Bank Of Ocean City Mortgage Rates, Fees & Info

Berlin, MD

LEI: 254900V8I9VCMXEYVD93

Tax ID: 52-0238620

Latest/2023 | 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
  • 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

    Bank Of Ocean City is a smaller bank specializing in Home Purchase loans. Bank Of Ocean City has a high proportion of conventional loans. Their top (well, only) market is Salisbury.

    Bank Of Ocean City 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.

    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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    Originations

    39

    Origination Dollar Volume (All Markets)

    $12,115,000

    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
    SALISBURY, MD-DE (FHA|USDA|VA) 39 $12,115,000 $310,641 $0 0.00%
    Bank Of Ocean City's top markets include and Salisbury among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 39 $12,115,000 $310,641 $0 0.00%

    For 2023, Bank Of Ocean City's most frequently originated type of loan was Conventional, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 31 $10,495,000 $338,548 $0 0.00%
    Home Improvement 4 $900,000 $225,000 $0 0.00%
    Other 3 $285,000 $95,000 $0 0.00%
    Refi 1 $435,000 $435,000 $0 0.00%

    For 2023, Bank Of Ocean City's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Home Improvement, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 39 $12,115,000 $310,641 $0 0.00%

    For 2023, Bank Of Ocean City's most frequently cited loan duration was Other, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 20 $5,830,000 $291,500 $0 0.00%
    $100k-200k 8 $1,130,000 $141,250 $0 0.00%
    $400k-600k 6 $2,870,000 $478,333 $0 0.00%
    $600k-1MM 3 $2,225,000 $741,667 $0 0.00%
    $100,000 or less 2 $60,000 $30,000 $0 0.00%

    2023 saw Bank Of Ocean City place emphasis on $200k-400k loans with 20 originations, totaling $5,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $3,500,000 $437,500 $0 0.00%
    $100k-150k 5 $1,225,000 $245,000 $0 0.00%
    $150k-250k 5 $2,155,000 $431,000 $0 0.00%
    $50k-75k 5 $995,000 $199,000 $0 0.00%
    $75k-100k 5 $835,000 $167,000 $0 0.00%
    $50k or less 1 $105,000 $105,000 $0 0.00%

    Bank Of Ocean City lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $100k-150k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 39 $12,115,000 $310,641 $0 0.00%

    Bank Of Ocean City lent most frequently to those with DTI ratios of Exempt%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 28 $8,560,000 $305,714 $0 0.00%
    Not applicable 10 $3,300,000 $330,000 $0 0.00%
    Black 1 $255,000 $255,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.64%

    Bank Of Ocean City has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.05%

    Bank Of Ocean City has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 39 $12,115,000 $310,641

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    39 $12,115,000 $310,641