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

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    57

    Origination Dollar Volume (All Markets)

    $11,745,000

    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) 57 $11,745,000 $206,053 $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 57 $11,745,000 $206,053 $0 0.00%

    For 2018, Bank Of Ocean City's most frequently originated type of loan was Conventional, with 57 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $8,740,000 $218,500 $0 0.00%
    Refi 9 $1,785,000 $198,333 $0 0.00%
    Home Improvement 5 $655,000 $131,000 $0 0.00%
    Other 3 $565,000 $188,333 $0 0.00%

    For 2018, Bank Of Ocean City's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 57 $11,745,000 $206,053 $0 0.00%

    For 2018, Bank Of Ocean City's most frequently cited loan duration was Other, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 21 $2,795,000 $133,095 $0 0.00%
    $200k-400k 17 $4,735,000 $278,529 $0 0.00%
    $100,000 or less 14 $930,000 $66,429 $0 0.00%
    $400k-600k 3 $1,455,000 $485,000 $0 0.00%
    $1MM+ 1 $1,125,000 $1,125,000 $0 0.00%
    $600k-1MM 1 $705,000 $705,000 $0 0.00%

    2018 saw Bank Of Ocean City place emphasis on $100k-200k loans with 21 originations, totaling $2,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 13 $1,085,000 $83,462 $0 0.00%
    $100k-150k 10 $1,990,000 $199,000 $0 0.00%
    $150k-250k 7 $1,915,000 $273,571 $0 0.00%
    $50k-75k 7 $1,045,000 $149,286 $0 0.00%
    $250k+ 6 $3,030,000 $505,000 $0 0.00%
    $75k-100k 4 $840,000 $210,000 $0 0.00%

    Bank Of Ocean City lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 57 $11,745,000 $206,053 $0 0.00%

    Bank Of Ocean City lent most frequently to those with DTI ratios of Exempt%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 46 $9,670,000 $210,217 $0 0.00%
    Not applicable 9 $1,655,000 $183,889 $0 0.00%
    Not provided 2 $420,000 $210,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.87%

    Bank Of Ocean City has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.95%

    Bank Of Ocean City has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 57 $11,745,000 $206,053

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $550,000 $275,000
    Single Family (1-4 Units):Manufactured 7 $525,000 $75,000
    Single Family (1-4 Units):Site-Built 48 $10,670,000 $222,292

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANK OF THE WEST FHA mortgage Closing on a mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 1 3.7%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 2 7.4%
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Incorrect information on your report 2 7.4%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 3 11.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 5 18.5%