Devon Bank Mortgage Rates, Fees & Info

Chicago, IL

LEI: 549300UV5JQXLGVWIP44

Tax ID: 36-2030168

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

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Mortgage Data

Bank Data

Review & Overview

Devon Bank is a smaller bank specializing in Refi and Home Purchase loans. Devon Bank 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: Chicago, Los Angeles, Seattle, San Francisco, and Dallas among others. We have data for 76 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.90% 3/24/24
30 Year Conventional Refi 6.60% 3/24/24
30 Year Cash-out Refi 6.92% 3/24/24
30 Year FHA Purchase 6.27% 3/24/24
15 Year Conventional Purchase 6.75% 3/24/24
15 Year Conventional Refi 5.92% 3/24/24
15 Year Cash-out Refi 5.92% 3/24/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Devon Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

986

Origination Dollar Volume (All Markets)

$341,990,000

Employee count

133

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 214 $62,800,000 $293,458 $0 0.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 90 $42,280,000 $469,778 $0 0.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 73 $35,315,000 $483,767 $0 0.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 52 $28,450,000 $547,115 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 98 $28,200,000 $287,755 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 66 $18,840,000 $285,455 $0 0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 37 $13,195,000 $356,622 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 28 $12,290,000 $438,929 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 37 $10,125,000 $273,649 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 26 $8,370,000 $321,923 $0 0.00%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 15 $5,715,000 $381,000 $0 0.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 10 $5,330,000 $533,000 $0 0.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 8 $4,160,000 $520,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 15 $4,125,000 $275,000 $0 0.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 12 $4,080,000 $340,000 $0 0.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 14 $4,070,000 $290,714 $0 0.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 12 $3,910,000 $325,833 $0 0.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 7 $3,845,000 $549,286 $0 0.00%
STOCKTON, CA (FHA|USDA|VA) 9 $3,515,000 $390,556 $0 0.00%
LOUISVILLE, KY (FHA|USDA|VA) 16 $3,220,000 $201,250 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $2,905,000 $264,091 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 10 $2,900,000 $290,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 7 $2,195,000 $313,571 $0 0.00%
SALT LAKE CITY, UT (FHA|USDA|VA) 6 $2,190,000 $365,000 $0 0.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 5 $2,125,000 $425,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 6 $1,780,000 $296,667 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,760,000 $293,333 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 7 $1,615,000 $230,714 $0 0.00%
COLUMBUS, OH (FHA|USDA|VA) 7 $1,465,000 $209,286 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 8 $1,380,000 $172,500 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 4 $1,330,000 $332,500 $0 0.00%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 5 $1,135,000 $227,000 $0 0.00%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $1,125,000 $225,000 $0 0.00%
West Plains, MO (FHA|USDA|VA) 3 $1,055,000 $351,667 $0 0.00%
MADISON, WI (FHA|USDA|VA) 4 $1,010,000 $252,500 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $740,000 $370,000 $0 0.00%
OKLAHOMA CITY, OK (FHA|USDA|VA) 3 $715,000 $238,333 $0 0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $660,000 $330,000 $0 0.00%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 2 $630,000 $315,000 $0 0.00%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $470,000 $235,000 $0 0.00%
SIOUX FALLS, SD (FHA|USDA|VA) 2 $460,000 $230,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $455,000 $455,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 2 $450,000 $225,000 $0 0.00%
TULSA, OK (FHA|USDA|VA) 2 $440,000 $220,000 $0 0.00%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
NILES, MI (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
PROVO-OREM, UT (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
BOISE CITY, ID (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
APPLETON, WI (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
North Wilkesboro, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
BATON ROUGE, LA (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
TOLEDO, OH (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
AKRON, OH (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Devon Bank's top markets include Chicago, Los Angeles, Seattle, San Francisco, and Dallas among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 984 $341,420,000 $346,972 $0 0.00%
    FHA 2 $570,000 $285,000 $0 0.00%

    For 2020, Devon Bank's most frequently originated type of loan was Conventional, with 984 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 575 $201,005,000 $349,574 $0 0.00%
    Home Purchase 411 $140,985,000 $343,029 $0 0.00%

    For 2020, Devon Bank's most frequently cited loan purpose was Refi, with 575 originations. The 2nd most popular reason was Home Purchase, with 411 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 986 $341,990,000 $346,846 $0 0.00%

    For 2020, Devon Bank's most frequently cited loan duration was Other, with 986 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 456 $133,360,000 $292,456 $0 0.00%
    $400k-600k 243 $118,345,000 $487,016 $0 0.00%
    $100k-200k 181 $28,445,000 $157,155 $0 0.00%
    $600k-1MM 81 $56,985,000 $703,519 $0 0.00%
    $100,000 or less 23 $1,565,000 $68,043 $0 0.00%
    $1MM+ 2 $3,290,000 $1,645,000 $0 0.00%

    2020 saw Devon Bank place emphasis on $200k-400k loans with 456 originations, totaling $133,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 330 $115,860,000 $351,091 $0 0.00%
    $150k-250k 208 $85,960,000 $413,269 $0 0.00%
    $75k-100k 174 $51,670,000 $296,954 $0 0.00%
    $250k+ 130 $51,830,000 $398,692 $0 0.00%
    $50k-75k 84 $20,370,000 $242,500 $0 0.00%
    $50k or less 49 $8,455,000 $172,551 $0 0.00%

    Devon Bank lent most frequently to those with incomes in the $100k-150k range, with 330 originations. The second most popular income band? $150k-250k, with 208 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 986 $341,990,000 $346,846 $0 0.00%

    Devon Bank lent most frequently to those with DTI ratios of Exempt%, with 986 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 398 $145,170,000 $364,749 $0 0.00%
    Not provided 170 $57,240,000 $336,706 $0 0.00%
    White 168 $52,330,000 $311,488 $0 0.00%
    Black 126 $39,490,000 $313,413 $0 0.00%
    Asian Indian 61 $19,765,000 $324,016 $0 0.00%
    Other Asian 49 $18,975,000 $387,245 $0 0.00%
    Not applicable 10 $7,610,000 $761,000 $0 0.00%
    Other Pacific Islander 2 $690,000 $345,000 $0 0.00%
    American Indian 1 $515,000 $515,000 $0 0.00%
    1 $205,000 $205,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.61%

    Devon Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.57%

    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 986 $341,990,000 $346,846

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $4,545,000 $649,286
    Single Family (1-4 Units):Site-Built 979 $337,445,000 $344,683

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Devon Bank 2960 N. Lakeshore Dr. Chicago, IL 60657 Limited, Mobile/Seasonal Office $2,226
    Devon Bank 3121 North Sheridan Road Chicago, IL 60657 Limited, Mobile/Seasonal Office $461
    Devon Bank 4501 Concord Lane Northbrook, IL 60062 Limited, Mobile/Seasonal Office $955
    Devon Bank 561 North Milwaukee Avenue Wheeling, IL 60090 Full Service B&M $66,936
    Devon Bank 6445 North Western Avenue Chicago, IL 60645 Full Service B&M $167,275
    Devon Bank 800s River Road Des Plaines, IL 60016 Limited, Mobile/Seasonal Office $215
    Devon Bank 8975 Golf Road Niles, IL 60714 Limited, Mobile/Seasonal Office $1,024
    Devon Bank 950 Milwaukee Avenue Glenview, IL 60025 Full Service B&M $51,290

    For 2020, Devon Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,673
    Net interest income $10,418
    Total noninterest income $13,417
    Gross Fiduciary activities income $1,564
    Service charges on deposit accounts $219
    Trading account gains and fees $0
    Additional Noninterest Income $11,634
    Pre-tax net operating income $1,885
    Securities gains (or losses, -) $375
    Income before extraordinary items $1,660
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,660
    Minority interest net income $0
    Net income $1,660
    Sale, conversion, retirement of capital stock, net $232
    Net operating income $1,363

    Devon Bank's gross interest income from loans was $11,673,000.
    Devon Bank's net interest income from loans was $10,418,000.
    Devon Bank's fee based income from loans was $219,000.
    Devon Bank's net income from loans was $1,660,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,255
    Provision for credit losses $2,650
    Total noninterest expense $19,300
    Salaries and employee benefits $13,131
    Premises and equipment expense $1,776
    Additional noninterest expense $4,393
    Applicable income taxes $600
    Net charge-offs $352
    Cash dividends $340

    Devon Bank's interest expense for loans was $1,255,000.
    Devon Bank's payroll and benefits expense were $13,131,000.
    Devon Bank's property, plant and equipment expenses $1,776,000.

    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 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $295,384
    Deposits held in domestic offices $295,384
    Deposits by Individuals, partnerships, and corporations $295,383
    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. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $141,919
    Demand deposits $120,580
    Nontransaction accounts $153,464
    Money market deposit accounts (MMDAs) $48,564
    Other savings deposits (excluding MMDAs) $34,200
    Total time deposits $70,700
    Total time and savings deposits $174,803
    Noninterest-bearing deposits $118,858
    Interest-bearing deposits $176,526
    Retail deposits $261,798
    IRAs and Keogh plan accounts $10,584
    Brokered deposits $17,010
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $396,849
    Cash & Balances due from depository institutions $12,756
    Interest-bearing balances $9,404
    Total securities $119,534
    Federal funds sold & reverse repurchase $0
    Net loans and leases $230,953
    Loan and leases loss allowance $5,750
    Trading account assets $0
    Bank premises and fixed assets $8,465
    Other real estate owned $618
    Goodwill and other intangibles $3,871
    All other assets $20,652

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $396,849
    Total Liabilities $368,105
    Total deposits $295,384
    Interest-bearing deposits $176,526
    Deposits held in domestic offices $295,384
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $70,037
    Subordinated debt $0
    All other liabilities $2,684

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $230,953
    Loan and leases loss allowance $5,750
    Total loans and leases (domestic) $236,703
    All real estate loans $179,063
    Real estate loans in domestic offices $179,063
    Construction and development loans $10,747
    Residential 1-4 family construction $898
    Other construction, all land development and other land $9,849
    Loans secured by nonfarm nonresidential properties $96,346
    Nonfarm nonresidential secured by owner-occupied properties $41,107
    Commercial real estate & other non-farm, non-residential $55,239
    Multifamily residential real estate $15,727
    1-4 family residential loans $56,243
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $49,666
    To non-U.S. addressees $0
    Loans to individuals $7,243
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $7,243
    All other loans & leases $731
    Loans to foreign governments and official institutions $0
    Other loans $132
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,856
    Non 1-4 family restructured loans & leases $1,263
    Total loans and leases (foreign) $0

    Devon Bank had $230,953,000 of loans outstanding in 2020. $179,063,000 of loans were in real estate loans. $10,747,000 of loans were in development loans. $15,727,000 of loans were in multifamily mortgage loans. $56,243,000 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 109 $31,233 $286,541
    Nonfarm, nonresidential loans - <$100k 7 $296 $42,286
    Nonfarm, nonresidential loans - $100-250k 35 $4,585 $131,000
    Nonfarm, nonresidential loans - $250k-1MM 67 $26,352 $393,313
    Commercial & Industrial, US addressed loans - <$1MM 249 $29,995 $120,462
    Commercial & Industrial, US addressed loans - <$100k 142 $4,423 $31,148
    Commercial & Industrial, US addressed loans - $100-250k 55 $6,856 $124,655
    Commercial & Industrial, US addressed loans - $250k-1MM 52 $18,716 $359,923