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 St. Cloud among others. We have data for 24 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
674Origination Dollar Volume (All Markets)
$107,380,000Top 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) | 246 | $32,400,000 | $131,707 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 125 | $21,965,000 | $175,720 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 81 | $20,375,000 | $251,543 | $0 | 0.00% |
| Outside of Metro Areas | 110 | $14,170,000 | $128,818 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 72 | $11,480,000 | $159,444 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 6 | $1,090,000 | $181,667 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 4 | $490,000 | $122,500 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 0.00% |
| RACINE, WI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 0.00% |
| Pierre, SD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Worthington, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 674 | $107,380,000 | $159,318 | $0 | 0.00% |
For 2020, Southpoint Financial's most frequently originated type of loan was Conventional, with 674 originations.
Loan Reason
For 2020, Southpoint Financial's most frequently cited loan purpose was Refi, with 432 originations. The 2nd most popular reason was Home Purchase, with 187 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 674 | $107,380,000 | $159,318 | $0 | 0.00% |
For 2020, Southpoint Financial's most frequently cited loan duration was Other, with 674 originations.
Loan Sizing
2020 saw Southpoint Financial place emphasis on $100k-200k loans with 350 originations, totaling $50,900,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k-75k range, with 194 originations. The second most popular income band? $50k or less, with 153 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 674 | $107,380,000 | $159,318 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 674 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.91%
Southpoint Financial has an average approval rate.
Pick Rate
Approvals leading to origination75.52%
Southpoint Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 674 | $107,380,000 | $159,318 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $315,000 | $105,000 |
| Single Family (1-4 Units):Site-Built | 671 | $107,065,000 | $159,560 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| 1ST FINANCIAL, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |
| 1ST FINANCIAL, INC. | FHA mortgage | Trouble during payment process | 1 | 33.3% |
| 1ST FINANCIAL, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |