Minnwest Bank Mortgage Rates, Fees & Info
Redwood Falls, MNLEI: 549300WYC8C6REMY4E38
Tax ID: 41-1571815
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Bank Data
Review & 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 by origination volume include: Minneapolis, Sioux Falls, Rochester, Faribault, and Nashville among others. We have data for 20 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.41% | 11/21/24 |
| 30 Year Conventional Refi | 6.40% | 11/21/24 |
| 30 Year Cash-out Refi | 6.65% | 11/21/24 |
| 30 Year USDA Purchase | 7.24% | 11/21/24 |
| 15 Year Conventional Purchase | 6.13% | 11/21/24 |
| 15 Year Conventional Refi | 6.20% | 11/21/24 |
| 15 Year Cash-out Refi | 6.20% | 11/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
154Origination Dollar Volume (All Markets)
$137,590,000Employee count
397Top 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) | 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% |
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 | 150 | $137,110,000 | $914,067 | $0 | 0.00% |
| USDA | 4 | $480,000 | $120,000 | $0 | 0.00% |
For 2021, Minnwest Bank's most frequently originated type of loan was Conventional, with 150 originations. Their 2nd most popular type was USDA, with 4 originations.
Loan Reason
For 2021, Minnwest Bank's most frequently cited loan purpose was Home Purchase, with 88 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 | 154 | $137,590,000 | $893,442 | $0 | 0.00% |
For 2021, Minnwest Bank's most frequently cited loan duration was Other, with 154 originations.
Loan Sizing
2021 saw Minnwest Bank place emphasis on $100,000 or less loans with 50 originations, totaling $3,040,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications92.06%
Minnwest Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.66%
Minnwest Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 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 | 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 |
| 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 |
For 2021, Minnwest Bank had 34 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $87,008 |
| Net interest income | $81,389 |
| Total noninterest income | $11,096 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,627 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $9,469 |
| Pre-tax net operating income | $34,189 |
| Securities gains (or losses, -) | $2 |
| Income before extraordinary items | $25,101 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $25,101 |
| Minority interest net income | $0 |
| Net income | $25,101 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $25,099 |
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.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 3.0% |
| 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 | $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 |