BNCCORP, Inc. (BNCC)

[Enterprising Investor]

Our non-interest income grew 112.2% this year, largely because our mortgage banking operations capitalized on the low rate environment and originated more than $1 billion of mortgage loans.

BNCC operates twelve mortgage banking offices in Illinois, Kansas, Nebraska, Missouri, Minnesota, Arizona and North Dakota. This would provide some geographic diversification.

There are four common mortgage refinance programs for which home appraisals are not required: FHA Streamline Refinance, Home Affordable Refinance Program (HARP 2.0) VA Interest Rate Reduction Refinance Loan (IRRRL) and the USDA Streamline Refinance. If BNCC is offering any of these products to prospective borrowers, the employees are most likely up to their eyeballs in work. HARP 2.0 is scheduled to end 12/31/13. However, there has been talk of a HARP 3.0.