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, Minneapolis, Mankato, Hutchinson, and St. Cloud among others. We have data for 20 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
264Origination Dollar Volume (All Markets)
$42,670,000Top 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) | 116 | $16,090,000 | $138,707 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 26 | $7,670,000 | $295,000 | $0 | 0.00% |
| Outside of Metro Areas | 56 | $6,600,000 | $117,857 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 33 | $5,945,000 | $180,152 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 13 | $1,955,000 | $150,385 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 264 | $42,670,000 | $161,629 | $0 | 0.00% |
For 2022, Southpoint Financial's most frequently originated type of loan was Conventional, with 264 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 192 | $34,820,000 | $181,354 | $0 | 0.00% |
| Refi | 71 | $7,775,000 | $109,507 | $0 | 0.00% |
| Home Improvement | 1 | $75,000 | $75,000 | $0 | 0.00% |
For 2022, Southpoint Financial's most frequently cited loan purpose was Home Purchase, with 192 originations. The 2nd most popular reason was Refi, with 71 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 264 | $42,670,000 | $161,629 | $0 | 0.00% |
For 2022, Southpoint Financial's most frequently cited loan duration was Other, with 264 originations.
Loan Sizing
2022 saw Southpoint Financial place emphasis on $100k-200k loans with 110 originations, totaling $16,630,000 in origination value.
Applicant Income
Southpoint Financial lent most frequently to those with incomes in the $50k-75k range, with 71 originations. The second most popular income band? $50k or less, with 69 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 264 | $42,670,000 | $161,629 | $0 | 0.00% |
Southpoint Financial lent most frequently to those with DTI ratios of Exempt%, with 264 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.83%
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 origination85.98%
Southpoint Financial has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 264 | $42,670,000 | $161,629 |