Highland Bank Mortgage Rates, Fees & Info

St. Michael, MN

LEI: 549300TN0C13QXN1P552

Tax ID: 41-0627744

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
  • 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

    Highland Bank is a smaller bank specializing in Refi and Home Purchase loans. Highland Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Phoenix, and Rochester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Highland 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.

    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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    Originations

    51

    Origination Dollar Volume (All Markets)

    $10,425,000

    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) 47 $8,935,000 $190,106 $497 5.04%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $13,358 5.32%
    Outside of Metro Areas 2 $230,000 $115,000 $0 5.05%
    ROCHESTER, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.95%
    Highland Bank's top markets include Minneapolis, Phoenix, and Rochester among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 51 $10,425,000 $204,412 $909 5.06%

    For 2018, Highland Bank's most frequently originated type of loan was Conventional, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 23 $3,625,000 $157,609 $45 5.12%
    Home Purchase 13 $4,175,000 $321,154 $1,634 5.14%
    Home Improvement 9 $1,285,000 $142,778 $264 4.78%
    Other 6 $1,340,000 $223,333 $2,292 5.07%

    For 2018, Highland Bank's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 14 $2,050,000 $146,429 $656 4.88%
    15 Year 14 $2,840,000 $202,857 $1,380 4.42%
    5 Year 14 $1,800,000 $128,571 $146 5.50%
    Other 8 $3,190,000 $398,750 $0 5.51%
    1 Year 1 $545,000 $545,000 $0 6.75%

    For 2018, Highland Bank's most frequently cited loan duration was 10 Year, with 14 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 25 $2,145,000 $85,800
    $1k-2k 3 $615,000 $205,000
    $2k-3k 1 $275,000 $275,000
    $5k+ 1 $1,205,000 $1,205,000

    Highland Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 23 $6,545,000 $284,565
    4-5% 16 $2,410,000 $150,625
    3-4% 8 $680,000 $85,000
    6-7% 3 $705,000 $235,000
    7-8% 1 $85,000 $85,000

    During 2018, Highland Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $1,335,000 $53,400 $88 5.15%
    $100k-200k 14 $1,900,000 $135,714 $633 4.78%
    $200k-400k 7 $1,925,000 $275,000 $1,837 4.81%
    $1MM+ 2 $3,620,000 $1,810,000 $13,358 5.54%
    $400k-600k 2 $1,010,000 $505,000 $0 6.01%
    $600k-1MM 1 $635,000 $635,000 $0 5.65%

    2018 saw Highland Bank place emphasis on $100,000 or less loans with 25 originations, totaling $1,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 9 $875,000 $97,222 $778 4.47%
    $100k-150k 8 $770,000 $96,250 $440 5.02%
    $50k or less 7 $425,000 $60,714 $327 4.79%
    $250k+ 3 $1,665,000 $555,000 $4,933 4.51%
    $75k-100k 3 $435,000 $145,000 $142 4.70%
    $150k-250k 2 $150,000 $75,000 $0 3.85%

    Highland Bank lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $515,000 $57,222 $156 4.60%
    30-36% 8 $1,260,000 $157,500 $1,062 4.82%
    <20% 4 $1,620,000 $405,000 $3,573 4.33%
    37% 3 $355,000 $118,333 $509 5.17%
    36% 2 $50,000 $25,000 $0 4.04%
    38% 2 $200,000 $100,000 $982 4.30%
    >60% 2 $190,000 $95,000 $638 5.50%
    41% 1 $35,000 $35,000 $0 3.88%
    50-60% 1 $95,000 $95,000 $13 4.88%

    Highland Bank lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 19 $6,105,000 $321,316 $0 5.73%
    White 29 $3,005,000 $103,621 $497 4.59%
    Not provided 3 $1,315,000 $438,333 $6,679 5.40%

    Approval Rates

    Total approvals of all applications
    93.75%

    Highland Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.35%

    Highland Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 51 $10,425,000 $204,412

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,000,000 $500,000
    Single Family (1-4 Units):Site-Built 49 $9,425,000 $192,347

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $795,000 $113,571 $0 4.90%
    40-60% 13 $4,075,000 $313,462 $154 5.07%
    60-80% 17 $4,675,000 $275,000 $2,522 5.03%
    80-100% 3 $365,000 $121,667 $0 6.20%
    Under 20% 11 $515,000 $46,818 $125 4.89%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    HIGHLANDS RESIDENTIAL MORTGAGE Conventional home mortgage Trouble during payment process 1 100.0%