Deerwood Bank Mortgage Rates, Fees & Info

Waite Park, MN

LEI: 549300ZBB5XXXOWVNS92

Tax ID: 41-0216169

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Bank Data

Review & Overview

Deerwood Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Deerwood Bank has a high proportion of conventional loans. Their top markets by origination volume include: Brainerd, Minneapolis, St. Cloud, Grand Rapids, and Bemidji among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Deerwood 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. Deerwood Bank is typically a low 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.56% 3/28/24
30 Year Conventional Purchase 6.50% 3/28/24
30 Year Conventional Refi 6.40% 3/28/24
30 Year Cash-out Refi 6.71% 3/28/24
15 Year Conventional Purchase 6.12% 3/28/24
15 Year Conventional Refi 6.00% 3/28/24
15 Year Cash-out Refi 6.00% 3/28/24
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.

Deerwood Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Deerwood Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

959

Origination Dollar Volume (All Markets)

$225,685,000

Employee count

176 Show all (6) 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
Brainerd, MN (FHA|USDA|VA) 282 $64,560,000 $228,936 $3,752 2.96%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 213 $52,125,000 $244,718 $2,653 3.20%
ST. CLOUD, MN (FHA|USDA|VA) 118 $34,780,000 $294,746 $4,052 2.89%
Outside of Metro Areas 110 $21,100,000 $191,818 $3,493 3.11%
Grand Rapids, MN (FHA|USDA|VA) 82 $19,760,000 $240,976 $3,593 3.21%
Bemidji, MN (FHA|USDA|VA) 107 $19,065,000 $178,178 $3,284 2.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $2,040,000 $510,000 $6,923 2.47%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,630,000 $407,500 $6,442 3.22%
DULUTH, MN-WI (FHA|USDA|VA) 10 $1,450,000 $145,000 $3,225 2.71%
Alexandria, MN (FHA|USDA|VA) 3 $995,000 $331,667 $5,470 3.79%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $925,000 $925,000 $6,385 3.00%
Willmar, MN (FHA|USDA|VA) 2 $800,000 $400,000 $4,569 3.94%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $645,000 $645,000 $6,787 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $630,000 $315,000 $5,250 2.56%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $500,000 $250,000 $3,962 2.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $495,000 $495,000 $6,637 2.88%
Fergus Falls, MN (FHA|USDA|VA) 1 $475,000 $475,000 $4,012 3.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $405,000 $405,000 $7,365 2.38%
FARGO, ND-MN (FHA|USDA|VA) 1 $395,000 $395,000 $7,407 2.88%
GREEN BAY, WI (FHA|USDA|VA) 1 $355,000 $355,000 $3,002 2.38%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,684 2.38%
Danville, KY (FHA|USDA|VA) 1 $275,000 $275,000 $3,022 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $275,000 $275,000 $4,269 2.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,952 3.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,446 2.38%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.63%
BISMARCK, ND (FHA|USDA|VA) 1 $215,000 $215,000 $4,800 2.88%
MANKATO, MN (FHA|USDA|VA) 1 $165,000 $165,000 $2,977 2.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $165,000 $165,000 $1,905 2.13%
GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $150,000 $75,000 $2,550 2.63%
FRESNO, CA (FHA|USDA|VA) 1 $145,000 $145,000 $2,717 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,587 4.75%
Deerwood Bank's top markets include Brainerd, Minneapolis, St. Cloud, Grand Rapids, and Bemidji among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    Bank Forward
    Similarity Rank: 68
    FIRST STATE MORTGAGE SERVICES, LLC
    Similarity Rank: 564
    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    MY Credit Union
    Similarity Rank: 1200
    Bank Midwest
    Similarity Rank: 1740
    Cf Bank
    Similarity Rank: 1953
    Liberty Bank Minnesota
    Similarity Rank: 1984
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2080
    Security Financial Bank
    Similarity Rank: 2160

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 959 $225,685,000 $235,334 $3,493 3.05%

    For 2021, Deerwood Bank's most frequently originated type of loan was Conventional, with 959 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 333 $93,155,000 $279,745 $4,763 3.33%
    Refi 304 $67,820,000 $223,092 $2,993 2.69%
    Cash Out Refi 239 $57,575,000 $240,900 $3,407 2.73%
    Home Improvement 66 $4,870,000 $73,788 $817 3.93%
    Other 17 $2,265,000 $133,235 $1,299 4.93%

    For 2021, Deerwood Bank's most frequently cited loan purpose was Home Purchase, with 333 originations. The 2nd most popular reason was Refi, with 304 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 448 $122,660,000 $273,795 $3,938 2.90%
    15 Year 217 $47,735,000 $219,977 $3,262 2.29%
    20 Year 112 $19,130,000 $170,804 $2,358 3.02%
    Other 53 $7,185,000 $135,566 $2,107 5.15%
    10 Year 48 $6,660,000 $138,750 $1,839 3.84%
    30+ year 33 $10,805,000 $327,424 $7,163 3.91%
    5 Year 31 $5,795,000 $186,935 $97 4.19%
    1 Year 17 $5,715,000 $336,176 $4,125 4.13%

    For 2021, Deerwood Bank's most frequently cited loan duration was 30 Year, with 448 originations. The 2nd most popular length was 15 Year, with 217 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 314 $51,310,000 $163,408
    $<1k 222 $38,230,000 $172,207
    $2k-3k 203 $53,305,000 $262,586
    $3k-4k 87 $31,815,000 $365,690
    $4k-5k 35 $16,385,000 $468,143
    $5k+ 28 $19,390,000 $692,500

    Deerwood Bank's average total fees were $3,938, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 314 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 333 $88,575,000 $265,991
    <2.5% 320 $67,220,000 $210,063
    3-4% 184 $50,590,000 $274,946
    4-5% 78 $14,840,000 $190,256
    5-6% 36 $4,020,000 $111,667
    6-7% 8 $440,000 $55,000

    During 2021, Deerwood Bank's average interest rate for loans was 2.90%, while their most frequently originated rate bucket for loans was 2.5-3%, with 333 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 342 $94,060,000 $275,029 $4,031 2.91%
    $100k-200k 333 $49,845,000 $149,685 $2,953 2.85%
    $100,000 or less 159 $9,675,000 $60,849 $1,420 3.72%
    $400k-600k 96 $46,530,000 $484,688 $5,453 3.05%
    $600k-1MM 22 $17,610,000 $800,455 $6,899 3.29%
    $1MM+ 7 $7,965,000 $1,137,857 $10,604 3.07%

    2021 saw Deerwood Bank place emphasis on $200k-400k loans with 342 originations, totaling $94,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 206 $51,070,000 $247,913 $3,766 3.02%
    $50k-75k 203 $33,295,000 $164,015 $2,980 2.99%
    $75k-100k 152 $28,270,000 $185,987 $3,134 2.94%
    $50k or less 136 $16,730,000 $123,015 $2,848 3.15%
    $150k-250k 126 $38,800,000 $307,937 $3,901 3.07%
    $250k+ 101 $49,335,000 $488,465 $5,233 2.90%

    Deerwood Bank lent most frequently to those with incomes in the $100k-150k range, with 206 originations. The second most popular income band? $50k-75k, with 203 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 282 $63,630,000 $225,638 $3,302 2.93%
    30-36% 204 $46,860,000 $229,706 $3,563 2.97%
    <20% 95 $27,945,000 $294,158 $3,737 2.67%
    39% 40 $8,160,000 $204,000 $3,119 3.54%
    38% 37 $9,185,000 $248,243 $3,798 3.25%
    36% 34 $8,900,000 $261,765 $3,383 3.28%
    37% 33 $8,085,000 $245,000 $4,063 3.04%
    40% 30 $6,780,000 $226,000 $3,510 2.95%
    44% 29 $6,145,000 $211,897 $3,055 2.99%
    41% 27 $5,625,000 $208,333 $3,914 3.19%
    43% 27 $6,765,000 $250,556 $3,196 3.19%
    42% 24 $5,020,000 $209,167 $3,383 2.88%
    47% 21 $4,975,000 $236,905 $3,442 3.31%
    49% 13 $3,595,000 $276,538 $4,022 2.86%
    48% 12 $3,240,000 $270,000 $4,636 3.21%
    45% 11 $1,755,000 $159,545 $3,206 2.99%
    46% 5 $1,005,000 $201,000 $3,707 3.65%

    Deerwood Bank lent most frequently to those with DTI ratios of 20-30%, with 282 originations. The next most common DTI ratio? 30-36%, with 204 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 819 $188,355,000 $229,982 $3,504 2.99%
    Not provided 107 $29,245,000 $273,318 $3,423 3.19%
    Not applicable 22 $5,560,000 $252,727 $0 4.39%
    Asian 4 $730,000 $182,500 $2,317 2.31%
    American Indian 4 $730,000 $182,500 $3,433 3.56%
    Black 2 $710,000 $355,000 $4,705 2.56%
    Asian Indian 1 $355,000 $355,000 $4,749 2.25%

    Approval Rates

    Total approvals of all applications
    95.61%

    Deerwood 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 origination
    88.74%

    Deerwood Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 959 $225,685,000 $235,334

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    959 $225,685,000 $235,334

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $11,245,000 $129,253 $2,495 2.93%
    40-60% 215 $46,295,000 $215,326 $3,195 2.72%
    60-80% 372 $102,990,000 $276,855 $3,808 3.02%
    80-100% 226 $62,310,000 $275,708 $4,462 3.07%
    Under 20% 59 $2,845,000 $48,220 $465 4.48%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Deerwood Bank 1060 Dakota Dr Mendota Heights, MN 55120 Full Service B&M $132,070
    Deerwood Bank 12080 Main Street Northome, MN 56661 Full Service B&M $19,071
    Deerwood Bank 131 6th Avenue South, Suite 100 Waite Park, MN 56387 Full Service B&M $171,449
    Deerwood Bank 1350 Paul Bunyan Drive Nw Bemidji, MN 56601 Full Service B&M $53,454
    Deerwood Bank 14986 Lynwood Dr Baxter, MN 56425 Full Service B&M $126,570
    Deerwood Bank 16 Summit Avenue West Blackduck, MN 56630 Full Service B&M $40,083
    Deerwood Bank 21236 Archibald Rd Deerwood, MN 56444 Full Service B&M $137,688
    Deerwood Bank 2310 Seventh Street West Saint Paul, MN 55116 Full Service B&M $54,249
    Deerwood Bank 2351 Connecticut Ave. S, Suite 100 Sartell, MN 56377 Full Service B&M $67,572
    Deerwood Bank 2950 Us Highway 169 Grand Rapids, MN 55744 Full Service B&M $46,417
    Deerwood Bank 611 Washington St Ne Brainerd, MN 56401 Full Service B&M $19,740
    Deerwood Bank 7055 Cahill Avenue Inver Grove Heights, MN 55076 Full Service B&M $16,821
    Deerwood Bank 9451 Madison Street Garrison, MN 56450 Full Service B&M $22,671

    For 2021, Deerwood Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,010
    Net interest income $32,136
    Total noninterest income $7,627
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $544
    Trading account gains and fees $0
    Additional Noninterest Income $7,083
    Pre-tax net operating income $13,174
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,408
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,408
    Minority interest net income $0
    Net income $10,408
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,408

    Deerwood Bank's gross interest income from loans was $33,010,000.
    Deerwood Bank's net interest income from loans was $32,136,000.
    Deerwood Bank's fee based income from loans was $544,000.
    Deerwood Bank's net income from loans was $10,408,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $874
    Provision for credit losses $750
    Total noninterest expense $25,839
    Salaries and employee benefits $15,877
    Premises and equipment expense $3,409
    Additional noninterest expense $6,553
    Applicable income taxes $2,766
    Net charge-offs $150
    Cash dividends $600

    Deerwood Bank's interest expense for loans was $874,000.
    Deerwood Bank's payroll and benefits expense were $15,877,000.
    Deerwood Bank's property, plant and equipment expenses $3,409,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $966,190
    Deposits held in domestic offices $966,190
    Deposits by Individuals, partnerships, and corporations $923,482
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $42,708
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $533,300
    Demand deposits $330,586
    Nontransaction accounts $432,890
    Money market deposit accounts (MMDAs) $45,193
    Other savings deposits (excluding MMDAs) $320,942
    Total time deposits $66,754
    Total time and savings deposits $635,604
    Noninterest-bearing deposits $330,971
    Interest-bearing deposits $635,220
    Retail deposits $957,287
    IRAs and Keogh plan accounts $17,694
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,062,979
    Cash & Balances due from depository institutions $148,021
    Interest-bearing balances $132,435
    Total securities $235,539
    Federal funds sold & reverse repurchase $0
    Net loans and leases $639,981
    Loan and leases loss allowance $5,884
    Trading account assets $0
    Bank premises and fixed assets $12,692
    Other real estate owned $65
    Goodwill and other intangibles $16,555
    All other assets $10,126

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,062,979
    Total Liabilities $967,487
    Total deposits $966,190
    Interest-bearing deposits $635,220
    Deposits held in domestic offices $966,190
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,297

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $639,981
    Loan and leases loss allowance $5,884
    Total loans and leases (domestic) $645,865
    All real estate loans $428,606
    Real estate loans in domestic offices $428,606
    Construction and development loans $38,194
    Residential 1-4 family construction $15,294
    Other construction, all land development and other land $22,900
    Loans secured by nonfarm nonresidential properties $192,161
    Nonfarm nonresidential secured by owner-occupied properties $122,255
    Commercial real estate & other non-farm, non-residential $69,906
    Multifamily residential real estate $22,068
    1-4 family residential loans $172,911
    Farmland loans $3,272
    Loans held in foreign offices $0
    Farm loans $1,405
    Commercial and industrial loans $162,245
    To non-U.S. addressees $0
    Loans to individuals $31,314
    Credit card loans $0
    Related Plans $1,659
    Consumer Auto Loans $1,547
    Other loans to individuals $28,108
    All other loans & leases $22,665
    Loans to foreign governments and official institutions $0
    Other loans $308
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $6,270
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $7,116
    Non 1-4 family restructured loans & leases $7,000
    Total loans and leases (foreign) $0

    Deerwood Bank had $639,981,000 of loans outstanding in 2021. $428,606,000 of loans were in real estate loans. $38,194,000 of loans were in development loans. $22,068,000 of loans were in multifamily mortgage loans. $172,911,000 of loans were in 1-4 family mortgage loans. $1,405,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,547,000 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 358 $79,723 $222,690
    Nonfarm, nonresidential loans - <$100k 60 $2,644 $44,067
    Nonfarm, nonresidential loans - $100-250k 137 $16,902 $123,372
    Nonfarm, nonresidential loans - $250k-1MM 161 $60,177 $373,770
    Commercial & Industrial, US addressed loans - <$1MM 755 $56,511 $74,849
    Commercial & Industrial, US addressed loans - <$100k 500 $11,466 $22,932
    Commercial & Industrial, US addressed loans - $100-250k 123 $11,277 $91,683
    Commercial & Industrial, US addressed loans - $250k-1MM 132 $33,768 $255,818
    Farmland loans - <$1MM 24 $2,526 $105,250
    Farmland loans - <$100k 11 $503 $45,727
    Farmland loans - $100-250k 11 $1,412 $128,364
    Farmland loans - $250k-1MM 2 $611 $305,500
    Agriculture operations loans - <$1MM 60 $1,405 $23,417
    Agriculture operations loans - <$100k 57 $1,243 $21,807
    Agriculture operations loans - $100-250k 3 $162 $54,000