Security Savings Bank Mortgage Rates, Fees & Info

Larchwood, IA

LEI: 549300R92KASZD16MT49

Tax ID: 42-0515640

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

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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, Worthington, and Spirit Lake among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Security Savings 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.

    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.


    Originations

    57

    Origination Dollar Volume (All Markets)

    $5,385,000

    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
    Outside of Metro Areas 27 $2,605,000 $96,481 $0 0.00%
    SIOUX FALLS, SD (FHA|USDA|VA) 21 $2,135,000 $101,667 $0 0.00%
    Worthington, MN (FHA|USDA|VA) 8 $440,000 $55,000 $0 0.00%
    Spirit Lake, IA (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    Security Savings Bank's top markets include Sioux Falls, Worthington, and Spirit Lake among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 57 $5,385,000 $94,474 $0 0.00%

    For 2019, Security Savings Bank's most frequently originated type of loan was Conventional, with 57 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 32 $3,340,000 $104,375 $0 0.00%
    Home Purchase 19 $1,755,000 $92,368 $0 0.00%
    Home Improvement 4 $150,000 $37,500 $0 0.00%
    Other 2 $140,000 $70,000 $0 0.00%

    For 2019, Security Savings Bank's most frequently cited loan purpose was Refi, with 32 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 57 $5,385,000 $94,474 $0 0.00%

    For 2019, Security Savings Bank's most frequently cited loan duration was Other, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,880,000 $52,222 $0 0.00%
    $100k-200k 16 $2,190,000 $136,875 $0 0.00%
    $200k-400k 5 $1,315,000 $263,000 $0 0.00%

    2019 saw Security Savings Bank place emphasis on $100,000 or less loans with 36 originations, totaling $1,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 14 $780,000 $55,714 $0 0.00%
    $50k-75k 11 $895,000 $81,364 $0 0.00%
    $75k-100k 8 $1,000,000 $125,000 $0 0.00%
    $100k-150k 4 $440,000 $110,000 $0 0.00%
    $150k-250k 1 $175,000 $175,000 $0 0.00%

    Security Savings Bank lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $50k-75k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 57 $5,385,000 $94,474 $0 0.00%

    Security Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 39 $3,425,000 $87,821 $0 0.00%
    Not applicable 15 $1,685,000 $112,333 $0 0.00%
    Not provided 3 $275,000 $91,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.33%

    Security Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.19%

    Security Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 57 $5,385,000 $94,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 57 $5,385,000 $94,474

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Security National Financial Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Security National Financial Corp Other type of mortgage Trouble during payment process 1 33.3%
    Security National Financial Corp VA mortgage Closing on a mortgage 1 33.3%