Provident State Bank Mortgage Rates, Fees & Info

Preston, MD

LEI: 549300IIUZTJI9AHIA30

Tax ID: 52-0451670

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Provident State Bank is a smaller bank specializing in Home Purchase and Refi loans. Provident State 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.) Their top markets include Salisbury, Baltimore, Cambridge, Easton, and Dover among others. Provident State Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

225

Origination Dollar Volume (All Markets)

$83,375,000

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SALISBURY, MD-DE (FHA|USDA|VA) 73 $26,125,000 $357,877 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 51 $24,065,000 $471,863 $0 0.00%
Outside of Metro Areas 37 $11,365,000 $307,162 $0 0.00%
Cambridge, MD (FHA|USDA|VA) 29 $8,955,000 $308,793 $0 0.00%
Easton, MD (FHA|USDA|VA) 21 $7,655,000 $364,524 $0 0.00%
DOVER, DE (FHA|USDA|VA) 6 $1,860,000 $310,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $1,620,000 $405,000 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,120,000 $560,000 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
Somerset, PA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%

Provident State Bank 's top markets include Salisbury, Baltimore, Cambridge, Easton, and Dover among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 223 $82,615,000 $370,471 $0 0.00%
FHA 1 $155,000 $155,000 $0 0.00%
VA 1 $605,000 $605,000 $0 0.00%

For the 2021 period, Provident State Bank 's most frequently originated loan type of loans were Conventional, with 223 originations. Their 2nd most popular type is FHA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 112 $45,520,000 $406,429 $0 0.00%
Refi 81 $28,155,000 $347,593 $0 0.00%
Cash Out Refi 26 $8,650,000 $332,692 $0 0.00%
Other 4 $770,000 $192,500 $0 0.00%
Home Improvement 2 $280,000 $140,000 $0 0.00%

For the 2021, Provident State Bank 's most frequently cited loan purpose of loans were Home Purchase, with 112 originations. The 2nd most popular reason of loans were Refi, with 81 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 225 $83,375,000 $370,556 $0 0.00%

For the 2021, Provident State Bank 's most frequently cited loan length of loans were Other, with 225 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 97 $29,105,000 $300,052 $0 0.00%
$400k-600k 55 $27,005,000 $491,000 $0 0.00%
$100k-200k 39 $5,885,000 $150,897 $0 0.00%
$600k-1MM 20 $14,670,000 $733,500 $0 0.00%
$100,000 or less 9 $715,000 $79,444 $0 0.00%
$1MM+ 5 $5,995,000 $1,199,000 $0 0.00%

2021 saw Provident State Bank place emphasis on $200k-400k loans with 97 originations, totaling $29,105,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 56 $20,710,000 $369,821 $0 0.00%
$150k-250k 47 $22,785,000 $484,787 $0 0.00%
$75k-100k 31 $9,395,000 $303,065 $0 0.00%
$50k-75k 29 $6,585,000 $227,069 $0 0.00%
$250k+ 27 $14,685,000 $543,889 $0 0.00%
$50k or less 16 $2,750,000 $171,875 $0 0.00%

Provident State Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $150k-250k, with 47 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 225 $83,375,000 $370,556 $0 0.00%

Provident State Bank lent most frequently to those with DTI ratios of Exempt%, with 225 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 190 $72,100,000 $379,474 $0 0.00%
Not applicable 18 $6,370,000 $353,889 $0 0.00%
Black 10 $2,620,000 $262,000 $0 0.00%
Not provided 4 $1,600,000 $400,000 $0 0.00%
Asian 2 $590,000 $295,000 $0 0.00%
Native Hawaiian 1 $95,000 $95,000 $0 0.00%

Approval Rates

Total approvals of all applications
94.39%

Provident State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
92.31%

Provident State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 225 $83,375,000 $370,556

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
225 $83,375,000 $370,556

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 46.2%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 1 7.7%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 6 46.2%