Riverwood Bank Mortgage Rates, Fees & Info
Baxter, MNLEI: 549300ZVEC9BMHFLTM94
Tax ID: 41-0145082
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Mortgage Data
Review & Overview
Riverwood Bank is a smaller bank specializing in loans. Riverwood Bank has a high proportion of conventional loans. Their top markets by origination volume include: Brainerd, Bemidji, Minneapolis, St. Cloud, and Fergus Falls among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Riverwood 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. Riverwood Bank 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.90% | 3/28/23 |
| 30 Year Conventional Refi | 6.77% | 3/28/23 |
| 30 Year Cash-out Refi | 7.13% | 3/28/23 |
| 15 Year Conventional Purchase | 6.30% | 3/28/23 |
| 15 Year Conventional Refi | 6.22% | 3/28/23 |
| 15 Year Cash-out Refi | 6.22% | 3/28/23 |
| 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. | ||
Originations
289Origination Dollar Volume (All Markets)
$68,175,000Relative Rate
Riverwood Bank's average 30 year fixed mortgage rate was
4.72%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
Riverwood Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,327.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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) | 91 | $28,715,000 | $315,549 | $3,771 | 4.70% |
| Outside of Metro Areas | 88 | $12,260,000 | $139,318 | $3,580 | 4.79% |
| Bemidji, MN (FHA|USDA|VA) | 49 | $8,345,000 | $170,306 | $3,492 | 4.84% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 30 | $8,320,000 | $277,333 | $3,964 | 4.77% |
| ST. CLOUD, MN (FHA|USDA|VA) | 4 | $2,660,000 | $665,000 | $2,822 | 6.05% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $2,625,000 | $875,000 | $6,920 | 5.32% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 13 | $1,315,000 | $101,154 | $3,358 | 5.32% |
| DULUTH, MN-WI (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $2,477 | 4.37% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $8,732 | 3.49% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $855,000 | $855,000 | $4,043 | 3.74% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $11,072 | 4.81% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 4.99% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.24% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $171 | 3.49% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 289 | $68,175,000 | $235,900 | $3,756 | 4.80% |
For 2022, Riverwood Bank's most frequently originated type of loan was Conventional, with 289 originations.
Loan Reason
For 2022, Riverwood Bank's most frequently cited loan purpose was Home Purchase, with 205 originations. The 2nd most popular reason was Refi, with 42 originations.
Loan Duration/Length
For 2022, Riverwood Bank's most frequently cited loan duration was Other, with 109 originations. The 2nd most popular length was 30 Year, with 86 originations.
Origination Fees/Closing Costs
Riverwood Bank's average total fees were $5,327, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 62 originations.
Interest Rates
During 2022, Riverwood Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 102 originations.
Loan Sizing
2022 saw Riverwood Bank place emphasis on $100k-200k loans with 99 originations, totaling $13,785,000 in origination value.
Applicant Income
Riverwood Bank lent most frequently to those with incomes in the $75k-100k range, with 45 originations. The second most popular income band? $100k-150k, with 38 originations.
Applicant Debt to Income Ratio
Riverwood Bank lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.41%
Riverwood 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 origination92.73%
Riverwood Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 289 | $68,175,000 | $235,900 |