Roundbank Mortgage Rates, Fees & Info

Waseca, MN

LEI: 549300YCO0GXEXFH4J39

Tax ID: 41-0250072

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Roundbank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Roundbank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Minneapolis, Faribault, Owatonna, Mankato, and Brainerd among others. Roundbank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Roundbank is typically an average fee lendor.


Originations

537

Origination Dollar Volume (All Markets)

$134,205,000
Show all (5) awards

Relative Rate

Roundbank's average 30 year fixed rate mortgage of loans were 2.87%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.28%.

Relative Fees

Roundbank's average total fees for a 30 year fixed rate mortgage are $4,873.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 330 $94,120,000 $285,212 $4,832 2.76%
Outside of Metro Areas 104 $17,750,000 $170,673 $3,893 2.77%
Faribault-Northfield, MN (FHA|USDA|VA) 27 $6,635,000 $245,741 $4,939 3.19%
Owatonna, MN (FHA|USDA|VA) 23 $4,285,000 $186,304 $4,036 2.89%
MANKATO, MN (FHA|USDA|VA) 9 $2,135,000 $237,222 $3,742 2.76%
Brainerd, MN (FHA|USDA|VA) 6 $1,180,000 $196,667 $4,102 2.81%
Red Wing, MN (FHA|USDA|VA) 4 $970,000 $242,500 $4,601 3.28%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $845,000 $281,667 $5,222 3.13%
WICHITA, KS (FHA|USDA|VA) 1 $635,000 $635,000 $0 3.95%
DULUTH, MN-WI (FHA|USDA|VA) 3 $625,000 $208,333 $3,482 2.50%
New Ulm, MN (FHA|USDA|VA) 3 $475,000 $158,333 $4,002 2.54%
Albert Lea, MN (FHA|USDA|VA) 3 $465,000 $155,000 $3,570 2.46%
Fergus Falls, MN (FHA|USDA|VA) 1 $445,000 $445,000 $7,195 2.88%
SIOUX FALLS, SD (FHA|USDA|VA) 2 $440,000 $220,000 $3,931 2.75%
ST. CLOUD, MN (FHA|USDA|VA) 2 $430,000 $215,000 $0 3.00%
ROCHESTER, MN (FHA|USDA|VA) 2 $380,000 $190,000 $2,634 2.50%
Austin, MN (FHA|USDA|VA) 3 $355,000 $118,333 $4,816 3.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $315,000 $315,000 $9,632 3.76%
Fairmont, MN (FHA|USDA|VA) 2 $300,000 $150,000 $2,535 2.13%
Menomonie, WI (FHA|USDA|VA) 1 $265,000 $265,000 $0 4.00%
Alexandria, MN (FHA|USDA|VA) 2 $250,000 $125,000 $4,265 4.38%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $245,000 $245,000 $4,466 3.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $195,000 $195,000 $0 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,775 2.63%
APPLETON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,855 2.75%
Hutchinson, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,703 2.00%

Roundbank's top markets include Minneapolis, Faribault, Owatonna, Mankato, and Brainerd among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 528 $132,690,000 $251,307 $4,525 2.80%
USDA 9 $1,515,000 $168,333 $5,402 3.00%

For the 2021 period, Roundbank's most frequently originated loan type of loans were Conventional, with 528 originations. Their 2nd most popular type is USDA, with 9 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 241 $54,165,000 $224,751 $3,928 2.71%
Home Purchase 173 $51,595,000 $298,237 $5,571 3.00%
Cash Out Refi 118 $28,130,000 $238,390 $4,506 2.67%
Other 3 $175,000 $58,333 $529 4.54%
Home Improvement 2 $140,000 $70,000 $845 3.00%

For the 2021, Roundbank's most frequently cited loan purpose of loans were Refi, with 241 originations. The 2nd most popular reason of loans were Home Purchase, with 173 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 291 $80,015,000 $274,966 $4,873 2.87%
15 Year 122 $23,220,000 $190,328 $3,490 2.26%
20 Year 46 $10,080,000 $219,130 $3,968 2.73%
10 Year 27 $4,625,000 $171,296 $2,922 3.28%
30+ year 21 $9,725,000 $463,095 $8,544 2.44%
5 Year 17 $3,645,000 $214,412 $0 4.38%
Other 11 $2,595,000 $235,909 $4,482 4.30%
3 Year 2 $300,000 $150,000 $0 4.24%

For the 2021, Roundbank's most frequently cited loan length of loans were 30 Year, with 291 originations. The 2nd most popular length of loans were 15 Year, with 122 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 145 $30,415,000 $209,759
$3k-4k 124 $42,220,000 $340,484
$1k-2k 114 $15,660,000 $137,368
$<1k 48 $9,980,000 $207,917
$5k+ 41 $23,845,000 $581,585

$4,873 of loans were Roundbank's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 145 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 220 $52,070,000 $236,682
2.5-3% 210 $54,510,000 $259,571
3-4% 65 $20,165,000 $310,231
4-5% 33 $6,705,000 $203,182
5-6% 7 $675,000 $96,429
6-7% 2 $80,000 $40,000

During 2021, Roundbank's average interest rate of loans were 2.87%, while their most frequently originated rate bucket of loans were <2.5%, with 220 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 206 $57,620,000 $279,709 $4,873 2.78%
$100k-200k 196 $29,930,000 $152,704 $3,366 2.73%
$400k-600k 72 $34,840,000 $483,889 $7,205 2.64%
$100,000 or less 55 $3,765,000 $68,455 $2,300 3.21%
$600k-1MM 6 $4,320,000 $720,000 $6,683 3.97%
$1MM+ 2 $3,730,000 $1,865,000 $16,132 3.92%

2021 saw Roundbank place emphasis on $200k-400k loans with 206 originations, totaling $57,620,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 146 $43,290,000 $296,507 $4,898 2.74%
$50k-75k 106 $19,580,000 $184,717 $3,871 2.71%
$150k-250k 86 $27,540,000 $320,233 $5,275 2.58%
$75k-100k 78 $17,780,000 $227,949 $4,485 2.70%
$50k or less 53 $6,955,000 $131,226 $3,468 2.79%
$250k+ 22 $9,370,000 $425,909 $6,612 2.63%

Roundbank lent most frequently to those with incomes in the $100k-150k range, with 146 originations. The second most popular income band? $50k-75k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 151 $34,135,000 $226,060 $4,091 2.69%
30-36% 89 $22,445,000 $252,191 $4,502 2.66%
<20% 63 $13,785,000 $218,810 $4,119 2.50%
39% 24 $6,460,000 $269,167 $4,685 2.83%
37% 19 $4,335,000 $228,158 $4,035 2.66%
36% 18 $4,030,000 $223,889 $4,072 2.70%
42% 17 $4,985,000 $293,235 $5,701 2.95%
40% 17 $4,705,000 $276,765 $5,625 2.67%
45% 15 $3,385,000 $225,667 $4,860 2.99%
41% 15 $4,295,000 $286,333 $4,839 2.85%
38% 14 $4,580,000 $327,143 $5,687 2.74%
43% 12 $3,730,000 $310,833 $5,860 2.85%
44% 11 $2,515,000 $228,636 $5,043 2.81%
48% 10 $2,990,000 $299,000 $4,440 2.79%
49% 9 $3,015,000 $335,000 $5,783 2.48%
46% 9 $3,015,000 $335,000 $5,183 2.64%
47% 7 $2,015,000 $287,857 $5,140 2.67%
>60% 2 $2,640,000 $1,320,000 $11,069 3.86%
50-60% 1 $115,000 $115,000 $3,278 2.75%
Exempt% 1 $265,000 $265,000 $0 4.00%

Roundbank lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? 30-36%, with 89 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 434 $110,630,000 $254,908 $4,578 2.71%
Not provided 51 $11,705,000 $229,510 $4,130 2.54%
Not applicable 33 $6,765,000 $205,000 $0 4.39%
Asian 16 $4,400,000 $275,000 $4,938 3.01%
Other Asian 2 $440,000 $220,000 $4,252 2.63%
American Indian 1 $265,000 $265,000 $4,496 2.88%

Approval Rates

Total approvals of all applications
97.31%

Roundbank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
90.19%

Roundbank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 537 $134,205,000 $249,916

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
537 $134,205,000 $249,916

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 40 $6,600,000 $165,000 $3,246 2.91%
40-60% 112 $22,600,000 $201,786 $3,833 2.48%
60-80% 253 $71,775,000 $283,696 $4,957 2.84%
80-100% 119 $31,445,000 $264,244 $5,028 2.82%
Under 20% 13 $1,785,000 $137,308 $909 4.37%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
RoundPoint Mortgage Servicing Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 5.5%
RoundPoint Mortgage Servicing Corporation Conventional home mortgage Closing on a mortgage 2 2.7%
RoundPoint Mortgage Servicing Corporation Conventional home mortgage Struggling to pay mortgage 4 5.5%
RoundPoint Mortgage Servicing Corporation Conventional home mortgage Trouble during payment process 52 71.2%
RoundPoint Mortgage Servicing Corporation FHA mortgage Closing on a mortgage 1 1.4%
RoundPoint Mortgage Servicing Corporation FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 1.4%
RoundPoint Mortgage Servicing Corporation FHA mortgage Struggling to pay mortgage 1 1.4%
RoundPoint Mortgage Servicing Corporation FHA mortgage Trouble during payment process 4 5.5%
RoundPoint Mortgage Servicing Corporation Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.4%
RoundPoint Mortgage Servicing Corporation Other type of mortgage Incorrect information on your report 2 2.7%
RoundPoint Mortgage Servicing Corporation Other type of mortgage Trouble during payment process 1 1.4%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Roundbank 102 Main Street Waldorf, MN 56091 Full Service B&M $24,542
Roundbank 1100 1st Street, N.E. New Prague, MN 56071 Full Service B&M $91,091
Roundbank 200 Northeast 2nd Street Waseca, MN 56093 Full Service B&M $158,956
Roundbank 3380 Vermillion River Trail Farmington, MN 55024 Full Service B&M $37,620

For 2021, Roundbank had 4 branches.

Yearly Performance Overview