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

Annapolis, MD

LEI: 549300BSREUOP0WE2207

Tax ID: 52-0792362

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Severn Savings Bank Fsb Dba Severn Bank is a smaller bank specializing in Home Purchase 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, Virginia Beach, Hagerstown, and Salisbury among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Severn Savings Bank Fsb Dba Severn Bank has an 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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    Originations

    361

    Origination Dollar Volume (All Markets)

    $124,605,000

    Employee count

    159

    Awards

    SEVERN SAVINGS BANK FSB DBA SEVERN BANK VA Loans gold
    Show all (1) awards

    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
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 170 $60,850,000 $357,941 $7,055 4.90%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 124 $43,980,000 $354,677 $8,112 4.76%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 5 $4,675,000 $935,000 $12,156 5.33%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 18 $4,020,000 $223,333 $6,684 4.82%
    SALISBURY, MD-DE (FHA|USDA|VA) 9 $2,485,000 $276,111 $5,445 4.86%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $0 5.25%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $1,145,000 $229,000 $8,155 4.43%
    Outside of Metro Areas 6 $1,100,000 $183,333 $5,566 5.33%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 3 $1,045,000 $348,333 $8,387 4.63%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 3 $695,000 $231,667 $8,714 4.50%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $420,000 $210,000 $5,544 4.75%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $345,000 $345,000 $2,985 4.75%
    RICHMOND, VA (FHA|USDA|VA) 1 $325,000 $325,000 $10,419 4.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,271 4.88%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $3,965 5.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $235,000 $235,000 $6,224 5.25%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $195,000 $195,000 $4,125 4.88%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $185,000 $185,000 $7,916 5.50%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $175,000 $175,000 $7,116 4.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,439 5.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $165,000 $165,000 $3,631 4.88%
    COLUMBUS, OH (FHA|USDA|VA) 1 $165,000 $165,000 $8,258 4.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $145,000 $145,000 $4,674 5.63%
    ERIE, PA (FHA|USDA|VA) 1 $135,000 $135,000 $6,427 5.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,471 4.75%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $75,000 $75,000 $5,197 5.13%
    Severn Savings Bank Fsb Dba Severn Bank's top markets include Baltimore, Washington, Virginia Beach, Hagerstown, and Salisbury among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    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.

    APL
    Similarity Rank: 32
    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 54
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 126
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 126
    POINT BREEZE
    Similarity Rank: 252
    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 264
    Hebron Savings Bank
    Similarity Rank: 305
    Bank of Clarke County
    Similarity Rank: 320
    LIBRARY OF CONGRESS
    Similarity Rank: 448
    Mid-Atlantic Federal Credit Union
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $87,825,000 $364,419 $6,073 4.94%
    FHA 70 $20,310,000 $290,143 $9,791 4.70%
    VA 29 $10,445,000 $360,172 $10,729 4.60%
    USDA 18 $4,780,000 $265,556 $6,996 4.53%
    HELOC 3 $1,245,000 $415,000 n/a 5.92%

    For 2018, Severn Savings Bank Fsb Dba Severn Bank's most frequently originated type of loan was Conventional, with 241 originations. Their 2nd most popular type was FHA, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 247 $90,245,000 $365,364 $8,140 4.85%
    Refi 57 $18,495,000 $324,474 $4,981 4.73%
    Cash Out Refi 46 $12,180,000 $264,783 $6,094 5.00%
    Home Improvement 11 $3,685,000 $335,000 $8,444 5.01%

    For 2018, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan purpose was Home Purchase, with 247 originations. The 2nd most popular reason was Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 283 $88,255,000 $311,855 $7,047 4.81%
    30+ year 22 $16,620,000 $755,455 $13,309 4.55%
    5 Year 12 $6,390,000 $532,500 $1,338 5.49%
    Other 11 $4,575,000 $415,909 $13,078 5.36%
    15 Year 10 $2,460,000 $246,000 $3,746 4.03%
    1 Year 9 $2,675,000 $297,222 $0 6.03%
    10 Year 9 $2,475,000 $275,000 $6,609 5.17%
    20 Year 3 $865,000 $288,333 $5,598 4.46%
    3 Year 2 $290,000 $145,000 $0 5.75%

    For 2018, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan duration was 30 Year, with 283 originations. The 2nd most popular length was 30+ year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 201 $55,175,000 $274,502
    $5k+ 47 $31,415,000 $668,404
    $2k-3k 33 $8,895,000 $269,545
    $3k-4k 21 $6,165,000 $293,571
    $4k-5k 10 $4,560,000 $456,000
    $<1k 9 $2,775,000 $308,333

    Severn Savings Bank Fsb Dba Severn Bank's average total fees were $7,047, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 201 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 232 $86,070,000 $370,991
    5-6% 102 $31,160,000 $305,490
    3-4% 19 $5,285,000 $278,158
    6-7% 8 $2,090,000 $261,250

    During 2018, Severn Savings Bank Fsb Dba Severn Bank's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 232 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 161 $46,395,000 $288,168 $6,685 4.76%
    $100k-200k 89 $14,315,000 $160,843 $4,912 5.00%
    $400k-600k 59 $28,395,000 $481,271 $9,693 4.74%
    $600k-1MM 29 $21,655,000 $746,724 $12,353 4.80%
    $100,000 or less 15 $1,135,000 $75,667 $3,290 5.34%
    $1MM+ 8 $12,710,000 $1,588,750 $32,403 5.11%

    2018 saw Severn Savings Bank Fsb Dba Severn Bank place emphasis on $200k-400k loans with 161 originations, totaling $46,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 75 $23,435,000 $312,467 $7,265 4.84%
    $50k-75k 75 $17,455,000 $232,733 $6,284 4.85%
    $75k-100k 68 $19,390,000 $285,147 $7,690 4.70%
    $150k-250k 62 $27,140,000 $437,742 $8,221 4.83%
    $250k+ 23 $18,635,000 $810,217 $11,075 4.65%
    $50k or less 21 $3,295,000 $156,905 $5,485 4.87%

    Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with incomes in the $100k-150k range, with 75 originations. The second most popular income band? $50k-75k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 61 $18,195,000 $298,279 $6,702 4.70%
    20-30% 42 $12,410,000 $295,476 $5,900 4.69%
    50-60% 32 $13,580,000 $424,375 $12,633 4.64%
    48% 16 $6,150,000 $384,375 $7,310 4.72%
    44% 16 $3,650,000 $228,125 $5,200 4.84%
    43% 15 $4,805,000 $320,333 $6,738 4.78%
    46% 13 $8,555,000 $658,077 $10,811 4.70%
    41% 13 $6,075,000 $467,308 $9,606 4.95%
    45% 13 $4,225,000 $325,000 $5,747 4.97%
    49% 12 $3,580,000 $298,333 $6,261 4.91%
    <20% 11 $2,575,000 $234,091 $3,621 4.65%
    39% 11 $2,385,000 $216,818 $6,438 4.85%
    40% 11 $5,015,000 $455,909 $7,227 4.97%
    42% 11 $3,495,000 $317,727 $6,269 5.01%
    47% 11 $4,305,000 $391,364 $6,926 4.80%
    38% 10 $2,700,000 $270,000 $7,122 4.89%
    37% 10 $2,740,000 $274,000 $7,428 4.70%
    >60% 7 $2,575,000 $367,857 $9,711 4.55%
    36% 5 $1,795,000 $359,000 $6,825 4.70%

    Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with DTI ratios of 30-36%, with 61 originations. The next most common DTI ratio? 20-30%, with 42 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $68,460,000 $356,563 $7,172 4.77%
    Not provided 107 $32,485,000 $303,598 $7,511 4.78%
    Not applicable 27 $11,425,000 $423,148 $0 5.59%
    Black 31 $11,305,000 $364,677 $8,082 4.98%
    American Indian 3 $635,000 $211,667 $6,300 4.96%
    Asian 1 $295,000 $295,000 $8,668 4.38%

    Approval Rates

    Total approvals of all applications
    84.28%

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

    Pick Rate

    Approvals leading to origination
    73.41%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 361 $124,605,000 $345,166

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $615,000 $615,000
    Single Family (1-4 Units):Manufactured 2 $300,000 $150,000
    Single Family (1-4 Units):Site-Built 358 $123,690,000 $345,503

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,175,000 $244,231 $5,232 4.61%
    40-60% 41 $13,265,000 $323,537 $4,756 4.85%
    60-80% 113 $44,485,000 $393,673 $6,730 5.02%
    80-100% 174 $53,110,000 $305,230 $7,813 4.75%
    Over 100% 19 $10,515,000 $553,421 $14,011 5.01%
    Under 20% 1 $55,000 $55,000 $1,338 5.00%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Supreme Lending Conventional home mortgage Closing on a mortgage 3 25.0%
    Supreme Lending Conventional home mortgage Trouble during payment process 1 8.3%
    Supreme Lending FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 16.7%
    Supreme Lending FHA mortgage Closing on a mortgage 5 41.7%
    Supreme Lending Other type of mortgage Trouble during payment process 1 8.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Severn Savings Bank, FSB 1917 West Street Annapolis, MD 21401 Full Service B&M $162,871
    Severn Savings Bank, FSB 200 Westgate Circle, Suite 200 Annapolis, MD 21401 Full Service B&M $150,455
    Severn Savings Bank, FSB 3083 Solomons Island Rd Edgewater, MD 21037 Full Service B&M $113,352
    Severn Savings Bank, FSB 413 Crain Highway S.E. Glen Burnie, MD 21061 Full Service B&M $146,005
    Severn Savings Bank, FSB 5401 Southern Maryland Blvd Lothian, MD 20711 Full Service B&M $31,445
    Severn Savings Bank, FSB 589 Benfield Rd Severna Park, MD 21146 Full Service B&M $20,080

    For 2018, Severn Savings Bank Fsb Dba Severn Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $37,595
    Net interest income $30,002
    Total noninterest income $6,426
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,748
    Trading account gains and fees $0
    Additional Noninterest Income $4,678
    Pre-tax net operating income $12,418
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,316
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,316
    Minority interest net income $0
    Net income $9,316
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,316

    Severn Savings Bank Fsb Dba Severn Bank's gross interest income from loans was $37,595,000.
    Severn Savings Bank Fsb Dba Severn Bank's net interest income from loans was $30,002,000.
    Severn Savings Bank Fsb Dba Severn Bank's fee based income from loans was $1,748,000.
    Severn Savings Bank Fsb Dba Severn Bank's net income from loans was $9,316,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,593
    Provision for credit losses $-300
    Total noninterest expense $24,310
    Salaries and employee benefits $17,172
    Premises and equipment expense $848
    Additional noninterest expense $6,290
    Applicable income taxes $3,102
    Net charge-offs $-289
    Cash dividends $2,215

    Severn Savings Bank Fsb Dba Severn Bank's interest expense for loans was $7,593,000.
    Severn Savings Bank Fsb Dba Severn Bank's payroll and benefits expense were $17,172,000.
    Severn Savings Bank Fsb Dba Severn Bank's property, plant and equipment expenses $848,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $782,988
    Deposits held in domestic offices $782,988
    Deposits by Individuals, partnerships, and corporations $772,923
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,250
    Deposits by Commercial banks and other depository institutions in U.S. $3,815
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $247,694
    Demand deposits $247,694
    Nontransaction accounts $535,294
    Money market deposit accounts (MMDAs) $193,134
    Other savings deposits (excluding MMDAs) $81,170
    Total time deposits $260,990
    Total time and savings deposits $535,294
    Noninterest-bearing deposits $146,604
    Interest-bearing deposits $636,384
    Retail deposits $731,661
    IRAs and Keogh plan accounts $43,568
    Brokered deposits $15,185
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $970,655
    Cash & Balances due from depository institutions $197,101
    Interest-bearing balances $194,256
    Total securities $50,890
    Federal funds sold & reverse repurchase $0
    Net loans and leases $682,853
    Loan and leases loss allowance $8,007
    Trading account assets $0
    Bank premises and fixed assets $22,742
    Other real estate owned $1,537
    Goodwill and other intangibles $771
    All other assets $14,761

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $970,655
    Total Liabilities $854,857
    Total deposits $782,988
    Interest-bearing deposits $636,384
    Deposits held in domestic offices $782,988
    % insured (estimated) $65
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $70,000
    Subordinated debt $0
    All other liabilities $1,869

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $682,853
    Loan and leases loss allowance $8,007
    Total loans and leases (domestic) $690,860
    All real estate loans $654,133
    Real estate loans in domestic offices $654,133
    Construction and development loans $128,513
    Residential 1-4 family construction $52,942
    Other construction, all land development and other land $75,571
    Loans secured by nonfarm nonresidential properties $232,971
    Nonfarm nonresidential secured by owner-occupied properties $96,823
    Commercial real estate & other non-farm, non-residential $136,148
    Multifamily residential real estate $6,672
    1-4 family residential loans $285,157
    Farmland loans $820
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $31,118
    To non-U.S. addressees $0
    Loans to individuals $1,836
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $46
    Other loans to individuals $1,790
    All other loans & leases $3,773
    Loans to foreign governments and official institutions $0
    Other loans $3,773
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $4,912
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $10,532
    Non 1-4 family restructured loans & leases $1,228
    Total loans and leases (foreign) $0

    SEVERN SAVINGS BANK FSB DBA SEVERN BANK had $682,853,000 of loans outstanding in 2018. $654,133,000 of loans were in real estate loans. $128,513,000 of loans were in development loans. $6,672,000 of loans were in multifamily mortgage loans. $285,157,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $46,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 215 $62,083 $288,758
    Nonfarm, nonresidential loans - <$100k 20 $829 $41,450
    Nonfarm, nonresidential loans - $100-250k 61 $7,852 $128,721
    Nonfarm, nonresidential loans - $250k-1MM 134 $53,402 $398,522
    Commercial & Industrial, US addressed loans - <$1MM 170 $18,606 $109,447
    Commercial & Industrial, US addressed loans - <$100k 86 $2,806 $32,628
    Commercial & Industrial, US addressed loans - $100-250k 50 $3,586 $71,720
    Commercial & Industrial, US addressed loans - $250k-1MM 34 $12,214 $359,235
    Farmland loans - <$1MM 1 $180 $180,000
    Farmland loans - $100-250k 1 $180 $180,000