Provident State Bank Mortgage Rates, Fees & Info
Preston, MDLEI: 549300IIUZTJI9AHIA30
Tax ID: 52-0451670
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
225Origination Dollar Volume (All Markets)
$83,375,000Top 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 applications94.39%
Provident State Bank has an average approval rate.
Pick Rate
Approvals leading to origination92.31%
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% |
