Washington Savings Bank Mortgage Rates, Fees & Info

PHILADELPHIA, PA

LEI: 549300CHNWFL158WI547

Tax ID: 23-0747842

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

    Washington Savings Bank is a smaller bank specializing in Home Purchase loans. Washington Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, New York, Atlantic City, and Trenton among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington Savings 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. Washington Savings Bank is typically a low 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

    132

    Origination Dollar Volume (All Markets)

    $22,880,000

    Awards

    WASHINGTON SAVINGS BANK 30 Year Conventional Loans gold WASHINGTON SAVINGS BANK 30 Year Conventional Loans silver WASHINGTON SAVINGS BANK 30 Year Conventional Loans silver
    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 121 $19,575,000 $161,777 $2,922 4.15%
    OCEAN CITY, NJ (FHA|USDA|VA) 3 $1,745,000 $581,667 $4,158 4.17%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $725,000 $725,000 $5,234 4.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $675,000 $135,000 $3,134 3.88%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $160,000 $80,000 $3,274 4.56%
    Washington Savings Bank's top markets include Philadelphia, Ocean City, New York, Atlantic City, and Trenton among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against WASHINGTON SAVINGS BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Iron Workers Savings Bank
    Similarity Rank: 63
    Haddon Savings Bank
    Similarity Rank: 116
    FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
    Similarity Rank: 126
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 135
    Columbia Bank
    Similarity Rank: 136
    WASHINGTON SAVINGS BANK
    Similarity Rank: 225
    COMMUNITY POWERED
    Similarity Rank: 228
    Penn Community Bank
    Similarity Rank: 576
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    ESSA Bank & Trust
    Similarity Rank: 710

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 132 $22,880,000 $173,333 $3,032 4.15%

    For 2018, Washington Savings Bank's most frequently originated type of loan was Conventional, with 132 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $11,255,000 $250,111 $3,083 4.32%
    Home Improvement 28 $1,580,000 $56,429 $0 4.09%
    Refi 24 $3,860,000 $160,833 $2,777 3.92%
    Other 20 $2,210,000 $110,500 $2,882 4.13%
    Cash Out Refi 15 $3,975,000 $265,000 $3,080 4.14%

    For 2018, Washington Savings Bank's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Home Improvement, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 41 $11,655,000 $284,268 $3,301 4.33%
    15 Year 35 $6,115,000 $174,714 $2,588 4.07%
    10 Year 23 $1,735,000 $75,435 $1,243 4.08%
    20 Year 17 $2,745,000 $161,471 $2,706 4.63%
    5 Year 16 $630,000 $39,375 $0 3.43%

    For 2018, Washington Savings Bank's most frequently cited loan duration was 30 Year, with 41 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 57 $15,585,000 $273,421
    $1k-2k 1 $115,000 $115,000

    Washington Savings Bank's average total fees were $3,301, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 79 $14,715,000 $186,266
    3-4% 37 $5,325,000 $143,919
    2.5-3% 11 $2,115,000 $192,273
    5-6% 5 $725,000 $145,000

    During 2018, Washington Savings Bank's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 50 $2,190,000 $43,800 $1,439 4.09%
    $100k-200k 39 $5,725,000 $146,795 $2,485 4.28%
    $200k-400k 32 $8,270,000 $258,438 $3,202 4.08%
    $400k-600k 7 $3,425,000 $489,286 $4,244 4.29%
    $600k-1MM 3 $2,085,000 $695,000 $4,993 3.83%
    $1MM+ 1 $1,185,000 $1,185,000 $5,935 4.13%

    2018 saw Washington Savings Bank place emphasis on $100,000 or less loans with 50 originations, totaling $2,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 43 $7,005,000 $162,907 $3,085 4.20%
    $150k-250k 30 $5,180,000 $172,667 $2,893 4.02%
    $50k-75k 18 $2,280,000 $126,667 $2,681 4.22%
    $75k-100k 17 $1,795,000 $105,588 $2,678 3.86%
    $250k+ 12 $5,370,000 $447,500 $3,947 4.38%
    $50k or less 11 $745,000 $67,727 $2,677 4.40%

    Washington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 43 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $5,110,000 $141,944 $2,611 4.15%
    30-36% 28 $4,450,000 $158,929 $2,947 4.00%
    <20% 22 $5,270,000 $239,545 $3,631 4.04%
    36% 9 $1,475,000 $163,889 $2,789 4.29%
    39% 7 $1,645,000 $235,000 $2,911 4.48%
    40% 7 $1,035,000 $147,857 $4,697 4.54%
    41% 5 $535,000 $107,000 $2,535 4.05%
    43% 5 $605,000 $121,000 $0 3.65%
    38% 5 $955,000 $191,000 $3,370 4.35%
    42% 3 $915,000 $305,000 $3,807 4.00%
    37% 2 $220,000 $110,000 $0 5.13%
    44% 2 $160,000 $80,000 $3,274 4.56%

    Washington Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 84 $14,210,000 $169,167 $3,043 4.22%
    Asian 29 $5,615,000 $193,621 $3,222 4.04%
    Not provided 14 $2,070,000 $147,857 $2,571 3.99%
    Not applicable 1 $505,000 $505,000 $0 4.25%
    Asian Indian 3 $375,000 $125,000 $0 3.91%
    Black 1 $105,000 $105,000 $2,126 4.13%

    Approval Rates

    Total approvals of all applications
    96.13%

    Washington Savings 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
    89.39%

    Washington Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 132 $22,880,000 $173,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 131 $22,755,000 $173,702

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $2,385,000 $103,696 $1,695 4.04%
    40-60% 18 $4,420,000 $245,556 $3,247 4.16%
    60-80% 32 $8,180,000 $255,625 $3,129 4.09%
    80-100% 21 $6,205,000 $295,476 $3,494 4.29%
    Under 20% 38 $1,690,000 $44,474 $761 4.19%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 3 42.9%