Clear Mountain Bank Mortgage Rates, Fees & Info

Bruceton Mills, WV

LEI: 549300KNZ6E1MM7RQQ04

Tax ID: 55-0131840

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Clear Mountain Bank is a smaller bank specializing in Home Purchase and Refi loans. Clear Mountain Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Morgantown, Clarksburg, Fairmont, Pittsburgh, and Key West among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Clear Mountain Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Clear Mountain Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.58%	12/16/24
30 Year Conventional Refi	6.66%	12/16/24
30 Year Cash-out Refi	6.39%	12/16/24
30 Year VA Purchase	5.90%	12/16/24
30 Year USDA Purchase	6.37%	12/16/24
15 Year Conventional Purchase	6.73%	12/16/24
15 Year Conventional Refi	6.51%	12/16/24
15 Year Cash-out Refi	6.51%	12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Clear Mountain Bank Mortgage Calculator

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This is not an official calculator from Clear Mountain Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

563

Origination Dollar Volume (All Markets)

$119,785,000

Employee count

154

Awards

Clear Mountain Bank 30 Year Conventional Loans silver

Show all (4) awards

Top 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
MORGANTOWN, WV (FHA\|USDA\|VA)	390	$82,590,000	$211,769	$3,210	4.60%
Outside of Metro Areas	59	$11,295,000	$191,441	$3,334	4.59%
Clarksburg, WV (FHA\|USDA\|VA)	45	$9,385,000	$208,556	$3,178	4.52%
Fairmont, WV (FHA\|USDA\|VA)	23	$4,005,000	$174,130	$3,153	4.53%
PITTSBURGH, PA (FHA\|USDA\|VA)	13	$3,535,000	$271,923	$3,992	4.60%
Key West, FL (FHA\|USDA\|VA)	2	$1,670,000	$835,000	$4,482	4.13%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	2	$1,150,000	$575,000	$3,622	3.94%
Jackson, WY-ID (FHA\|USDA\|VA)	1	$855,000	$855,000	$6,585	4.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	3	$535,000	$178,333	$2,681	3.92%
SALISBURY, MD-DE (FHA\|USDA\|VA)	1	$465,000	$465,000	$3,604	3.13%
AMES, IA (FHA\|USDA\|VA)	1	$455,000	$455,000	$2,492	4.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$365,000	$365,000	$4,772	4.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$365,000	$365,000	$3,615	3.88%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	5.15%
BECKLEY, WV (FHA\|USDA\|VA)	2	$270,000	$135,000	$2,496	4.06%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	1	$265,000	$265,000	$4,012	3.75%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	3.88%
Georgetown, SC (FHA\|USDA\|VA)	1	$245,000	$245,000	$4,373	5.38%
PARKERSBURG-VIENNA, WV (FHA\|USDA\|VA)	1	$245,000	$245,000	$3,234	4.25%
Cambridge, OH (FHA\|USDA\|VA)	1	$215,000	$215,000	$5,364	4.88%
WINCHESTER, VA-WV (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,622	3.99%
CUMBERLAND, MD-WV (FHA\|USDA\|VA)	2	$210,000	$105,000	$2,507	5.50%
WILMINGTON, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,908	4.63%
WEIRTON-STEUBENVILLE, WV-OH (FHA\|USDA\|VA)	5	$195,000	$39,000	$0	6.35%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,740	4.88%
Somerset, PA (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,197	4.13%
PORT ST. LUCIE, FL (FHA\|USDA\|VA)	1	$75,000	$75,000	$2,801	4.88%
Elkins, WV (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,562	3.25%

Clear Mountain Bank's top markets include Morgantown, Clarksburg, Fairmont, Pittsburgh, and Key West among others.

Their top states include:

West Virginia (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Clear Mountain Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

The United Federal Credit Union
Similarity Rank: 60

TRI BORO
Similarity Rank: 70

American Financial Mortgage Corporation
Similarity Rank: 172

WELCOME HOME FINANCE, L.P.
Similarity Rank: 237

First Federal Savings and Loan Association of Greene Co
Similarity Rank: 240

M. S. Flynn, Inc.
Similarity Rank: 252

NEW FED MORTGAGE, CORP.
Similarity Rank: 328

HANCOCK COUNTY SAVINGS BANK, FSB, INC.
Similarity Rank: 344

City National Bank of West Virginia
Similarity Rank: 429

ARMCO CREDIT UNION
Similarity Rank: 490

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	542	$116,620,000	$215,166	$3,189	4.62%
USDA	19	$2,755,000	$145,000	$4,276	3.76%
VA	2	$410,000	$205,000	$7,375	4.13%

For 2019, Clear Mountain Bank's most frequently originated type of loan was Conventional, with 542 originations. Their 2nd most popular type was USDA, with 19 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	339	$75,415,000	$222,463	$3,469	4.63%
Refi	129	$30,915,000	$239,651	$3,006	4.37%
Cash Out Refi	53	$9,645,000	$181,981	$3,085	4.06%
Other	27	$2,195,000	$81,296	$2,503	5.50%
Home Improvement	15	$1,615,000	$107,667	$2,690	5.85%

For 2019, Clear Mountain Bank's most frequently cited loan purpose was Home Purchase, with 339 originations. The 2nd most popular reason was Refi, with 129 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	300	$65,970,000	$219,900	$3,225	4.30%
15 Year	91	$12,575,000	$138,187	$2,942	4.59%
20 Year	55	$13,045,000	$237,182	$2,975	4.53%
30+ year	53	$16,025,000	$302,358	$4,456	4.86%
Other	32	$4,290,000	$134,063	$2,766	5.79%
10 Year	24	$7,220,000	$300,833	$2,298	5.37%
1 Year	4	$550,000	$137,500	$0	6.13%
5 Year	3	$105,000	$35,000	$1,191	7.13%
3 Year	1	$5,000	$5,000	$0	9.95%

For 2019, Clear Mountain Bank's most frequently cited loan duration was 30 Year, with 300 originations. The 2nd most popular length was 15 Year, with 91 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	393	$77,865,000	$198,130
$1k-2k	79	$20,245,000	$256,266
$3k-4k	5	$1,285,000	$257,000
$2k-3k	2	$420,000	$210,000
$4k-5k	2	$540,000	$270,000
$5k+	1	$265,000	$265,000

Clear Mountain Bank's average total fees were $3,225, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 393 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	219	$58,785,000	$268,425
3-4%	187	$37,625,000	$201,203
5-6%	99	$17,435,000	$176,111
6-7%	31	$2,705,000	$87,258
2.5-3%	12	$2,730,000	$227,500
Over 8%	9	$295,000	$32,778
7-8%	6	$210,000	$35,000

During 2019, Clear Mountain Bank's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 219 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	183	$26,645,000	$145,601	$3,142	4.41%
$200k-400k	179	$48,375,000	$270,251	$3,476	4.19%
$100,000 or less	150	$9,460,000	$63,067	$2,618	5.33%
$400k-600k	35	$15,945,000	$455,571	$3,977	4.36%
$600k-1MM	9	$6,885,000	$765,000	$4,729	4.62%
$1MM+	7	$12,475,000	$1,782,143	$7,416	4.88%

2019 saw Clear Mountain Bank place emphasis on $100k-200k loans with 183 originations, totaling $26,645,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	115	$25,125,000	$218,478	$3,203	4.26%
$50k-75k	115	$16,085,000	$139,870	$3,250	4.50%
$75k-100k	92	$16,490,000	$179,239	$3,248	4.44%
$50k or less	73	$6,625,000	$90,753	$2,855	4.94%
$150k-250k	62	$17,450,000	$281,452	$3,524	4.45%
$250k+	50	$21,600,000	$432,000	$3,604	4.39%

Clear Mountain Bank lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $50k-75k, with 115 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	163	$32,245,000	$197,822	$3,175	4.41%
30-36%	99	$21,375,000	$215,909	$3,507	4.60%
<20%	66	$12,100,000	$183,333	$3,004	4.24%
39%	23	$4,205,000	$182,826	$3,228	4.83%
41%	19	$3,075,000	$161,842	$3,376	4.52%
38%	18	$4,060,000	$225,556	$3,147	4.64%
37%	18	$3,260,000	$181,111	$3,027	4.39%
40%	16	$2,900,000	$181,250	$3,161	4.65%
36%	14	$4,460,000	$318,571	$3,810	4.34%
43%	11	$3,535,000	$321,364	$3,448	4.61%
42%	10	$1,570,000	$157,000	$3,349	3.99%
44%	10	$1,690,000	$169,000	$3,017	4.16%
45%	9	$2,525,000	$280,556	$3,923	4.41%
46%	9	$1,575,000	$175,000	$2,901	4.25%
47%	8	$1,980,000	$247,500	$3,217	4.17%
48%	4	$850,000	$212,500	$2,821	3.72%
49%	2	$240,000	$120,000	$2,608	4.44%
>60%	2	$510,000	$255,000	$2,955	4.94%

Clear Mountain Bank lent most frequently to those with DTI ratios of 20-30%, with 163 originations. The next most common DTI ratio? 30-36%, with 99 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	364	$69,850,000	$191,896	$3,166	4.52%
Not provided	142	$32,720,000	$230,423	$3,409	4.33%
Not applicable	47	$14,245,000	$303,085	$2,581	5.91%
Asian	6	$2,010,000	$335,000	$4,368	4.29%
Black	3	$655,000	$218,333	$2,907	4.75%
American Indian	1	$305,000	$305,000	$3,221	3.75%

Approval Rates

Total approvals of all applications
92.05%

Clear Mountain Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.77%

Clear Mountain Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
135.0	7	$195,000	$27,857
NA	556	$119,590,000	$215,090

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	4	$570,000	$142,500
Multifamily:Site-Built	8	$9,690,000	$1,211,250
Single Family (1-4 Units):Manufactured	76	$6,270,000	$82,500
Single Family (1-4 Units):Site-Built	475	$103,255,000	$217,379

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	29	$3,145,000	$108,448	$2,833	4.82%
40-60%	68	$10,580,000	$155,588	$3,200	4.57%
60-80%	204	$50,050,000	$245,343	$3,352	4.50%
80-100%	239	$53,775,000	$225,000	$3,328	4.51%
Over 100%	4	$780,000	$195,000	$8,418	4.97%
Under 20%	16	$990,000	$61,875	$1,319	6.22%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Clear Mountain Bank	102 Venture Dr., Suite 1 Morgantown, WV 26508	Full Service B&M	$98,446
Clear Mountain Bank	1085 Van Voorhis, Suite 150 Morgantown, WV 26505	Full Service B&M	$15,122
Clear Mountain Bank	1101 East State Street Terra Alta, WV 26764	Full Service B&M	$51,202
Clear Mountain Bank	115 North Robert Stone Way Reedsville, WV 26547	Full Service B&M	$45,491
Clear Mountain Bank	12730 Garrett Highway Oakland, MD 21550	Full Service B&M	$53,138
Clear Mountain Bank	15 Sweetbrier Lane Bridgeport, WV 26330	Full Service B&M	$12,204
Clear Mountain Bank	160 Morgantown St Bruceton Mills, WV 26525	Full Service B&M	$69,946
Clear Mountain Bank	1851 Earl Core Rd. Morgantown, WV 26505	Full Service Retail	$19,688
Clear Mountain Bank	1889 Earl Core Road Morgantown, WV 26505	Full Service B&M	$81,365
Clear Mountain Bank	30 East Main Street Rowlesburg, WV 26425	Full Service B&M	$13,434
Clear Mountain Bank	330 East Main Street Kingwood, WV 26537	Full Service B&M	$74,335
Clear Mountain Bank	350 Patteson Drive Morgantown, WV 26505	Full Service Retail	$16,986
Clear Mountain Bank	502 Suncrest Town Center Drive Morgantown, WV 26505	Full Service Retail	$5,627

For 2019, Clear Mountain Bank had 13 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$29,200
Net interest income	$24,380
Total noninterest income	$7,200
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$2,370
Trading account gains and fees	$0
Additional Noninterest Income	$4,830
Pre-tax net operating income	$10,883
Securities gains (or losses, -)	$0
Income before extraordinary items	$8,473
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,473
Minority interest net income	$0
Net income	$8,473
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,473

Clear Mountain Bank's gross interest income from loans was $29,200,000.
Clear Mountain Bank's net interest income from loans was $24,380,000.
Clear Mountain Bank's fee based income from loans was $2,370,000.
Clear Mountain Bank's net income from loans was $8,473,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,820
Provision for credit losses	$961
Total noninterest expense	$19,736
Salaries and employee benefits	$10,565
Premises and equipment expense	$2,134
Additional noninterest expense	$7,037
Applicable income taxes	$2,410
Net charge-offs	$709
Cash dividends	$1,125

Clear Mountain Bank's interest expense for loans was $4,820,000.
Clear Mountain Bank's payroll and benefits expense were $10,565,000.
Clear Mountain Bank's property, plant and equipment expenses $2,134,000.

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	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$563,629
Deposits held in domestic offices	$563,629
Deposits by Individuals, partnerships, and corporations	$537,516
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$25,435
Deposits by Commercial banks and other depository institutions in U.S.	$677
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$49,778
Demand deposits	$41,837
Nontransaction accounts	$513,851
Money market deposit accounts (MMDAs)	$69,876
Other savings deposits (excluding MMDAs)	$256,865
Total time deposits	$187,109
Total time and savings deposits	$521,792
Noninterest-bearing deposits	$160,088
Interest-bearing deposits	$403,541
Retail deposits	$527,840
IRAs and Keogh plan accounts	$34,541
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$648,623
Cash & Balances due from depository institutions	$24,980
Interest-bearing balances	$17,012
Total securities	$110,554
Federal funds sold & reverse repurchase	$0
Net loans and leases	$479,857
Loan and leases loss allowance	$7,895
Trading account assets	$0
Bank premises and fixed assets	$14,359
Other real estate owned	$283
Goodwill and other intangibles	$138
All other assets	$18,452

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$648,623
Total Liabilities	$569,201
Total deposits	$563,629
Interest-bearing deposits	$403,541
Deposits held in domestic offices	$563,629
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$5,572

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$479,857
Loan and leases loss allowance	$7,895
Total loans and leases (domestic)	$487,752
All real estate loans	$400,860
Real estate loans in domestic offices	$400,860
Construction and development loans	$44,322
Residential 1-4 family construction	$9,609
Other construction, all land development and other land	$34,713
Loans secured by nonfarm nonresidential properties	$103,312
Nonfarm nonresidential secured by owner-occupied properties	$59,449
Commercial real estate & other non-farm, non-residential	$43,863
Multifamily residential real estate	$17,069
1-4 family residential loans	$234,281
Farmland loans	$1,876
Loans held in foreign offices	$0
Farm loans	$31
Commercial and industrial loans	$54,735
To non-U.S. addressees	$0
Loans to individuals	$29,878
Credit card loans	$2,363
Related Plans	$652
Consumer Auto Loans	$7,782
Other loans to individuals	$19,081
All other loans & leases	$4,320
Loans to foreign governments and official institutions	$0
Other loans	$164
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,684
Non 1-4 family restructured loans & leases	$1,086
Total loans and leases (foreign)	$0

Clear Mountain Bank had $479,857,000 of loans outstanding in 2019. $400,860,000 of loans were in real estate loans. $44,322,000 of loans were in development loans. $17,069,000 of loans were in multifamily mortgage loans. $234,281,000 of loans were in 1-4 family mortgage loans. $31,000 of loans were in farm loans. $2,363,000 of loans were in credit card loans. $7,782,000 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	252	$49,535	$196,567
Nonfarm, nonresidential loans - <$100k	66	$3,318	$50,273
Nonfarm, nonresidential loans - $100-250k	94	$11,889	$126,479
Nonfarm, nonresidential loans - $250k-1MM	92	$34,328	$373,130
Commercial & Industrial, US addressed loans - <$1MM	620	$37,791	$60,953
Commercial & Industrial, US addressed loans - <$100k	485	$13,578	$27,996
Commercial & Industrial, US addressed loans - $100-250k	93	$10,336	$111,140
Commercial & Industrial, US addressed loans - $250k-1MM	42	$13,877	$330,405
Farmland loans - <$1MM	14	$1,876	$134,000
Farmland loans - <$100k	3	$53	$17,667
Farmland loans - $100-250k	5	$297	$59,400
Farmland loans - $250k-1MM	6	$1,526	$254,333
Agriculture operations loans - <$1MM	2	$31	$15,500
Agriculture operations loans - <$100k	2	$31	$15,500