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)

    • 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, 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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    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

    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) 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.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (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.

    PATRIOT
    Similarity Rank: 228
    POINT BREEZE
    Similarity Rank: 477
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    Hebron Savings Bank
    Similarity Rank: 676
    Securityplus FCU
    Similarity Rank: 736
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 1344
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1680
    Woodsboro Bank
    Similarity Rank: 2455
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 2600
    IDB Global Federal Credit Union
    Similarity Rank: 2740

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 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.

    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 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
    $1k-2k 628 $206,040,000 $328,089
    $5k+ 93 $82,915,000 $891,559
    $2k-3k 86 $29,950,000 $348,256
    $3k-4k 61 $22,175,000 $363,525
    $4k-5k 56 $24,800,000 $442,857
    $<1k 25 $7,515,000 $300,600

    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.

    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 for loans was 3.07%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    96.30%

    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 Rate

    Approvals leading to origination
    83.68%

    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 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 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

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

    Yearly Performance Overview