Minnwest Bank Mortgage Rates, Fees & Info
Redwood Falls, MN
LEI: 549300WYC8C6REMY4E38
Tax ID: 41-1571815
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Mortgage Data
Bank Data
Overview
Minnwest Bank is a
smaller
bank
specializing in
Home Purchase
loans.
Minnwest Bank has a high proportion of conventional loans.
They have a low ratio of USDA loans.
Their top markets include Minneapolis, Sioux Falls, Rochester, Faribault, and Nashville among others. Minnwest Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
154
Origination Dollar Volume (All Markets)
$137,590,000
Employee count
397
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
38
|
$79,310,000 |
$2,087,105 |
$0 |
0.00% |
|
SIOUX FALLS, SD (FHA|USDA|VA)
|
3
|
$15,365,000 |
$5,121,667 |
$0 |
0.00% |
|
ROCHESTER, MN (FHA|USDA|VA)
|
16
|
$13,470,000 |
$841,875 |
$0 |
0.00% |
|
Faribault-Northfield, MN (FHA|USDA|VA)
|
5
|
$9,325,000 |
$1,865,000 |
$0 |
0.00% |
|
Outside of Metro Areas
|
39 |
$4,785,000 |
$122,692 |
$0 |
0.00% |
|
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA)
|
1
|
$3,105,000 |
$3,105,000 |
$0 |
0.00% |
|
Winona, MN (FHA|USDA|VA)
|
10
|
$2,070,000 |
$207,000 |
$0 |
0.00% |
|
Marshall, MN (FHA|USDA|VA)
|
9
|
$2,045,000 |
$227,222 |
$0 |
0.00% |
|
ST. CLOUD, MN (FHA|USDA|VA)
|
9
|
$1,715,000 |
$190,556 |
$0 |
0.00% |
|
EAU CLAIRE, WI (FHA|USDA|VA)
|
7
|
$1,575,000 |
$225,000 |
$0 |
0.00% |
|
DULUTH, MN-WI (FHA|USDA|VA)
|
3
|
$1,005,000 |
$335,000 |
$0 |
0.00% |
|
Brainerd, MN (FHA|USDA|VA)
|
2
|
$890,000 |
$445,000 |
$0 |
0.00% |
|
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA)
|
3
|
$855,000 |
$285,000 |
$0 |
0.00% |
|
Spearfish, SD (FHA|USDA|VA)
|
1
|
$605,000 |
$605,000 |
$0 |
0.00% |
|
MANKATO, MN (FHA|USDA|VA)
|
3
|
$485,000 |
$161,667 |
$0 |
0.00% |
|
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)
|
1
|
$365,000 |
$365,000 |
$0 |
0.00% |
|
Alexandria, MN (FHA|USDA|VA)
|
1
|
$335,000 |
$335,000 |
$0 |
0.00% |
|
Albert Lea, MN (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$0 |
0.00% |
|
Brookings, SD (FHA|USDA|VA)
|
1
|
$105,000 |
$105,000 |
$0 |
0.00% |
|
Willmar, MN (FHA|USDA|VA)
|
1
|
$65,000 |
$65,000 |
$0 |
0.00% |
Minnwest Bank's top markets include Minneapolis, Sioux Falls, Rochester, Faribault, and Nashville among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
150 |
$137,110,000 |
$914,067 |
$0 |
0.00% |
| USDA |
4 |
$480,000 |
$120,000 |
$0 |
0.00% |
For the 2021 period, Minnwest Bank's most frequently
originated loan type
of loans were Conventional, with 150 originations.
Their 2nd most popular type is USDA,
with 4 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Purchase |
88 |
$106,890,000 |
$1,214,659 |
$0 |
0.00% |
| Refi |
37 |
$25,615,000 |
$692,297 |
$0 |
0.00% |
| Cash Out Refi |
15 |
$4,315,000 |
$287,667 |
$0 |
0.00% |
| Home Improvement |
10 |
$530,000 |
$53,000 |
$0 |
0.00% |
| Other |
4 |
$240,000 |
$60,000 |
$0 |
0.00% |
For the 2021, Minnwest Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 88
originations.
The 2nd most popular reason of loans were Refi,
with 37 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Other |
154 |
$137,590,000 |
$893,442 |
$0 |
0.00% |
For the 2021, Minnwest Bank's most frequently cited loan
length
of loans were Other, with 154 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100,000 or less |
50 |
$3,040,000 |
$60,800 |
$0 |
0.00% |
| $100k-200k |
38 |
$5,720,000 |
$150,526 |
$0 |
0.00% |
| $200k-400k |
34 |
$9,460,000 |
$278,235 |
$0 |
0.00% |
| $1MM+ |
14 |
$109,130,000 |
$7,795,000 |
$0 |
0.00% |
| $400k-600k |
12 |
$5,680,000 |
$473,333 |
$0 |
0.00% |
| $600k-1MM |
6 |
$4,560,000 |
$760,000 |
$0 |
0.00% |
2021 saw Minnwest Bank place emphasis on
$100,000 or less loans
with 50 originations, totaling
$3,040,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
20 |
$4,170,000 |
$208,500 |
$0 |
0.00% |
| $50k or less |
19 |
$2,075,000 |
$109,211 |
$0 |
0.00% |
| $50k-75k |
16 |
$1,810,000 |
$113,125 |
$0 |
0.00% |
| $150k-250k |
15 |
$4,695,000 |
$313,000 |
$0 |
0.00% |
| $250k+ |
12 |
$4,260,000 |
$355,000 |
$0 |
0.00% |
| $75k-100k |
8 |
$1,600,000 |
$200,000 |
$0 |
0.00% |
Minnwest Bank lent most frequently to those with incomes in the
$100k-150k range, with
20 originations.
The second most popular income band? $50k or less,
with 19 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Exempt% |
154 |
$137,590,000 |
$893,442 |
$0 |
0.00% |
Minnwest Bank lent most frequently to those with DTI ratios
of Exempt%, with
154 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
55 |
$115,995,000 |
$2,109,000 |
$0 |
0.00% |
| White |
94 |
$21,050,000 |
$223,936 |
$0 |
0.00% |
| Black |
3 |
$215,000 |
$71,667 |
$0 |
0.00% |
| Not provided |
1 |
$205,000 |
$205,000 |
$0 |
0.00% |
| American Indian |
1 |
$125,000 |
$125,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
92.52%
Minnwest Bank has an average approval rate.
Pick Rate
Approvals leading to origination
87.97%
Minnwest Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| Exempt |
154 |
$137,590,000 |
$893,442 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
154 |
$137,590,000 |
$893,442 |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Minnwest Bank |
100 South Broadway Spring Valley, MN 55975 |
Limited, Drive-thru
|
$0 |
| Minnwest Bank |
14820 Highway 7 Minnetonka, MN 55345 |
Full Service B&M
|
$175,925 |
| Minnwest Bank |
14820 Hwy 7 Minnetonka, MN 55345 |
Full Service B&M
|
$54,736 |
| Minnwest Bank |
21 Se 2nd Street Ortonville, MN 56278 |
Full Service B&M
|
$104,717 |
| Minnwest Bank |
224 Main Street Florence, SD 57235 |
Full Service B&M
|
$12,481 |
| Minnwest Bank |
224 West 2nd Street Morton, MN 56270 |
Limited, Drive-thru
|
$2,775 |
| Minnwest Bank |
225 East Main Street Lewiston, MN 55952 |
Full Service B&M
|
$43,513 |
| Minnwest Bank |
250 Third Street Tracy, MN 56175 |
Full Service B&M
|
$82,688 |
| Minnwest Bank |
2565 King Avenue Slayton, MN 56172 |
Full Service B&M
|
$109,817 |
| Minnwest Bank |
276 Center Street East Hammond, MN 55991 |
Full Service B&M
|
$14,238 |
| Minnwest Bank |
300 South Washington Street Redwood Falls, MN 56283 |
Full Service B&M
|
$230,547 |
| Minnwest Bank |
301 Baseline Road Marshall, MN 56258 |
Full Service B&M
|
$213,038 |
| Minnwest Bank |
3130 2nd Street S. Saint Cloud, MN 56302 |
Full Service B&M
|
$97,531 |
| Minnwest Bank |
33 4th Street S.W., Suite 100 Rochester, MN 55902 |
Full Service B&M
|
$53,547 |
| Minnwest Bank |
331 16th Ave Nw Rochester, MN 55901 |
Full Service B&M
|
$0 |
| Minnwest Bank |
401 Maple St Summit, SD 57266 |
Full Service B&M
|
$38,457 |
| Minnwest Bank |
5001 South Louise Avenue Sioux Falls, SD 57108 |
Full Service B&M
|
$82,150 |
| Minnwest Bank |
5324 East Arrowhead Parkway, Suite 101 Sioux Falls, SD 57110 |
Full Service B&M
|
$16,165 |
| Minnwest Bank |
579 Pine Street Dawson, MN 56232 |
Full Service B&M
|
$44,581 |
| Minnwest Bank |
607 Cornell Avenue Big Stone City, SD 57216 |
Full Service B&M
|
$14,451 |
| Minnwest Bank |
709 Main Street Wilmot, SD 57279 |
Full Service B&M
|
$30,251 |
| Minnwest Bank |
800 S. Kniss Luverne, MN 56156 |
Full Service B&M
|
$53,990 |
| Minnwest Bank |
Broadway And Minnesota Avenue Lake Wilson, MN 56151 |
Full Service B&M
|
$19,362 |
| Minnwest Bank |
Oak And Main Streets Danube, MN 56230 |
Full Service B&M
|
$28,480 |
| Minnwest Bank |
101 South Gold Street Wykoff, MN 55990 |
Full Service B&M
|
$15,343 |
| Minnwest Bank |
1069 First Avenue Gibbon, MN 55335 |
Full Service B&M
|
$66,913 |
| Minnwest Bank |
107 N 1st St Montevideo, MN 56265 |
Full Service Cyber Office
|
$13,282 |
| Minnwest Bank |
107 North First Street Montevideo, MN 56265 |
Full Service B&M
|
$85,999 |
| Minnwest Bank |
112 West Main Street Spring Valley, MN 55975 |
Full Service B&M
|
$24,830 |
| Minnwest Bank |
113 N. Main Street Belview, MN 56214 |
Full Service B&M
|
$24,818 |
| Minnwest Bank |
1150 Yankee Doodle Road Eagan, MN 55120 |
Full Service B&M
|
$94,158 |
| Minnwest Bank |
116 East Main Luverne, MN 56156 |
Full Service B&M
|
$97,450 |
| Minnwest Bank |
1275 East Bridge Street Redwood Falls, MN 56283 |
Full Service B&M
|
$34,661 |
| Minnwest Bank |
1404 East State Highway 7 Montevideo, MN 56265 |
Full Service B&M
|
$40,187 |
For 2021, Minnwest Bank had 34 branches.
Yearly Performance Overview
Bank Income
Minnwest Bank's gross interest income from loans was $87,008,000.
Minnwest Bank's net interest income from loans was $81,389,000.
Minnwest Bank's fee based income from loans was $1,627,000.
Minnwest Bank's net income from loans was $25,101,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$5,619 |
| Provision for credit losses |
$1,934 |
| Total noninterest expense |
$56,362 |
| Salaries and employee benefits |
$33,746 |
| Premises and equipment expense |
$4,605 |
| Additional noninterest expense |
$18,011 |
| Applicable income taxes |
$9,090 |
| Net charge-offs |
$500 |
| Cash dividends |
$7,500 |
Minnwest Bank's interest expense for loans was $5,619,000.
Minnwest Bank's payroll and benefits expense were $33,746,000.
Minnwest Bank's property, plant and equipment expenses $4,605,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$2,388,816 |
| Deposits held in domestic offices |
$2,388,816 |
| Deposits by Individuals, partnerships, and corporations |
$2,279,632 |
| Deposits by U.S. Government |
$18 |
| Deposits by States and political subdivisions in the U.S. |
$104,288 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$4,878 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$1,058,428 |
| Demand deposits |
$678,401 |
| Nontransaction accounts |
$1,330,388 |
| Money market deposit accounts (MMDAs) |
$556,969 |
| Other savings deposits (excluding MMDAs) |
$347,062 |
| Total time deposits |
$426,357 |
| Total time and savings deposits |
$1,710,415 |
| Noninterest-bearing deposits |
$678,401 |
| Interest-bearing deposits |
$1,710,415 |
| Retail deposits |
$2,233,036 |
| IRAs and Keogh plan accounts |
$42,850 |
| Brokered deposits |
$114,981 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$2,703,865 |
| Cash & Balances due from depository institutions |
$176,887 |
| Interest-bearing balances |
$149,662 |
| Total securities |
$522,402 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$1,878,751 |
| Loan and leases loss allowance |
$30,158 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$21,692 |
| Other real estate owned |
$7,824 |
| Goodwill and other intangibles |
$42,765 |
| All other assets |
$53,544 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$2,703,865 |
| Total Liabilities |
$2,444,355 |
| Total deposits |
$2,388,816 |
| Interest-bearing deposits |
$1,710,415 |
| Deposits held in domestic offices |
$2,388,816 |
| % insured (estimated) |
$91 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$43,507 |
| Subordinated debt |
$0 |
| All other liabilities |
$12,032 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$1,878,751 |
| Loan and leases loss allowance |
$30,158 |
| Total loans and leases (domestic) |
$1,908,909 |
| All real estate loans |
$1,367,137 |
| Real estate loans in domestic offices |
$1,367,137 |
| Construction and development loans |
$221,442 |
| Residential 1-4 family construction |
$37,554 |
| Other construction, all land development and other land |
$183,888 |
| Loans secured by nonfarm nonresidential properties |
$540,601 |
| Nonfarm nonresidential secured by owner-occupied properties |
$163,041 |
| Commercial real estate & other non-farm, non-residential |
$377,560 |
| Multifamily residential real estate |
$156,046 |
| 1-4 family residential loans |
$142,195 |
| Farmland loans |
$306,853 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$325,998 |
| Commercial and industrial loans |
$129,311 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$21,292 |
| Credit card loans |
$0 |
| Related Plans |
$811 |
| Consumer Auto Loans |
$8,647 |
| Other loans to individuals |
$11,834 |
| All other loans & leases |
$65,171 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$1,236 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$2,172 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$2,691 |
| Non 1-4 family restructured loans & leases |
$2,249 |
| Total loans and leases (foreign) |
$0 |
Minnwest Bank had $1,878,751,000 of loans outstanding in 2021. $1,367,137,000 of loans were in real estate loans.
$221,442,000 of loans were in development loans. $156,046,000 of loans were in multifamily mortgage loans.
$142,195,000 of loans were in 1-4 family mortgage loans. $325,998,000 of loans were in farm loans. $0
of loans were in credit card loans. $8,647,000 of loans were in the auto loan category.
Small Business Loans
| Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
| Nonfarm, nonresidential loans - <$1MM |
599 |
$107,944 |
$180,207 |
| Nonfarm, nonresidential loans - <$100k |
145 |
$4,839 |
$33,372 |
| Nonfarm, nonresidential loans - $100-250k |
185 |
$16,645 |
$89,973 |
| Nonfarm, nonresidential loans - $250k-1MM |
269 |
$86,460 |
$321,413 |
| Commercial & Industrial, US addressed loans - <$1MM |
6,486 |
$81,291 |
$12,533 |
| Commercial & Industrial, US addressed loans - <$100k |
5,519 |
$18,247 |
$3,306 |
| Commercial & Industrial, US addressed loans - $100-250k |
580 |
$17,701 |
$30,519 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
387 |
$45,343 |
$117,165 |
| Farmland loans - <$1MM |
1,451 |
$130,369 |
$89,848 |
| Farmland loans - <$100k |
377 |
$9,669 |
$25,647 |
| Farmland loans - $100-250k |
608 |
$44,538 |
$73,253 |
| Farmland loans - $250k-1MM |
466 |
$76,162 |
$163,438 |
| Agriculture operations loans - <$1MM |
4,962 |
$166,019 |
$33,458 |
| Agriculture operations loans - <$100k |
3,228 |
$38,809 |
$12,023 |
| Agriculture operations loans - $100-250k |
1,102 |
$59,709 |
$54,182 |
| Agriculture operations loans - $250k-1MM |
632 |
$67,501 |
$106,805 |
