Southpoint Financial Mortgage Rates, Fees & Info
Sleepy Eye, MNLEI: 549300VPYRW4D9VH0G53
Tax ID: 41-0518425
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Mortgage Data
Review & Overview
Southpoint Financial is a smaller mortgage company specializing in Home Purchase loans. Southpoint Financial has a high proportion of conventional loans. Their top markets by origination volume include: New Ulm, Mankato, Hutchinson, Minneapolis, and Fairmont among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Southpoint Financial 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
231Origination Dollar Volume (All Markets)
$35,405,000Top 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 |
|---|---|---|---|---|---|
| New Ulm, MN (FHA|USDA|VA) | 98 | $12,310,000 | $125,612 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 37 | $6,295,000 | $170,135 | $0 | 0.00% |
| Outside of Metro Areas | 37 | $5,355,000 | $144,730 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 16 | $3,340,000 | $208,750 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 18 | $2,940,000 | $163,333 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Winona, MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 0.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 231 | $35,405,000 | $153,268 | $0 | 0.00% |
For 2023, Southpoint Financial's most frequently originated type of loan was Conventional, with 231 originations.
Loan Reason
For 2023, Southpoint Financial's most frequently cited loan purpose was Home Purchase, with 162 originations. The 2nd most popular reason was Refi, with 62 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 231 | $35,405,000 | $153,268 | $0 | 0.00% |
For 2023, Southpoint Financial's most frequently cited loan duration was Other, with 231 originations.
Loan Sizing
2023 saw Southpoint Financial place emphasis on $100k-200k loans with 96 originations, totaling $13,990,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $100k-150k, with 50 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 231 | $35,405,000 | $153,268 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 231 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.00%
Southpoint Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.54%
Southpoint Financial 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 | 231 | $35,405,000 | $153,268 |