Security Savings Bank Mortgage Rates, Fees & Info
Larchwood, IALEI: 549300R92KASZD16MT49
Tax ID: 42-0515640
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Security Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Security Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Washington, Spirit Lake, and Sioux City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Security Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
42Origination Dollar Volume (All Markets)
$5,460,000Top 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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 21 | $3,195,000 | $152,143 | $0 | 0.00% |
| Outside of Metro Areas | 18 | $1,630,000 | $90,556 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 42 | $5,460,000 | $130,000 | $0 | 0.00% |
For 2018, Security Savings Bank's most frequently originated type of loan was Conventional, with 42 originations.
Loan Reason
For 2018, Security Savings Bank's most frequently cited loan purpose was Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 42 | $5,460,000 | $130,000 | $0 | 0.00% |
For 2018, Security Savings Bank's most frequently cited loan duration was Other, with 42 originations.
Loan Sizing
2018 saw Security Savings Bank place emphasis on $100,000 or less loans with 28 originations, totaling $1,640,000 in origination value.
Applicant Income
Security Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $50k or less, with 7 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 42 | $5,460,000 | $130,000 | $0 | 0.00% |
Security Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 42 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.00%
Security Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination78.57%
Security Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 42 | $5,460,000 | $130,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $835,000 | $835,000 |
| Single Family (1-4 Units):Site-Built | 41 | $4,625,000 | $112,805 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Security National Financial Corp | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Security National Financial Corp | Conventional home mortgage | Trouble during payment process | 3 | 60.0% |
| Security National Financial Corp | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |