Sound Community Bank Mortgage Rates, Fees & Info

Seattle, WA

LEI: 549300U8DCOOTG96YM89

Tax ID: 91-0619653

4.5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Sound Community Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Sound Community Bank has a high proportion of conventional loans. Their top markets include Seattle, Port Angeles, Bremerton, Ellensburg, and Oak Harbor among others. Sound Community Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Sound Community Bank is typically an average fee lendor.


Originations

696

Origination Dollar Volume (All Markets)

$245,410,000

Employee count

136

Relative Rate

Sound Community Bank's average 30 year fixed rate mortgage of loans were 3.31%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.16%.

Relative Fees

Sound Community Bank's average total fees for a 30 year fixed rate mortgage are $4,730.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 304 $143,860,000 $473,224 $5,426 4.13%
Port Angeles, WA (FHA|USDA|VA) 261 $61,795,000 $236,762 $3,363 3.25%
Outside of Metro Areas 32 $9,290,000 $290,313 $3,964 3.39%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 26 $5,260,000 $202,308 $3,562 4.35%
Ellensburg, WA (FHA|USDA|VA) 6 $5,140,000 $856,667 $4,967 3.23%
Oak Harbor, WA (FHA|USDA|VA) 7 $2,655,000 $379,286 $5,468 4.88%
BELLINGHAM, WA (FHA|USDA|VA) 10 $2,310,000 $231,000 $3,658 4.46%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 7 $2,045,000 $292,143 $3,376 4.59%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $1,495,000 $1,495,000 $13,457 3.13%
WENATCHEE, WA (FHA|USDA|VA) 4 $1,390,000 $347,500 $3,010 3.94%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 5 $1,125,000 $225,000 $3,632 5.10%
Shelton, WA (FHA|USDA|VA) 5 $1,095,000 $219,000 $5,923 4.48%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,000,000 $250,000 $3,261 2.91%
Hailey, ID (FHA|USDA|VA) 1 $955,000 $955,000 $8,883 3.13%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $860,000 $430,000 $4,028 2.38%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $845,000 $281,667 $4,911 3.25%
Moses Lake, WA (FHA|USDA|VA) 2 $600,000 $300,000 $0 5.56%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $525,000 $525,000 $5,963 2.50%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $455,000 $455,000 $4,619 3.38%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $375,000 $375,000 $2,860 2.75%
BOISE CITY, ID (FHA|USDA|VA) 1 $325,000 $325,000 $4,030 3.38%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 2 $300,000 $150,000 $0 5.25%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $3,377 3.00%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $3,685 2.75%
YAKIMA, WA (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.00%
TUCSON, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $3,045 3.25%
MERCED, CA (FHA|USDA|VA) 1 $225,000 $225,000 $3,651 2.25%
Outside of Metro Areas 1 $155,000 $155,000 $3,634 3.38%
Laramie, WY (FHA|USDA|VA) 1 $135,000 $135,000 $2,123 2.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.38%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.00%
LONGVIEW, WA (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%

Sound Community Bank's top markets include Seattle, Port Angeles, Bremerton, Ellensburg, and Oak Harbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 696 $245,410,000 $352,601 $4,298 3.77%

For the 2021 period, Sound Community Bank's most frequently originated loan type of loans were Conventional, with 696 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 261 $81,165,000 $310,977 $3,798 3.53%
Refi 228 $70,110,000 $307,500 $3,539 2.87%
Home Purchase 207 $94,135,000 $454,758 $6,397 5.06%

For the 2021, Sound Community Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 261 originations. The 2nd most popular reason of loans were Refi, with 228 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 438 $185,710,000 $423,995 $4,730 3.31%
15 Year 127 $28,195,000 $222,008 $3,422 3.61%
20 Year 103 $13,535,000 $131,408 $2,996 6.03%
10 Year 22 $9,850,000 $447,727 $3,310 3.12%
Other 4 $1,080,000 $270,000 $2,001 5.22%
3 Year 2 $7,040,000 $3,520,000 $0 4.38%

For the 2021, Sound Community Bank's most frequently cited loan length of loans were 30 Year, with 438 originations. The 2nd most popular length of loans were 15 Year, with 127 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 420 $123,840,000 $294,857
$<1k 67 $9,965,000 $148,731
$2k-3k 46 $12,840,000 $279,130
$3k-4k 44 $16,240,000 $369,091
$5k+ 39 $42,485,000 $1,089,359

$4,730 of loans were Sound Community Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 420 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 238 $97,320,000 $408,908
3-4% 204 $82,560,000 $404,706
<2.5% 90 $21,430,000 $238,111
7-8% 54 $4,360,000 $80,741
4-5% 44 $28,340,000 $644,091
5-6% 43 $9,475,000 $220,349
Over 8% 23 $1,925,000 $83,696

During 2021, Sound Community Bank's average interest rate of loans were 3.31%, while their most frequently originated rate bucket of loans were 2.5-3%, with 238 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 256 $73,200,000 $285,938 $3,654 3.22%
$100k-200k 171 $25,675,000 $150,146 $3,211 3.73%
$400k-600k 101 $48,735,000 $482,525 $4,464 3.11%
$100,000 or less 96 $6,240,000 $65,000 $2,509 6.29%
$600k-1MM 43 $33,675,000 $783,140 $8,454 3.41%
$1MM+ 29 $57,885,000 $1,996,034 $13,376 3.40%

2021 saw Sound Community Bank place emphasis on $200k-400k loans with 256 originations, totaling $73,200,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 156 $45,140,000 $289,359 $4,046 3.59%
$50k-75k 149 $28,405,000 $190,638 $3,362 4.03%
$150k-250k 105 $45,505,000 $433,381 $5,054 3.41%
$75k-100k 105 $27,685,000 $263,667 $3,683 3.63%
$50k or less 85 $11,255,000 $132,412 $3,329 4.73%
$250k+ 77 $68,525,000 $889,935 $7,804 3.25%

Sound Community Bank lent most frequently to those with incomes in the $100k-150k range, with 156 originations. The second most popular income band? $50k-75k, with 149 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 149 $43,905,000 $294,664 $3,525 3.30%
30-36% 121 $42,545,000 $351,612 $4,388 3.90%
<20% 87 $35,375,000 $406,609 $4,148 3.19%
44% 38 $12,300,000 $323,684 $5,163 4.05%
42% 35 $9,855,000 $281,571 $3,557 3.92%
43% 32 $10,520,000 $328,750 $4,284 4.44%
38% 31 $8,005,000 $258,226 $4,668 4.37%
41% 28 $6,930,000 $247,500 $3,720 4.41%
39% 27 $8,715,000 $322,778 $4,560 3.74%
36% 21 $7,735,000 $368,333 $5,298 3.77%
49% 20 $7,630,000 $381,500 $4,686 3.60%
48% 20 $4,330,000 $216,500 $3,500 4.99%
40% 18 $6,250,000 $347,222 $4,648 3.56%
45% 14 $4,190,000 $299,286 $5,238 3.88%
37% 14 $3,460,000 $247,143 $4,070 3.89%
47% 14 $8,240,000 $588,571 $7,019 4.53%
46% 7 $2,005,000 $286,429 $3,620 3.05%
50-60% 7 $4,565,000 $652,143 $7,972 4.09%
>60% 4 $3,670,000 $917,500 $11,791 3.81%

Sound Community Bank lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? 30-36%, with 121 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 588 $198,760,000 $338,027 $4,252 3.68%
Not applicable 9 $15,185,000 $1,687,222 $0 4.35%
Not provided 50 $15,090,000 $301,800 $4,038 4.69%
Asian 19 $6,385,000 $336,053 $4,770 4.22%
Black 9 $2,015,000 $223,889 $6,755 4.96%
Other Asian 3 $1,975,000 $658,333 $9,897 2.83%
Asian Indian 4 $1,910,000 $477,500 $7,128 3.16%
American Indian 6 $1,830,000 $305,000 $3,209 2.98%
Chinese 4 $1,130,000 $282,500 $3,686 3.09%
Native Hawaiian 1 $475,000 $475,000 $0 3.50%
Filipino 1 $385,000 $385,000 $2,457 3.00%
Japanese 2 $270,000 $135,000 $2,169 3.88%

Approval Rates

Total approvals of all applications
96.01%

Sound Community Bank 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
85.76%

Sound Community Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
1045.41 1 $75,000 $75,000
1117.75 1 $75,000 $75,000
1168.75 1 $85,000 $85,000
1219.33 1 $35,000 $35,000
1222.38 1 $95,000 $95,000
1230.68 1 $75,000 $75,000
1258.71 1 $45,000 $45,000
1265.59 1 $65,000 $65,000
1269.14 1 $25,000 $25,000
1282.92 1 $95,000 $95,000
1322.44 1 $25,000 $25,000
1367.89 1 $105,000 $105,000
1380.87 1 $55,000 $55,000
1381.68 1 $45,000 $45,000
1413.73 1 $35,000 $35,000
1435.0 1 $105,000 $105,000
1439.4 1 $115,000 $115,000
1456.2 1 $105,000 $105,000
1457.47 1 $45,000 $45,000
1493.09 1 $55,000 $55,000
1498.24 1 $35,000 $35,000
1503.01 1 $25,000 $25,000
1541.18 1 $65,000 $65,000
1561.28 1 $125,000 $125,000
1594.34 1 $125,000 $125,000
1602.55 1 $45,000 $45,000
1614.44 1 $95,000 $95,000
1686.8 1 $125,000 $125,000
1707.13 1 $65,000 $65,000
1759.36 1 $75,000 $75,000
1770.46 1 $65,000 $65,000
1782.71 1 $85,000 $85,000
1792.37 1 $35,000 $35,000
1794.8 1 $85,000 $85,000
1816.97 1 $75,000 $75,000
1835.98 1 $75,000 $75,000
1847.06 1 $45,000 $45,000
1859.61 1 $135,000 $135,000
1860.26 1 $265,000 $265,000
1874.12 1 $95,000 $95,000
1876.72 1 $85,000 $85,000
1889.23 1 $55,000 $55,000
1908.82 1 $65,000 $65,000
1942.06 1 $55,000 $55,000
2002.94 1 $85,000 $85,000
2019.45 1 $95,000 $95,000
2057.75 1 $95,000 $95,000
2072.16 1 $55,000 $55,000
2083.45 1 $85,000 $85,000
2083.7 1 $85,000 $85,000
2207.74 1 $85,000 $85,000
2248.14 1 $115,000 $115,000
2286.7 1 $85,000 $85,000
2314.74 1 $145,000 $145,000
2322.62 1 $105,000 $105,000
2337.12 1 $115,000 $115,000
2343.94 1 $105,000 $105,000
2373.62 1 $105,000 $105,000
2431.62 1 $125,000 $125,000
2657.74 1 $155,000 $155,000
2728.75 1 $75,000 $75,000
2851.47 1 $115,000 $115,000
2879.65 1 $145,000 $145,000
3488.71 1 $85,000 $85,000
3829.84 1 $215,000 $215,000
4156.19 1 $145,000 $145,000
719.03 1 $45,000 $45,000
794.63 1 $35,000 $35,000
810.83 1 $25,000 $25,000
847.56 1 $55,000 $55,000
852.08 1 $45,000 $45,000
942.29 1 $45,000 $45,000
968.94 1 $65,000 $65,000
NA 623 $239,315,000 $384,133

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
696 $245,410,000 $352,601

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 99 $23,395,000 $236,313 $3,442 3.25%
40-60% 207 $79,745,000 $385,242 $4,024 3.11%
60-80% 259 $92,255,000 $356,197 $4,516 3.98%
80-100% 102 $45,480,000 $445,882 $6,122 4.94%
Under 20% 29 $4,535,000 $156,379 $2,696 4.31%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SANDY SPRING BANCORP, INC. FHA mortgage Closing on a mortgage 1 20.0%
SANDY SPRING BANCORP, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
SANDY SPRING BANCORP, INC. Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 20.0%
SANDY SPRING BANCORP, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
SANDY SPRING BANCORP, INC. Other type of mortgage Closing on a mortgage 1 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Sound Community Bank 2001 Fifth Avenue Seattle, WA 98121 Full Service B&M $0
Sound Community Bank 110 North Alder Street Port Angeles, WA 98362 Full Service B&M $147,452
Sound Community Bank 22807 44th Avenue West Mountlake Terrace, WA 98043 Full Service B&M $71,181
Sound Community Bank 2400 3rd Ave Suite 150 Seattle, WA 98121 Full Service B&M $167,838
Sound Community Bank 2400 Third Avenue, Suite 150 Seattle, WA 98121 Full Service B&M $0
Sound Community Bank 2941 South 38th Street Tacoma, WA 98409 Full Service B&M $47,632
Sound Community Bank 4922 Bridgeport Way West University Place, WA 98467 Full Service B&M $28,148
Sound Community Bank 645 W. Washington Street Sequim, WA 98382 Full Service B&M $282,983
Sound Community Bank 9500 Oak Bay Road Port Ludlow, WA 98365 Full Service B&M $61,965
Sound Community Bank 990 East Washington Street, Suite F Sequim, WA 98382 Full Service B&M $6,856

For 2021, Sound Community Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,051
Net interest income $30,769
Total noninterest income $7,153
Gross Fiduciary activities income $0
Service charges on deposit accounts $564
Trading account gains and fees $0
Additional Noninterest Income $6,589
Pre-tax net operating income $12,650
Securities gains (or losses, -) $0
Income before extraordinary items $10,122
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,122
Minority interest net income $0
Net income $10,122
Sale, conversion, retirement of capital stock, net $829
Net operating income $10,122

Sound Community Bank's gross interest income from loans was $34,051,000.
Sound Community Bank's net interest income from loans was $30,769,000.
Sound Community Bank's fee based income from loans was $564,000.
Sound Community Bank's net income from loans was $10,122,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,282
Provision for credit losses $425
Total noninterest expense $24,847
Salaries and employee benefits $13,892
Premises and equipment expense $2,357
Additional noninterest expense $8,598
Applicable income taxes $2,528
Net charge-offs $120
Cash dividends $432

Sound Community Bank's interest expense for loans was $3,282,000.
Sound Community Bank's payroll and benefits expense were $13,892,000.
Sound Community Bank's property, plant and equipment expenses $2,357,000.

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 0.0%
Multifamily residential loans 3.0%
1-4 family residential loans 0.0%
HELOC loans 1.0%
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 $805,479
Deposits held in domestic offices $805,479
Deposits by Individuals, partnerships, and corporations $780,082
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $25,397
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $504,694
Demand deposits $379,769
Nontransaction accounts $300,785
Money market deposit accounts (MMDAs) $91,670
Other savings deposits (excluding MMDAs) $103,401
Total time deposits $105,714
Total time and savings deposits $425,710
Noninterest-bearing deposits $197,633
Interest-bearing deposits $607,846
Retail deposits $786,398
IRAs and Keogh plan accounts $21,690
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $919,800
Cash & Balances due from depository institutions $183,590
Interest-bearing balances $176,251
Total securities $8,419
Federal funds sold & reverse repurchase $0
Net loans and leases $683,185
Loan and leases loss allowance $6,306
Trading account assets $0
Bank premises and fixed assets $11,630
Other real estate owned $659
Goodwill and other intangibles $5,147
All other assets $27,170

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $919,800
Total Liabilities $818,814
Total deposits $805,479
Interest-bearing deposits $607,846
Deposits held in domestic offices $805,479
% insured (estimated) $76
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,335

Issued Loan Types

Type Value (in 000's)
Net loans and leases $683,185
Loan and leases loss allowance $6,306
Total loans and leases (domestic) $689,491
All real estate loans $569,463
Real estate loans in domestic offices $569,463
Construction and development loans $56,379
Residential 1-4 family construction $15,577
Other construction, all land development and other land $40,802
Loans secured by nonfarm nonresidential properties $192,479
Nonfarm nonresidential secured by owner-occupied properties $59,805
Commercial real estate & other non-farm, non-residential $132,674
Multifamily residential real estate $78,474
1-4 family residential loans $240,235
Farmland loans $1,896
Loans held in foreign offices $0
Farm loans $347
Commercial and industrial loans $21,834
To non-U.S. addressees $0
Loans to individuals $96,845
Credit card loans $0
Related Plans $585
Consumer Auto Loans $1,598
Other loans to individuals $94,662
All other loans & leases $1,002
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $1,002
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $2,116
Non 1-4 family restructured loans & leases $225
Total loans and leases (foreign) $0

Sound Community Bank had $683,185,000 of loans outstanding in 2021. $569,463,000 of loans were in real estate loans. $56,379,000 of loans were in development loans. $78,474,000 of loans were in multifamily mortgage loans. $240,235,000 of loans were in 1-4 family mortgage loans. $347,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,598,000 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 158 $50,945 $322,437
Nonfarm, nonresidential loans - <$100k 9 $250 $27,778
Nonfarm, nonresidential loans - $100-250k 48 $6,912 $144,000
Nonfarm, nonresidential loans - $250k-1MM 101 $43,783 $433,495
Commercial & Industrial, US addressed loans - <$1MM 130 $14,767 $113,592
Commercial & Industrial, US addressed loans - <$100k 56 $1,066 $19,036
Commercial & Industrial, US addressed loans - $100-250k 43 $4,145 $96,395
Commercial & Industrial, US addressed loans - $250k-1MM 31 $9,556 $308,258
Farmland loans - <$1MM 5 $624 $124,800
Farmland loans - <$100k 2 $34 $17,000
Farmland loans - $100-250k 2 $295 $147,500
Farmland loans - $250k-1MM 1 $295 $295,000
Agriculture operations loans - <$1MM 1 $347 $347,000
Agriculture operations loans - $250k-1MM 1 $347 $347,000