The Cortland Savings And Banking Company Mortgage Rates, Fees & Info
Cortland, OHLEI: 549300UL8PI3UKDJT092
Tax ID: 34-0165477
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
The Cortland Savings And Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Cortland Savings And Banking Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Youngstown, Cleveland, Akron, Canton, and Salem among others. The Cortland Savings And Banking Company 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. The Cortland Savings And Banking Company is typically an average fee lendor.Originations
721Origination Dollar Volume (All Markets)
$155,195,000Awards
The Cortland Savings and Banking Company - 2021
The Cortland Savings and Banking Company is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
The Cortland Savings And Banking Company's average 30 year fixed rate mortgage of loans were
3.07%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.08%.
Relative Fees
The Cortland Savings And Banking Company's average total fees for a 30 year fixed rate
mortgage are $3,841.
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 |
|---|---|---|---|---|---|
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 292 | $54,480,000 | $186,575 | $3,690 | 3.15% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 182 | $43,360,000 | $238,242 | $4,119 | 2.94% |
| AKRON, OH (FHA|USDA|VA) | 163 | $37,705,000 | $231,319 | $3,879 | 3.11% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 29 | $6,275,000 | $216,379 | $3,974 | 2.98% |
| Salem, OH (FHA|USDA|VA) | 13 | $2,815,000 | $216,538 | $4,943 | 3.19% |
| Ashtabula, OH (FHA|USDA|VA) | 7 | $2,205,000 | $315,000 | $4,916 | 3.07% |
| TOLEDO, OH (FHA|USDA|VA) | 7 | $1,805,000 | $257,857 | $3,325 | 2.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $6,734 | 3.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $3,443 | 2.96% |
| Wooster, OH (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $10,368 | 3.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,394 | 3.03% |
| Key West, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,378 | 2.38% |
| Outside of Metro Areas | 1 | $375,000 | $375,000 | $5,974 | 3.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,862 | 3.00% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.95% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,538 | 3.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,695 | 3.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,278 | 2.88% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,361 | 2.88% |
| Findlay, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,742 | 2.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,866 | 2.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 3.75% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,096 | 2.75% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,677 | 3.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,894 | 3.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,473 | 2.38% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,053 | 2.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,562 | 2.99% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.25% |
The Cortland Savings And Banking Company's top markets include Youngstown, Cleveland, Akron, Canton, and Salem among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 673 | $146,655,000 | $217,912 | $3,696 | 3.07% |
| FHA | 34 | $5,630,000 | $165,588 | $6,883 | 3.15% |
| VA | 14 | $2,910,000 | $207,857 | $4,972 | 2.93% |
For the 2021 period, The Cortland Savings And Banking Company's most frequently originated loan type of loans were Conventional, with 673 originations. Their 2nd most popular type is FHA, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 395 | $96,785,000 | $245,025 | $4,245 | 3.10% |
| Refi | 166 | $31,980,000 | $192,651 | $3,299 | 2.88% |
| Cash Out Refi | 86 | $17,640,000 | $205,116 | $3,648 | 3.10% |
| Other | 49 | $6,525,000 | $133,163 | $3,754 | 3.22% |
| Home Improvement | 25 | $2,265,000 | $90,600 | $2,094 | 3.46% |
For the 2021, The Cortland Savings And Banking Company's most frequently cited loan purpose of loans were Home Purchase, with 395 originations. The 2nd most popular reason of loans were Refi, with 166 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 402 | $84,990,000 | $211,418 | $3,841 | 3.07% |
| 20 Year | 127 | $17,605,000 | $138,622 | $3,702 | 3.23% |
| 15 Year | 99 | $16,135,000 | $162,980 | $3,032 | 2.59% |
| 30+ year | 68 | $27,540,000 | $405,000 | $5,728 | 3.27% |
| 10 Year | 11 | $2,655,000 | $241,364 | $2,777 | 3.24% |
| 5 Year | 6 | $1,290,000 | $215,000 | $0 | 4.17% |
| Other | 6 | $2,370,000 | $395,000 | $3,059 | 3.54% |
| 1 Year | 1 | $505,000 | $505,000 | $0 | 3.50% |
| 3 Year | 1 | $2,105,000 | $2,105,000 | $0 | 4.25% |
For the 2021, The Cortland Savings And Banking Company's most frequently cited loan length of loans were 30 Year, with 402 originations. The 2nd most popular length of loans were 20 Year, with 127 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 353 | $74,565,000 | $211,232 |
| $1k-2k | 159 | $42,345,000 | $266,321 |
| $2k-3k | 34 | $8,200,000 | $241,176 |
| $3k-4k | 11 | $3,595,000 | $326,818 |
| $5k+ | 7 | $2,625,000 | $375,000 |
$3,841 of loans were The Cortland Savings And Banking Company's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 353 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 345 | $72,815,000 | $211,058 |
| 3-4% | 271 | $58,815,000 | $217,030 |
| <2.5% | 79 | $14,635,000 | $185,253 |
| 4-5% | 21 | $8,795,000 | $418,810 |
| 5-6% | 5 | $135,000 | $27,000 |
During 2021, The Cortland Savings And Banking Company's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 2.5-3%, with 345 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 236 | $34,230,000 | $145,042 | $3,474 | 2.98% |
| $200k-400k | 228 | $64,290,000 | $281,974 | $4,308 | 3.01% |
| $100,000 or less | 179 | $11,405,000 | $63,715 | $2,979 | 3.23% |
| $400k-600k | 55 | $25,925,000 | $471,364 | $4,894 | 3.03% |
| $600k-1MM | 21 | $16,235,000 | $773,095 | $6,513 | 3.48% |
| $1MM+ | 2 | $3,110,000 | $1,555,000 | $8,851 | 3.63% |
2021 saw The Cortland Savings And Banking Company place emphasis on $100k-200k loans with 236 originations, totaling $34,230,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 141 | $34,475,000 | $244,504 | $4,195 | 2.95% |
| $50k or less | 141 | $13,385,000 | $94,929 | $3,352 | 3.12% |
| $75k-100k | 127 | $24,725,000 | $194,685 | $4,024 | 3.00% |
| $50k-75k | 124 | $17,480,000 | $140,968 | $3,741 | 3.09% |
| $150k-250k | 113 | $35,625,000 | $315,265 | $4,135 | 2.98% |
| $250k+ | 38 | $17,130,000 | $450,789 | $4,611 | 3.07% |
The Cortland Savings And Banking Company lent most frequently to those with incomes in the $100k-150k range, with 141 originations. The second most popular income band? $50k or less, with 141 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 179 | $37,225,000 | $207,961 | $3,647 | 3.00% |
| 30-36% | 143 | $30,235,000 | $211,434 | $3,919 | 3.06% |
| <20% | 72 | $13,060,000 | $181,389 | $3,380 | 2.97% |
| 41% | 31 | $6,715,000 | $216,613 | $4,749 | 3.19% |
| 36% | 31 | $6,875,000 | $221,774 | $4,348 | 2.95% |
| 39% | 31 | $5,845,000 | $188,548 | $3,992 | 3.12% |
| 38% | 28 | $5,800,000 | $207,143 | $4,131 | 3.07% |
| 37% | 24 | $6,330,000 | $263,750 | $4,557 | 3.07% |
| 44% | 23 | $4,315,000 | $187,609 | $3,656 | 3.23% |
| 42% | 22 | $4,700,000 | $213,636 | $4,271 | 3.01% |
| 45% | 21 | $4,865,000 | $231,667 | $4,258 | 3.11% |
| 43% | 20 | $3,620,000 | $181,000 | $3,560 | 3.02% |
| 40% | 18 | $4,430,000 | $246,111 | $3,644 | 2.84% |
| 46% | 11 | $1,945,000 | $176,818 | $3,499 | 2.94% |
| 48% | 10 | $2,120,000 | $212,000 | $5,167 | 2.99% |
| 47% | 8 | $1,560,000 | $195,000 | $3,928 | 3.06% |
| 50-60% | 7 | $1,635,000 | $233,571 | $5,406 | 2.98% |
| 49% | 6 | $1,630,000 | $271,667 | $3,671 | 2.94% |
The Cortland Savings And Banking Company lent most frequently to those with DTI ratios of 20-30%, with 179 originations. The next most common DTI ratio? 30-36%, with 143 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 641 | $133,865,000 | $208,838 | $3,885 | 3.02% |
| Not applicable | 31 | $11,245,000 | $362,742 | $0 | 3.91% |
| Not provided | 15 | $3,625,000 | $241,667 | $4,175 | 2.93% |
| Black | 19 | $2,795,000 | $147,105 | $4,428 | 3.36% |
| Asian | 9 | $2,205,000 | $245,000 | $5,381 | 3.39% |
| Asian Indian | 4 | $1,040,000 | $260,000 | $3,458 | 2.63% |
| Other Pacific Islander | 1 | $315,000 | $315,000 | $5,333 | 3.50% |
| American Indian | 1 | $105,000 | $105,000 | $2,865 | 3.25% |
Approval Rates
Total approvals of all applications91.47%
The Cortland Savings And Banking Company has an average approval rate.
Pick Rate
Approvals leading to origination87.05%
The Cortland Savings And Banking Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 721 | $155,195,000 | $215,250 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 721 | $155,195,000 | $215,250 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 58 | $6,430,000 | $110,862 | $2,687 | 3.04% |
| 40-60% | 106 | $20,280,000 | $191,321 | $3,272 | 2.89% |
| 60-80% | 261 | $63,485,000 | $243,238 | $3,838 | 3.10% |
| 80-100% | 267 | $63,135,000 | $236,461 | $4,295 | 3.08% |
| Over 100% | 1 | $345,000 | $345,000 | $15,349 | 2.75% |
| Under 20% | 28 | $1,520,000 | $54,286 | $845 | 3.46% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| The Cortland Savings and Banking Company | 8950 Maple Grove Road Windham, OH 44288 | Full Service B&M | $17,729 |
| The Cortland Savings and Banking Company | 11661 State Route 44 Mantua, OH 44255 | Full Service B&M | $33,409 |
| The Cortland Savings and Banking Company | 14357 Pearl Road Strongsville, OH 44136 | Full Service B&M | $12,672 |
| The Cortland Savings and Banking Company | 194 West Main Street Cortland, OH 44410 | Full Service B&M | $164,670 |
| The Cortland Savings and Banking Company | 2935 Elm Road Warren, OH 44483 | Full Service B&M | $53,061 |
| The Cortland Savings and Banking Company | 342 West Liberty Street Hubbard, OH 44425 | Full Service B&M | $31,535 |
| The Cortland Savings and Banking Company | 3615 Boardman-Canfield Road Canfield, OH 44406 | Full Service B&M | $83,301 |
| The Cortland Savings and Banking Company | 4434 Warren-Sharon Road Vienna, OH 44473 | Full Service B&M | $37,945 |
| The Cortland Savings and Banking Company | 6090 State Route 45 Bristolville, OH 44402 | Full Service B&M | $51,420 |
| The Cortland Savings and Banking Company | 7202 Warren-Sharon Rd Brookfield, OH 44403 | Full Service B&M | $54,867 |
| The Cortland Savings and Banking Company | 75 S Main Street Hudson, OH 44236 | Full Service B&M | $30,252 |
| The Cortland Savings and Banking Company | 815 Youngstown Warren Road Niles, OH 44446 | Full Service B&M | $29,810 |
| The Cortland Savings and Banking Company | 9001 Market Street North Lima, OH 44452 | Full Service B&M | $77,049 |
For 2021, The Cortland Savings And Banking Company had 13 branches.
