Settlers Bank Mortgage Rates, Fees & Info

Windsor, WI

LEI: 549300UGOOUZ7MQRIN06

Tax ID: 26-0636784

5 stars

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

Review & Overview

Settlers Bank is a smaller bank specializing in Refi and Home Purchase loans. Settlers Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Appleton, Oshkosh, Baraboo, and Milwaukee among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Settlers 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. Settlers 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.41%	3/19/23
30 Year Conventional Refi	6.27%	3/19/23
30 Year Cash-out Refi	6.36%	3/19/23
30 Year VA Purchase	6.20%	3/19/23
30 Year VA Refi	6.24%	3/19/23
30 Year USDA Purchase	6.27%	3/19/23
15 Year Conventional Purchase	5.66%	3/19/23
15 Year Conventional Refi	5.63%	3/19/23
15 Year Cash-out Refi	5.63%	3/19/23
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.

Originations

299

Origination Dollar Volume (All Markets)

$99,905,000

Employee count

Awards

Settlers Bank 30 Year Conventional Loans silver

Show all (3) awards

Relative Rate

Settlers Bank's average 30 year fixed mortgage rate was 3.05%.

The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

Settlers Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,480.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
MADISON, WI (FHA\|USDA\|VA)	194	$69,740,000	$359,485	$2,295	3.00%
Outside of Metro Areas	23	$9,515,000	$413,696	$2,047	3.27%
APPLETON, WI (FHA\|USDA\|VA)	21	$5,205,000	$247,857	$1,612	2.72%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	13	$3,465,000	$266,538	$1,956	3.08%
Baraboo, WI (FHA\|USDA\|VA)	7	$2,555,000	$365,000	$1,861	3.11%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	10	$1,950,000	$195,000	$2,120	3.30%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	4	$1,380,000	$345,000	$2,346	2.81%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	3	$965,000	$321,667	$4,353	2.92%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	5	$795,000	$159,000	$2,092	3.38%
WAUSAU-WESTON, WI (FHA\|USDA\|VA)	3	$715,000	$238,333	$1,393	2.29%
GREEN BAY, WI (FHA\|USDA\|VA)	4	$700,000	$175,000	$1,785	2.63%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	2	$680,000	$340,000	$2,591	3.00%
Beaver Dam, WI (FHA\|USDA\|VA)	2	$650,000	$325,000	$2,730	3.13%
SHEBOYGAN, WI (FHA\|USDA\|VA)	2	$540,000	$270,000	$2,538	3.43%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	1	$455,000	$455,000	$4,562	2.25%
FOND DU LAC, WI (FHA\|USDA\|VA)	1	$215,000	$215,000	$1,972	3.13%
Wisconsin Rapids-Marshfield, WI (FHA\|USDA\|VA)	1	$145,000	$145,000	$1,185	2.25%
Marinette, WI-MI (FHA\|USDA\|VA)	2	$140,000	$70,000	$0	3.83%
Platteville, WI (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,684	3.25%

Settlers Bank's top markets include Madison, Appleton, Oshkosh, Baraboo, and Milwaukee among others.

Their top states include:

Wisconsin (FHA|USDA|VA)

Illinois (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Settlers 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

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	291	$96,775,000	$332,560	$2,155	3.02%
VA	8	$3,130,000	$391,250	$4,192	2.75%

For 2021, Settlers Bank's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was VA, with 8 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	136	$49,010,000	$360,368	$1,829	2.83%
Home Purchase	116	$37,050,000	$319,397	$2,817	3.23%
Cash Out Refi	46	$13,790,000	$299,783	$1,907	2.95%
Home Improvement	1	$55,000	$55,000	$0	4.65%

For 2021, Settlers Bank's most frequently cited loan purpose was Refi, with 136 originations. The 2nd most popular reason was Home Purchase, with 116 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	202	$66,960,000	$331,485	$2,480	3.05%
15 Year	49	$14,275,000	$291,327	$1,855	2.28%
20 Year	22	$4,680,000	$212,727	$1,179	3.45%
5 Year	12	$9,550,000	$795,833	$0	4.09%
10 Year	7	$825,000	$117,857	$738	2.55%
1 Year	3	$2,805,000	$935,000	$0	4.60%
Other	3	$665,000	$221,667	$748	4.24%
3 Year	1	$145,000	$145,000	$0	4.40%

For 2021, Settlers Bank's most frequently cited loan duration was 30 Year, with 202 originations. The 2nd most popular length was 15 Year, with 49 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	243	$72,805,000	$299,609
$1k-2k	23	$7,825,000	$340,217
$2k-3k	6	$2,070,000	$345,000
$3k-4k	6	$2,030,000	$338,333
$5k+	4	$2,180,000	$545,000
$4k-5k	1	$495,000	$495,000

Settlers Bank's average total fees were $2,480, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 243 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	146	$47,870,000	$327,877
3-4%	70	$29,970,000	$428,143
<2.5%	60	$16,510,000	$275,167
4-5%	21	$4,865,000	$231,667
5-6%	2	$690,000	$345,000

During 2021, Settlers Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 146 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	137	$39,925,000	$291,423	$2,250	2.91%
$400k-600k	74	$36,130,000	$488,243	$2,440	2.92%
$100k-200k	58	$8,840,000	$152,414	$1,909	2.92%
$100,000 or less	21	$1,255,000	$59,762	$1,094	3.88%
$600k-1MM	6	$4,110,000	$685,000	$4,833	3.84%
$1MM+	3	$9,645,000	$3,215,000	$0	3.71%

2021 saw Settlers Bank place emphasis on $200k-400k loans with 137 originations, totaling $39,925,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	79	$27,935,000	$353,608	$2,064	2.93%
$100k-150k	68	$20,860,000	$306,765	$2,142	2.99%
$250k+	53	$21,705,000	$409,528	$2,369	3.01%
$50k-75k	38	$8,100,000	$213,158	$1,904	2.84%
$75k-100k	32	$8,030,000	$250,938	$2,958	3.01%
$50k or less	14	$2,060,000	$147,143	$1,943	2.77%

Settlers Bank lent most frequently to those with incomes in the $150k-250k range, with 79 originations. The second most popular income band? $100k-150k, with 68 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	75	$22,545,000	$300,600	$2,236	2.87%
30-36%	56	$17,750,000	$316,964	$2,494	3.09%
<20%	48	$15,810,000	$329,375	$1,971	2.76%
41%	13	$3,275,000	$251,923	$2,654	3.21%
40%	10	$3,610,000	$361,000	$2,043	3.25%
36%	9	$3,255,000	$361,667	$1,864	2.78%
42%	8	$2,130,000	$266,250	$1,709	3.13%
37%	8	$1,790,000	$223,750	$2,491	2.64%
44%	8	$2,650,000	$331,250	$2,700	2.92%
49%	8	$2,590,000	$323,750	$1,997	2.77%
48%	7	$2,745,000	$392,143	$2,187	3.28%
38%	7	$1,945,000	$277,857	$1,286	2.77%
45%	6	$1,120,000	$186,667	$2,320	2.71%
46%	6	$1,730,000	$288,333	$2,269	2.77%
39%	6	$1,970,000	$328,333	$1,739	2.94%
43%	4	$1,020,000	$255,000	$2,209	3.19%
47%	2	$990,000	$495,000	$3,359	3.06%
50-60%	2	$480,000	$240,000	$1,637	4.87%
>60%	1	$1,285,000	$1,285,000	$0	4.25%

Settlers Bank lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 56 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	239	$75,485,000	$315,837	$2,128	2.92%
Not applicable	14	$10,980,000	$784,286	$0	4.22%
Not provided	32	$9,890,000	$309,063	$2,510	2.96%
Black	7	$1,855,000	$265,000	$3,551	3.96%
Asian	6	$1,330,000	$221,667	$2,048	3.04%
American Indian	1	$365,000	$365,000	$4,237	2.75%

Approval Rates

Total approvals of all applications
98.51%

Settlers 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 origination
88.29%

Settlers Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	299	$99,905,000	$334,130

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	299	$99,905,000	$334,130

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	21	$5,235,000	$249,286	$1,586	2.96%
40-60%	48	$15,770,000	$328,542	$1,992	2.77%
60-80%	141	$45,355,000	$321,667	$2,199	2.98%
80-100%	75	$27,505,000	$366,733	$2,844	3.08%
Over 100%	1	$5,155,000	$5,155,000	$0	3.65%
Under 20%	13	$885,000	$68,077	$719	3.94%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Settlers Bank	4021 Meridian Drive De Forest, WI 53532	Full Service B&M	$216,981
Settlers Bank	8010 Excelsior Drive Madison, WI 53717	Full Service B&M	$21,427
Settlers Bank	4321 W. College Avenue Appleton, WI 54914	Full Service B&M	$14,875

For 2021, Settlers Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$15,055
Net interest income	$13,679
Total noninterest income	$2,454
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$171
Trading account gains and fees	$0
Additional Noninterest Income	$2,283
Pre-tax net operating income	$5,133
Securities gains (or losses, -)	$0
Income before extraordinary items	$3,778
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$3,778
Minority interest net income	$0
Net income	$3,778
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$3,778

Settlers Bank's gross interest income from loans was $15,055,000.
Settlers Bank's net interest income from loans was $13,679,000.
Settlers Bank's fee based income from loans was $171,000.
Settlers Bank's net income from loans was $3,778,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,376
Provision for credit losses	$2,192
Total noninterest expense	$8,808
Salaries and employee benefits	$5,835
Premises and equipment expense	$871
Additional noninterest expense	$2,102
Applicable income taxes	$1,355
Net charge-offs	$571
Cash dividends	$150

Settlers Bank's interest expense for loans was $1,376,000.
Settlers Bank's payroll and benefits expense were $5,835,000.
Settlers Bank's property, plant and equipment expenses $871,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
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	$270,835
Deposits held in domestic offices	$270,835
Deposits by Individuals, partnerships, and corporations	$245,035
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$15,658
Deposits by Commercial banks and other depository institutions in U.S.	$10,142
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$169,260
Demand deposits	$96,428
Nontransaction accounts	$101,575
Money market deposit accounts (MMDAs)	$65,310
Other savings deposits (excluding MMDAs)	$3,449
Total time deposits	$32,816
Total time and savings deposits	$174,407
Noninterest-bearing deposits	$92,287
Interest-bearing deposits	$178,548
Retail deposits	$263,341
IRAs and Keogh plan accounts	$3,572
Brokered deposits	$2,372
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$346,135
Cash & Balances due from depository institutions	$27,391
Interest-bearing balances	$14,519
Total securities	$5,309
Federal funds sold & reverse repurchase	$213
Net loans and leases	$304,978
Loan and leases loss allowance	$8,201
Trading account assets	$0
Bank premises and fixed assets	$616
Other real estate owned	$0
Goodwill and other intangibles	$922
All other assets	$6,706

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$346,135
Total Liabilities	$307,854
Total deposits	$270,835
Interest-bearing deposits	$178,548
Deposits held in domestic offices	$270,835
% insured (estimated)	$65
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$35,299
Subordinated debt	$0
All other liabilities	$1,720

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$304,978
Loan and leases loss allowance	$8,201
Total loans and leases (domestic)	$313,179
All real estate loans	$223,756
Real estate loans in domestic offices	$223,756
Construction and development loans	$25,233
Residential 1-4 family construction	$21,520
Other construction, all land development and other land	$3,713
Loans secured by nonfarm nonresidential properties	$120,007
Nonfarm nonresidential secured by owner-occupied properties	$45,915
Commercial real estate & other non-farm, non-residential	$74,092
Multifamily residential real estate	$17,488
1-4 family residential loans	$59,049
Farmland loans	$1,979
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$81,787
To non-U.S. addressees	$0
Loans to individuals	$6,254
Credit card loans	$37
Related Plans	$2,208
Consumer Auto Loans	$8
Other loans to individuals	$4,001
All other loans & leases	$1,528
Loans to foreign governments and official institutions	$0
Other loans	$0
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	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Settlers Bank had $304,978,000 of loans outstanding in 2021. $223,756,000 of loans were in real estate loans. $25,233,000 of loans were in development loans. $17,488,000 of loans were in multifamily mortgage loans. $59,049,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $37,000 of loans were in credit card loans. $8,000 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	128	$42,831	$334,617
Nonfarm, nonresidential loans - <$100k	18	$823	$45,722
Nonfarm, nonresidential loans - $100-250k	31	$3,633	$117,194
Nonfarm, nonresidential loans - $250k-1MM	79	$38,375	$485,759
Commercial & Industrial, US addressed loans - <$1MM	203	$26,147	$128,803
Commercial & Industrial, US addressed loans - <$100k	89	$1,859	$20,888
Commercial & Industrial, US addressed loans - $100-250k	54	$6,602	$122,259
Commercial & Industrial, US addressed loans - $250k-1MM	60	$17,686	$294,767
Farmland loans - <$1MM	2	$229	$114,500
Farmland loans - $100-250k	2	$229	$114,500