Devon Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: 549300UV5JQXLGVWIP44
Tax ID: 36-2030168
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Bank Data
Review & Overview
Devon Bank is a smaller bank specializing in Home Purchase loans. Devon Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Dallas, Washington, San Francisco, and Los Angeles among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)Devon Bank 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.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.90% | 2/2/25 |
| 30 Year Conventional Refi | 6.60% | 2/2/25 |
| 30 Year Cash-out Refi | 6.92% | 2/2/25 |
| 30 Year FHA Purchase | 6.27% | 2/2/25 |
| 15 Year Conventional Purchase | 6.75% | 2/2/25 |
| 15 Year Conventional Refi | 5.92% | 2/2/25 |
| 15 Year Cash-out Refi | 5.92% | 2/2/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Devon Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
97Origination Dollar Volume (All Markets)
$28,125,000Employee count
94Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 37 | $11,005,000 | $297,432 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 14 | $4,140,000 | $295,714 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $1,525,000 | $508,333 | $0 | 0.00% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $1,140,000 | $570,000 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $1,095,000 | $365,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $0 | 0.00% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $0 | 0.00% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 0.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 0.00% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 0.00% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| AKRON, OH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Effingham, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Devon Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 97 | $28,125,000 | $289,948 | $0 | 0.00% |
For 2018, Devon Bank's most frequently originated type of loan was Conventional, with 97 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 82 | $23,030,000 | $280,854 | $0 | 0.00% |
| Refi | 13 | $4,405,000 | $338,846 | $0 | 0.00% |
| Home Improvement | 2 | $690,000 | $345,000 | $0 | 0.00% |
For 2018, Devon Bank's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 97 | $28,125,000 | $289,948 | $0 | 0.00% |
For 2018, Devon Bank's most frequently cited loan duration was Other, with 97 originations.
Loan Sizing
2018 saw Devon Bank place emphasis on $200k-400k loans with 39 originations, totaling $10,905,000 in origination value.
Applicant Income
Devon Bank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $150k-250k, with 19 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 97 | $28,125,000 | $289,948 | $0 | 0.00% |
Devon Bank lent most frequently to those with DTI ratios of Exempt%, with 97 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.52%
Devon Bank has an average approval rate.
Pick Rate
Approvals leading to origination61.86%
Devon Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 97 | $28,125,000 | $289,948 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 5 | $2,385,000 | $477,000 |
| Single Family (1-4 Units):Site-Built | 92 | $25,740,000 | $279,783 |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Devon Bank | 2960 N. Lakeshore Dr. Chicago, IL 60657 | Limited, Mobile/Seasonal Office | $2,860 |
| Devon Bank | 3121 North Sheridan Road Chicago, IL 60657 | Limited, Mobile/Seasonal Office | $656 |
| Devon Bank | 4501 Concord Lane Northbrook, IL 60062 | Limited, Mobile/Seasonal Office | $1,374 |
| Devon Bank | 561 North Milwaukee Avenue Wheeling, IL 60090 | Full Service B&M | $44,794 |
| Devon Bank | 6445 North Western Avenue Chicago, IL 60645 | Full Service B&M | $143,604 |
| Devon Bank | 800s River Road Des Plaines, IL 60016 | Limited, Mobile/Seasonal Office | $939 |
| Devon Bank | 8975 Golf Road Niles, IL 60714 | Limited, Mobile/Seasonal Office | $1,027 |
| Devon Bank | 950 Milwaukee Avenue Glenview, IL 60025 | Full Service B&M | $48,878 |
For 2018, Devon Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,648 |
| Net interest income | $10,039 |
| Total noninterest income | $4,819 |
| Gross Fiduciary activities income | $1,338 |
| Service charges on deposit accounts | $268 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,213 |
| Pre-tax net operating income | $1,187 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $1,311 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,311 |
| Minority interest net income | $0 |
| Net income | $1,311 |
| Sale, conversion, retirement of capital stock, net | $43 |
| Net operating income | $1,311 |
Devon Bank's gross interest income from loans was $11,648,000.
Devon Bank's net interest income from loans was $10,039,000.
Devon Bank's fee based income from loans was $268,000.
Devon Bank's net income from loans was $1,311,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,609 |
| Provision for credit losses | $210 |
| Total noninterest expense | $13,461 |
| Salaries and employee benefits | $8,335 |
| Premises and equipment expense | $1,505 |
| Additional noninterest expense | $3,621 |
| Applicable income taxes | $-124 |
| Net charge-offs | $-243 |
| Cash dividends | $160 |
Devon Bank's interest expense for loans was $1,609,000.
Devon Bank's payroll and benefits expense were $8,335,000.
Devon Bank's property, plant and equipment expenses $1,505,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 2.0% |
| HELOC loans | 8.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 4.0% |
| 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 | $263,367 |
| Deposits held in domestic offices | $263,367 |
| Deposits by Individuals, partnerships, and corporations | $262,163 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $0 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,204 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $117,426 |
| Demand deposits | $99,469 |
| Nontransaction accounts | $145,941 |
| Money market deposit accounts (MMDAs) | $50,610 |
| Other savings deposits (excluding MMDAs) | $34,717 |
| Total time deposits | $60,616 |
| Total time and savings deposits | $163,898 |
| Noninterest-bearing deposits | $97,790 |
| Interest-bearing deposits | $165,577 |
| Retail deposits | $249,507 |
| IRAs and Keogh plan accounts | $11,993 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $293,772 |
| Cash & Balances due from depository institutions | $37,324 |
| Interest-bearing balances | $33,176 |
| Total securities | $29,071 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $202,815 |
| Loan and leases loss allowance | $3,822 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $7,533 |
| Other real estate owned | $224 |
| Goodwill and other intangibles | $1,394 |
| All other assets | $15,411 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $293,772 |
| Total Liabilities | $268,332 |
| Total deposits | $263,367 |
| Interest-bearing deposits | $165,577 |
| Deposits held in domestic offices | $263,367 |
| % insured (estimated) | $79 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $3,300 |
| Subordinated debt | $0 |
| All other liabilities | $1,665 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $202,815 |
| Loan and leases loss allowance | $3,822 |
| Total loans and leases (domestic) | $206,637 |
| All real estate loans | $164,596 |
| Real estate loans in domestic offices | $164,596 |
| Construction and development loans | $10,611 |
| Residential 1-4 family construction | $1,525 |
| Other construction, all land development and other land | $9,086 |
| Loans secured by nonfarm nonresidential properties | $88,813 |
| Nonfarm nonresidential secured by owner-occupied properties | $51,561 |
| Commercial real estate & other non-farm, non-residential | $37,252 |
| Multifamily residential real estate | $16,776 |
| 1-4 family residential loans | $48,396 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $34,511 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,868 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $4,868 |
| All other loans & leases | $2,662 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $37 |
| Loans to depository institutions and acceptances of other banks | $2,625 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $1,719 |
| Non 1-4 family restructured loans & leases | $546 |
| Total loans and leases (foreign) | $0 |
Devon Bank had $202,815,000 of loans outstanding in 2018. $164,596,000 of loans were in real estate loans. $10,611,000 of loans were in development loans. $16,776,000 of loans were in multifamily mortgage loans. $48,396,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | 114 | $32,623 | $286,167 |
| Nonfarm, nonresidential loans - <$100k | 11 | $526 | $47,818 |
| Nonfarm, nonresidential loans - $100-250k | 35 | $4,758 | $135,943 |
| Nonfarm, nonresidential loans - $250k-1MM | 68 | $27,339 | $402,044 |
| Commercial & Industrial, US addressed loans - <$1MM | 176 | $24,921 | $141,597 |
| Commercial & Industrial, US addressed loans - <$100k | 77 | $3,089 | $40,117 |
| Commercial & Industrial, US addressed loans - $100-250k | 52 | $5,705 | $109,712 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 47 | $16,127 | $343,128 |