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

Cortland, OH

LEI: 549300UL8PI3UKDJT092

Tax ID: 34-0165477

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

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Mortgage Data

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

    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 by origination volume include: Youngstown, Cleveland, Akron, Canton, and Salem among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Cortland Savings And Banking Company 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. The Cortland Savings And Banking Company is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    Originations

    721

    Origination Dollar Volume (All Markets)

    $155,195,000
    Show all (5) awards

    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
    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.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Cortland Savings and Banking Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Community Star Credit Union
    Similarity Rank: 792
    First Federal Savings and Loan Association of Lorain
    Similarity Rank: 873
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 874
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 1672
    AFFORDABLE MORTGAGE ADVISORS, LLC.
    Similarity Rank: 1701
    Ohio Catholic Federal Credit Union
    Similarity Rank: 2520
    PULTE MORTGAGE LLC
    Similarity Rank: 2583
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 3965
    Union Savings Bank
    Similarity Rank: 4785
    Westfield Bank, FSB
    Similarity Rank: 5239

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 571 $133,885,000 $234,475 $3,696 3.03%
    HELOC 102 $12,770,000 $125,196 n/a 3.26%
    FHA 34 $5,630,000 $165,588 $6,883 3.15%
    VA 14 $2,910,000 $207,857 $4,972 2.93%

    For 2021, The Cortland Savings And Banking Company's most frequently originated type of loan was Conventional, with 571 originations. Their 2nd most popular type was HELOC, with 102 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Cortland Savings And Banking Company's most frequently cited loan purpose was Home Purchase, with 395 originations. The 2nd most popular reason was 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 2021, The Cortland Savings And Banking Company's most frequently cited loan duration was 30 Year, with 402 originations. The 2nd most popular length was 20 Year, with 127 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 10 $3,080,000 $308,000
    $5k+ 7 $2,625,000 $375,000
    $4k-5k 1 $515,000 $515,000

    The Cortland Savings And Banking Company's average total fees were $3,841, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.07%, while their most frequently originated rate bucket for loans was 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
    91.67%

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

    Pick Rate

    Approvals leading to origination
    86.82%

    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 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 8950 Maple Grove Road Windham, OH 44288 Full Service B&M $17,729
    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