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

Annapolis, MD

LEI: 549300BSREUOP0WE2207

Tax ID: 52-0792362

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
  • 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 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, Salisbury, and Virginia Beach among others. We have data for 33 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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    Originations

    494

    Origination Dollar Volume (All Markets)

    $171,980,000

    Employee count

    169

    Awards

    SEVERN SAVINGS BANK FSB DBA SEVERN BANK FHA Loans gold SEVERN SAVINGS BANK FSB DBA SEVERN BANK FHA Loans silver
    Show all (2) 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) 205 $83,245,000 $406,073 $6,655 4.27%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 199 $65,455,000 $328,920 $7,222 4.08%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 28 $5,570,000 $198,929 $6,555 4.26%
    SALISBURY, MD-DE (FHA|USDA|VA) 7 $2,605,000 $372,143 $8,313 4.30%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $2,240,000 $560,000 $8,663 4.56%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 5 $2,105,000 $421,000 $6,084 4.10%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 5 $1,235,000 $247,000 $4,956 4.25%
    Outside of Metro Areas 5 $1,085,000 $217,000 $6,800 4.35%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $850,000 $425,000 $7,529 4.81%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $830,000 $207,500 $4,869 4.91%
    PITTSBURGH, PA (FHA|USDA|VA) 2 $550,000 $275,000 $6,663 3.81%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $545,000 $545,000 $3,400 4.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $485,000 $485,000 $3,951 3.88%
    GETTYSBURG, PA (FHA|USDA|VA) 3 $485,000 $161,667 $6,057 3.96%
    WINCHESTER, VA-WV (FHA|USDA|VA) 1 $485,000 $485,000 $10,051 3.13%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $475,000 $475,000 $4,012 3.88%
    YORK-HANOVER, PA (FHA|USDA|VA) 2 $410,000 $205,000 $6,270 4.75%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $4,254 4.50%
    Easton, MD (FHA|USDA|VA) 1 $325,000 $325,000 $3,737 3.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,658 4.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,074 4.13%
    Minot, ND (FHA|USDA|VA) 1 $275,000 $275,000 $3,269 4.50%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $245,000 $245,000 $7,165 3.63%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $225,000 $225,000 $3,437 4.88%
    New Castle, PA (FHA|USDA|VA) 1 $225,000 $225,000 $9,021 4.63%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $205,000 $205,000 $11,851 4.25%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $200,000 $100,000 $3,178 4.00%
    STATE COLLEGE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $7,393 5.63%
    ERIE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $5,594 4.00%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $115,000 $115,000 $6,853 5.00%
    Cambridge, MD (FHA|USDA|VA) 3 $105,000 $35,000 $3,136 6.25%
    CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $85,000 $85,000 $4,258 4.75%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $85,000 $85,000 $4,006 5.25%
    Severn Savings Bank Fsb Dba Severn Bank's top markets include Baltimore, Washington, Hagerstown, Salisbury, and Virginia Beach among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Delaware (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.

    DEL-ONE FEDERAL CREDIT UNION
    Similarity Rank: 84
    PATRIOT
    Similarity Rank: 96
    Calvin B. Taylor Banking Company of Berlin, Maryland
    Similarity Rank: 204
    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 218
    POINT BREEZE
    Similarity Rank: 270
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 444
    Hebron Savings Bank
    Similarity Rank: 460
    APL
    Similarity Rank: 605
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 612
    UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION,INC.
    Similarity Rank: 636

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 325 $120,735,000 $371,492 $5,763 4.36%
    FHA 109 $29,445,000 $270,138 $9,033 3.99%
    VA 48 $18,890,000 $393,542 $8,131 3.81%
    USDA 12 $2,910,000 $242,500 $6,324 4.00%

    For 2019, Severn Savings Bank Fsb Dba Severn Bank's most frequently originated type of loan was Conventional, with 325 originations. Their 2nd most popular type was FHA, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 323 $107,215,000 $331,935 $7,281 4.27%
    Refi 112 $45,730,000 $408,304 $5,383 3.93%
    Cash Out Refi 53 $15,335,000 $289,340 $6,504 4.43%
    Home Improvement 6 $3,700,000 $616,667 $11,414 5.04%

    For 2019, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan purpose was Home Purchase, with 323 originations. The 2nd most popular reason was Refi, with 112 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 433 $139,955,000 $323,222 $6,523 4.16%
    30+ year 20 $19,860,000 $993,000 $13,984 4.34%
    15 Year 15 $4,685,000 $312,333 $4,976 3.80%
    1 Year 8 $1,360,000 $170,000 $0 6.19%
    5 Year 7 $3,595,000 $513,571 $18,101 5.32%
    Other 5 $1,305,000 $261,000 $4,012 5.08%
    20 Year 3 $855,000 $285,000 $5,398 3.96%
    10 Year 3 $365,000 $121,667 $3,193 4.46%

    For 2019, Severn Savings Bank Fsb Dba Severn Bank's most frequently cited loan duration was 30 Year, with 433 originations. The 2nd most popular length was 30+ year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 331 $99,065,000 $299,290
    $5k+ 46 $35,910,000 $780,652
    $2k-3k 40 $13,340,000 $333,500
    $3k-4k 24 $7,060,000 $294,167
    $4k-5k 23 $9,225,000 $401,087
    $<1k 10 $2,600,000 $260,000

    Severn Savings Bank Fsb Dba Severn Bank's average total fees were $6,523, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 331 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 236 $83,890,000 $355,466
    4-5% 206 $73,550,000 $357,039
    5-6% 37 $11,445,000 $309,324
    6-7% 10 $1,150,000 $115,000
    2.5-3% 5 $1,945,000 $389,000

    During 2019, Severn Savings Bank Fsb Dba Severn Bank's average interest rate for loans was 4.16%, while their most frequently originated rate bucket for loans was 3-4%, with 236 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 261 $74,285,000 $284,617 $6,547 4.15%
    $400k-600k 99 $47,795,000 $482,778 $7,354 4.06%
    $100k-200k 81 $12,665,000 $156,358 $5,215 4.38%
    $600k-1MM 25 $18,755,000 $750,200 $9,422 4.23%
    $100,000 or less 19 $1,405,000 $73,947 $3,468 5.13%
    $1MM+ 9 $17,075,000 $1,897,222 $19,656 4.51%

    2019 saw Severn Savings Bank Fsb Dba Severn Bank place emphasis on $200k-400k loans with 261 originations, totaling $74,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 107 $26,485,000 $247,523 $6,856 4.09%
    $100k-150k 98 $34,680,000 $353,878 $6,690 4.23%
    $150k-250k 82 $34,140,000 $416,341 $6,537 4.20%
    $75k-100k 79 $21,965,000 $278,038 $6,933 4.23%
    $250k+ 47 $34,255,000 $728,830 $9,387 4.44%
    $50k or less 45 $7,825,000 $173,889 $5,917 4.13%

    Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with incomes in the $50k-75k range, with 107 originations. The second most popular income band? $100k-150k, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $26,350,000 $337,821 $6,023 4.00%
    30-36% 73 $25,505,000 $349,384 $6,428 4.18%
    50-60% 54 $18,170,000 $336,481 $9,399 4.05%
    49% 26 $7,810,000 $300,385 $6,437 4.37%
    44% 26 $9,120,000 $350,769 $7,423 4.15%
    <20% 25 $10,625,000 $425,000 $5,248 4.08%
    42% 19 $6,755,000 $355,526 $6,819 4.36%
    41% 19 $5,765,000 $303,421 $5,942 4.61%
    43% 18 $5,490,000 $305,000 $7,586 4.17%
    47% 16 $5,710,000 $356,875 $8,427 4.37%
    39% 15 $6,515,000 $434,333 $6,463 4.31%
    36% 15 $4,925,000 $328,333 $6,205 4.23%
    48% 14 $4,010,000 $286,429 $6,031 4.21%
    37% 13 $3,685,000 $283,462 $7,352 4.14%
    40% 12 $3,750,000 $312,500 $5,525 4.18%
    38% 12 $4,440,000 $370,000 $4,811 4.14%
    45% 11 $3,855,000 $350,455 $6,375 4.51%
    46% 10 $6,460,000 $646,000 $9,654 3.96%
    >60% 4 $1,760,000 $440,000 $9,371 4.63%

    Severn Savings Bank Fsb Dba Severn Bank lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 289 $105,435,000 $364,827 $6,271 4.16%
    Not provided 153 $51,425,000 $336,111 $7,771 4.08%
    Black 27 $8,205,000 $303,889 $7,205 4.73%
    Not applicable 13 $3,465,000 $266,538 $0 5.92%
    Asian 9 $2,435,000 $270,556 $6,181 4.36%
    American Indian 2 $770,000 $385,000 $5,543 3.69%
    Other Asian 1 $245,000 $245,000 $12,993 3.63%

    Approval Rates

    Total approvals of all applications
    90.91%

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

    Pick Rate

    Approvals leading to origination
    82.19%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 494 $171,980,000 $348,138

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 494 $171,980,000 $348,138

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $5,370,000 $244,091 $3,935 4.29%
    40-60% 35 $17,395,000 $497,000 $5,651 4.22%
    60-80% 136 $55,090,000 $405,074 $6,463 4.48%
    80-100% 284 $87,350,000 $307,570 $7,124 4.10%
    Over 100% 15 $6,525,000 $435,000 $10,323 3.86%
    Under 20% 2 $250,000 $125,000 $3,193 3.94%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SPRINGLEAF FINANCE CORPORATION Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    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 $120,552
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 200 Westgate Circle, Suite 200 Annapolis, MD 21401 Full Service B&M $286,159
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 3083 Solomons Island Rd Edgewater, MD 21037 Full Service B&M $111,317
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 413 Crain Highway S.E. Glen Burnie, MD 21061 Full Service B&M $140,331
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 5401 Southern Maryland Blvd Lothian, MD 20711 Full Service B&M $6,733
    SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 589 Benfield Rd Severna Park, MD 21146 Full Service B&M $23,681

    For 2019, Severn Savings Bank Fsb Dba Severn Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $39,744
    Net interest income $31,506
    Total noninterest income $8,341
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,429
    Trading account gains and fees $0
    Additional Noninterest Income $5,912
    Pre-tax net operating income $12,475
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,224
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,224
    Minority interest net income $0
    Net income $9,224
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,224

    Severn Savings Bank Fsb Dba Severn Bank's gross interest income from loans was $39,744,000.
    Severn Savings Bank Fsb Dba Severn Bank's net interest income from loans was $31,506,000.
    Severn Savings Bank Fsb Dba Severn Bank's fee based income from loans was $2,429,000.
    Severn Savings Bank Fsb Dba Severn Bank's net income from loans was $9,224,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,238
    Provision for credit losses $-500
    Total noninterest expense $27,872
    Salaries and employee benefits $19,092
    Premises and equipment expense $1,035
    Additional noninterest expense $7,745
    Applicable income taxes $3,251
    Net charge-offs $406
    Cash dividends $6,340

    Severn Savings Bank Fsb Dba Severn Bank's interest expense for loans was $8,238,000.
    Severn Savings Bank Fsb Dba Severn Bank's payroll and benefits expense were $19,092,000.
    Severn Savings Bank Fsb Dba Severn Bank's property, plant and equipment expenses $1,035,000.

    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 1.0%
    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 $665,151
    Deposits held in domestic offices $665,151
    Deposits by Individuals, partnerships, and corporations $661,502
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $660
    Deposits by Commercial banks and other depository institutions in U.S. $2,989
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $209,940
    Demand deposits $209,940
    Nontransaction accounts $455,211
    Money market deposit accounts (MMDAs) $159,897
    Other savings deposits (excluding MMDAs) $65,618
    Total time deposits $229,694
    Total time and savings deposits $455,211
    Noninterest-bearing deposits $122,901
    Interest-bearing deposits $542,249
    Retail deposits $633,295
    IRAs and Keogh plan accounts $41,501
    Brokered deposits $3,424
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $823,555
    Cash & Balances due from depository institutions $95,709
    Interest-bearing balances $92,851
    Total securities $38,864
    Federal funds sold & reverse repurchase $0
    Net loans and leases $648,430
    Loan and leases loss allowance $7,101
    Trading account assets $0
    Bank premises and fixed assets $24,575
    Other real estate owned $2,387
    Goodwill and other intangibles $657
    All other assets $12,933

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $823,555
    Total Liabilities $704,843
    Total deposits $665,151
    Interest-bearing deposits $542,249
    Deposits held in domestic offices $665,151
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $37,491
    Subordinated debt $0
    All other liabilities $2,201

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $648,430
    Loan and leases loss allowance $7,101
    Total loans and leases (domestic) $655,531
    All real estate loans $617,704
    Real estate loans in domestic offices $617,704
    Construction and development loans $105,621
    Residential 1-4 family construction $62,643
    Other construction, all land development and other land $42,978
    Loans secured by nonfarm nonresidential properties $225,696
    Nonfarm nonresidential secured by owner-occupied properties $99,980
    Commercial real estate & other non-farm, non-residential $125,716
    Multifamily residential real estate $6,468
    1-4 family residential loans $279,125
    Farmland loans $794
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $32,954
    To non-U.S. addressees $0
    Loans to individuals $2,104
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $43
    Other loans to individuals $2,061
    All other loans & leases $2,769
    Loans to foreign governments and official institutions $0
    Other loans $2,769
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $6,738
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $8,853
    Non 1-4 family restructured loans & leases $1,183
    Total loans and leases (foreign) $0

    SEVERN SAVINGS BANK FSB DBA SEVERN BANK had $648,430,000 of loans outstanding in 2019. $617,704,000 of loans were in real estate loans. $105,621,000 of loans were in development loans. $6,468,000 of loans were in multifamily mortgage loans. $279,125,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $43,000 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 216 $60,942 $282,139
    Nonfarm, nonresidential loans - <$100k 18 $781 $43,389
    Nonfarm, nonresidential loans - $100-250k 68 $8,943 $131,515
    Nonfarm, nonresidential loans - $250k-1MM 130 $51,218 $393,985
    Commercial & Industrial, US addressed loans - <$1MM 193 $21,678 $112,321
    Commercial & Industrial, US addressed loans - <$100k 97 $3,263 $33,639
    Commercial & Industrial, US addressed loans - $100-250k 53 $4,712 $88,906
    Commercial & Industrial, US addressed loans - $250k-1MM 43 $13,703 $318,674
    Farmland loans - <$1MM 1 $173 $173,000
    Farmland loans - $100-250k 1 $173 $173,000