Chelsea Savings Bank Mortgage Rates, Fees & Info
Belle Plaine, IALEI: 254900YUF5NHPY7YH136
Tax ID: 42-0178730
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Mortgage Data
Review & Overview
Chelsea Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Chelsea Savings Bank has a high proportion of conventional loans. Their top two markets are Cedar Rapids and Waterloo .Chelsea Savings Bank has an 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
41Origination Dollar Volume (All Markets)
$3,665,000Top 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 | 17 | $2,005,000 | $117,941 | $0 | 0.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 23 | $1,635,000 | $71,087 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 41 | $3,665,000 | $89,390 | $0 | 0.00% |
For 2019, Chelsea Savings Bank's most frequently originated type of loan was Conventional, with 41 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 20 | $1,720,000 | $86,000 | $0 | 0.00% |
| Refi | 20 | $1,920,000 | $96,000 | $0 | 0.00% |
| Home Improvement | 1 | $25,000 | $25,000 | $0 | 0.00% |
For 2019, Chelsea Savings Bank's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 20 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 41 | $3,665,000 | $89,390 | $0 | 0.00% |
For 2019, Chelsea Savings Bank's most frequently cited loan duration was Other, with 41 originations.
Loan Sizing
2019 saw Chelsea Savings Bank place emphasis on $100,000 or less loans with 27 originations, totaling $1,475,000 in origination value.
Applicant Income
Chelsea Savings Bank lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 41 | $3,665,000 | $89,390 | $0 | 0.00% |
Chelsea Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 41 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 38 | $3,440,000 | $90,526 | $0 | 0.00% |
| Not applicable | 3 | $225,000 | $75,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications89.58%
Chelsea Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination97.56%
Chelsea Savings Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 41 | $3,665,000 | $89,390 |