Hometown Bank Mortgage Rates, Fees & Info

Kent, OH

LEI: 549300WF6CI48BRR4W39

Tax ID: 34-0295215

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Hometown Bank is a smaller bank specializing in Home Purchase and Refi loans. Hometown Bank has a high proportion of conventional loans. Their top markets by origination volume include: Akron, Cleveland, Canton, Columbus, and Toledo among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Hometown 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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    Originations

    147

    Origination Dollar Volume (All Markets)

    $25,205,000

    Employee count

    60

    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
    AKRON, OH (FHA|USDA|VA) 133 $22,265,000 $167,406 $0 0.00%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 6 $1,340,000 $223,333 $0 0.00%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 5 $795,000 $159,000 $0 0.00%
    COLUMBUS, OH (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
    TOLEDO, OH (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Wooster, OH (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
    Hometown Bank's top markets include Akron, Cleveland, Canton, Columbus, and Toledo among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

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

    PULTE MORTGAGE LLC
    Similarity Rank: 630
    Ohio Catholic Federal Credit Union
    Similarity Rank: 800
    Cf Bank
    Similarity Rank: 810
    Seven Seventeen Credit Union
    Similarity Rank: 810
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 1280
    The Farmers National Bank of Canfield
    Similarity Rank: 1786
    The Cortland Savings and Banking Company
    Similarity Rank: 1800
    UNION CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 2052
    Peoples Bank
    Similarity Rank: 2242
    Civista Bank
    Similarity Rank: 2385

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 147 $25,205,000 $171,463 $0 0.00%

    For 2019, Hometown Bank's most frequently originated type of loan was Conventional, with 147 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 65 $10,405,000 $160,077 $0 0.00%
    Refi 47 $11,345,000 $241,383 $0 0.00%
    Cash Out Refi 27 $3,235,000 $119,815 $0 0.00%
    Other 5 $135,000 $27,000 $0 0.00%
    Home Improvement 3 $85,000 $28,333 $0 0.00%

    For 2019, Hometown Bank's most frequently cited loan purpose was Home Purchase, with 65 originations. The 2nd most popular reason was Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 147 $25,205,000 $171,463 $0 0.00%

    For 2019, Hometown Bank's most frequently cited loan duration was Other, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 52 $3,090,000 $59,423 $0 0.00%
    $100k-200k 51 $6,925,000 $135,784 $0 0.00%
    $200k-400k 36 $9,380,000 $260,556 $0 0.00%
    $400k-600k 4 $1,760,000 $440,000 $0 0.00%
    $600k-1MM 3 $2,245,000 $748,333 $0 0.00%
    $1MM+ 1 $1,805,000 $1,805,000 $0 0.00%

    2019 saw Hometown Bank place emphasis on $100,000 or less loans with 52 originations, totaling $3,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $2,660,000 $83,125 $0 0.00%
    $100k-150k 27 $5,165,000 $191,296 $0 0.00%
    $50k-75k 23 $2,425,000 $105,435 $0 0.00%
    $150k-250k 20 $5,150,000 $257,500 $0 0.00%
    $75k-100k 18 $2,390,000 $132,778 $0 0.00%
    $250k+ 9 $2,635,000 $292,778 $0 0.00%

    Hometown Bank lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 147 $25,205,000 $171,463 $0 0.00%

    Hometown Bank lent most frequently to those with DTI ratios of Exempt%, with 147 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 129 $20,225,000 $156,783 $0 0.00%
    Not applicable 16 $4,610,000 $288,125 $0 0.00%
    Native Hawaiian or Islander 1 $275,000 $275,000 $0 0.00%
    Black 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.43%

    Hometown Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.03%

    Hometown Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 147 $25,205,000 $171,463

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $3,640,000 $910,000
    Single Family (1-4 Units):Site-Built 143 $21,565,000 $150,804

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    HomeTown Lenders, LLC VA mortgage Closing on a mortgage 1 50.0%
    HomeTown Lenders, LLC FHA mortgage Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Hometown Bank 100 East Main Street Ravenna, OH 44266 Full Service B&M $25,441
    Hometown Bank 142 North Water Street Kent, OH 44240 Full Service B&M $118,424
    Hometown Bank 203 North Water Street Kent, OH 44240 Limited, Drive-thru $0
    Hometown Bank 4023 State Route 43 Brimfield Township, OH 44240 Full Service B&M $20,984

    For 2019, Hometown Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,101
    Net interest income $7,142
    Total noninterest income $1,583
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $182
    Trading account gains and fees $0
    Additional Noninterest Income $1,401
    Pre-tax net operating income $956
    Securities gains (or losses, -) $82
    Income before extraordinary items $962
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $962
    Minority interest net income $0
    Net income $962
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $885

    Hometown Bank's gross interest income from loans was $9,101,000.
    Hometown Bank's net interest income from loans was $7,142,000.
    Hometown Bank's fee based income from loans was $182,000.
    Hometown Bank's net income from loans was $962,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,959
    Provision for credit losses $25
    Total noninterest expense $7,744
    Salaries and employee benefits $4,285
    Premises and equipment expense $923
    Additional noninterest expense $2,536
    Applicable income taxes $76
    Net charge-offs $29
    Cash dividends $880

    Hometown Bank's interest expense for loans was $1,959,000.
    Hometown Bank's payroll and benefits expense were $4,285,000.
    Hometown Bank's property, plant and equipment expenses $923,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 2.0%
    Personal loans 0.0%
    Credit card loans 2.1%
    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 $167,812
    Deposits held in domestic offices $167,812
    Deposits by Individuals, partnerships, and corporations $148,036
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $19,330
    Deposits by Commercial banks and other depository institutions in U.S. $445
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $53,585
    Demand deposits $27,585
    Nontransaction accounts $114,226
    Money market deposit accounts (MMDAs) $18,339
    Other savings deposits (excluding MMDAs) $24,875
    Total time deposits $71,012
    Total time and savings deposits $140,226
    Noninterest-bearing deposits $27,585
    Interest-bearing deposits $140,227
    Retail deposits $137,132
    IRAs and Keogh plan accounts $7,694
    Brokered deposits $407
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $206,834
    Cash & Balances due from depository institutions $9,563
    Interest-bearing balances $8,192
    Total securities $10,447
    Federal funds sold & reverse repurchase $0
    Net loans and leases $173,653
    Loan and leases loss allowance $1,544
    Trading account assets $0
    Bank premises and fixed assets $4,355
    Other real estate owned $771
    Goodwill and other intangibles $536
    All other assets $7,509

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $206,834
    Total Liabilities $189,758
    Total deposits $167,812
    Interest-bearing deposits $140,227
    Deposits held in domestic offices $167,812
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $18,336
    Subordinated debt $0
    All other liabilities $3,610

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $173,653
    Loan and leases loss allowance $1,544
    Total loans and leases (domestic) $175,197
    All real estate loans $153,475
    Real estate loans in domestic offices $153,475
    Construction and development loans $4,758
    Residential 1-4 family construction $524
    Other construction, all land development and other land $4,234
    Loans secured by nonfarm nonresidential properties $69,950
    Nonfarm nonresidential secured by owner-occupied properties $46,391
    Commercial real estate & other non-farm, non-residential $23,559
    Multifamily residential real estate $5,386
    1-4 family residential loans $73,381
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $19,213
    To non-U.S. addressees $0
    Loans to individuals $2,478
    Credit card loans $746
    Related Plans $0
    Consumer Auto Loans $970
    Other loans to individuals $762
    All other loans & leases $31
    Loans to foreign governments and official institutions $0
    Other loans $31
    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 $963
    Non 1-4 family restructured loans & leases $132
    Total loans and leases (foreign) $0

    Hometown Bank had $173,653,000 of loans outstanding in 2019. $153,475,000 of loans were in real estate loans. $4,758,000 of loans were in development loans. $5,386,000 of loans were in multifamily mortgage loans. $73,381,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $746,000 of loans were in credit card loans. $970,000 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 199 $43,020 $216,181
    Nonfarm, nonresidential loans - <$100k 57 $2,410 $42,281
    Nonfarm, nonresidential loans - $100-250k 57 $6,865 $120,439
    Nonfarm, nonresidential loans - $250k-1MM 85 $33,745 $397,000
    Commercial & Industrial, US addressed loans - <$1MM 181 $15,999 $88,392
    Commercial & Industrial, US addressed loans - <$100k 125 $4,131 $33,048
    Commercial & Industrial, US addressed loans - $100-250k 39 $5,017 $128,641
    Commercial & Industrial, US addressed loans - $250k-1MM 17 $6,851 $403,000