Bank - 2022
First Dakota National Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 357 | $139,155,000 | $389,790 | $4,324 | 4.60% |
| Yankton, SD (FHA|USDA|VA) | 99 | $25,625,000 | $258,838 | $3,387 | 4.97% |
| Outside of Metro Areas | 90 | $17,730,000 | $197,000 | $3,587 | 5.18% |
| Mitchell, SD (FHA|USDA|VA) | 83 | $16,565,000 | $199,578 | $3,019 | 5.02% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $16,115,000 | $5,371,667 | $0 | 3.75% |
| Vermillion, SD (FHA|USDA|VA) | 50 | $11,780,000 | $235,600 | $3,033 | 4.84% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 25 | $9,125,000 | $365,000 | $2,708 | 5.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 7 | $8,415,000 | $1,202,143 | $12,294 | 4.19% |
| Pierre, SD (FHA|USDA|VA) | 28 | $6,450,000 | $230,357 | $3,110 | 4.68% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $4,000,000 | $2,000,000 | $3,835 | 4.43% |
| Marshall, MN (FHA|USDA|VA) | 6 | $3,890,000 | $648,333 | $6,210 | 4.71% |
| Spearfish, SD (FHA|USDA|VA) | 5 | $3,675,000 | $735,000 | $7,541 | 4.43% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $3,390,000 | $1,695,000 | $6,999 | 3.88% |
| RAPID CITY, SD (FHA|USDA|VA) | 7 | $2,675,000 | $382,143 | $3,708 | 4.59% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $2,615,000 | $523,000 | $6,515 | 4.10% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $2,320,000 | $580,000 | $7,440 | 4.69% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 4 | $2,280,000 | $570,000 | $7,052 | 4.13% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $2,255,000 | $2,255,000 | $15,554 | 4.73% |
| Brookings, SD (FHA|USDA|VA) | 6 | $1,880,000 | $313,333 | $3,087 | 4.42% |
| Watertown, SD (FHA|USDA|VA) | 5 | $1,785,000 | $357,000 | $4,590 | 4.79% |
| HINESVILLE, GA (FHA|USDA|VA) | 9 | $1,635,000 | $181,667 | $0 | 4.36% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $1,065,000 | $1,065,000 | $17,057 | 5.75% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $4,834 | 4.32% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $6,854 | 3.73% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $6,366 | 5.98% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $2,244 | 4.50% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $6,829 | 3.98% |
| Huron, SD (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $3,236 | 4.97% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $9,581 | 5.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 4.11% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,845 | 3.00% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 3.88% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,589 | 5.88% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,831 | 3.25% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,140 | 4.23% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,473 | 5.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,202 | 3.50% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,349 | 5.25% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,988 | 4.49% |
| Norfolk, NE (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,354 | 5.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Dakota National Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, First Dakota National Bank's most frequently originated type of loan was Conventional, with 729 originations. Their 2nd most popular type was FHA, with 37 originations.
Loan Reason
For 2022, First Dakota National Bank's most frequently cited loan purpose was Home Purchase, with 602 originations. The 2nd most popular reason was Refi, with 95 originations.
Loan Duration/Length
For 2022, First Dakota National Bank's most frequently cited loan duration was 30 Year, with 551 originations. The 2nd most popular length was 15 Year, with 94 originations.
Origination Fees/Closing Costs
First Dakota National Bank's average total fees were $4,351, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 339 originations.
Interest Rates
During 2022, First Dakota National Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 5-6%, with 251 originations.
Loan Sizing
2022 saw First Dakota National Bank place emphasis on $200k-400k loans with 292 originations, totaling $82,430,000 in origination value.
Applicant Income
First Dakota National Bank lent most frequently to those with incomes in the $100k-150k range, with 139 originations. The second most popular income band? $50k-75k, with 132 originations.
Applicant Debt to Income Ratio
First Dakota National Bank lent most frequently to those with DTI ratios of 30-36%, with 158 originations. The next most common DTI ratio? 20-30%, with 157 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.48%
First Dakota National Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.43%
First Dakota National Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 822 | $291,500,000 | $354,623 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |