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 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

41

Origination Dollar Volume (All Markets)

$3,665,000

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 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%
Chelsea Savings Bank's top markets include Cedar Rapids and Waterloo among others.

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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 27 $1,475,000 $54,630 $0 0.00%
    $100k-200k 13 $1,695,000 $130,385 $0 0.00%
    $400k-600k 1 $495,000 $495,000 $0 0.00%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 12 $580,000 $48,333 $0 0.00%
    $50k-75k 10 $880,000 $88,000 $0 0.00%
    $100k-150k 6 $700,000 $116,667 $0 0.00%
    $75k-100k 5 $515,000 $103,000 $0 0.00%
    $150k-250k 3 $555,000 $185,000 $0 0.00%

    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 applications
    89.58%

    Chelsea Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.56%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $120,000 $60,000
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 38 $3,460,000 $91,053