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 and Refi loans. Southpoint Financial has a high proportion of conventional loans. Their top markets by origination volume include: New Ulm, Mankato, Minneapolis, Hutchinson, and Brainerd among others. We have data for 15 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
323Origination Dollar Volume (All Markets)
$37,595,000Top 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) | 152 | $15,540,000 | $102,237 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 52 | $7,560,000 | $145,385 | $0 | 0.00% |
| Outside of Metro Areas | 78 | $7,260,000 | $93,077 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 17 | $3,565,000 | $209,706 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 13 | $1,675,000 | $128,846 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 0.00% |
| Winona, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Pierre, SD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 323 | $37,595,000 | $116,393 | $0 | 0.00% |
For 2018, Southpoint Financial's most frequently originated type of loan was Conventional, with 323 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 200 | $27,930,000 | $139,650 | $0 | 0.00% |
| Refi | 109 | $8,535,000 | $78,303 | $0 | 0.00% |
| Home Improvement | 14 | $1,130,000 | $80,714 | $0 | 0.00% |
For 2018, Southpoint Financial's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Refi, with 109 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 323 | $37,595,000 | $116,393 | $0 | 0.00% |
For 2018, Southpoint Financial's most frequently cited loan duration was Other, with 323 originations.
Loan Sizing
2018 saw Southpoint Financial place emphasis on $100,000 or less loans with 145 originations, totaling $8,635,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k or less range, with 129 originations. The second most popular income band? $50k-75k, with 95 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 323 | $37,595,000 | $116,393 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 323 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.37%
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 origination90.09%
Southpoint Financial has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 323 | $37,595,000 | $116,393 |