The Genoa Banking Company Mortgage Rates, Fees & Info

GENOA, OH

LEI: 549300DRKI1J5D73X280

Tax ID: 34-4242080

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Genoa Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Genoa Banking Company has a high proportion of conventional loans. Their top markets include Toledo, Monroe, Fremont, Columbus, and Findlay among others. The Genoa Banking Company has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Genoa Banking Company is typically an average fee lendor.


Originations

831

Origination Dollar Volume (All Markets)

$178,175,000

Awards

The Genoa Banking Company 30 Year Conventional Loans silver The Genoa Banking Company 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

The Genoa Banking Company's average 30 year fixed rate mortgage of loans were 3.02%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.13%.

Relative Fees

The Genoa Banking Company's average total fees for a 30 year fixed rate mortgage are $3,480.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
TOLEDO, OH (FHA|USDA|VA) 717 $147,915,000 $206,297 $3,448 3.16%
MONROE, MI (FHA|USDA|VA) 23 $7,055,000 $306,739 $3,077 3.02%
Fremont, OH (FHA|USDA|VA) 25 $6,525,000 $261,000 $3,585 3.19%
COLUMBUS, OH (FHA|USDA|VA) 8 $2,900,000 $362,500 $3,965 3.25%
Findlay, OH (FHA|USDA|VA) 9 $1,845,000 $205,000 $3,561 3.10%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,570,000 $785,000 $5,660 2.94%
Sandusky, OH (FHA|USDA|VA) 7 $1,495,000 $213,571 $3,795 3.11%
Outside of Metro Areas 7 $1,025,000 $146,429 $3,403 3.27%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $975,000 $975,000 $2,525 2.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $665,000 $221,667 $3,169 2.42%
JACKSON, MI (FHA|USDA|VA) 2 $590,000 $295,000 $3,456 3.13%
Angola, IN (FHA|USDA|VA) 2 $550,000 $275,000 $2,642 2.69%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $545,000 $545,000 $0 2.88%
Defiance, OH (FHA|USDA|VA) 2 $520,000 $260,000 $3,712 3.19%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $465,000 $155,000 $3,666 2.83%
Tiffin, OH (FHA|USDA|VA) 4 $390,000 $97,500 $3,623 3.97%
Adrian, MI (FHA|USDA|VA) 3 $385,000 $128,333 $2,907 2.71%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,485 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,139 2.88%
Sevierville, TN (FHA|USDA|VA) 1 $325,000 $325,000 $4,717 2.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,596 2.88%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $285,000 $285,000 $3,242 2.88%
Olean, NY (FHA|USDA|VA) 1 $205,000 $205,000 $3,458 3.00%
ALTOONA, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,717 2.38%
FORT WAYNE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.50%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,403 2.13%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $115,000 $115,000 $3,286 3.38%
Ludington, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,866 2.63%

The Genoa Banking Company's top markets include Toledo, Monroe, Fremont, Columbus, and Findlay among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 831 $178,175,000 $214,410 $3,455 3.15%

For the 2021 period, The Genoa Banking Company's most frequently originated loan type of loans were Conventional, with 831 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 383 $94,165,000 $245,862 $3,870 3.31%
Refi 266 $51,610,000 $194,023 $3,190 2.96%
Cash Out Refi 148 $29,580,000 $199,865 $3,367 2.80%
Home Improvement 24 $2,280,000 $95,000 $1,176 4.40%
Other 10 $540,000 $54,000 $995 4.60%

For the 2021, The Genoa Banking Company's most frequently cited loan purpose of loans were Home Purchase, with 383 originations. The 2nd most popular reason of loans were Refi, with 266 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 391 $83,985,000 $214,795 $3,480 3.02%
15 Year 214 $36,230,000 $169,299 $3,158 2.82%
20 Year 64 $21,300,000 $332,813 $3,271 3.57%
Other 63 $9,895,000 $157,063 $3,143 3.91%
30+ year 55 $19,445,000 $353,545 $5,036 3.37%
10 Year 26 $4,650,000 $178,846 $2,446 3.71%
1 Year 9 $2,325,000 $258,333 $6,063 4.28%
5 Year 8 $290,000 $36,250 $784 4.56%
3 Year 1 $55,000 $55,000 $0 4.50%

For the 2021, The Genoa Banking Company's most frequently cited loan length of loans were 30 Year, with 391 originations. The 2nd most popular length of loans were 15 Year, with 214 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 685 $148,195,000 $216,343
$<1k 35 $1,905,000 $54,429
$3k-4k 2 $830,000 $415,000
$2k-3k 1 $335,000 $335,000

$3,480 of loans were The Genoa Banking Company's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 685 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 313 $73,205,000 $233,882
3-4% 255 $60,705,000 $238,059
<2.5% 157 $28,465,000 $181,306
4-5% 90 $15,010,000 $166,778
5-6% 16 $790,000 $49,375

During 2021, The Genoa Banking Company's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 313 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 316 $47,450,000 $150,158 $3,287 3.00%
$200k-400k 282 $77,470,000 $274,716 $3,849 3.05%
$100,000 or less 173 $11,745,000 $67,890 $2,503 3.58%
$400k-600k 44 $21,150,000 $480,682 $4,444 3.17%
$600k-1MM 12 $9,460,000 $788,333 $5,380 3.42%
$1MM+ 4 $10,900,000 $2,725,000 $6,845 3.56%

2021 saw The Genoa Banking Company place emphasis on $100k-200k loans with 316 originations, totaling $47,450,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 185 $40,275,000 $217,703 $3,711 2.99%
$75k-100k 158 $30,610,000 $193,734 $3,412 3.05%
$50k-75k 157 $23,415,000 $149,140 $3,184 3.09%
$150k-250k 115 $29,485,000 $256,391 $3,519 3.20%
$50k or less 99 $11,975,000 $120,960 $3,174 3.06%
$250k+ 60 $20,670,000 $344,500 $3,836 3.03%

The Genoa Banking Company lent most frequently to those with incomes in the $100k-150k range, with 185 originations. The second most popular income band? $75k-100k, with 158 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 234 $50,210,000 $214,573 $3,474 3.01%
30-36% 159 $32,005,000 $201,289 $3,440 3.07%
<20% 127 $23,565,000 $185,551 $3,247 3.01%
39% 35 $6,935,000 $198,143 $3,675 3.18%
40% 30 $5,850,000 $195,000 $3,615 3.08%
37% 25 $6,675,000 $267,000 $3,329 3.10%
38% 23 $5,665,000 $246,304 $3,393 3.14%
44% 22 $5,020,000 $228,182 $3,664 3.28%
36% 21 $5,595,000 $266,429 $3,718 3.25%
41% 17 $3,835,000 $225,588 $3,608 3.04%
43% 17 $4,405,000 $259,118 $3,792 2.99%
50-60% 13 $3,315,000 $255,000 $3,961 3.30%
42% 11 $1,445,000 $131,364 $2,341 3.49%
46% 11 $2,575,000 $234,091 $3,604 3.08%
47% 10 $2,040,000 $204,000 $3,444 3.31%
>60% 10 $2,870,000 $287,000 $3,611 3.82%
45% 7 $1,865,000 $266,429 $3,657 3.18%
48% 6 $1,410,000 $235,000 $3,404 2.60%
49% 5 $705,000 $141,000 $3,129 2.93%

The Genoa Banking Company lent most frequently to those with DTI ratios of 20-30%, with 234 originations. The next most common DTI ratio? 30-36%, with 159 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 756 $152,670,000 $201,944 $3,453 3.07%
Not applicable 50 $19,700,000 $394,000 $0 4.35%
Not provided 14 $3,110,000 $222,143 $3,392 3.15%
Black 7 $1,575,000 $225,000 $3,583 3.41%
Asian 3 $915,000 $305,000 $3,993 2.79%
Korean 1 $205,000 $205,000 $3,725 3.00%

Approval Rates

Total approvals of all applications
93.04%

The Genoa Banking Company has an average approval rate.

Pick Rate

Approvals leading to origination
85.43%

The Genoa Banking Company has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
370.0 4 $150,000 $37,500
NA 827 $178,025,000 $215,266

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
831 $178,175,000 $214,410

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 51 $6,985,000 $136,961 $2,828 3.33%
40-60% 144 $31,670,000 $219,931 $3,447 2.96%
60-80% 377 $84,505,000 $224,151 $3,499 3.16%
80-100% 242 $54,350,000 $224,587 $3,681 3.12%
Under 20% 17 $665,000 $39,118 $999 4.57%