Minnwest Bank Mortgage Rates, Fees & Info

Redwood Falls, MN

LEI: 549300WYC8C6REMY4E38

Tax ID: 41-1571815

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Bank Data

Review & Overview

Minnwest Bank is a smaller bank specializing in Home Purchase loans. Minnwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Sioux Falls, Red Wing, Faribault, and Winona among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Minnwest Bank 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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.41% 3/28/24
30 Year Conventional Refi 6.40% 3/28/24
30 Year Cash-out Refi 6.65% 3/28/24
30 Year USDA Purchase 7.24% 3/28/24
15 Year Conventional Purchase 6.13% 3/28/24
15 Year Conventional Refi 6.20% 3/28/24
15 Year Cash-out Refi 6.20% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Minnwest Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Minnwest Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

111

Origination Dollar Volume (All Markets)

$109,055,000

Employee count

336

Top 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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 16 $61,340,000 $3,833,750 $0 0.00%
SIOUX FALLS, SD (FHA|USDA|VA) 11 $17,105,000 $1,555,000 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 1 $14,125,000 $14,125,000 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $7,110,000 $3,555,000 $0 0.00%
Outside of Metro Areas 42 $3,240,000 $77,143 $0 0.00%
Winona, MN (FHA|USDA|VA) 8 $1,610,000 $201,250 $0 0.00%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 8 $1,130,000 $141,250 $0 0.00%
Marshall, MN (FHA|USDA|VA) 8 $500,000 $62,500 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 5 $365,000 $73,000 $0 0.00%
Watertown, SD (FHA|USDA|VA) 2 $230,000 $115,000 $0 0.00%
Yankton, SD (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Austin, MN (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
Nogales, AZ (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Willmar, MN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
New Ulm, MN (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Minnwest Bank's top markets include Minneapolis, Sioux Falls, Red Wing, Faribault, and Winona among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Minnwest Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 111 $109,055,000 $982,477 $0 0.00%

    For 2020, Minnwest Bank's most frequently originated type of loan was Conventional, with 111 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 47 $95,485,000 $2,031,596 $0 0.00%
    Refi 37 $12,575,000 $339,865 $0 0.00%
    Home Improvement 23 $875,000 $38,043 $0 0.00%
    Other 4 $120,000 $30,000 $0 0.00%

    For 2020, Minnwest Bank's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 111 $109,055,000 $982,477 $0 0.00%

    For 2020, Minnwest Bank's most frequently cited loan duration was Other, with 111 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 64 $3,040,000 $47,500 $0 0.00%
    $100k-200k 23 $3,025,000 $131,522 $0 0.00%
    $1MM+ 11 $97,825,000 $8,893,182 $0 0.00%
    $200k-400k 7 $1,765,000 $252,143 $0 0.00%
    $400k-600k 4 $1,830,000 $457,500 $0 0.00%
    $600k-1MM 2 $1,570,000 $785,000 $0 0.00%

    2020 saw Minnwest Bank place emphasis on $100,000 or less loans with 64 originations, totaling $3,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 19 $945,000 $49,737 $0 0.00%
    $100k-150k 18 $1,250,000 $69,444 $0 0.00%
    $50k-75k 16 $790,000 $49,375 $0 0.00%
    $150k-250k 8 $790,000 $98,750 $0 0.00%
    $75k-100k 5 $675,000 $135,000 $0 0.00%
    $250k+ 3 $785,000 $261,667 $0 0.00%

    Minnwest Bank lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 111 $109,055,000 $982,477 $0 0.00%

    Minnwest Bank lent most frequently to those with DTI ratios of Exempt%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 36 $101,480,000 $2,818,889 $0 0.00%
    White 72 $7,510,000 $104,306 $0 0.00%
    American Indian 2 $40,000 $20,000 $0 0.00%
    Black 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.09%

    Minnwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.68%

    Minnwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 111 $109,055,000 $982,477

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $99,285,000 $5,840,294
    Single Family (1-4 Units):Manufactured 5 $565,000 $113,000
    Single Family (1-4 Units):Site-Built 89 $9,205,000 $103,427

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Minnwest Bank 224 Main Street Florence, SD 57235 Full Service B&M $12,380
    Minnwest Bank 100 South Broadway Spring Valley, MN 55975 Limited, Drive-thru $0
    Minnwest Bank 101 South Gold Street Wykoff, MN 55990 Full Service B&M $14,872
    Minnwest Bank 1069 First Avenue Gibbon, MN 55335 Full Service B&M $62,548
    Minnwest Bank 107 N 1st St Montevideo, MN 56265 Full Service Cyber Office $13,670
    Minnwest Bank 107 North First Street Montevideo, MN 56265 Full Service B&M $83,740
    Minnwest Bank 112 West Main Street Spring Valley, MN 55975 Full Service B&M $21,687
    Minnwest Bank 113 N. Main Street Belview, MN 56214 Full Service B&M $22,963
    Minnwest Bank 1150 Yankee Doodle Road Eagan, MN 55120 Full Service B&M $85,921
    Minnwest Bank 116 East Main Luverne, MN 56156 Full Service B&M $88,034
    Minnwest Bank 1275 East Bridge Street Redwood Falls, MN 56283 Full Service B&M $31,376
    Minnwest Bank 1404 East State Highway 7 Montevideo, MN 56265 Full Service B&M $39,480
    Minnwest Bank 14820 Highway 7 Minnetonka, MN 55345 Full Service B&M $239,053
    Minnwest Bank 14820 Hwy 7 Minnetonka, MN 55345 Full Service B&M $58,742
    Minnwest Bank 21 Se 2nd Street Ortonville, MN 56278 Full Service B&M $86,118
    Minnwest Bank 224 West 2nd Street Morton, MN 56270 Limited, Drive-thru $2,239
    Minnwest Bank 225 East Main Street Lewiston, MN 55952 Full Service B&M $37,123
    Minnwest Bank 250 Third Street Tracy, MN 56175 Full Service B&M $73,441
    Minnwest Bank 2565 King Avenue Slayton, MN 56172 Full Service B&M $101,296
    Minnwest Bank 276 Center Street East Hammond, MN 55991 Full Service B&M $11,775
    Minnwest Bank 300 South Washington Street Redwood Falls, MN 56283 Full Service B&M $205,207
    Minnwest Bank 301 Baseline Road Marshall, MN 56258 Full Service B&M $153,655
    Minnwest Bank 3130 2nd Street S. Saint Cloud, MN 56302 Full Service B&M $101,888
    Minnwest Bank 331 16th Ave Nw Rochester, MN 55901 Full Service B&M $47,601
    Minnwest Bank 401 Maple St Summit, SD 57266 Full Service B&M $29,943
    Minnwest Bank 5001 South Louise Avenue Sioux Falls, SD 57108 Full Service B&M $77,818
    Minnwest Bank 5324 East Arrowhead Parkway, Suite 101 Sioux Falls, SD 57110 Full Service B&M $16,916
    Minnwest Bank 579 Pine Street Dawson, MN 56232 Full Service B&M $41,662
    Minnwest Bank 607 Cornell Avenue Big Stone City, SD 57216 Full Service B&M $12,541
    Minnwest Bank 709 Main Street Wilmot, SD 57279 Full Service B&M $24,283
    Minnwest Bank 800 S. Kniss Luverne, MN 56156 Full Service B&M $48,741
    Minnwest Bank Broadway And Minnesota Avenue Lake Wilson, MN 56151 Full Service B&M $16,095
    Minnwest Bank Oak And Main Streets Danube, MN 56230 Full Service B&M $23,997

    For 2020, Minnwest Bank had 33 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $89,964
    Net interest income $78,063
    Total noninterest income $8,078
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,630
    Trading account gains and fees $0
    Additional Noninterest Income $6,448
    Pre-tax net operating income $31,478
    Securities gains (or losses, -) $62
    Income before extraordinary items $23,420
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $23,420
    Minority interest net income $0
    Net income $23,420
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $23,371

    Minnwest Bank's gross interest income from loans was $89,964,000.
    Minnwest Bank's net interest income from loans was $78,063,000.
    Minnwest Bank's fee based income from loans was $1,630,000.
    Minnwest Bank's net income from loans was $23,420,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,901
    Provision for credit losses $3,400
    Total noninterest expense $51,263
    Salaries and employee benefits $32,185
    Premises and equipment expense $4,422
    Additional noninterest expense $14,656
    Applicable income taxes $8,120
    Net charge-offs $1,651
    Cash dividends $10,000

    Minnwest Bank's interest expense for loans was $11,901,000.
    Minnwest Bank's payroll and benefits expense were $32,185,000.
    Minnwest Bank's property, plant and equipment expenses $4,422,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,997,409
    Deposits held in domestic offices $1,997,409
    Deposits by Individuals, partnerships, and corporations $1,907,947
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $80,718
    Deposits by Commercial banks and other depository institutions in U.S. $8,740
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $790,788
    Demand deposits $524,914
    Nontransaction accounts $1,206,621
    Money market deposit accounts (MMDAs) $474,907
    Other savings deposits (excluding MMDAs) $295,225
    Total time deposits $436,489
    Total time and savings deposits $1,472,495
    Noninterest-bearing deposits $524,914
    Interest-bearing deposits $1,472,495
    Retail deposits $1,798,270
    IRAs and Keogh plan accounts $41,870
    Brokered deposits $152,417
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,297,562
    Cash & Balances due from depository institutions $439,518
    Interest-bearing balances $428,796
    Total securities $138,810
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,649,740
    Loan and leases loss allowance $28,724
    Trading account assets $0
    Bank premises and fixed assets $16,947
    Other real estate owned $8,090
    Goodwill and other intangibles $8,995
    All other assets $35,462

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,297,562
    Total Liabilities $2,050,276
    Total deposits $1,997,409
    Interest-bearing deposits $1,472,495
    Deposits held in domestic offices $1,997,409
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $37,003
    Subordinated debt $0
    All other liabilities $15,864

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,649,740
    Loan and leases loss allowance $28,724
    Total loans and leases (domestic) $1,678,464
    All real estate loans $1,075,361
    Real estate loans in domestic offices $1,075,361
    Construction and development loans $125,745
    Residential 1-4 family construction $7,265
    Other construction, all land development and other land $118,480
    Loans secured by nonfarm nonresidential properties $461,025
    Nonfarm nonresidential secured by owner-occupied properties $106,191
    Commercial real estate & other non-farm, non-residential $354,834
    Multifamily residential real estate $137,142
    1-4 family residential loans $82,116
    Farmland loans $269,333
    Loans held in foreign offices $0
    Farm loans $321,137
    Commercial and industrial loans $193,080
    To non-U.S. addressees $0
    Loans to individuals $15,433
    Credit card loans $0
    Related Plans $877
    Consumer Auto Loans $5,388
    Other loans to individuals $9,168
    All other loans & leases $73,453
    Loans to foreign governments and official institutions $0
    Other loans $1,060
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $360
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $17,582
    Non 1-4 family restructured loans & leases $15,608
    Total loans and leases (foreign) $0

    Minnwest Bank had $1,649,740,000 of loans outstanding in 2020. $1,075,361,000 of loans were in real estate loans. $125,745,000 of loans were in development loans. $137,142,000 of loans were in multifamily mortgage loans. $82,116,000 of loans were in 1-4 family mortgage loans. $321,137,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,388,000 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 346 $69,266 $200,191
    Nonfarm, nonresidential loans - <$100k 106 $4,080 $38,491
    Nonfarm, nonresidential loans - $100-250k 102 $12,695 $124,461
    Nonfarm, nonresidential loans - $250k-1MM 138 $52,491 $380,370
    Commercial & Industrial, US addressed loans - <$1MM 2,544 $110,275 $43,347
    Commercial & Industrial, US addressed loans - <$100k 2,069 $43,286 $20,921
    Commercial & Industrial, US addressed loans - $100-250k 285 $24,612 $86,358
    Commercial & Industrial, US addressed loans - $250k-1MM 190 $42,377 $223,037
    Farmland loans - <$1MM 906 $112,768 $124,468
    Farmland loans - <$100k 238 $10,107 $42,466
    Farmland loans - $100-250k 389 $41,066 $105,568
    Farmland loans - $250k-1MM 279 $61,595 $220,771
    Agriculture operations loans - <$1MM 2,392 $153,901 $64,340
    Agriculture operations loans - <$100k 1,492 $35,437 $23,751
    Agriculture operations loans - $100-250k 571 $51,564 $90,305
    Agriculture operations loans - $250k-1MM 329 $66,900 $203,343