Severn Savings Bank Fsb Dba Severn Bank Mortgage Rates, Fees & InfoAnnapolis, MD
Tax ID: 52-0792362
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSevern Savings Bank Fsb Dba Severn Bank is a smaller bank specializing in Home Purchase and Refi loans. Severn Savings Bank Fsb Dba Severn Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Baltimore, Washington, Hagerstown, California, and Salisbury among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)
Severn Savings Bank Fsb Dba Severn 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. Severn Savings Bank Fsb Dba Severn 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.72%||3/19/23|
|30 Year Conventional Refi||6.52%||3/19/23|
|30 Year Cash-out Refi||6.74%||3/19/23|
|30 Year FHA Purchase||7.41%||3/19/23|
|30 Year FHA Refi||6.94%||3/19/23|
|30 Year VA Purchase||6.09%||3/19/23|
|30 Year VA Refi||5.90%||3/19/23|
|30 Year USDA Purchase||6.42%||3/19/23|
|30 Year USDA Refi||6.42%||3/19/23|
|15 Year Conventional Purchase||5.96%||3/19/23|
|15 Year Conventional Refi||5.91%||3/19/23|
|15 Year Cash-out Refi||5.91%||3/19/23|
|15 Year FHA Refi||7.00%||3/19/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$377,000,000
Severn Savings Bank Fsb Dba Severn Bank's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.08%.
Relative Fees (Closing Costs)
Severn Savings Bank Fsb Dba Severn Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,017.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA)||454||$183,490,000||$404,163||$5,878||3.13%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||351||$143,495,000||$408,818||$6,435||3.06%|
|HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA)||37||$9,115,000||$246,351||$5,559||2.85%|
|CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA)||17||$8,305,000||$488,529||$8,110||3.41%|
|SALISBURY, MD-DE (FHA|USDA|VA)||23||$7,835,000||$340,652||$5,838||3.22%|
|Outside of Metro Areas||14||$4,030,000||$287,857||$5,843||3.16%|
|GETTYSBURG, PA (FHA|USDA|VA)||7||$1,655,000||$236,429||$6,569||2.80%|
|Easton, MD (FHA|USDA|VA)||3||$1,355,000||$451,667||$4,694||3.08%|
|Key West, FL (FHA|USDA|VA)||2||$1,340,000||$670,000||$11,425||3.13%|
|CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA)||3||$1,175,000||$391,667||$5,469||2.96%|
|Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)||2||$1,080,000||$540,000||$11,847||3.00%|
|New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)||2||$1,060,000||$530,000||$5,976||2.88%|
|Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)||4||$990,000||$247,500||$4,525||2.84%|
|WILMINGTON, NC (FHA|USDA|VA)||1||$805,000||$805,000||$11,311||3.00%|
|YORK-HANOVER, PA (FHA|USDA|VA)||4||$800,000||$200,000||$6,454||2.84%|
|PORT ST. LUCIE, FL (FHA|USDA|VA)||2||$790,000||$395,000||$6,342||2.94%|
|RICHMOND, VA (FHA|USDA|VA)||3||$785,000||$261,667||$5,296||3.17%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||2||$760,000||$380,000||$4,859||2.88%|
|Cambridge, MD (FHA|USDA|VA)||4||$750,000||$187,500||$4,427||3.44%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||2||$700,000||$350,000||$8,169||2.94%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||1||$525,000||$525,000||$8,183||3.25%|
|Kill Devil Hills, NC (FHA|USDA|VA)||1||$505,000||$505,000||$16,694||3.25%|
|San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)||1||$475,000||$475,000||$5,227||3.50%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||1||$435,000||$435,000||$8,784||2.63%|
|ROANOKE, VA (FHA|USDA|VA)||1||$405,000||$405,000||$7,205||3.25%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||2||$390,000||$195,000||$5,281||3.44%|
|NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)||1||$385,000||$385,000||$5,192||3.63%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||1||$385,000||$385,000||$12,462||2.50%|
|SAVANNAH, GA (FHA|USDA|VA)||1||$355,000||$355,000||$4,618||2.75%|
|CHARLOTTESVILLE, VA (FHA|USDA|VA)||1||$315,000||$315,000||$15,021||2.75%|
|ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)||1||$235,000||$235,000||$8,616||3.50%|
|PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA)||1||$235,000||$235,000||$3,329||3.00%|
|PITTSBURGH, PA (FHA|USDA|VA)||1||$235,000||$235,000||$5,153||3.25%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||1||$235,000||$235,000||$2,289||2.63%|
|ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA)||1||$225,000||$225,000||$3,909||3.50%|
|Laconia, NH (FHA|USDA|VA)||1||$205,000||$205,000||$3,830||4.88%|
|Gardnerville Ranchos, NV (FHA|USDA|VA)||1||$185,000||$185,000||$3,382||2.63%|
|DAYTON-KETTERING, OH (FHA|USDA|VA)||1||$185,000||$185,000||$7,187||2.75%|
|AKRON, OH (FHA|USDA|VA)||1||$185,000||$185,000||$6,215||3.63%|
|CARSON CITY, NV (FHA|USDA|VA)||1||$145,000||$145,000||$3,512||3.13%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||1||$135,000||$135,000||$3,459||2.75%|
|WINCHESTER, VA-WV (FHA|USDA|VA)||1||$135,000||$135,000||$5,683||3.38%|
|JACKSONVILLE, FL (FHA|USDA|VA)||1||$125,000||$125,000||$3,866||3.00%|
|CUMBERLAND, MD-WV (FHA|USDA|VA)||1||$45,000||$45,000||$3,559||2.88%|
We use machine learning to identify the top lenders compared against SEVERN SAVINGS BANK FSB DBA SEVERN BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Severn Savings Bank Fsb Dba Severn Bank's most frequently originated type of loan was Conventional, with 783 originations. Their 2nd most popular type was FHA, with 108 originations.
For 2021, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan purpose was Home Purchase, with 512 originations. The 2nd most popular reason was Refi, with 319 originations.
For 2021, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan duration was 30 Year, with 708 originations. The 2nd most popular length was 30+ year, with 106 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Severn Savings Bank Fsb Dba Severn Bank's average total fees were $6,017, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 628 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Severn Savings Bank Fsb Dba Severn Bank's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 3-4%, with 448 originations.
2021 saw Severn Savings Bank Fsb Dba Severn Bank place emphasis on $200k-400k loans with 470 originations, totaling $137,980,000 in origination value.
Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with incomes in the $100k-150k range, with 225 originations. The second most popular income band? $150k-250k, with 200 originations.
Applicant Debt to Income Ratio
Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 182 originations.
Approval RatesTotal approvals of all applications
Severn Savings Bank Fsb Dba Severn Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Severn Savings Bank Fsb Dba Severn Bank has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|Supreme Lending||Other type of mortgage||Closing on a mortgage||2||12.5%|
|Supreme Lending||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||12.5%|
|Supreme Lending||FHA mortgage||Closing on a mortgage||1||6.3%|
|Supreme Lending||FHA mortgage||Struggling to pay mortgage||1||6.3%|
|Supreme Lending||Home equity loan or line of credit (HELOC)||Applying for a mortgage or refinancing an existing mortgage||1||6.3%|
|Supreme Lending||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||4||25.0%|
|Supreme Lending||Conventional home mortgage||Closing on a mortgage||1||6.3%|
|Supreme Lending||Conventional home mortgage||Trouble during payment process||4||25.0%|
|Bank Name||Branch||Branch Type||Deposits (000's)|
|Severn Savings Bank, FSB Dba Severn Bank||1917 West Street Annapolis, MD 21401||Full Service B&M||$168,492|
|Severn Savings Bank, FSB Dba Severn Bank||5401 Southern Maryland Blvd Lothian, MD 20711||Full Service B&M||$23,539|
|Severn Savings Bank, FSB Dba Severn Bank||589 Benfield Rd Severna Park, MD 21146||Full Service B&M||$46,634|
|Severn Savings Bank, FSB Dba Severn Bank||200 Westgate Circle, Suite 200 Annapolis, MD 21401||Full Service B&M||$468,216|
|Severn Savings Bank, FSB Dba Severn Bank||2151 Defense Hwy Crofton, MD 21114||Full Service B&M||$16,830|
|Severn Savings Bank, FSB Dba Severn Bank||3083 Solomons Island Rd Edgewater, MD 21037||Full Service B&M||$126,722|
|Severn Savings Bank, FSB Dba Severn Bank||413 Crain Highway S.E. Glen Burnie, MD 21061||Full Service B&M||$150,199|
For 2021, Severn Savings Bank Fsb Dba Severn Bank had 7 branches.