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, Minneapolis, Mankato, Hutchinson, and St. Cloud among others. We have data for 27 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
872Origination Dollar Volume (All Markets)
$134,620,000Top 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) | 330 | $39,130,000 | $118,576 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 116 | $28,230,000 | $243,362 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 126 | $22,480,000 | $178,413 | $0 | 0.00% |
| Outside of Metro Areas | 166 | $21,680,000 | $130,602 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 78 | $13,370,000 | $171,410 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 8 | $1,520,000 | $190,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 6 | $1,210,000 | $201,667 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 8 | $1,050,000 | $131,250 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 6 | $850,000 | $141,667 | $0 | 0.00% |
| Owatonna, MN (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| Worthington, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| Watertown, SD (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 872 | $134,620,000 | $154,381 | $0 | 0.00% |
For 2021, Southpoint Financial's most frequently originated type of loan was Conventional, with 872 originations.
Loan Reason
For 2021, Southpoint Financial's most frequently cited loan purpose was Refi, with 533 originations. The 2nd most popular reason was Home Purchase, with 329 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 872 | $134,620,000 | $154,381 | $0 | 0.00% |
For 2021, Southpoint Financial's most frequently cited loan duration was Other, with 872 originations.
Loan Sizing
2021 saw Southpoint Financial place emphasis on $100k-200k loans with 378 originations, totaling $54,090,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k-75k range, with 257 originations. The second most popular income band? $50k or less, with 254 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 872 | $134,620,000 | $154,381 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 872 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.68%
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 origination85.89%
Southpoint Financial has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 872 | $134,620,000 | $154,381 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHPOINT FINANCIAL SERVICES, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |