Roundbank Mortgage Rates, Fees & Info

Waseca, MN

LEI: 549300YCO0GXEXFH4J39

Tax ID: 41-0250072

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Minneapolis, Faribault, Owatonna, Mankato, and Brainerd among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Roundbank 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. Roundbank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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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    Originations

    537

    Origination Dollar Volume (All Markets)

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

    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) 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.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    MY Credit Union
    Similarity Rank: 1200
    Liberty Bank Minnesota
    Similarity Rank: 1488
    Bank Midwest
    Similarity Rank: 1740
    Cf Bank
    Similarity Rank: 1953
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2080
    Security Financial Bank
    Similarity Rank: 2160
    South Metro Federal Credit Union
    Similarity Rank: 2443
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 2496

    Product Mix

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

    For 2021, Roundbank's most frequently originated type of loan was Conventional, with 528 originations. Their 2nd most popular type was USDA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Roundbank's most frequently cited loan purpose was Refi, with 241 originations. The 2nd most popular reason was 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 2021, Roundbank's most frequently cited loan duration was 30 Year, with 291 originations. The 2nd most popular length was 15 Year, with 122 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 145 $30,415,000 $209,759
    $1k-2k 114 $15,660,000 $137,368
    $3k-4k 91 $28,595,000 $314,231
    $<1k 48 $9,980,000 $207,917
    $5k+ 41 $23,845,000 $581,585
    $4k-5k 33 $13,625,000 $412,879

    Roundbank's average total fees were $4,873, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.87%, while their most frequently originated rate bucket for loans was <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
    97.29%

    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
    86.78%

    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