Frandsen Bank & Trust Mortgage Rates, Fees & Info
Lonsdale, MNLEI: 549300ZZZUYWXK72JD21
Tax ID: 41-0947097
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Mortgage Data
Review & Overview
Frandsen Bank & Trust is a smaller bank specializing in Home Purchase loans. Frandsen Bank & Trust has a high proportion of conventional loans. Frandsen Bank & Trust has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Duluth, Minneapolis, Brainerd, Mankato, and Eau Claire among others. We have data for 41 markets. (Some data included below & more in-depth data is available with an active subscription.)Frandsen Bank & Trust 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. Frandsen Bank & Trust 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 | 6.61% | 4/28/24 |
| 30 Year Conventional Refi | 6.76% | 4/28/24 |
| 30 Year Cash-out Refi | 6.56% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 30 Year VA Refi | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.76% | 4/28/24 |
| 15 Year Conventional Purchase | 6.34% | 4/28/24 |
| 15 Year Conventional Refi | 6.39% | 4/28/24 |
| 15 Year Cash-out Refi | 6.39% | 4/28/24 |
| 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. | ||
Frandsen Bank & Trust Mortgage Calculator
Your Estimates
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This is not an official calculator from Frandsen Bank & Trust. 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
1,312Origination Dollar Volume (All Markets)
$283,960,000Awards
Frandsen Bank & Trust - 2022
Frandsen Bank & Trust is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| DULUTH, MN-WI (FHA|USDA|VA) | 342 | $75,310,000 | $220,205 | $4,437 | 5.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 266 | $74,490,000 | $280,038 | $4,805 | 4.77% |
| Outside of Metro Areas | 252 | $35,580,000 | $141,190 | $3,845 | 5.01% |
| Brainerd, MN (FHA|USDA|VA) | 72 | $20,630,000 | $286,528 | $4,245 | 4.84% |
| MANKATO, MN (FHA|USDA|VA) | 76 | $15,520,000 | $204,211 | $3,768 | 4.85% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 38 | $11,770,000 | $309,737 | $4,315 | 4.74% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 55 | $11,725,000 | $213,182 | $3,697 | 5.03% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 80 | $11,290,000 | $141,125 | $3,540 | 4.98% |
| New Ulm, MN (FHA|USDA|VA) | 50 | $7,030,000 | $140,600 | $3,436 | 4.38% |
| ST. CLOUD, MN (FHA|USDA|VA) | 24 | $4,050,000 | $168,750 | $4,202 | 5.17% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,625,000 | $541,667 | $6,963 | 4.63% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $1,360,000 | $680,000 | $5,601 | 4.03% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 2 | $1,290,000 | $645,000 | $8,365 | 4.34% |
| ROCHESTER, MN (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $4,085 | 5.26% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $1,185,000 | $1,185,000 | $0 | 5.09% |
| Albert Lea, MN (FHA|USDA|VA) | 3 | $1,095,000 | $365,000 | $3,470 | 5.06% |
| Owatonna, MN (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $6,363 | 5.10% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $4,650 | 4.04% |
| Grand Rapids, MN (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $6,803 | 4.63% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $4,321 | 4.03% |
| Menomonie, WI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,332 | 4.34% |
| FARGO, ND-MN (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $2,964 | 3.88% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $7,005 | 5.65% |
| Willmar, MN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $2,972 | 5.30% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,107 | 5.27% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,220 | 4.38% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,625 | 6.38% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $2,909 | 3.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,041 | 3.25% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,540 | 3.25% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,596 | 4.75% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,467 | 3.95% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $1,587 | 5.69% |
| Spearfish, SD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,122 | 4.88% |
| MADISON, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,374 | 2.99% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,203 | 3.63% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.00% |
| Clinton, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Frandsen Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, Frandsen Bank & Trust's most frequently originated type of loan was Conventional, with 993 originations. Their 2nd most popular type was Conventional, with 309 originations.
Loan Reason
For 2022, Frandsen Bank & Trust's most frequently cited loan purpose was Home Purchase, with 683 originations. The 2nd most popular reason was Home Improvement, with 223 originations.
Loan Duration/Length
For 2022, Frandsen Bank & Trust's most frequently cited loan duration was 30 Year, with 602 originations. The 2nd most popular length was Other, with 351 originations.
Origination Fees/Closing Costs
Frandsen Bank & Trust's average total fees were $4,771, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 272 originations.
Interest Rates
During 2022, Frandsen Bank & Trust's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 5-6%, with 305 originations.
Loan Sizing
2022 saw Frandsen Bank & Trust place emphasis on $100,000 or less loans with 403 originations, totaling $22,575,000 in origination value.
Applicant Income
Frandsen Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 248 originations. The second most popular income band? $50k-75k, with 238 originations.
Applicant Debt to Income Ratio
Frandsen Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 309 originations. The next most common DTI ratio? 20-30%, with 243 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.88%
Frandsen Bank & Trust has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination85.75%
Frandsen Bank & Trust has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 125.0 | 1 | $25,000 | $25,000 |
| 82.5 | 1 | $55,000 | $55,000 |
| Exempt | 309 | $30,055,000 | $97,265 |
| NA | 1,001 | $253,825,000 | $253,571 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Fairway Independent Mortgage Corporation | Conventional home mortgage | Improper use of your report | 1 | 100.0% |