Ocean Bank Mortgage Rates, Fees & Info
Miami, FLLEI: 549300D4L76B477GHY32
Tax ID: 59-2237280
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Mortgage Data
Review & Overview
Ocean Bank is a smaller bank specializing in Home Purchase and Refi loans. Ocean Bank has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Key West, Tampa, and Naples among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Ocean 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.
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Originations
30Origination Dollar Volume (All Markets)
$47,730,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 24 | $45,470,000 | $1,894,583 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 2 | $1,080,000 | $540,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $47,730,000 | $1,591,000 | $0 | 0.00% |
For 2023, Ocean Bank's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 24 | $33,790,000 | $1,407,917 | $0 | 0.00% |
| Refi | 5 | $13,415,000 | $2,683,000 | $0 | 0.00% |
| Other | 1 | $525,000 | $525,000 | $0 | 0.00% |
For 2023, Ocean Bank's most frequently cited loan purpose was Home Purchase, with 24 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 30 | $47,730,000 | $1,591,000 | $0 | 0.00% |
For 2023, Ocean Bank's most frequently cited loan duration was Other, with 30 originations.
Loan Sizing
2023 saw Ocean Bank place emphasis on $1MM+ loans with 13 originations, totaling $39,045,000 in origination value.
Applicant Income
Ocean Bank lent most frequently to those with incomes in the $250k+ range, with 17 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 30 | $47,730,000 | $1,591,000 | $0 | 0.00% |
Ocean Bank lent most frequently to those with DTI ratios of Exempt%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications73.33%
Ocean Bank has a below average approval rate.
Pick Rate
Approvals leading to origination60.00%
Ocean Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 30 | $47,730,000 | $1,591,000 |