The Andover Bank Mortgage Rates, Fees & Info

Roaming Shores, OH

LEI: 254900I3LJYL57NZ5H21

Tax ID: 34-1436056

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Mortgage Data

Review & Overview

The Andover Bank is a smaller bank specializing in Home Purchase and Refi loans. The Andover Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ashtabula, Erie, Meadville, Cleveland, and Akron among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Andover Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

327

Origination Dollar Volume (All Markets)

$35,855,000

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
Ashtabula, OH (FHA|USDA|VA) 157 $16,425,000 $104,618 $0 0.00%
ERIE, PA (FHA|USDA|VA) 87 $9,995,000 $114,885 $0 0.00%
Meadville, PA (FHA|USDA|VA) 35 $3,925,000 $112,143 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 38 $3,390,000 $89,211 $0 0.00%
AKRON, OH (FHA|USDA|VA) 6 $1,560,000 $260,000 $0 0.00%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 4 $560,000 $140,000 $0 0.00%
The Andover Bank's top markets include Ashtabula, Erie, Meadville, Cleveland, and Akron among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 327 $35,855,000 $109,648 $0 0.00%

    For 2022, The Andover Bank's most frequently originated type of loan was Conventional, with 327 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 85 $15,455,000 $181,824 $0 0.00%
    Refi 81 $7,785,000 $96,111 $0 0.00%
    Home Improvement 69 $3,825,000 $55,435 $0 0.00%
    Cash Out Refi 58 $6,400,000 $110,345 $0 0.00%
    Other 34 $2,390,000 $70,294 $0 0.00%

    For 2022, The Andover Bank's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Refi, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 327 $35,855,000 $109,648 $0 0.00%

    For 2022, The Andover Bank's most frequently cited loan duration was Other, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 186 $9,760,000 $52,473 $0 0.00%
    $100k-200k 102 $13,700,000 $134,314 $0 0.00%
    $200k-400k 35 $8,855,000 $253,000 $0 0.00%
    $400k-600k 2 $890,000 $445,000 $0 0.00%
    $1MM+ 1 $2,005,000 $2,005,000 $0 0.00%
    $600k-1MM 1 $645,000 $645,000 $0 0.00%

    2022 saw The Andover Bank place emphasis on $100,000 or less loans with 186 originations, totaling $9,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 93 $8,285,000 $89,086 $0 0.00%
    $100k-150k 66 $8,340,000 $126,364 $0 0.00%
    $50k or less 63 $3,795,000 $60,238 $0 0.00%
    $75k-100k 53 $4,835,000 $91,226 $0 0.00%
    $150k-250k 36 $4,850,000 $134,722 $0 0.00%
    $250k+ 10 $2,280,000 $228,000 $0 0.00%

    The Andover Bank lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $100k-150k, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 327 $35,855,000 $109,648 $0 0.00%

    The Andover Bank lent most frequently to those with DTI ratios of Exempt%, with 327 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 314 $31,340,000 $99,809 $0 0.00%
    Not applicable 6 $3,470,000 $578,333 $0 0.00%
    Not provided 3 $465,000 $155,000 $0 0.00%
    Black 1 $335,000 $335,000 $0 0.00%
    American Indian 2 $170,000 $85,000 $0 0.00%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.81%

    The Andover Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    85.63%

    The Andover Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 327 $35,855,000 $109,648

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    327 $35,855,000 $109,648