Lake Central Bank Mortgage Rates, Fees & Info
Annandale, MNLEI: 549300YSKDQJCQKT0775
Tax ID: 41-0128010
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Mortgage Data
Review & Overview
Lake Central Bank is a smaller bank specializing in Home Purchase loans. Lake Central Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, St. Cloud, and Duluth among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Lake Central Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
41Origination Dollar Volume (All Markets)
$8,875,000Top 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) | 31 | $6,465,000 | $208,548 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 7 | $1,845,000 | $263,571 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $430,000 | $215,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 41 | $8,875,000 | $216,463 | $0 | 0.00% |
For 2018, Lake Central Bank's most frequently originated type of loan was Conventional, with 41 originations.
Loan Reason
For 2018, Lake Central Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 41 | $8,875,000 | $216,463 | $0 | 0.00% |
For 2018, Lake Central Bank's most frequently cited loan duration was Other, with 41 originations.
Loan Sizing
2018 saw Lake Central Bank place emphasis on $200k-400k loans with 21 originations, totaling $5,715,000 in origination value.
Applicant Income
Lake Central Bank lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 41 | $8,875,000 | $216,463 | $0 | 0.00% |
Lake Central Bank lent most frequently to those with DTI ratios of Exempt%, with 41 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.83%
Lake Central Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.24%
Lake Central Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 41 | $8,875,000 | $216,463 |