Union Savings Bank

Cincinnati, OH 45249

LEI: 549300HFBEONQN2CK447

Tax ID: 31-0473290

2019 Data | 2018 Data


Overview

Union Savings Bank is a small mortgage company specializing in Home Purchase and Refi loans. Union Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Cincinnati, Columbus, Indianapolis, Dayton, and Pittsburgh among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Union Savings Bank is typically a low fee lendor.


Originations

16,551

Origination Dollar Volume (All Markets)

$3,449,635,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 15,139 $3,188,165,000 $210,593
FHA 912 $144,510,000 $158,454
VA 441 $108,415,000 $245,839
USDA 59 $8,545,000 $144,831

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 6,691 $1,518,465,000 $226,941
Home Improvement 455 $31,415,000 $69,044
Other 305 $32,245,000 $105,721
Refi 6,452 $1,365,910,000 $211,703
Cash Out Refi 2,648 $501,600,000 $189,426

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
CINCINNATI, OH-KY-IN 5,917 $1,276,905,000 $215,803
COLUMBUS, OH 3,531 $775,945,000 $219,752
INDIANAPOLIS-CARMEL-ANDERSON, IN 2,308 $480,000,000 $207,972
DAYTON-KETTERING, OH 2,552 $455,580,000 $178,519
Outside of Metro Areas 547 $94,075,000 $171,984
PITTSBURGH, PA 414 $91,090,000 $220,024
FORT WAYNE, IN 571 $89,475,000 $156,699
COLUMBUS, IN 183 $35,545,000 $194,235
LOS ANGELES-LONG BEACH-GLENDALE, CA 10 $14,490,000 $1,449,000
SPRINGFIELD, OH 81 $12,045,000 $148,704
LOUISVILLE/JEFFERSON COUNTY, KY-IN 46 $11,140,000 $242,174
BLOOMINGTON, IN 62 $10,600,000 $170,968
LEXINGTON-FAYETTE, KY 45 $10,245,000 $227,667
ANAHEIM-SANTA ANA-IRVINE, CA 8 $9,810,000 $1,226,250
CLEVELAND-ELYRIA, OH 31 $6,775,000 $218,548
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 18 $5,740,000 $318,889
ORLANDO-KISSIMMEE-SANFORD, FL 10 $5,360,000 $536,000
NORTH PORT-SARASOTA-BRADENTON, FL 13 $4,075,000 $313,462
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 5 $3,585,000 $717,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 5 $3,285,000 $657,000
KNOXVILLE, TN 8 $2,510,000 $313,750
CAPE CORAL-FORT MYERS, FL 9 $2,185,000 $242,778
TAMPA-ST. PETERSBURG-CLEARWATER, FL 8 $2,130,000 $266,250
AKRON, OH 10 $2,050,000 $205,000
PHOENIX-MESA-CHANDLER, AZ 2 $2,020,000 $1,010,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 1 $1,975,000 $1,975,000
TOLEDO, OH 10 $1,910,000 $191,000
LAS VEGAS-HENDERSON-PARADISE, NV 4 $1,910,000 $477,500
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 2 $1,860,000 $930,000
LAFAYETTE-WEST LAFAYETTE, IN 12 $1,830,000 $152,500
KOKOMO, IN 14 $1,770,000 $126,429
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 11 $1,605,000 $145,909
SANTA ROSA-PETALUMA, CA 1 $1,505,000 $1,505,000
JACKSONVILLE, FL 3 $1,475,000 $491,667
PRESCOTT VALLEY-PRESCOTT, AZ 3 $1,455,000 $485,000
MANSFIELD, OH 9 $1,395,000 $155,000
PUNTA GORDA, FL 5 $1,255,000 $251,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $1,205,000 $1,205,000
NAPLES-MARCO ISLAND, FL 3 $1,175,000 $391,667
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 3 $1,105,000 $368,333
MIAMI-MIAMI BEACH-KENDALL, FL 3 $1,095,000 $365,000
PENSACOLA-FERRY PASS-BRENT, FL 3 $1,035,000 $345,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 2 $810,000 $405,000
SANTA MARIA-SANTA BARBARA, CA 1 $715,000 $715,000
SALINAS, CA 1 $715,000 $715,000
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 1 $695,000 $695,000
SALISBURY, MD-DE 2 $670,000 $335,000
ASHEVILLE, NC 2 $660,000 $330,000
HOMOSASSA SPRINGS, FL 2 $650,000 $325,000
CHARLESTON-NORTH CHARLESTON, SC 2 $620,000 $310,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $580,000 $290,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $525,000 $525,000
HARRISBURG-CARLISLE, PA 2 $520,000 $260,000
CANTON-MASSILLON, OH 4 $490,000 $122,500
FLINT, MI 2 $470,000 $235,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 1 $455,000 $455,000
RALEIGH-CARY, NC 1 $455,000 $455,000
SALT LAKE CITY, UT 1 $425,000 $425,000
OWENSBORO, KY 1 $425,000 $425,000
DALLAS-PLANO-IRVING, TX 2 $410,000 $205,000
OAKLAND-BERKELEY-LIVERMORE, CA 1 $405,000 $405,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 1 $395,000 $395,000
LIMA, OH 2 $370,000 $185,000
DETROIT-DEARBORN-LIVONIA, MI 2 $350,000 $175,000
OKLAHOMA CITY, OK 2 $340,000 $170,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $335,000 $335,000
SOUTH BEND-MISHAWAKA, IN-MI 3 $335,000 $111,667
MICHIGAN CITY-LA PORTE, IN 2 $320,000 $160,000
GARY, IN 3 $315,000 $105,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $285,000 $285,000
WEIRTON-STEUBENVILLE, WV-OH 2 $280,000 $140,000
GRAND JUNCTION, CO 1 $275,000 $275,000
COLORADO SPRINGS, CO 1 $275,000 $275,000
DENVER-AURORA-LAKEWOOD, CO 1 $265,000 $265,000
DURHAM-CHAPEL HILL, NC 1 $235,000 $235,000
PANAMA CITY, FL 1 $215,000 $215,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 1 $215,000 $215,000
PORT ST. LUCIE, FL 1 $215,000 $215,000
ANN ARBOR, MI 1 $205,000 $205,000
ST. LOUIS, MO-IL 1 $205,000 $205,000
VALDOSTA, GA 1 $195,000 $195,000
THE VILLAGES, FL 1 $175,000 $175,000
TERRE HAUTE, IN 1 $165,000 $165,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 1 $165,000 $165,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $135,000 $135,000
MUNCIE, IN 1 $135,000 $135,000
ELIZABETHTOWN-FORT KNOX, KY 1 $125,000 $125,000
EVANSVILLE, IN-KY 1 $95,000 $95,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $65,000 $65,000
ALTOONA, PA 1 $35,000 $35,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 78 $550,000 $7,051
2.5-3% 147 $36,785,000 $250,238
3-4% 11,598 $2,504,600,000 $215,951
4-5% 3,930 $820,750,000 $208,842
5-6% 311 $49,835,000 $160,241
6-7% 467 $35,485,000 $75,985
7-8% 18 $1,270,000 $70,556

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 2,719 $179,985,000 $66,195
$100k-200k 6,669 $997,775,000 $149,614
$200k-400k 5,979 $1,631,485,000 $272,869
$400k-600k 981 $451,265,000 $460,005
$600k-1000k 161 $118,015,000 $733,012
$Over $1MM 42 $71,110,000 $1,693,095

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,089 $134,755,000 $123,742
40-60% 2,612 $493,260,000 $188,844
60-80% 7,319 $1,706,535,000 $233,165
80-100% 4,841 $1,057,925,000 $218,534
Over 100% 88 $27,620,000 $313,864
Under 20% 601 $29,365,000 $48,860

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,286 $963,970,000 $224,911
$150k-250k 2,848 $802,840,000 $281,896
$50k-75k 3,205 $470,065,000 $146,666
$50k-or less 1,827 $189,665,000 $103,812
$75k-100k 3,064 $571,440,000 $186,501
$Over $250k 914 $339,240,000 $371,160

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 14,413 $2,990,905,000 $207,514
Not provided 916 $214,710,000 $234,400
Asian 734 $160,370,000 $218,488
Black 428 $62,530,000 $146,098
Not applicable 7 $9,405,000 $1,343,571
Asian Indian 20 $5,500,000 $275,000
American Indian 17 $3,325,000 $195,588
Native Hawaiian 9 $1,905,000 $211,667
Chinese 5 $835,000 $167,000
Other Pacific Islander 1 $95,000 $95,000
Other Asian 1 $55,000 $55,000

Approval Rates

Total approvals of all applications
90.11%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
86.69%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 16,551 $3,449,635,000 $208,425

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 11,614 $2,374,650,000 $204,464
$1k-2k 2,366 $551,000,000 $232,883
$2k-3k 620 $146,910,000 $236,952
$3k-4k 438 $126,010,000 $287,694
$5k+ 145 $71,625,000 $493,966

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 45 $29,835,000 $663,000
Single Family (1-4 Units):Site-Built 16,506 $3,419,800,000 $207,185