Chelsea Savings Bank Mortgage Rates, Fees & Info

Belle Plaine, IA

LEI: 254900YUF5NHPY7YH136

Tax ID: 42-0178730

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Mortgage Data

Review & Overview

Chelsea Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Chelsea Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Platteville, and Waterloo among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Chelsea Savings Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

45

Origination Dollar Volume (All Markets)

$3,195,000

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
Outside of Metro Areas 20 $1,490,000 $74,500 $0 0.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 21 $1,225,000 $58,333 $0 0.00%
Platteville, WI (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 3 $175,000 $58,333 $0 0.00%
Chelsea Savings Bank's top markets include Cedar Rapids, Platteville, and Waterloo among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 45 $3,195,000 $71,000 $0 0.00%

    For 2018, Chelsea Savings Bank's most frequently originated type of loan was Conventional, with 45 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 24 $1,550,000 $64,583 $0 0.00%
    Home Purchase 18 $1,500,000 $83,333 $0 0.00%
    Home Improvement 3 $145,000 $48,333 $0 0.00%

    For 2018, Chelsea Savings Bank's most frequently cited loan purpose was Refi, with 24 originations. The 2nd most popular reason was Home Purchase, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 45 $3,195,000 $71,000 $0 0.00%

    For 2018, Chelsea Savings Bank's most frequently cited loan duration was Other, with 45 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,720,000 $47,778 $0 0.00%
    $100k-200k 7 $945,000 $135,000 $0 0.00%
    $200k-400k 2 $530,000 $265,000 $0 0.00%

    2018 saw Chelsea Savings Bank place emphasis on $100,000 or less loans with 36 originations, totaling $1,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 19 $885,000 $46,579 $0 0.00%
    $50k-75k 12 $770,000 $64,167 $0 0.00%
    $75k-100k 5 $815,000 $163,000 $0 0.00%
    $100k-150k 3 $195,000 $65,000 $0 0.00%
    $150k-250k 2 $130,000 $65,000 $0 0.00%
    $250k+ 2 $120,000 $60,000 $0 0.00%

    Chelsea Savings Bank lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 45 $3,195,000 $71,000 $0 0.00%

    Chelsea Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 44 $3,140,000 $71,364 $0 0.00%
    Not applicable 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.00%

    Chelsea Savings Bank 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
    93.33%

    Chelsea Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 45 $3,195,000 $71,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $55,000 $55,000
    Single Family (1-4 Units):Manufactured 5 $345,000 $69,000
    Single Family (1-4 Units):Site-Built 39 $2,795,000 $71,667