Bell Bank

FARGO, ND 58103

LEI: 549300WYBPIWKK6SQC06

Tax ID: 45-0283315

2019 Data | 2018 Data


Overview

Bell Bank is a small mortgage company specializing in Home Purchase loans. Bell Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Minneapolis, Phoenix, Fargo, Milwaukee, and Rochester among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Bell Bank is typically a low fee lendor.


Originations

12,971

Origination Dollar Volume (All Markets)

$3,401,235,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 11,432 $3,027,460,000 $264,823
FHA 902 $204,760,000 $227,007
VA 505 $144,575,000 $286,287
USDA 132 $24,440,000 $185,152

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 8,433 $2,348,295,000 $278,465
Home Improvement 784 $57,190,000 $72,946
Other 551 $70,215,000 $127,432
Refi 2,186 $677,390,000 $309,876
Cash Out Refi 1,017 $248,145,000 $243,997

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 7,973 $2,194,745,000 $275,272
PHOENIX-MESA-CHANDLER, AZ 1,277 $347,575,000 $272,181
Outside of Metro Areas 1,401 $281,405,000 $200,860
FARGO, ND-MN 1,202 $276,290,000 $229,859
MILWAUKEE-WAUKESHA, WI 373 $88,505,000 $237,279
ROCHESTER, MN 177 $32,865,000 $185,678
ALBUQUERQUE, NM 117 $31,545,000 $269,615
SANTA FE, NM 67 $25,835,000 $385,597
ST. CLOUD, MN 72 $13,810,000 $191,806
DULUTH, MN-WI 46 $8,870,000 $192,826
WAUSAU-WESTON, WI 5 $8,235,000 $1,647,000
EAU CLAIRE, WI 12 $7,410,000 $617,500
BILLINGS, MT 1 $4,905,000 $4,905,000
DENVER-AURORA-LAKEWOOD, CO 13 $4,635,000 $356,538
BISMARCK, ND 4 $4,580,000 $1,145,000
CAPE CORAL-FORT MYERS, FL 12 $4,200,000 $350,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $4,075,000 $815,000
ORLANDO-KISSIMMEE-SANFORD, FL 13 $3,975,000 $305,769
SANTA MARIA-SANTA BARBARA, CA 4 $3,650,000 $912,500
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 11 $3,585,000 $325,909
TUCSON, AZ 14 $3,350,000 $239,286
FLAGSTAFF, AZ 8 $3,190,000 $398,750
MANKATO, MN 15 $2,905,000 $193,667
NAPLES-MARCO ISLAND, FL 7 $2,425,000 $346,429
DES MOINES-WEST DES MOINES, IA 7 $2,265,000 $323,571
FOND DU LAC, WI 10 $2,180,000 $218,000
NORTH PORT-SARASOTA-BRADENTON, FL 7 $2,065,000 $295,000
GRAND FORKS, ND-MN 6 $2,030,000 $338,333
RACINE, WI 10 $2,030,000 $203,000
CHICAGO-NAPERVILLE-EVANSTON, IL 6 $1,940,000 $323,333
MADISON, WI 8 $1,660,000 $207,500
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 1 $1,605,000 $1,605,000
MEMPHIS, TN-MS-AR 6 $1,580,000 $263,333
PRESCOTT VALLEY-PRESCOTT, AZ 4 $1,140,000 $285,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $995,000 $995,000
LA CROSSE-ONALASKA, WI-MN 3 $945,000 $315,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1 $945,000 $945,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 4 $940,000 $235,000
KANSAS CITY, MO-KS 4 $870,000 $217,500
SAN RAFAEL, CA 1 $835,000 $835,000
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 2 $820,000 $410,000
OAKLAND-BERKELEY-LIVERMORE, CA 2 $790,000 $395,000
SHEBOYGAN, WI 4 $680,000 $170,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 2 $650,000 $325,000
JACKSONVILLE, FL 2 $600,000 $300,000
LAKE HAVASU CITY-KINGMAN, AZ 4 $560,000 $140,000
JANESVILLE-BELOIT, WI 2 $550,000 $275,000
OSHKOSH-NEENAH, WI 2 $500,000 $250,000
YUMA, AZ 2 $490,000 $245,000
GRAND RAPIDS-KENTWOOD, MI 1 $485,000 $485,000
COLORADO SPRINGS, CO 1 $475,000 $475,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 1 $475,000 $475,000
DETROIT-DEARBORN-LIVONIA, MI 2 $470,000 $235,000
FRESNO, CA 1 $465,000 $465,000
GREEN BAY, WI 3 $455,000 $151,667
ANAHEIM-SANTA ANA-IRVINE, CA 1 $435,000 $435,000
ROCKFORD, IL 2 $400,000 $200,000
APPLETON, WI 2 $380,000 $190,000
ST. LOUIS, MO-IL 2 $370,000 $185,000
LAWRENCE, KS 1 $335,000 $335,000
PUNTA GORDA, FL 3 $335,000 $111,667
THE VILLAGES, FL 2 $320,000 $160,000
CHICO, CA 2 $300,000 $150,000
ANN ARBOR, MI 1 $295,000 $295,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $285,000 $285,000
AMES, IA 1 $255,000 $255,000
MONROE, MI 1 $255,000 $255,000
MOUNT VERNON-ANACORTES, WA 1 $255,000 $255,000
REDDING, CA 1 $255,000 $255,000
SAN LUIS OBISPO-PASO ROBLES, CA 1 $255,000 $255,000
LAKELAND-WINTER HAVEN, FL 2 $250,000 $125,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $225,000 $225,000
RALEIGH-CARY, NC 1 $205,000 $205,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $205,000 $205,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $165,000 $165,000
WICHITA, KS 1 $155,000 $155,000
PEORIA, IL 1 $95,000 $95,000
SIERRA VISTA-DOUGLAS, AZ 1 $85,000 $85,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 1 $65,000 $65,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 182 $79,690,000 $437,857
3-4% 6,306 $1,793,100,000 $284,348
4-5% 5,084 $1,339,310,000 $263,436
5-6% 1,235 $177,165,000 $143,453
6-7% 162 $11,700,000 $72,222
7-8% 1 $15,000 $15,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,741 $85,055,000 $48,854
$100k-200k 3,461 $543,705,000 $157,095
$200k-400k 6,262 $1,738,110,000 $277,565
$400k-600k 1,142 $526,970,000 $461,445
$600k-1000k 251 $184,475,000 $734,960
$Over $1MM 114 $322,920,000 $2,832,632

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 791 $112,725,000 $142,509
40-60% 968 $252,130,000 $260,465
60-80% 3,577 $1,178,805,000 $329,551
80-100% 6,444 $1,768,080,000 $274,376
Over 100% 124 $36,810,000 $296,855
Under 20% 1,064 $52,090,000 $48,957

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,847 $741,655,000 $260,504
$150k-250k 1,898 $600,080,000 $316,164
$50k-75k 3,000 $579,220,000 $193,073
$50k-or less 1,416 $201,810,000 $142,521
$75k-100k 2,400 $530,450,000 $221,021
$Over $250k 877 $394,975,000 $450,371

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 11,004 $2,665,190,000 $242,202
Not applicable 271 $289,495,000 $1,068,247
Not provided 850 $236,910,000 $278,718
Asian 407 $106,735,000 $262,248
Black 300 $70,250,000 $234,167
American Indian 79 $17,375,000 $219,937
Asian Indian 24 $8,170,000 $340,417
Native Hawaiian 14 $3,080,000 $220,000
Other Asian 13 $2,935,000 $225,769
Korean 2 $480,000 $240,000
Vietnamese 1 $295,000 $295,000
Filipino 3 $195,000 $65,000
Japanese 1 $85,000 $85,000
Chinese 1 $25,000 $25,000
Other Pacific Islander 1 $15,000 $15,000

Approval Rates

Total approvals of all applications
97.82%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
88.42%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 12,971 $3,401,235,000 $262,218

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 6,606 $1,605,340,000 $243,012
$1k-2k 2,425 $586,085,000 $241,685
$2k-3k 1,342 $360,470,000 $268,607
$3k-4k 959 $312,945,000 $326,324
$5k+ 247 $123,415,000 $499,656

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 83 $238,755,000 $2,876,566
Single Family (1-4 Units):Manufactured 23 $2,435,000 $105,870
Single Family (1-4 Units):Site-Built 12,865 $3,160,045,000 $245,631