Dacotah Bank Mortgage Rates, Fees & Info
Aberdeen, SDLEI: 549300UQPFB0RR8JCA42
Tax ID: 46-0239917
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Mortgage Data
Review & Overview
Dacotah Bank is a smaller bank specializing in Home Purchase and Refi loans. Dacotah Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Aberdeen, Rapid City, Dickinson, Watertown, and Minot among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)Dacotah 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. Dacotah 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 | 6.58% | 3/27/23 |
| 30 Year Conventional Refi | 6.47% | 3/27/23 |
| 30 Year Cash-out Refi | 6.51% | 3/27/23 |
| 30 Year FHA Purchase | 7.42% | 3/27/23 |
| 30 Year VA Purchase | 6.14% | 3/27/23 |
| 30 Year USDA Purchase | 6.98% | 3/27/23 |
| 15 Year Conventional Purchase | 6.18% | 3/27/23 |
| 15 Year Conventional Refi | 6.30% | 3/27/23 |
| 15 Year Cash-out Refi | 6.30% | 3/27/23 |
| 15 Year VA Purchase | 6.28% | 3/27/23 |
| 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
713Origination Dollar Volume (All Markets)
$186,515,000Awards
Dacotah Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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Relative Rate
Dacotah Bank's average 30 year fixed mortgage rate was
4.9%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.14%.
Relative Fees (Closing Costs)
Dacotah Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,302.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 237 | $44,965,000 | $189,726 | $3,322 | 4.78% |
| Aberdeen, SD (FHA|USDA|VA) | 160 | $34,490,000 | $215,563 | $4,374 | 4.80% |
| RAPID CITY, SD (FHA|USDA|VA) | 86 | $29,450,000 | $342,442 | $3,768 | 4.60% |
| Dickinson, ND (FHA|USDA|VA) | 21 | $15,715,000 | $748,333 | $3,194 | 4.74% |
| Watertown, SD (FHA|USDA|VA) | 72 | $15,300,000 | $212,500 | $2,442 | 4.28% |
| Minot, ND (FHA|USDA|VA) | 13 | $10,385,000 | $798,846 | $2,677 | 4.92% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 50 | $10,070,000 | $201,400 | $2,921 | 5.21% |
| Williston, ND (FHA|USDA|VA) | 3 | $6,485,000 | $2,161,667 | $5,942 | 4.13% |
| Brookings, SD (FHA|USDA|VA) | 20 | $4,130,000 | $206,500 | $3,022 | 5.15% |
| Jamestown, ND (FHA|USDA|VA) | 11 | $3,705,000 | $336,818 | $4,156 | 4.28% |
| Spearfish, SD (FHA|USDA|VA) | 8 | $2,220,000 | $277,500 | $3,205 | 5.03% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $1,270,000 | $635,000 | $2,213 | 3.63% |
| BISMARCK, ND (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $4,156 | 4.88% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $7,344 | 4.75% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $9,829 | 5.63% |
| Alexandria, MN (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $2,286 | 4.59% |
| Pierre, SD (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,765 | 4.94% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $19,575 | 5.13% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $4,161 | 3.68% |
| MADISON, WI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,527 | 5.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $7,166 | 5.63% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $6,762 | 5.00% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,441 | 3.13% |
| FARGO, ND-MN (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $4,340 | 4.81% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $7,592 | 3.50% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,117 | 5.50% |
| Mitchell, SD (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,469 | 5.50% |
| Marshall, MN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,022 | 5.25% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 6.50% |
| Gillette, WY (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,586 | 3.25% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,439 | 5.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,098 | 5.88% |
| Columbus, NE (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,379 | 5.88% |
| Yankton, SD (FHA|USDA|VA) | 3 | $105,000 | $35,000 | $754 | 4.51% |
Similar Lenders
We use machine learning to identify the top lenders compared against Dacotah 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, Dacotah Bank's most frequently originated type of loan was Conventional, with 652 originations. Their 2nd most popular type was VA, with 28 originations.
Loan Reason
For 2022, Dacotah Bank's most frequently cited loan purpose was Home Purchase, with 429 originations. The 2nd most popular reason was Refi, with 134 originations.
Loan Duration/Length
For 2022, Dacotah Bank's most frequently cited loan duration was 30 Year, with 376 originations. The 2nd most popular length was 5 Year, with 106 originations.
Origination Fees/Closing Costs
Dacotah Bank's average total fees were $4,302, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 226 originations.
Interest Rates
During 2022, Dacotah Bank's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 5-6%, with 228 originations.
Loan Sizing
2022 saw Dacotah Bank place emphasis on $100,000 or less loans with 218 originations, totaling $12,900,000 in origination value.
Applicant Income
Dacotah Bank lent most frequently to those with incomes in the $100k-150k range, with 136 originations. The second most popular income band? $50k-75k, with 128 originations.
Applicant Debt to Income Ratio
Dacotah Bank lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 121 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.59%
Dacotah 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 origination84.85%
Dacotah Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 337.0 | 4 | $220,000 | $55,000 |
| NA | 709 | $186,295,000 | $262,757 |