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 Refi and Home Purchase loans. Southpoint Financial has a high proportion of conventional loans. Their top markets by origination volume include: New Ulm, Mankato, Minneapolis, Hutchinson, and Alexandria among others. We have data for 18 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 a below average pick rate when compared to similar lenders.
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Originations
401Origination Dollar Volume (All Markets)
$49,615,000Top 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) | 194 | $20,200,000 | $104,124 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 60 | $9,490,000 | $158,167 | $0 | 0.00% |
| Outside of Metro Areas | 73 | $7,965,000 | $109,110 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 20 | $5,030,000 | $251,500 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 35 | $4,565,000 | $130,429 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 0.00% |
| Owatonna, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 401 | $49,615,000 | $123,728 | $0 | 0.00% |
For 2019, Southpoint Financial's most frequently originated type of loan was Conventional, with 401 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 213 | $22,655,000 | $106,362 | $0 | 0.00% |
| Home Purchase | 188 | $26,960,000 | $143,404 | $0 | 0.00% |
For 2019, Southpoint Financial's most frequently cited loan purpose was Refi, with 213 originations. The 2nd most popular reason was Home Purchase, with 188 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 401 | $49,615,000 | $123,728 | $0 | 0.00% |
For 2019, Southpoint Financial's most frequently cited loan duration was Other, with 401 originations.
Loan Sizing
2019 saw Southpoint Financial place emphasis on $100,000 or less loans with 177 originations, totaling $10,625,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k or less range, with 131 originations. The second most popular income band? $50k-75k, with 127 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 401 | $49,615,000 | $123,728 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 401 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.71%
Southpoint Financial has an average approval rate.
Pick Rate
Approvals leading to origination81.30%
Southpoint Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 401 | $49,615,000 | $123,728 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $340,000 | $170,000 |
| Single Family (1-4 Units):Site-Built | 399 | $49,275,000 | $123,496 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHPOINT FINANCIAL SERVICES, INC. | FHA mortgage | Trouble during payment process | 1 | 100.0% |