Bank Of Akron Mortgage Rates, Fees & Info

Akron, NY

LEI: 549300OR8H1MIJLGWX42

Tax ID: 16-0341460

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Bank Of Akron is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Bank Of Akron has a high proportion of conventional loans. Their top (well, only) market is Buffalo.

    Bank Of Akron has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Bank Of Akron 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.

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    Originations

    82

    Origination Dollar Volume (All Markets)

    $19,080,000

    Awards

    Bank of Akron 30 Year Conventional Loans bronze
    Show all (1) 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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 81 $18,955,000 $234,012 $2,878 3.75%
    Outside of Metro Areas 1 $125,000 $125,000 $0 4.13%
    Bank Of Akron's top markets include and Buffalo among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

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

    ONTARIO SHORES
    Similarity Rank: 111
    Bank of Akron
    Similarity Rank: 114
    RIVERSIDE
    Similarity Rank: 128
    Moog Employees Federal Credit Union
    Similarity Rank: 192
    THE SUMMIT Federal Credit Union
    Similarity Rank: 224
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 228
    Fairport Savings Bank
    Similarity Rank: 448
    SEFCU SERVICES, LLC
    Similarity Rank: 540
    Genesee Regional Bank
    Similarity Rank: 957
    Five Star Bank
    Similarity Rank: 1026

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $19,080,000 $232,683 $2,830 3.76%

    For 2020, Bank Of Akron's most frequently originated type of loan was Conventional, with 82 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 30 $6,710,000 $223,667 $3,277 3.96%
    Cash Out Refi 26 $5,120,000 $196,923 $2,335 3.52%
    Refi 18 $5,540,000 $307,778 $2,867 3.75%
    Other 5 $885,000 $177,000 $1,833 4.10%
    Home Improvement 3 $825,000 $275,000 $5,511 3.29%

    For 2020, Bank Of Akron's most frequently cited loan purpose was Home Purchase, with 30 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 45 $10,315,000 $229,222 $2,831 3.65%
    10 Year 16 $2,900,000 $181,250 $2,362 4.41%
    15 Year 13 $3,655,000 $281,154 $3,204 2.94%
    Other 4 $1,600,000 $400,000 $0 5.03%
    20 Year 3 $465,000 $155,000 $2,407 3.33%
    3 Year 1 $145,000 $145,000 $0 4.75%

    For 2020, Bank Of Akron's most frequently cited loan duration was 30 Year, with 45 originations. The 2nd most popular length was 10 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 47 $10,165,000 $216,277
    $1k-2k 10 $2,450,000 $245,000
    $2k-3k 2 $740,000 $370,000
    $3k-4k 1 $555,000 $555,000

    Bank Of Akron's average total fees were $2,831, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 44 $10,570,000 $240,227
    4-5% 23 $4,865,000 $211,522
    2.5-3% 10 $2,510,000 $251,000
    5-6% 3 $595,000 $198,333
    <2.5% 2 $540,000 $270,000

    During 2020, Bank Of Akron's average interest rate for loans was 3.65%, while their most frequently originated rate bucket for loans was 3-4%, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 33 $4,775,000 $144,697 $2,297 3.79%
    $200k-400k 31 $8,765,000 $282,742 $2,988 3.57%
    $100,000 or less 9 $705,000 $78,333 $2,371 4.22%
    $400k-600k 7 $3,305,000 $472,143 $5,312 3.71%
    $600k-1MM 2 $1,530,000 $765,000 $3,236 4.13%

    2020 saw Bank Of Akron place emphasis on $100k-200k loans with 33 originations, totaling $4,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 23 $4,945,000 $215,000 $2,879 3.53%
    $150k-250k 14 $3,170,000 $226,429 $3,193 3.56%
    $75k-100k 11 $2,165,000 $196,818 $2,403 3.49%
    $50k-75k 10 $1,700,000 $170,000 $2,278 3.62%
    $250k+ 7 $3,115,000 $445,000 $3,537 3.16%

    Bank Of Akron lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $150k-250k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 18 $4,030,000 $223,889 $2,910 3.63%
    20-30% 15 $3,825,000 $255,000 $2,711 3.27%
    <20% 11 $1,945,000 $176,818 $2,607 3.65%
    36% 5 $1,375,000 $275,000 $2,434 3.75%
    39% 4 $800,000 $200,000 $3,359 3.34%
    38% 3 $1,355,000 $451,667 $3,959 3.08%
    43% 3 $645,000 $215,000 $3,886 3.42%
    42% 2 $280,000 $140,000 $1,974 3.81%
    45% 2 $520,000 $260,000 $4,076 3.75%
    40% 1 $125,000 $125,000 $0 4.13%
    44% 1 $195,000 $195,000 $2,467 2.50%

    Bank Of Akron lent most frequently to those with DTI ratios of 30-36%, with 18 originations. The next most common DTI ratio? 20-30%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $15,640,000 $230,000 $2,818 3.58%
    Not applicable 13 $3,255,000 $250,385 $0 4.65%
    Asian 1 $185,000 $185,000 $3,528 3.88%

    Approval Rates

    Total approvals of all applications
    98.88%

    Bank Of Akron has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.68%

    Bank Of Akron has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 82 $19,080,000 $232,683

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,430,000 $405,000
    Single Family (1-4 Units):Site-Built 76 $16,650,000 $219,079

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $330,000 $165,000 $2,560 3.31%
    40-60% 15 $2,595,000 $173,000 $2,302 3.55%
    60-80% 45 $10,965,000 $243,667 $3,157 3.68%
    80-100% 19 $4,985,000 $262,368 $2,471 4.15%
    Under 20% 1 $205,000 $205,000 $15 3.75%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Incorrect information on your report 1 3.8%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 2 7.7%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 4 15.4%
    BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 2 7.7%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.8%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 6 23.1%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 3.8%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 2 7.7%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 4 15.4%
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 7.7%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 3.8%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank of Akron 9865 Main Road Clarence, NY 14031 Full Service B&M $77,290
    Bank of Akron 77 Buell Street Akron, NY 14001 Full Service B&M $0
    Bank of Akron 9470 Clarence Center Road Clarence, NY 14032 Full Service B&M $69,075
    Bank of Akron 3619 Walden Avenue Lancaster, NY 14086 Full Service B&M $30,057
    Bank of Akron 46 Main Street Akron, NY 14001 Full Service B&M $203,438
    Bank of Akron 638 Lake Street Wilson, NY 14172 Full Service B&M $45,836

    For 2020, Bank Of Akron had 6 branches.

    Yearly Performance Overview