Bank Of Cleveland Mortgage Rates, Fees & Info

Cleveland, TN

LEI: 549300TNGC371911XJ76

Tax ID: 62-1308417

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Mortgage Data

Review & Overview

Bank Of Cleveland is a smaller bank specializing in Home Purchase loans. Bank Of Cleveland has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Cleveland, Chattanooga, Athens, Dayton, and Daphne among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Cleveland 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.

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Originations

285

Origination Dollar Volume (All Markets)

$76,165,000

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
CLEVELAND, TN (FHA|USDA|VA) 206 $52,980,000 $257,184 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 46 $14,720,000 $320,000 $0 0.00%
Athens, TN (FHA|USDA|VA) 11 $2,325,000 $211,364 $0 0.00%
Outside of Metro Areas 7 $1,835,000 $262,143 $0 0.00%
Dayton, TN (FHA|USDA|VA) 4 $920,000 $230,000 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $855,000 $855,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 3 $775,000 $258,333 $0 0.00%
DALTON, GA (FHA|USDA|VA) 3 $645,000 $215,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Bank Of Cleveland's top markets include Cleveland, Chattanooga, Athens, Dayton, and Daphne among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 240 $65,450,000 $272,708 $0 0.00%
    FHA 24 $5,180,000 $215,833 $0 0.00%
    VA 15 $4,445,000 $296,333 $0 0.00%
    USDA 6 $1,090,000 $181,667 $0 0.00%

    For 2022, Bank Of Cleveland's most frequently originated type of loan was Conventional, with 240 originations. Their 2nd most popular type was FHA, with 24 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 212 $60,430,000 $285,047 $0 0.00%
    Refi 58 $12,460,000 $214,828 $0 0.00%
    Cash Out Refi 11 $2,235,000 $203,182 $0 0.00%
    Other 3 $935,000 $311,667 $0 0.00%
    Home Improvement 1 $105,000 $105,000 $0 0.00%

    For 2022, Bank Of Cleveland's most frequently cited loan purpose was Home Purchase, with 212 originations. The 2nd most popular reason was Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 285 $76,165,000 $267,246 $0 0.00%

    For 2022, Bank Of Cleveland's most frequently cited loan duration was Other, with 285 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 117 $33,495,000 $286,282 $0 0.00%
    $100k-200k 94 $14,550,000 $154,787 $0 0.00%
    $100,000 or less 30 $1,610,000 $53,667 $0 0.00%
    $400k-600k 30 $14,200,000 $473,333 $0 0.00%
    $600k-1MM 10 $6,900,000 $690,000 $0 0.00%
    $1MM+ 4 $5,410,000 $1,352,500 $0 0.00%

    2022 saw Bank Of Cleveland place emphasis on $200k-400k loans with 117 originations, totaling $33,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 56 $11,530,000 $205,893 $0 0.00%
    $100k-150k 48 $15,370,000 $320,208 $0 0.00%
    $50k or less 48 $7,620,000 $158,750 $0 0.00%
    $75k-100k 43 $10,905,000 $253,605 $0 0.00%
    $150k-250k 40 $14,570,000 $364,250 $0 0.00%
    $250k+ 36 $12,970,000 $360,278 $0 0.00%

    Bank Of Cleveland lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 285 $76,165,000 $267,246 $0 0.00%

    Bank Of Cleveland lent most frequently to those with DTI ratios of Exempt%, with 285 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 251 $68,275,000 $272,012 $0 0.00%
    Not applicable 13 $3,065,000 $235,769 $0 0.00%
    Asian 10 $2,800,000 $280,000 $0 0.00%
    Not provided 6 $900,000 $150,000 $0 0.00%
    Black 2 $500,000 $250,000 $0 0.00%
    American Indian 2 $390,000 $195,000 $0 0.00%
    Asian Indian 1 $235,000 $235,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.39%

    Bank Of Cleveland 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
    87.72%

    Bank Of Cleveland has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 285 $76,165,000 $267,246

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    285 $76,165,000 $267,246

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF NEW YORK MELLON CORPORATION, THE Reverse mortgage Struggling to pay mortgage 1 100.0%