Severn Savings Bank Fsb Dba Severn Bank Mortgage Rates, Fees & Info

Annapolis, MD

LEI: 549300BSREUOP0WE2207

Tax ID: 52-0792362

4 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Severn 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 include Baltimore, Washington, Hagerstown, California, and Salisbury among others. Severn Savings Bank Fsb Dba Severn Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Severn Savings Bank Fsb Dba Severn Bank is typically a high fee lendor.


Originations

962

Origination Dollar Volume (All Markets)

$377,000,000

Awards

SEVERN SAVINGS BANK FSB DBA SEVERN BANK FHA Loans silver SEVERN SAVINGS BANK FSB DBA SEVERN BANK 30 Year Conventional Loans gold SEVERN SAVINGS BANK FSB DBA SEVERN BANK USDA Loans gold
Show all (3) awards

Relative Rate

Severn Savings Bank Fsb Dba Severn Bank's average 30 year fixed rate mortgage of loans were 3.07%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.08%.

Relative Fees

Severn Savings Bank Fsb Dba Severn Bank's average total fees for a 30 year fixed rate mortgage are $6,017.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

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%

Severn Savings Bank Fsb Dba Severn Bank's top markets include Baltimore, Washington, Hagerstown, California, and Salisbury among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 783 $311,915,000 $398,359 $5,442 3.16%
FHA 108 $33,490,000 $310,093 $9,517 2.95%
VA 56 $27,340,000 $488,214 $10,217 2.60%
USDA 15 $4,255,000 $283,667 $6,626 2.57%

For the 2021 period, Severn Savings Bank Fsb Dba Severn Bank's most frequently originated loan type of loans were Conventional, with 783 originations. Their 2nd most popular type is FHA, with 108 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 512 $228,990,000 $447,246 $7,629 3.23%
Refi 319 $103,305,000 $323,840 $4,551 2.84%
Cash Out Refi 130 $44,470,000 $342,077 $4,579 3.18%
Home Improvement 1 $235,000 $235,000 $8,616 3.50%

For the 2021, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan purpose of loans were Home Purchase, with 512 originations. The 2nd most popular reason of loans were Refi, with 319 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 708 $258,580,000 $365,226 $6,017 3.07%
30+ year 106 $78,120,000 $736,981 $9,949 3.76%
15 Year 87 $22,925,000 $263,506 $3,824 2.45%
20 Year 29 $8,945,000 $308,448 $3,627 2.91%
Other 14 $3,710,000 $265,000 $4,199 3.24%
5 Year 8 $2,240,000 $280,000 $0 3.91%
10 Year 7 $1,505,000 $215,000 $3,589 2.71%
1 Year 3 $975,000 $325,000 $0 4.25%

For the 2021, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan length of loans were 30 Year, with 708 originations. The 2nd most popular length of loans were 30+ year, with 106 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 628 $206,040,000 $328,089
$3k-4k 117 $46,975,000 $401,496
$5k+ 93 $82,915,000 $891,559
$2k-3k 86 $29,950,000 $348,256
$<1k 25 $7,515,000 $300,600

$6,017 of loans were Severn Savings Bank Fsb Dba Severn Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 628 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 448 $197,070,000 $439,888
2.5-3% 348 $123,890,000 $356,006
<2.5% 131 $40,925,000 $312,405
4-5% 34 $14,970,000 $440,294
5-6% 1 $145,000 $145,000

During 2021, Severn Savings Bank Fsb Dba Severn Bank's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 3-4%, with 448 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 470 $137,980,000 $293,574 $5,363 3.03%
$400k-600k 216 $105,610,000 $488,935 $6,559 3.16%
$100k-200k 144 $22,890,000 $158,958 $3,860 3.05%
$600k-1MM 93 $68,315,000 $734,570 $9,575 3.27%
$1MM+ 26 $41,210,000 $1,585,000 $16,961 3.56%
$100,000 or less 13 $995,000 $76,538 $3,551 2.75%

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.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 225 $86,645,000 $385,089 $5,999 3.14%
$150k-250k 200 $91,390,000 $456,950 $6,313 3.17%
$50k-75k 158 $40,450,000 $256,013 $5,667 3.03%
$75k-100k 158 $47,660,000 $301,646 $5,753 3.00%
$250k+ 111 $83,195,000 $749,505 $8,559 3.24%
$50k or less 80 $18,790,000 $234,875 $5,269 2.85%

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

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 209 $78,985,000 $377,919 $5,246 2.97%
30-36% 182 $71,760,000 $394,286 $6,008 3.10%
<20% 78 $28,340,000 $363,333 $4,926 3.01%
50-60% 48 $26,340,000 $548,750 $10,533 3.16%
38% 44 $18,410,000 $418,409 $6,301 3.28%
44% 40 $15,180,000 $379,500 $5,845 3.07%
42% 36 $14,290,000 $396,944 $7,058 3.23%
49% 35 $13,005,000 $371,571 $6,371 3.28%
41% 33 $13,025,000 $394,697 $6,516 3.09%
43% 28 $10,730,000 $383,214 $6,943 3.15%
48% 28 $10,010,000 $357,500 $6,072 3.26%
39% 28 $10,550,000 $376,786 $5,140 3.16%
40% 26 $11,220,000 $431,538 $6,504 3.09%
37% 26 $9,140,000 $351,538 $5,307 3.19%
45% 24 $10,900,000 $454,167 $6,726 3.08%
46% 20 $7,030,000 $351,500 $7,579 3.29%
36% 18 $6,570,000 $365,000 $5,561 3.22%
47% 17 $5,925,000 $348,529 $6,584 3.08%
>60% 7 $4,525,000 $646,429 $13,897 3.39%

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.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 667 $261,115,000 $391,477 $5,695 3.08%
Not provided 195 $76,455,000 $392,077 $7,279 3.06%
Black 61 $24,535,000 $402,213 $7,341 3.25%
Asian 17 $6,065,000 $356,765 $6,339 3.12%
Not applicable 11 $2,855,000 $259,545 $0 4.00%
Asian Indian 2 $1,650,000 $825,000 $8,224 3.44%
American Indian 3 $1,315,000 $438,333 $6,374 3.17%
Native Hawaiian 1 $1,005,000 $1,005,000 $11,834 3.88%
Filipino 2 $880,000 $440,000 $10,538 3.63%
Other Asian 2 $840,000 $420,000 $7,876 2.75%
Vietnamese 1 $285,000 $285,000 $3,649 3.63%

Approval Rates

Total approvals of all applications
93.46%

Severn Savings Bank Fsb Dba Severn Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.70%

Severn Savings Bank Fsb Dba Severn Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 962 $377,000,000 $391,892

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
962 $377,000,000 $391,892

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 43 $9,135,000 $212,442 $3,844 2.88%
40-60% 150 $54,970,000 $366,467 $4,741 3.00%
60-80% 318 $121,920,000 $383,396 $5,306 3.16%
80-100% 432 $180,030,000 $416,736 $7,166 3.11%
Over 100% 14 $9,500,000 $678,571 $17,210 3.04%
Under 20% 2 $310,000 $155,000 $4,141 3.13%

Complaints

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 Details

Branches

Bank Name Branch Branch Type Deposits (000's)
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 1917 West Street Annapolis, MD 21401 Full Service B&M $168,492
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
Severn Savings Bank, FSB Dba Severn Bank 589 Benfield Rd Severna Park, MD 21146 Full Service B&M $46,634

For 2021, Severn Savings Bank Fsb Dba Severn Bank had 7 branches.

Yearly Performance Overview