The State Bank Of Faribault Mortgage Rates, Fees & Info
Faribault, MNLEI: 549300VE85K2XTVRSG76
Tax ID: 41-0246420
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
The State Bank Of Faribault is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. The State Bank Of Faribault has a high proportion of conventional loans. Their top markets by origination volume include: Faribault, Minneapolis, Owatonna, Dallas, and Phoenix among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)The State Bank Of Faribault has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
199Origination Dollar Volume (All Markets)
$44,855,000Top 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 |
|---|---|---|---|---|---|
| Faribault-Northfield, MN (FHA|USDA|VA) | 120 | $25,110,000 | $209,250 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 45 | $12,235,000 | $271,889 | $0 | 0.00% |
| Owatonna, MN (FHA|USDA|VA) | 15 | $2,435,000 | $162,333 | $0 | 0.00% |
| Outside of Metro Areas | 7 | $2,415,000 | $345,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| ANCHORAGE, AK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 199 | $44,855,000 | $225,402 | $0 | 0.00% |
For 2021, The State Bank Of Faribault's most frequently originated type of loan was Conventional, with 199 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 83 | $20,175,000 | $243,072 | $0 | 0.00% |
| Refi | 71 | $15,135,000 | $213,169 | $0 | 0.00% |
| Cash Out Refi | 45 | $9,545,000 | $212,111 | $0 | 0.00% |
For 2021, The State Bank Of Faribault's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 71 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 199 | $44,855,000 | $225,402 | $0 | 0.00% |
For 2021, The State Bank Of Faribault's most frequently cited loan duration was Other, with 199 originations.
Loan Sizing
2021 saw The State Bank Of Faribault place emphasis on $100k-200k loans with 91 originations, totaling $13,715,000 in origination value.
Applicant Income
The State Bank Of Faribault lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $100k-150k, with 36 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 199 | $44,855,000 | $225,402 | $0 | 0.00% |
The State Bank Of Faribault lent most frequently to those with DTI ratios of Exempt%, with 199 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.33%
The State Bank Of Faribault has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.49%
The State Bank Of Faribault has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 199 | $44,855,000 | $225,402 |