Covenant Bank Mortgage Rates, Fees & Info

Doylestown, PA

LEI: 549300B2E4B0COXM3996

Tax ID: 20-5970605

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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

    Covenant Bank is a smaller bank specializing in Home Purchase and Refi loans. Covenant Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Allentown, New York, Atlantic City, and Palm Bay among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Covenant Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Covenant Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    Originations

    41

    Origination Dollar Volume (All Markets)

    $18,265,000

    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 30 $12,830,000 $427,667 $4,353 4.95%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $2,335,000 $778,333 $0 4.54%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $1,855,000 $618,333 $0 4.78%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $790,000 $395,000 $0 5.93%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $2,950 4.38%
    ALTOONA, PA (FHA|USDA|VA) 2 $150,000 $75,000 $0 5.25%
    Covenant Bank's top markets include Philadelphia, Allentown, New York, Atlantic City, and Palm Bay among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $18,265,000 $445,488 $4,073 4.96%

    For 2019, Covenant 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 $6,220,000 $311,000 $4,677 5.02%
    Refi 19 $11,535,000 $607,105 $3,067 4.96%
    Cash Out Refi 2 $510,000 $255,000 $4,776 4.31%

    For 2019, Covenant Bank's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 19 $8,195,000 $431,316 $0 5.13%
    10 Year 14 $7,360,000 $525,714 $0 4.83%
    30 Year 3 $905,000 $301,667 $4,743 4.33%
    15 Year 2 $360,000 $180,000 $3,067 3.75%
    1 Year 2 $1,140,000 $570,000 $0 6.50%
    Other 1 $305,000 $305,000 $0 4.75%

    For 2019, Covenant Bank's most frequently cited loan duration was 5 Year, with 19 originations. The 2nd most popular length was 10 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 4 $1,060,000 $265,000
    $4k-5k 1 $205,000 $205,000

    Covenant Bank's average total fees were $4,743, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 22 $9,100,000 $413,636
    5-6% 14 $4,960,000 $354,286
    3-4% 3 $3,065,000 $1,021,667
    6-7% 2 $1,140,000 $570,000

    During 2019, Covenant Bank's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 22 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 16 $4,430,000 $276,875 $4,743 4.84%
    $100k-200k 11 $1,555,000 $141,364 $3,067 4.80%
    $400k-600k 5 $2,345,000 $469,000 $0 5.45%
    $600k-1MM 5 $3,675,000 $735,000 $0 5.26%
    $1MM+ 3 $6,215,000 $2,071,667 $0 4.65%
    $100,000 or less 1 $45,000 $45,000 $0 5.35%

    2019 saw Covenant Bank place emphasis on $200k-400k loans with 16 originations, totaling $4,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 4 $1,200,000 $300,000 $3,976 4.36%
    $250k+ 3 $1,245,000 $415,000 $2,950 5.21%
    $150k-250k 2 $340,000 $170,000 $2,859 4.30%
    $50k or less 2 $240,000 $120,000 $0 5.08%
    $75k-100k 1 $205,000 $205,000 $6,602 4.25%

    Covenant Bank lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $250k+, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 1 $305,000 $305,000 $2,950 4.38%
    20-30% 1 $175,000 $175,000 $3,275 3.50%
    39% 1 $185,000 $185,000 $2,859 4.00%
    41% 1 $395,000 $395,000 $4,677 4.38%
    44% 1 $205,000 $205,000 $6,602 4.25%

    Covenant Bank lent most frequently to those with DTI ratios of <20%, with 1 originations. The next most common DTI ratio? 20-30%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 25 $14,025,000 $561,000 $0 5.02%
    Not provided 11 $2,975,000 $270,455 $0 5.21%
    White 5 $1,265,000 $253,000 $4,073 4.10%

    Approval Rates

    Total approvals of all applications
    98.04%

    Covenant 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
    78.05%

    Covenant Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 41 $18,265,000 $445,488

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $11,225,000 $748,333
    Single Family (1-4 Units):Site-Built 26 $7,040,000 $270,769

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $5,270,000 $1,317,500 $0 4.63%
    40-60% 5 $1,265,000 $253,000 $3,275 4.66%
    60-80% 28 $10,380,000 $370,714 $4,137 5.06%
    80-100% 3 $1,045,000 $348,333 $4,677 5.03%
    Under 20% 1 $305,000 $305,000 $0 4.75%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    C2 Financial Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 100.0%