Star Financial Bank Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: LBIZXW7X2N50PETIH863

Tax ID: 35-1719464

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Star Financial Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Star Financial Bank has a high proportion of conventional loans. Their top markets include Indianapolis, Fort Wayne, Muncie, Marion, and New Castle among others. Star Financial Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Star Financial Bank is typically an average fee lendor.


Originations

1,479

Origination Dollar Volume (All Markets)

$230,785,000

Employee count

448

Awards

STAR Financial Bank 30 Year Conventional Loans bronze STAR Financial Bank 30 Year Conventional Loans silver STAR Financial Bank 30 Year Conventional Loans silver STAR Financial Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Star Financial Bank's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Star Financial Bank's average total fees for a 30 year fixed rate mortgage are $3,505.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 504 $100,610,000 $199,623 $3,845 2.91%
FORT WAYNE, IN (FHA|USDA|VA) 386 $54,980,000 $142,435 $3,157 2.90%
Outside of Metro Areas 96 $11,830,000 $123,229 $3,264 2.88%
MUNCIE, IN (FHA|USDA|VA) 104 $11,630,000 $111,827 $3,482 2.92%
Marion, IN (FHA|USDA|VA) 97 $9,475,000 $97,680 $2,652 2.92%
New Castle, IN (FHA|USDA|VA) 78 $7,130,000 $91,410 $3,232 2.84%
Angola, IN (FHA|USDA|VA) 35 $6,725,000 $192,143 $3,699 2.84%
KOKOMO, IN (FHA|USDA|VA) 55 $5,435,000 $98,818 $3,168 2.67%
Kendallville, IN (FHA|USDA|VA) 34 $4,210,000 $123,824 $3,469 2.79%
Warsaw, IN (FHA|USDA|VA) 12 $3,520,000 $293,333 $4,805 2.72%
Auburn, IN (FHA|USDA|VA) 16 $2,480,000 $155,000 $3,251 2.89%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 8 $1,700,000 $212,500 $3,106 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $11,020 2.88%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $1,155,000 $1,155,000 $9,992 3.00%
Wabash, IN (FHA|USDA|VA) 6 $980,000 $163,333 $2,720 2.68%
Bluffton, IN (FHA|USDA|VA) 6 $850,000 $141,667 $2,353 2.52%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $745,000 $745,000 $4,801 2.88%
Huntington, IN (FHA|USDA|VA) 5 $575,000 $115,000 $3,309 2.92%
Logansport, IN (FHA|USDA|VA) 5 $555,000 $111,000 $2,950 2.85%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $535,000 $178,333 $3,836 2.96%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $495,000 $495,000 $6,287 3.25%
Frankfort, IN (FHA|USDA|VA) 2 $430,000 $215,000 $4,775 3.25%
Key West, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,158 2.38%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $340,000 $170,000 $2,909 2.94%
North Vernon, IN (FHA|USDA|VA) 1 $305,000 $305,000 $4,809 3.50%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $285,000 $285,000 $9,226 3.63%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $280,000 $70,000 $1,675 3.09%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.75%
Defiance, OH (FHA|USDA|VA) 3 $255,000 $85,000 $0 2.66%
Sturgis, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 2.99%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $205,000 $205,000 $3,881 3.13%
COLUMBUS, IN (FHA|USDA|VA) 1 $205,000 $205,000 $4,363 3.63%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $185,000 $185,000 $4,533 3.00%
Coldwater, MI (FHA|USDA|VA) 1 $175,000 $175,000 $5,015 2.75%
Decatur, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,922 3.38%
Connersville, IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,262 3.00%
Plymouth, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.75%
Peru, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.75%
Richmond, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 3.75%

Star Financial Bank's top markets include Indianapolis, Fort Wayne, Muncie, Marion, and New Castle among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,479 $230,785,000 $156,041 $3,436 2.89%

For the 2021 period, Star Financial Bank's most frequently originated loan type of loans were Conventional, with 1,479 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 592 $76,040,000 $128,446 $3,672 2.93%
Refi 330 $61,600,000 $186,667 $3,028 2.64%
Home Improvement 304 $22,100,000 $72,697 $2,667 2.96%
Home Purchase 209 $67,535,000 $323,134 $3,670 3.07%
Other 44 $3,510,000 $79,773 $0 2.90%

For the 2021, Star Financial Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 592 originations. The 2nd most popular reason of loans were Refi, with 330 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
10 Year 755 $62,145,000 $82,311 $2,585 2.92%
30 Year 353 $83,095,000 $235,397 $3,505 3.09%
15 Year 211 $37,885,000 $179,550 $3,136 2.42%
20 Year 82 $13,830,000 $168,659 $3,584 2.83%
30+ year 44 $25,850,000 $587,500 $5,552 3.29%
Other 31 $7,865,000 $253,710 $3,243 2.66%
5 Year 2 $90,000 $45,000 $229 3.87%
1 Year 1 $25,000 $25,000 $0 4.00%

For the 2021, Star Financial Bank's most frequently cited loan length of loans were 10 Year, with 755 originations. The 2nd most popular length of loans were 30 Year, with 353 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 331 $66,125,000 $199,773
$<1k 207 $56,465,000 $272,778
$2k-3k 134 $23,500,000 $175,373
$3k-4k 87 $21,715,000 $249,598
$5k+ 28 $10,070,000 $359,643

$3,505 of loans were Star Financial Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 331 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 621 $107,425,000 $172,987
<2.5% 454 $54,890,000 $120,903
3-4% 371 $66,315,000 $178,747
4-5% 32 $2,120,000 $66,250
5-6% 1 $35,000 $35,000

During 2021, Star Financial Bank's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 621 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 740 $38,610,000 $52,176 $2,497 2.91%
$100k-200k 409 $56,045,000 $137,029 $3,008 2.81%
$200k-400k 230 $61,290,000 $266,478 $4,287 2.95%
$400k-600k 47 $22,745,000 $483,936 $5,014 2.85%
$600k-1MM 31 $24,125,000 $778,226 $4,170 2.99%
$1MM+ 22 $27,970,000 $1,271,364 $7,265 3.11%

2021 saw Star Financial Bank place emphasis on $100,000 or less loans with 740 originations, totaling $38,610,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 340 $24,530,000 $72,147 $2,629 2.87%
$50k-75k 330 $33,090,000 $100,273 $3,152 2.85%
$100k-150k 254 $34,950,000 $137,598 $3,684 2.92%
$75k-100k 218 $27,060,000 $124,128 $3,355 2.91%
$150k-250k 160 $35,570,000 $222,313 $4,036 2.95%
$250k+ 148 $71,620,000 $483,919 $5,007 2.92%

Star Financial Bank lent most frequently to those with incomes in the $50k or less range, with 340 originations. The second most popular income band? $50k-75k, with 330 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 495 $70,515,000 $142,455 $3,304 2.89%
30-36% 281 $42,795,000 $152,295 $3,396 2.91%
<20% 267 $41,925,000 $157,022 $3,353 2.86%
42% 73 $7,915,000 $108,425 $3,837 2.86%
36% 58 $10,500,000 $181,034 $3,633 2.86%
38% 42 $7,350,000 $175,000 $3,668 2.84%
41% 42 $6,920,000 $164,762 $3,303 2.89%
37% 39 $9,195,000 $235,769 $3,705 2.88%
39% 37 $9,625,000 $260,135 $3,987 2.90%
40% 36 $6,190,000 $171,944 $3,315 3.05%
44% 18 $3,260,000 $181,111 $4,274 2.82%
43% 17 $2,195,000 $129,118 $4,153 2.85%
45% 17 $2,355,000 $138,529 $2,882 2.88%
46% 10 $1,850,000 $185,000 $4,041 3.08%
47% 10 $1,770,000 $177,000 $3,193 3.01%
50-60% 9 $945,000 $105,000 $3,117 3.22%
49% 5 $1,245,000 $249,000 $3,360 2.65%
>60% 4 $1,340,000 $335,000 $4,737 3.21%
48% 4 $690,000 $172,500 $3,166 2.84%

Star Financial Bank lent most frequently to those with DTI ratios of 20-30%, with 495 originations. The next most common DTI ratio? 30-36%, with 281 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,265 $195,825,000 $154,802 $3,448 2.87%
Not provided 174 $22,450,000 $129,023 $3,252 2.99%
Asian 9 $4,055,000 $450,556 $3,403 3.01%
Asian Indian 4 $2,750,000 $687,500 $4,787 2.84%
Black 17 $2,135,000 $125,588 $3,167 3.00%
Korean 1 $1,005,000 $1,005,000 $3,327 2.88%
American Indian 2 $880,000 $440,000 $3,871 3.00%
Other Asian 2 $780,000 $390,000 $2,662 2.94%
Not applicable 3 $565,000 $188,333 $0 3.24%
Filipino 1 $255,000 $255,000 $3,381 2.88%
Native Hawaiian 1 $85,000 $85,000 $1,969 2.38%

Approval Rates

Total approvals of all applications
78.22%

Star Financial Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
77.21%

Star Financial Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,479 $230,785,000 $156,041

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,479 $230,785,000 $156,041

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 319 $27,435,000 $86,003 $2,732 2.85%
40-60% 296 $47,330,000 $159,899 $2,768 2.73%
60-80% 387 $92,225,000 $238,307 $3,929 2.92%
80-100% 172 $49,180,000 $285,930 $3,624 2.99%
Over 100% 1 $565,000 $565,000 $5,964 3.25%
Under 20% 303 $13,795,000 $45,528 $2,108 3.01%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
STARBOARD FINANCIAL MANAGEMENT FHA mortgage Trouble during payment process 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Star Financial Bank 1000 Mulberry St Zionsville, IN 46077 Full Service B&M $7,838
Star Financial Bank 102 West Van Buren Street Columbia City, IN 46725 Full Service B&M $154,909
Star Financial Bank 105 Frontage Road Columbia City, IN 46725 Full Service B&M $56,473
Star Financial Bank 1127 North Baldwin Aveue Marion, IN 46952 Full Service B&M $48,076
Star Financial Bank 114 East Walnut Street Kokomo, IN 46901 Full Service B&M $23,324
Star Financial Bank 125 South Anderson Street Elwood, IN 46036 Full Service B&M $71,809
Star Financial Bank 127 West Berry Street Fort Wayne, IN 46802 Full Service B&M $411,190
Star Financial Bank 13318 Olio Road Fishers, IN 46037 Full Service B&M $15,943
Star Financial Bank 140 East Carmel Drive Carmel, IN 46032 Full Service B&M $22,913
Star Financial Bank 1503 East 53rd Street Anderson, IN 46013 Full Service B&M $91,863
Star Financial Bank 1523 East Cross Street Anderson, IN 46012 Full Service B&M $56,523
Star Financial Bank 2004 N. Wayne Street Suite F Angola, IN 46703 Full Service B&M $58,118
Star Financial Bank 2130 East Dupont Road Fort Wayne, IN 46825 Full Service B&M $44,073
Star Financial Bank 230 East New Road Greenfield, IN 46140 Full Service B&M $81,896
Star Financial Bank 2900 South Washington Street Kokomo, IN 46902 Full Service B&M $41,014
Star Financial Bank 2948 South Western Avenue Marion, IN 46953 Full Service B&M $31,868
Star Financial Bank 315 South Adams Street Marion, IN 46952 Full Service B&M $112,781
Star Financial Bank 3300 N Everbrook Muncie, IN 47304 Full Service B&M $110,137
Star Financial Bank 3701 N. Broadway Avenue Muncie, IN 47303 Full Service B&M $31,344
Star Financial Bank 400 North High Street Muncie, IN 47305 Full Service B&M $81,669
Star Financial Bank 403 Parkview Drive New Castle, IN 47362 Full Service B&M $74,456
Star Financial Bank 4070 North Us 33 Churubusco, IN 46723 Full Service B&M $36,831
Star Financial Bank 46 Monument Circle Indianapolis, IN 46204 Full Service B&M $206,656
Star Financial Bank 5760 Coventry Lane Fort Wayne, IN 46804 Full Service B&M $43,757
Star Financial Bank 5920 St. Joe Center Road Fort Wayne, IN 46835 Full Service B&M $39,875
Star Financial Bank 6240 Bluffton Road Fort Wayne, IN 46809 Full Service B&M $39,190
Star Financial Bank 7110 Lima Road Fort Wayne, IN 46818 Full Service B&M $49,287
Star Financial Bank 7180 State Road 67 Pendleton, IN 46064 Full Service B&M $49,016
Star Financial Bank 735 Main Street Anderson, IN 46015 Full Service B&M $85,756
Star Financial Bank 874 East Jefferson St Tipton, IN 46072 Full Service B&M $35,635
Star Financial Bank 8762 East 96th Street Fishers, IN 46037 Full Service B&M $31,942
Star Financial Bank 9102 N Meridian St., Suite 101 Indianapolis, IN 46260 Full Service B&M $47,879
Star Financial Bank 9165 East 56th Street Indianapolis, IN 46216 Full Service B&M $16,381
Star Financial Bank 931 East Main Street Gas City, IN 46933 Full Service B&M $70,466
Star Financial Bank 9480 E. 146th Street Noblesville, IN 46060 Full Service B&M $67,038
Star Financial Bank 10010 Illinois Road Fort Wayne, IN 46804 Full Service B&M $78,101

For 2021, Star Financial Bank had 36 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $78,043
Net interest income $75,914
Total noninterest income $27,773
Gross Fiduciary activities income $2,849
Service charges on deposit accounts $7,051
Trading account gains and fees $0
Additional Noninterest Income $17,873
Pre-tax net operating income $31,715
Securities gains (or losses, -) $0
Income before extraordinary items $25,463
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $25,463
Minority interest net income $0
Net income $25,463
Sale, conversion, retirement of capital stock, net $0
Net operating income $25,463

Star Financial Bank's gross interest income from loans was $78,043,000.
Star Financial Bank's net interest income from loans was $75,914,000.
Star Financial Bank's fee based income from loans was $7,051,000.
Star Financial Bank's net income from loans was $25,463,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,129
Provision for credit losses $950
Total noninterest expense $71,022
Salaries and employee benefits $37,785
Premises and equipment expense $11,010
Additional noninterest expense $22,227
Applicable income taxes $6,252
Net charge-offs $5,047
Cash dividends $9,000

Star Financial Bank's interest expense for loans was $2,129,000.
Star Financial Bank's payroll and benefits expense were $37,785,000.
Star Financial Bank's property, plant and equipment expenses $11,010,000.

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 $2,811,376
Deposits held in domestic offices $2,811,376
Deposits by Individuals, partnerships, and corporations $2,346,638
Deposits by U.S. Government $21
Deposits by States and political subdivisions in the U.S. $464,220
Deposits by Commercial banks and other depository institutions in U.S. $497
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $321,307
Demand deposits $242,321
Nontransaction accounts $2,490,069
Money market deposit accounts (MMDAs) $535,909
Other savings deposits (excluding MMDAs) $1,837,657
Total time deposits $116,503
Total time and savings deposits $2,569,055
Noninterest-bearing deposits $1,163,553
Interest-bearing deposits $1,647,823
Retail deposits $2,797,346
IRAs and Keogh plan accounts $27,403
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,092,880
Cash & Balances due from depository institutions $432,502
Interest-bearing balances $376,751
Total securities $1,050,089
Federal funds sold & reverse repurchase $0
Net loans and leases $1,491,877
Loan and leases loss allowance $19,014
Trading account assets $0
Bank premises and fixed assets $39,977
Other real estate owned $521
Goodwill and other intangibles $4,170
All other assets $73,744

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,092,880
Total Liabilities $2,836,793
Total deposits $2,811,376
Interest-bearing deposits $1,647,823
Deposits held in domestic offices $2,811,376
% insured (estimated) $52
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $16,419
Subordinated debt $0
All other liabilities $8,998

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,491,877
Loan and leases loss allowance $19,014
Total loans and leases (domestic) $1,510,891
All real estate loans $920,607
Real estate loans in domestic offices $920,607
Construction and development loans $155,059
Residential 1-4 family construction $28,411
Other construction, all land development and other land $126,648
Loans secured by nonfarm nonresidential properties $390,985
Nonfarm nonresidential secured by owner-occupied properties $213,153
Commercial real estate & other non-farm, non-residential $177,832
Multifamily residential real estate $17,397
1-4 family residential loans $326,695
Farmland loans $30,471
Loans held in foreign offices $0
Farm loans $27,698
Commercial and industrial loans $462,116
To non-U.S. addressees $0
Loans to individuals $23,560
Credit card loans $0
Related Plans $2,894
Consumer Auto Loans $13,183
Other loans to individuals $7,483
All other loans & leases $76,910
Loans to foreign governments and official institutions $0
Other loans $932
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $31,849
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $8,422
Non 1-4 family restructured loans & leases $7,524
Total loans and leases (foreign) $0

STAR Financial Bank had $1,491,877,000 of loans outstanding in 2021. $920,607,000 of loans were in real estate loans. $155,059,000 of loans were in development loans. $17,397,000 of loans were in multifamily mortgage loans. $326,695,000 of loans were in 1-4 family mortgage loans. $27,698,000 of loans were in farm loans. $0 of loans were in credit card loans. $13,183,000 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 264 $72,242 $273,644
Nonfarm, nonresidential loans - <$100k 39 $1,451 $37,205
Nonfarm, nonresidential loans - $100-250k 71 $8,102 $114,113
Nonfarm, nonresidential loans - $250k-1MM 154 $62,689 $407,071
Commercial & Industrial, US addressed loans - <$1MM 1,102 $107,688 $97,721
Commercial & Industrial, US addressed loans - <$100k 616 $13,081 $21,235
Commercial & Industrial, US addressed loans - $100-250k 216 $21,323 $98,718
Commercial & Industrial, US addressed loans - $250k-1MM 270 $73,284 $271,422
Farmland loans - <$1MM 72 $10,389 $144,292
Farmland loans - <$100k 11 $601 $54,636
Farmland loans - $100-250k 38 $4,381 $115,289
Farmland loans - $250k-1MM 23 $5,407 $235,087
Agriculture operations loans - <$1MM 65 $5,680 $87,385
Agriculture operations loans - <$100k 36 $627 $17,417
Agriculture operations loans - $100-250k 17 $1,682 $98,941
Agriculture operations loans - $250k-1MM 12 $3,371 $280,917