Third Federal Savings And Loan

Cleveland, OH 44105

LEI: 5493008CPTDVOS570626

Tax ID: 34-0573493

2019 Data | 2018 Data


Overview

Third Federal Savings And Loan is a small mortgage company specializing in Home Purchase and Refi loans. Third Federal Savings And Loan has a high proportion of conventional loans. Their top markets include Cleveland, Columbus, Cincinnati, Tampa, and Akron among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Third Federal Savings And Loan is typically a normal fee lendor.


Originations

27,691

Origination Dollar Volume (All Markets)

$3,835,535,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 27,691 $3,835,535,000 $138,512

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,996 $1,271,140,000 $211,998
Home Improvement 4,825 $390,005,000 $80,830
Other 6,923 $598,375,000 $86,433
Refi 7,366 $946,390,000 $128,481
Cash Out Refi 2,581 $629,625,000 $243,946

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
CLEVELAND-ELYRIA, OH 6,048 $796,100,000 $131,630
COLUMBUS, OH 2,575 $429,415,000 $166,763
CINCINNATI, OH-KY-IN 1,948 $300,020,000 $154,014
TAMPA-ST. PETERSBURG-CLEARWATER, FL 1,258 $162,370,000 $129,070
AKRON, OH 1,249 $161,565,000 $129,355
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 777 $109,755,000 $141,255
LOS ANGELES-LONG BEACH-GLENDALE, CA 619 $85,325,000 $137,843
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 436 $77,040,000 $176,697
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 547 $74,195,000 $135,640
DENVER-AURORA-LAKEWOOD, CO 523 $72,835,000 $139,264
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 593 $71,295,000 $120,228
OAKLAND-BERKELEY-LIVERMORE, CA 399 $63,535,000 $159,236
CAPE CORAL-FORT MYERS, FL 411 $62,845,000 $152,908
Outside of Metro Areas 516 $60,810,000 $117,849
NORTH PORT-SARASOTA-BRADENTON, FL 432 $57,690,000 $133,542
SEATTLE-BELLEVUE-KENT, WA 359 $55,015,000 $153,245
ANAHEIM-SANTA ANA-IRVINE, CA 367 $53,535,000 $145,872
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 370 $53,380,000 $144,270
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 314 $45,330,000 $144,363
CHICAGO-NAPERVILLE-EVANSTON, IL 347 $44,455,000 $128,112
NEW BRUNSWICK-LAKEWOOD, NJ 327 $42,375,000 $129,587
NAPLES-MARCO ISLAND, FL 248 $42,100,000 $169,758
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 197 $36,605,000 $185,812
CHARLOTTE-CONCORD-GASTONIA, NC-SC 234 $33,640,000 $143,761
NEWARK, NJ-PA 233 $31,155,000 $133,712
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 239 $30,665,000 $128,305
RALEIGH-CARY, NC 191 $30,045,000 $157,304
SACRAMENTO-ROSEVILLE-FOLSOM, CA 232 $27,060,000 $116,638
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 192 $26,150,000 $136,198
ORLANDO-KISSIMMEE-SANFORD, FL 192 $24,120,000 $125,625
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 213 $23,655,000 $111,056
MIAMI-MIAMI BEACH-KENDALL, FL 154 $23,500,000 $152,597
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 178 $23,070,000 $129,607
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 139 $20,555,000 $147,878
BALTIMORE-COLUMBIA-TOWSON, MD 160 $20,500,000 $128,125
NASSAU COUNTY-SUFFOLK COUNTY, NY 151 $19,405,000 $128,510
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 101 $16,845,000 $166,782
CANTON-MASSILLON, OH 133 $16,705,000 $125,602
JACKSONVILLE, FL 125 $15,815,000 $126,520
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 110 $15,480,000 $140,727
PORT ST. LUCIE, FL 94 $15,090,000 $160,532
ST. LOUIS, MO-IL 118 $14,080,000 $119,322
BOSTON, MA 118 $13,190,000 $111,780
CAMDEN, NJ 92 $11,610,000 $126,196
RICHMOND, VA 87 $11,495,000 $132,126
DAYTON-KETTERING, OH 73 $10,995,000 $150,616
LAKE COUNTY-KENOSHA COUNTY, IL-WI 56 $10,920,000 $195,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 112 $10,690,000 $95,446
TRENTON-PRINCETON, NJ 62 $10,660,000 $171,935
BRIDGEPORT-STAMFORD-NORWALK, CT 75 $10,655,000 $142,067
BOULDER, CO 71 $9,725,000 $136,972
TOLEDO, OH 65 $9,335,000 $143,615
OXNARD-THOUSAND OAKS-VENTURA, CA 83 $9,205,000 $110,904
INDIANAPOLIS-CARMEL-ANDERSON, IN 63 $8,515,000 $135,159
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 70 $8,480,000 $121,143
PHILADELPHIA, PA 74 $8,430,000 $113,919
PITTSBURGH, PA 75 $8,395,000 $111,933
DURHAM-CHAPEL HILL, NC 58 $8,240,000 $142,069
LOUISVILLE/JEFFERSON COUNTY, KY-IN 48 $7,840,000 $163,333
PALM BAY-MELBOURNE-TITUSVILLE, FL 55 $7,705,000 $140,091
PUNTA GORDA, FL 63 $6,995,000 $111,032
FORT COLLINS, CO 55 $6,715,000 $122,091
WARREN-TROY-FARMINGTON HILLS, MI 72 $6,640,000 $92,222
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 41 $6,565,000 $160,122
COLORADO SPRINGS, CO 52 $6,540,000 $125,769
TACOMA-LAKEWOOD, WA 52 $6,420,000 $123,462
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 51 $5,835,000 $114,412
SAN RAFAEL, CA 40 $5,600,000 $140,000
THE VILLAGES, FL 35 $5,485,000 $156,714
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 40 $5,170,000 $129,250
CHATTANOOGA, TN-GA 26 $5,090,000 $195,769
SANTA ROSA-PETALUMA, CA 38 $4,760,000 $125,263
ASHEVILLE, NC 40 $4,740,000 $118,500
SANTA MARIA-SANTA BARBARA, CA 26 $4,670,000 $179,615
ELGIN, IL 40 $4,670,000 $116,750
LAKELAND-WINTER HAVEN, FL 31 $4,335,000 $139,839
MEMPHIS, TN-MS-AR 37 $4,315,000 $116,622
STOCKTON, CA 38 $4,240,000 $111,579
SANTA CRUZ-WATSONVILLE, CA 25 $4,235,000 $169,400
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 36 $4,200,000 $116,667
KNOXVILLE, TN 33 $4,175,000 $126,515
GREELEY, CO 35 $4,085,000 $116,714
WORCESTER, MA-CT 36 $4,060,000 $112,778
LEXINGTON-FAYETTE, KY 17 $3,965,000 $233,235
NEW HAVEN-MILFORD, CT 35 $3,835,000 $109,571
BREMERTON-SILVERDALE-PORT ORCHARD, WA 29 $3,725,000 $128,448
BELLINGHAM, WA 32 $3,690,000 $115,313
KANSAS CITY, MO-KS 31 $3,645,000 $117,581
GREENSBORO-HIGH POINT, NC 29 $3,625,000 $125,000
SEBASTIAN-VERO BEACH, FL 25 $3,455,000 $138,200
GARY, IN 30 $3,200,000 $106,667
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 28 $3,190,000 $113,929
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 21 $3,165,000 $150,714
FRESNO, CA 26 $3,160,000 $121,538
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 25 $2,865,000 $114,600
GAINESVILLE, FL 22 $2,860,000 $130,000
VALLEJO, CA 30 $2,790,000 $93,000
OCALA, FL 24 $2,790,000 $116,250
SAN LUIS OBISPO-PASO ROBLES, CA 23 $2,715,000 $118,043
SPOKANE-SPOKANE VALLEY, WA 26 $2,700,000 $103,846
BUFFALO-CHEEKTOWAGA, NY 29 $2,665,000 $91,897
LANCASTER, PA 25 $2,615,000 $104,600
CHARLOTTESVILLE, VA 13 $2,495,000 $191,923
PROVIDENCE-WARWICK, RI-MA 22 $2,410,000 $109,545
BEND, OR 16 $2,270,000 $141,875
WINSTON-SALEM, NC 15 $2,245,000 $149,667
BARNSTABLE TOWN, MA 18 $2,080,000 $115,556
SPRINGFIELD, MA 18 $2,030,000 $112,778
NAPA, CA 19 $2,025,000 $106,579
TALLAHASSEE, FL 17 $2,015,000 $118,529
MODESTO, CA 22 $1,990,000 $90,455
ANN ARBOR, MI 18 $1,980,000 $110,000
SPRINGFIELD, OH 12 $1,930,000 $160,833
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 13 $1,785,000 $137,308
SALEM, OR 16 $1,710,000 $106,875
YORK-HANOVER, PA 16 $1,680,000 $105,000
PENSACOLA-FERRY PASS-BRENT, FL 17 $1,665,000 $97,941
MILWAUKEE-WAUKESHA, WI 16 $1,660,000 $103,750
SALINAS, CA 12 $1,600,000 $133,333
SAVANNAH, GA 16 $1,500,000 $93,750
ATLANTIC CITY-HAMMONTON, NJ 8 $1,400,000 $175,000
ATHENS-CLARKE COUNTY, GA 12 $1,380,000 $115,000
DETROIT-DEARBORN-LIVONIA, MI 15 $1,355,000 $90,333
BAKERSFIELD, CA 12 $1,350,000 $112,500
HARRISBURG-CARLISLE, PA 13 $1,345,000 $103,462
ROCHESTER, NY 11 $1,235,000 $112,273
ALBANY-SCHENECTADY-TROY, NY 13 $1,215,000 $93,462
READING, PA 11 $1,195,000 $108,636
SCRANTON--WILKES-BARRE, PA 6 $1,180,000 $196,667
GRAND RAPIDS-KENTWOOD, MI 12 $1,180,000 $98,333
MANCHESTER-NASHUA, NH 11 $1,155,000 $105,000
WENATCHEE, WA 9 $1,155,000 $128,333
KENNEWICK-RICHLAND, WA 8 $1,150,000 $143,750
WILMINGTON, NC 12 $1,150,000 $95,833
STATE COLLEGE, PA 5 $1,055,000 $211,000
SPRINGFIELD, MO 8 $1,000,000 $125,000
MEDFORD, OR 7 $985,000 $140,714
WILMINGTON, DE-MD-NJ 8 $980,000 $122,500
ROANOKE, VA 9 $975,000 $108,333
ERIE, PA 7 $975,000 $139,286
HOMOSASSA SPRINGS, FL 15 $975,000 $65,000
FORT WAYNE, IN 7 $905,000 $129,286
HICKORY-LENOIR-MORGANTON, NC 8 $900,000 $112,500
GRAND JUNCTION, CO 5 $875,000 $175,000
YUBA CITY, CA 8 $780,000 $97,500
CORVALLIS, OR 7 $775,000 $110,714
OLYMPIA-LACEY-TUMWATER, WA 8 $760,000 $95,000
CHICO, CA 9 $745,000 $82,778
GAINESVILLE, GA 9 $735,000 $81,667
OCEAN CITY, NJ 6 $720,000 $120,000
MANSFIELD, OH 7 $715,000 $102,143
VISALIA, CA 7 $705,000 $100,714
BOWLING GREEN, KY 5 $695,000 $139,000
SALISBURY, MD-DE 8 $650,000 $81,250
LONGVIEW, WA 5 $645,000 $129,000
MORRISTOWN, TN 5 $625,000 $125,000
PANAMA CITY, FL 7 $625,000 $89,286
NEW BERN, NC 4 $620,000 $155,000
SYRACUSE, NY 6 $610,000 $101,667
WINCHESTER, VA-WV 6 $580,000 $96,667
ALBANY-LEBANON, OR 6 $570,000 $95,000
YAKIMA, WA 6 $550,000 $91,667
LANSING-EAST LANSING, MI 5 $535,000 $107,000
NORWICH-NEW LONDON, CT 4 $520,000 $130,000
DES MOINES-WEST DES MOINES, IA 5 $515,000 $103,000
MICHIGAN CITY-LA PORTE, IN 4 $500,000 $125,000
LYNCHBURG, VA 5 $485,000 $97,000
FAYETTEVILLE, NC 4 $480,000 $120,000
MOUNT VERNON-ANACORTES, WA 6 $480,000 $80,000
HAGERSTOWN-MARTINSBURG, MD-WV 4 $480,000 $120,000
EUGENE-SPRINGFIELD, OR 7 $465,000 $66,429
KINGSTON, NY 4 $460,000 $115,000
JOHNSON CITY, TN 4 $460,000 $115,000
SEBRING-AVON PARK, FL 2 $440,000 $220,000
REDDING, CA 5 $435,000 $87,000
CLEVELAND, TN 4 $420,000 $105,000
MERCED, CA 4 $400,000 $100,000
COLUMBIA, MO 4 $390,000 $97,500
STAUNTON, VA 2 $370,000 $185,000
KINGSPORT-BRISTOL, TN-VA 2 $360,000 $180,000
CHAMPAIGN-URBANA, IL 4 $360,000 $90,000
ROCKFORD, IL 4 $350,000 $87,500
MADERA, CA 4 $340,000 $85,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $335,000 $335,000
EAST STROUDSBURG, PA 5 $335,000 $67,000
BLOOMINGTON, IL 3 $335,000 $111,667
WALLA WALLA, WA 3 $325,000 $108,333
CALIFORNIA-LEXINGTON PARK, MD 1 $305,000 $305,000
SOUTH BEND-MISHAWAKA, IN-MI 3 $305,000 $101,667
PUEBLO, CO 3 $305,000 $101,667
EVANSVILLE, IN-KY 2 $280,000 $140,000
GREENVILLE, NC 4 $280,000 $70,000
BURLINGTON, NC 3 $275,000 $91,667
DALTON, GA 4 $270,000 $67,500
BRUNSWICK, GA 2 $260,000 $130,000
DULUTH, MN-WI 2 $250,000 $125,000
AUGUSTA-RICHMOND COUNTY, GA-SC 3 $245,000 $81,667
MADISON, WI 3 $235,000 $78,333
ELKHART-GOSHEN, IN 2 $230,000 $115,000
SPRINGFIELD, IL 2 $230,000 $115,000
GETTYSBURG, PA 1 $225,000 $225,000
PITTSFIELD, MA 3 $225,000 $75,000
WILLIAMSPORT, PA 2 $210,000 $105,000
PEORIA, IL 4 $210,000 $52,500
MACON-BIBB COUNTY, GA 2 $210,000 $105,000
KANKAKEE, IL 1 $205,000 $205,000
IOWA CITY, IA 1 $205,000 $205,000
LAFAYETTE-WEST LAFAYETTE, IN 2 $200,000 $100,000
FLINT, MI 3 $195,000 $65,000
VINELAND-BRIDGETON, NJ 2 $190,000 $95,000
HUNTINGTON-ASHLAND, WV-KY-OH 2 $180,000 $90,000
HARRISONBURG, VA 3 $175,000 $58,333
EL CENTRO, CA 2 $170,000 $85,000
FOND DU LAC, WI 2 $160,000 $80,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 2 $160,000 $80,000
AMES, IA 2 $160,000 $80,000
KALAMAZOO-PORTAGE, MI 2 $160,000 $80,000
MUNCIE, IN 1 $145,000 $145,000
RACINE, WI 2 $140,000 $70,000
GLENS FALLS, NY 2 $140,000 $70,000
KOKOMO, IN 3 $135,000 $45,000
CLARKSVILLE, TN-KY 2 $110,000 $55,000
ROCKY MOUNT, NC 2 $110,000 $55,000
WHEELING, WV-OH 1 $105,000 $105,000
GRANTS PASS, OR 1 $105,000 $105,000
SIOUX CITY, IA-NE-SD 1 $105,000 $105,000
DUBUQUE, IA 1 $105,000 $105,000
ELIZABETHTOWN-FORT KNOX, KY 1 $105,000 $105,000
HINESVILLE, GA 1 $95,000 $95,000
BINGHAMTON, NY 2 $90,000 $45,000
NILES, MI 1 $85,000 $85,000
CARBONDALE-MARION, IL 1 $85,000 $85,000
EAU CLAIRE, WI 1 $85,000 $85,000
CHAMBERSBURG-WAYNESBORO, PA 1 $85,000 $85,000
TERRE HAUTE, IN 1 $85,000 $85,000
UTICA-ROME, NY 1 $75,000 $75,000
GREEN BAY, WI 1 $75,000 $75,000
JACKSON, TN 1 $75,000 $75,000
LEBANON, PA 1 $65,000 $65,000
FARGO, ND-MN 1 $55,000 $55,000
ALTOONA, PA 1 $55,000 $55,000
BLOOMINGTON, IN 1 $55,000 $55,000
CAPE GIRARDEAU, MO-IL 1 $45,000 $45,000
OSHKOSH-NEENAH, WI 1 $45,000 $45,000
BLOOMSBURG-BERWICK, PA 1 $35,000 $35,000
LIMA, OH 1 $25,000 $25,000
COLUMBUS, GA-AL 1 $25,000 $25,000
LA CROSSE-ONALASKA, WI-MN 1 $25,000 $25,000
MONROE, MI 1 $15,000 $15,000
APPLETON, WI 1 $15,000 $15,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 17 $2,145,000 $126,176
2.5-3% 595 $141,975,000 $238,613
3-4% 9,660 $1,912,420,000 $197,973
4-5% 16,768 $1,742,520,000 $103,919
5-6% 648 $36,330,000 $56,065
6-7% 2 $100,000 $50,000
7-8% 1 $45,000 $45,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 11,540 $628,560,000 $54,468
$100k-200k 9,967 $1,386,215,000 $139,080
$200k-400k 5,302 $1,352,040,000 $255,006
$400k-600k 661 $307,975,000 $465,923
$600k-1000k 213 $152,605,000 $716,455
$Over $1MM 8 $8,140,000 $1,017,500

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 6,844 $800,770,000 $117,003
40-60% 2,974 $493,630,000 $165,982
60-80% 4,430 $977,850,000 $220,734
80-100% 3,609 $862,975,000 $239,117
Over 100% 1 $55,000 $55,000
Under 20% 9,802 $697,690,000 $71,178

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 7,425 $1,031,485,000 $138,921
$150k-250k 7,071 $1,149,375,000 $162,548
$50k-75k 3,872 $402,800,000 $104,029
$50k-or less 2,325 $203,715,000 $87,619
$75k-100k 4,136 $491,400,000 $118,810
$Over $250k 2,736 $543,970,000 $198,819

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 21,856 $2,967,720,000 $135,785
Not provided 3,277 $467,885,000 $142,778
Asian 1,276 $216,010,000 $169,287
Asian Indian 344 $67,780,000 $197,035
Black 560 $63,680,000 $113,714
Chinese 70 $12,530,000 $179,000
American Indian 99 $11,325,000 $114,394
Filipino 50 $6,980,000 $139,600
Other Asian 48 $6,850,000 $142,708
Vietnamese 34 $4,880,000 $143,529
Korean 31 $4,275,000 $137,903
Native Hawaiian 21 $2,445,000 $116,429
Japanese 13 $2,005,000 $154,231
Other Pacific Islander 10 $1,050,000 $105,000
2 $120,000 $60,000

Approval Rates

Total approvals of all applications
78.74%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
81.79%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 27,691 $3,835,535,000 $138,512

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 6,067 $1,196,065,000 $197,143
$1k-2k 4,247 $935,115,000 $220,182
$2k-3k 62 $12,180,000 $196,452
$3k-4k 173 $40,955,000 $236,734
$5k+ 155 $49,195,000 $317,387

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 27,691 $3,835,535,000 $138,512