Mount Vernon Bank And Trust Company Mortgage Rates, Fees & Info
Mount Vernon, IALEI: 549300Z8UWZMQ33WI653
Tax ID: 42-0426690
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Mortgage Data
Review & Overview
Mount Vernon Bank And Trust Company is a smaller bank specializing in Home Purchase loans. Mount Vernon Bank And Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Fort Dodge, Des Moines, and Davenport among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Mount Vernon Bank And Trust Company 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
141Origination Dollar Volume (All Markets)
$20,515,000Top 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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 110 | $15,190,000 | $138,091 | $0 | 0.00% |
| IOWA CITY, IA (FHA|USDA|VA) | 11 | $2,185,000 | $198,636 | $0 | 0.00% |
| Outside of Metro Areas | 14 | $2,000,000 | $142,857 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 141 | $20,515,000 | $145,496 | $0 | 0.00% |
For 2023, Mount Vernon Bank And Trust Company's most frequently originated type of loan was Conventional, with 141 originations.
Loan Reason
For 2023, Mount Vernon Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 72 originations. The 2nd most popular reason was Other, with 25 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 141 | $20,515,000 | $145,496 | $0 | 0.00% |
For 2023, Mount Vernon Bank And Trust Company's most frequently cited loan duration was Other, with 141 originations.
Loan Sizing
2023 saw Mount Vernon Bank And Trust Company place emphasis on $100,000 or less loans with 55 originations, totaling $2,045,000 in origination value.
Applicant Income
Mount Vernon Bank And Trust Company lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 25 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 141 | $20,515,000 | $145,496 | $0 | 0.00% |
Mount Vernon Bank And Trust Company lent most frequently to those with DTI ratios of Exempt%, with 141 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 125 | $17,975,000 | $143,800 | $0 | 0.00% |
| Not applicable | 16 | $2,540,000 | $158,750 | $0 | 0.00% |
Approval Rates
Total approvals of all applications98.62%
Mount Vernon Bank And Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination98.58%
Mount Vernon Bank And Trust Company has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 141 | $20,515,000 | $145,496 |