The First National Bank In Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: Q107R4XFOZ6F6K73C488

Tax ID: 46-0189380

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The First National Bank In Sioux Falls is a smaller bank specializing in Home Purchase loans. The First National Bank In Sioux Falls has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Spearfish, Brainerd, Brookings, and Rapid City among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The First National Bank In Sioux Falls 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. The First National Bank In Sioux Falls 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.

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    Originations

    182

    Origination Dollar Volume (All Markets)

    $49,960,000

    Awards

    The First National Bank in Sioux Falls 30 Year Conventional Loans bronze
    Show all (1) 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
    SIOUX FALLS, SD (FHA|USDA|VA) 142 $37,080,000 $261,127 $4,060 6.65%
    Outside of Metro Areas 22 $5,470,000 $248,636 $4,401 6.58%
    Spearfish, SD (FHA|USDA|VA) 4 $1,710,000 $427,500 $6,501 6.44%
    Brainerd, MN (FHA|USDA|VA) 1 $1,565,000 $1,565,000 $0 7.25%
    Brookings, SD (FHA|USDA|VA) 3 $915,000 $305,000 $5,555 6.13%
    RAPID CITY, SD (FHA|USDA|VA) 1 $695,000 $695,000 $10,718 7.75%
    Watertown, SD (FHA|USDA|VA) 2 $680,000 $340,000 $5,882 6.44%
    Spirit Lake, IA (FHA|USDA|VA) 1 $595,000 $595,000 $8,705 6.63%
    Willmar, MN (FHA|USDA|VA) 1 $545,000 $545,000 $8,527 7.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $285,000 $285,000 $0 7.25%
    FARGO, ND-MN (FHA|USDA|VA) 2 $260,000 $130,000 $0 6.85%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,575 7.00%
    Mitchell, SD (FHA|USDA|VA) 1 $15,000 $15,000 $0 7.01%
    The First National Bank In Sioux Falls's top markets include Sioux Falls, Spearfish, Brainerd, Brookings, and Rapid City among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)

    • Similar Lenders

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

    SIOUX FALLS
    Similarity Rank: 120
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    The First National Bank in Sioux Falls
    Similarity Rank: 299
    American Bank & Trust
    Similarity Rank: 374
    First Dakota National Bank
    Similarity Rank: 510
    Dacotah Bank
    Similarity Rank: 540
    Reliabank Dakota
    Similarity Rank: 578
    American State Bank
    Similarity Rank: 650
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 182 $49,960,000 $274,505 $4,327 6.64%

    For 2023, The First National Bank In Sioux Falls's most frequently originated type of loan was Conventional, with 182 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 110 $39,060,000 $355,091 $5,539 6.48%
    Home Improvement 19 $2,425,000 $127,632 $1,934 6.94%
    Other 19 $2,785,000 $146,579 $2,383 6.94%
    Cash Out Refi 19 $3,295,000 $173,421 $2,736 6.63%
    Refi 15 $2,395,000 $159,667 $1,852 7.11%

    For 2023, The First National Bank In Sioux Falls's most frequently cited loan purpose was Home Purchase, with 110 originations. The 2nd most popular reason was Home Improvement, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 67 $23,085,000 $344,552 $5,517 6.41%
    15 Year 43 $8,855,000 $205,930 $3,067 6.24%
    5 Year 25 $7,035,000 $281,400 $0 6.97%
    10 Year 24 $1,420,000 $59,167 $888 7.67%
    Other 16 $6,870,000 $429,375 $6,749 6.73%
    20 Year 5 $1,875,000 $375,000 $6,253 6.42%
    1 Year 2 $820,000 $410,000 $5,745 6.50%

    For 2023, The First National Bank In Sioux Falls's most frequently cited loan duration was 30 Year, with 67 originations. The 2nd most popular length was 15 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 41 $4,125,000 $100,610
    $3k-4k 30 $10,160,000 $338,667
    $2k-3k 29 $6,995,000 $241,207
    $1k-2k 24 $3,200,000 $133,333
    $5k+ 21 $15,605,000 $743,095
    $4k-5k 5 $1,995,000 $399,000

    The First National Bank In Sioux Falls's average total fees were $5,517, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 86 $22,140,000 $257,442
    5-6% 42 $15,000,000 $357,143
    7-8% 40 $10,870,000 $271,750
    Over 8% 11 $965,000 $87,727
    4-5% 3 $985,000 $328,333

    During 2023, The First National Bank In Sioux Falls's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was 6-7%, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 72 $20,170,000 $280,139 $4,586 6.55%
    $100,000 or less 41 $2,335,000 $56,951 $1,072 6.95%
    $100k-200k 38 $5,640,000 $148,421 $2,838 6.79%
    $400k-600k 16 $8,140,000 $508,750 $7,260 6.14%
    $600k-1MM 11 $7,725,000 $702,273 $9,187 6.38%
    $1MM+ 4 $5,950,000 $1,487,500 $18,115 6.53%

    2023 saw The First National Bank In Sioux Falls place emphasis on $200k-400k loans with 72 originations, totaling $20,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $8,670,000 $228,158 $4,138 6.59%
    $250k+ 38 $17,780,000 $467,895 $6,871 6.60%
    $150k-250k 28 $8,070,000 $288,214 $4,269 6.65%
    $75k-100k 20 $3,530,000 $176,500 $3,243 6.51%
    $50k-75k 18 $2,550,000 $141,667 $2,861 6.60%
    $50k or less 8 $760,000 $95,000 $2,592 6.27%

    The First National Bank In Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $250k+, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $9,980,000 $237,619 $3,853 6.36%
    30-36% 27 $5,915,000 $219,074 $3,540 6.81%
    <20% 14 $5,120,000 $365,714 $5,962 6.38%
    36% 9 $5,285,000 $587,222 $7,644 6.62%
    39% 8 $2,170,000 $271,250 $4,566 6.84%
    37% 7 $2,015,000 $287,857 $4,363 6.71%
    40% 6 $1,010,000 $168,333 $2,815 6.30%
    41% 6 $880,000 $146,667 $2,632 6.68%
    38% 5 $475,000 $95,000 $1,812 7.32%
    50-60% 4 $1,980,000 $495,000 $6,977 6.49%
    42% 4 $680,000 $170,000 $2,457 6.98%
    43% 4 $1,140,000 $285,000 $4,780 6.34%
    44% 4 $960,000 $240,000 $4,388 6.80%
    48% 3 $2,115,000 $705,000 $8,572 6.08%
    45% 3 $1,125,000 $375,000 $5,275 6.33%
    46% 2 $540,000 $270,000 $3,280 5.95%
    47% 2 $440,000 $220,000 $4,287 5.81%
    49% 1 $315,000 $315,000 $5,403 6.50%

    The First National Bank In Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 137 $39,215,000 $286,241 $4,537 6.53%
    Not applicable 24 $6,880,000 $286,667 $0 7.00%
    Not provided 17 $3,085,000 $181,471 $2,805 7.02%
    Filipino 1 $305,000 $305,000 $5,127 6.00%
    Asian 1 $235,000 $235,000 $4,343 6.00%
    Vietnamese 1 $155,000 $155,000 $2,341 6.28%
    American Indian 1 $85,000 $85,000 $831 9.45%

    Approval Rates

    Total approvals of all applications
    96.33%

    The First National Bank In Sioux Falls 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
    85.16%

    The First National Bank In Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 182 $49,960,000 $274,505

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    182 $49,960,000 $274,505

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $5,505,000 $177,581 $3,041 6.73%
    40-60% 16 $4,250,000 $265,625 $4,578 6.24%
    60-80% 54 $18,660,000 $345,556 $6,094 6.57%
    80-100% 49 $19,425,000 $396,429 $5,954 6.52%
    Under 20% 32 $2,120,000 $66,250 $1,022 7.09%