The Cortland Savings And Banking Company Mortgage Rates, Fees & Info

Cortland, OH

LEI: 549300UL8PI3UKDJT092

Tax ID: 34-0165477

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

721

Origination Dollar Volume (All Markets)

$155,195,000
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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 applications
91.47%

The Cortland Savings And Banking Company has an average approval rate.

Pick Rate

Approvals leading to origination
87.05%

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.

Yearly Performance Overview