Ocean Bank Mortgage Rates, Fees & Info
Miami, FLLEI: 549300D4L76B477GHY32
Tax ID: 59-2237280
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Bank Data
Review & Overview
Ocean Bank is a smaller bank specializing in Home Purchase loans. Ocean Bank has a high proportion of conventional loans. Their top two markets are Miami and Key West .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.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
49Origination Dollar Volume (All Markets)
$143,085,000Employee count
658Top 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) | 48 | $142,380,000 | $2,966,250 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 49 | $143,085,000 | $2,920,102 | $0 | 0.00% |
For 2019, Ocean Bank's most frequently originated type of loan was Conventional, with 49 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 37 | $118,755,000 | $3,209,595 | $0 | 0.00% |
| Refi | 11 | $22,875,000 | $2,079,545 | $0 | 0.00% |
| Other | 1 | $1,455,000 | $1,455,000 | $0 | 0.00% |
For 2019, Ocean Bank's most frequently cited loan purpose was Home Purchase, with 37 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 49 | $143,085,000 | $2,920,102 | $0 | 0.00% |
For 2019, Ocean Bank's most frequently cited loan duration was Other, with 49 originations.
Loan Sizing
2019 saw Ocean Bank place emphasis on $1MM+ loans with 21 originations, totaling $129,105,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 4 | $4,710,000 | $1,177,500 | $0 | 0.00% |
| $100k-150k | 2 | $370,000 | $185,000 | $0 | 0.00% |
| $50k-75k | 2 | $420,000 | $210,000 | $0 | 0.00% |
Ocean Bank lent most frequently to those with incomes in the $250k+ range, with 4 originations. The second most popular income band? $100k-150k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 49 | $143,085,000 | $2,920,102 | $0 | 0.00% |
Ocean Bank lent most frequently to those with DTI ratios of Exempt%, with 49 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 41 | $137,585,000 | $3,355,732 | $0 | 0.00% |
| White | 8 | $5,500,000 | $687,500 | $0 | 0.00% |
Approval Rates
Total approvals of all applications75.76%
Ocean Bank has a below average approval rate.
Pick Rate
Approvals leading to origination63.27%
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 | 49 | $143,085,000 | $2,920,102 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 37 | $125,645,000 | $3,395,811 |
| Single Family (1-4 Units):Site-Built | 12 | $17,440,000 | $1,453,333 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Ocwen Financial Corporation | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 44 | 3.1% |
| Ocwen Financial Corporation | Conventional home mortgage | Closing on a mortgage | 58 | 4.0% |
| Ocwen Financial Corporation | Conventional home mortgage | Improper use of your report | 2 | 0.1% |
| Ocwen Financial Corporation | Conventional home mortgage | Incorrect information on your report | 15 | 1.0% |
| Ocwen Financial Corporation | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 0.4% |
| Ocwen Financial Corporation | Conventional home mortgage | Struggling to pay mortgage | 453 | 31.5% |
| Ocwen Financial Corporation | Conventional home mortgage | Trouble during payment process | 511 | 35.6% |
| Ocwen Financial Corporation | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 0.3% |
| Ocwen Financial Corporation | FHA mortgage | Closing on a mortgage | 6 | 0.4% |
| Ocwen Financial Corporation | FHA mortgage | Incorrect information on your report | 5 | 0.3% |
| Ocwen Financial Corporation | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.1% |
| Ocwen Financial Corporation | FHA mortgage | Struggling to pay mortgage | 69 | 4.8% |
| Ocwen Financial Corporation | FHA mortgage | Trouble during payment process | 54 | 3.8% |
| Ocwen Financial Corporation | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 3 | 0.2% |
| Ocwen Financial Corporation | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 4 | 0.3% |
| Ocwen Financial Corporation | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 14 | 1.0% |
| Ocwen Financial Corporation | Home equity loan or line of credit (HELOC) | Trouble during payment process | 24 | 1.7% |
| Ocwen Financial Corporation | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 0.2% |
| Ocwen Financial Corporation | Other type of mortgage | Closing on a mortgage | 8 | 0.6% |
| Ocwen Financial Corporation | Other type of mortgage | Incorrect information on your report | 4 | 0.3% |
| Ocwen Financial Corporation | Other type of mortgage | Struggling to pay mortgage | 59 | 4.1% |
| Ocwen Financial Corporation | Other type of mortgage | Trouble during payment process | 48 | 3.3% |
| Ocwen Financial Corporation | Reverse mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.1% |
| Ocwen Financial Corporation | Reverse mortgage | Closing on a mortgage | 1 | 0.1% |
| Ocwen Financial Corporation | Reverse mortgage | Struggling to pay mortgage | 7 | 0.5% |
| Ocwen Financial Corporation | Reverse mortgage | Trouble during payment process | 5 | 0.3% |
| Ocwen Financial Corporation | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 0.1% |
| Ocwen Financial Corporation | VA mortgage | Closing on a mortgage | 4 | 0.3% |
| Ocwen Financial Corporation | VA mortgage | Incorrect information on your report | 1 | 0.1% |
| Ocwen Financial Corporation | VA mortgage | Struggling to pay mortgage | 7 | 0.5% |
| Ocwen Financial Corporation | VA mortgage | Trouble during payment process | 13 | 0.9% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Ocean Bank | 1000 Brickell Avenue Miami, FL 33126 | Full Service B&M | $413,017 |
| Ocean Bank | 10950 North Kendall Drive Miami, FL 33176 | Full Service B&M | $78,791 |
| Ocean Bank | 12005 26th Street, S.W. Miami, FL 33175 | Full Service B&M | $108,128 |
| Ocean Bank | 13593 South Dixie Highway Pinecrest, FL 33156 | Full Service B&M | $71,168 |
| Ocean Bank | 14651 Sw 56th Street Miami, FL 33175 | Full Service B&M | $41,963 |
| Ocean Bank | 15680 S. W. 88th Street Miami, FL 33196 | Full Service B&M | $21,598 |
| Ocean Bank | 165 Southeast 1st Street Miami, FL 33131 | Full Service B&M | $61,114 |
| Ocean Bank | 1801 West Fourth Avenue Hialeah, FL 33010 | Full Service B&M | $77,463 |
| Ocean Bank | 200 Northeast 3rd Avenue Fort Lauderdale, FL 33301 | Full Service B&M | $54,601 |
| Ocean Bank | 20900 Ne 30th Ave Suite 103 Aventura, FL 33180 | Full Service B&M | $49,780 |
| Ocean Bank | 2300 Weston Road Weston, FL 33326 | Full Service B&M | $47,958 |
| Ocean Bank | 2500 N.W. 97th Avenue, Suite 100 Doral, FL 33172 | Full Service B&M | $57,938 |
| Ocean Bank | 2655 Le Jeune Road Coral Gables, FL 33134 | Full Service B&M | $109,144 |
| Ocean Bank | 501 41st Street Miami Beach, FL 33140 | Full Service B&M | $73,582 |
| Ocean Bank | 6600 S.W. 8th Street West Miami, FL 33144 | Full Service B&M | $50,090 |
| Ocean Bank | 6775 Taft Street Hollywood, FL 33024 | Full Service B&M | $22,875 |
| Ocean Bank | 6939 Red Rd. Coral Gables, FL 33143 | Full Service B&M | $12,013 |
| Ocean Bank | 7455 Miami Lakes Drive Miami Lakes, FL 33014 | Full Service B&M | $99,972 |
| Ocean Bank | 7650 N.W. 25th Street Miami, FL 33122 | Full Service B&M | $78,876 |
| Ocean Bank | 780 N.W. 42nd Avenue Miami, FL 33126 | Full Service B&M | $1,823,863 |
| Ocean Bank | 790 West 49th Street Hialeah, FL 33012 | Full Service B&M | $133,624 |
| Ocean Bank | 7951 S.W. 40th Street Miami, FL 33140 | Full Service B&M | $125,880 |
| Ocean Bank | 8700 West Flagler Street Miami, FL 33144 | Full Service B&M | $80,375 |
For 2019, Ocean Bank had 23 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $185,396 |
| Net interest income | $146,898 |
| Total noninterest income | $23,198 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $7,943 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $15,255 |
| Pre-tax net operating income | $46,921 |
| Securities gains (or losses, -) | $474 |
| Income before extraordinary items | $34,803 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $34,803 |
| Minority interest net income | $0 |
| Net income | $34,803 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $34,428 |
Ocean Bank's gross interest income from loans was $185,396,000.
Ocean Bank's net interest income from loans was $146,898,000.
Ocean Bank's fee based income from loans was $7,943,000.
Ocean Bank's net income from loans was $34,803,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $38,498 |
| Provision for credit losses | $0 |
| Total noninterest expense | $123,175 |
| Salaries and employee benefits | $77,355 |
| Premises and equipment expense | $14,366 |
| Additional noninterest expense | $31,454 |
| Applicable income taxes | $12,592 |
| Net charge-offs | $-3,170 |
| Cash dividends | $16,000 |
Ocean Bank's interest expense for loans was $38,498,000.
Ocean Bank's payroll and benefits expense were $77,355,000.
Ocean Bank's property, plant and equipment expenses $14,366,000.
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 | 2.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 0.0% |
| Other consumer loans | 1.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $3,677,983 |
| Deposits held in domestic offices | $3,677,983 |
| Deposits by Individuals, partnerships, and corporations | $3,663,988 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $0 |
| Deposits by Commercial banks and other depository institutions in U.S. | $4,866 |
| Deposits by Banks in foreign countries | $9,129 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $130,618 |
| Demand deposits | $125,304 |
| Nontransaction accounts | $3,547,365 |
| Money market deposit accounts (MMDAs) | $675,285 |
| Other savings deposits (excluding MMDAs) | $1,441,474 |
| Total time deposits | $1,430,605 |
| Total time and savings deposits | $3,552,679 |
| Noninterest-bearing deposits | $125,304 |
| Interest-bearing deposits | $3,552,679 |
| Retail deposits | $2,993,797 |
| IRAs and Keogh plan accounts | $60,384 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $4,314,163 |
| Cash & Balances due from depository institutions | $313,444 |
| Interest-bearing balances | $283,538 |
| Total securities | $485,343 |
| Federal funds sold & reverse repurchase | $13,028 |
| Net loans and leases | $3,267,700 |
| Loan and leases loss allowance | $48,252 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $60,176 |
| Other real estate owned | $7,369 |
| Goodwill and other intangibles | $1,885 |
| All other assets | $165,218 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $4,314,163 |
| Total Liabilities | $3,837,234 |
| Total deposits | $3,677,983 |
| Interest-bearing deposits | $3,552,679 |
| Deposits held in domestic offices | $3,677,983 |
| % insured (estimated) | $63 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $105,367 |
| Subordinated debt | $0 |
| All other liabilities | $53,884 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $3,267,700 |
| Loan and leases loss allowance | $48,252 |
| Total loans and leases (domestic) | $3,315,952 |
| All real estate loans | $2,841,194 |
| Real estate loans in domestic offices | $2,841,194 |
| Construction and development loans | $231,956 |
| Residential 1-4 family construction | $17,337 |
| Other construction, all land development and other land | $214,619 |
| Loans secured by nonfarm nonresidential properties | $2,039,690 |
| Nonfarm nonresidential secured by owner-occupied properties | $389,219 |
| Commercial real estate & other non-farm, non-residential | $1,650,471 |
| Multifamily residential real estate | $334,900 |
| 1-4 family residential loans | $230,319 |
| Farmland loans | $4,329 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $309,161 |
| To non-U.S. addressees | $26,418 |
| Loans to individuals | $26,029 |
| Credit card loans | $3,799 |
| Related Plans | $21,351 |
| Consumer Auto Loans | $23 |
| Other loans to individuals | $856 |
| All other loans & leases | $139,763 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $136,763 |
| Loans to depository institutions and acceptances of other banks | $3,000 |
| Loans not secured by real estate | $146 |
| Loans secured by real estate to non-U.S. addressees | $28,702 |
| Restructured Loans & leases | $23,780 |
| Non 1-4 family restructured loans & leases | $19,921 |
| Total loans and leases (foreign) | $0 |
Ocean Bank had $3,267,700,000 of loans outstanding in 2019. $2,841,194,000 of loans were in real estate loans. $231,956,000 of loans were in development loans. $334,900,000 of loans were in multifamily mortgage loans. $230,319,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $3,799,000 of loans were in credit card loans. $23,000 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 | 429 | $138,047 | $321,788 |
| Nonfarm, nonresidential loans - <$100k | 52 | $2,341 | $45,019 |
| Nonfarm, nonresidential loans - $100-250k | 120 | $15,878 | $132,317 |
| Nonfarm, nonresidential loans - $250k-1MM | 257 | $119,828 | $466,257 |
| Commercial & Industrial, US addressed loans - <$1MM | 732 | $76,848 | $104,984 |
| Commercial & Industrial, US addressed loans - <$100k | 451 | $16,186 | $35,889 |
| Commercial & Industrial, US addressed loans - $100-250k | 146 | $18,758 | $128,479 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 135 | $41,904 | $310,400 |
| Farmland loans - <$1MM | 4 | $697 | $174,250 |
| Farmland loans - <$100k | 2 | $153 | $76,500 |
| Farmland loans - $250k-1MM | 2 | $544 | $272,000 |