Wayne Bank Mortgage Rates, Fees & Info

Honesdale, PA

LEI: 549300XZGHPTWOJPDI31

Tax ID: 24-0754330

5 stars - Updated: 12/5/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Wayne Bank is a smaller bank specializing in Home Purchase loans. Wayne Bank has a high proportion of conventional loans. Wayne Bank has an average proportion of conventional loans. Their top markets by origination volume include: Scranton, New York, Oneonta, Rochester, and East Stroudsburg among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Wayne Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Wayne Bank 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 relatively high 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

464

Origination Dollar Volume (All Markets)

$82,920,000

Awards

Wayne Bank 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Wayne Bank's average 30 year fixed mortgage rate was 6.51%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.03%.

Relative Fees (Closing Costs)

Wayne Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,405.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Outside of Metro Areas 218 $38,100,000 $174,771 $2,715 6.70%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 73 $12,485,000 $171,027 $2,235 7.45%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 46 $7,280,000 $158,261 $2,243 6.69%
Oneonta, NY (FHA|USDA|VA) 30 $6,970,000 $232,333 $4,009 7.27%
ROCHESTER, NY (FHA|USDA|VA) 35 $5,145,000 $147,000 $2,374 6.99%
EAST STROUDSBURG, PA (FHA|USDA|VA) 18 $2,340,000 $130,000 $1,022 7.04%
DuBois, PA (FHA|USDA|VA) 1 $1,325,000 $1,325,000 $0 7.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 5 $1,195,000 $239,000 $3,374 7.05%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $0 8.45%
Seneca Falls, NY (FHA|USDA|VA) 9 $1,055,000 $117,222 $3,911 7.03%
Corning, NY (FHA|USDA|VA) 2 $940,000 $470,000 $4,556 5.56%
SYRACUSE, NY (FHA|USDA|VA) 4 $930,000 $232,500 $0 8.61%
BINGHAMTON, NY (FHA|USDA|VA) 6 $640,000 $106,667 $2,497 7.79%
KINGSTON, NY (FHA|USDA|VA) 1 $615,000 $615,000 $7,379 5.75%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 6 $560,000 $93,333 $1,952 6.62%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $545,000 $545,000 $0 7.50%
UTICA-ROME, NY (FHA|USDA|VA) 3 $465,000 $155,000 $2,908 7.17%
Somerset, PA (FHA|USDA|VA) 1 $405,000 $405,000 $0 7.75%
Auburn, NY (FHA|USDA|VA) 1 $365,000 $365,000 $0 6.75%
Lewistown, PA (FHA|USDA|VA) 1 $305,000 $305,000 $0 6.75%
ITHACA, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Sayre, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.75%
Wayne Bank's top markets include Scranton, New York, Oneonta, Rochester, and East Stroudsburg among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 388 $75,520,000 $194,639 $2,626 6.94%
    Conventional 76 $7,400,000 $97,368 $0 0.00%

    For 2023, Wayne Bank's most frequently originated type of loan was Conventional, with 388 originations. Their 2nd most popular type was Conventional, with 76 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 219 $56,985,000 $260,205 $4,812 7.06%
    Home Improvement 145 $14,265,000 $98,379 $69 6.82%
    Refi 48 $6,590,000 $137,292 $37 7.08%
    Other 44 $2,940,000 $66,818 $308 6.52%
    Cash Out Refi 8 $2,140,000 $267,500 $3,652 5.86%

    For 2023, Wayne Bank's most frequently cited loan purpose was Home Purchase, with 219 originations. The 2nd most popular reason was Home Improvement, with 145 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 101 $12,575,000 $124,505 $536 6.94%
    Other 96 $14,120,000 $147,083 $4,673 7.86%
    20 Year 79 $14,375,000 $181,962 $4,397 7.74%
    30 Year 72 $17,270,000 $239,861 $4,405 6.51%
    30+ year 48 $19,740,000 $411,250 $5,944 6.58%
    10 Year 41 $3,795,000 $92,561 $200 6.67%
    5 Year 26 $940,000 $36,154 $0 6.01%
    1 Year 1 $105,000 $105,000 $0 9.00%

    For 2023, Wayne Bank's most frequently cited loan duration was 15 Year, with 101 originations. The 2nd most popular length was Other, with 96 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 161 $16,205,000 $100,652
    $1k-2k 92 $29,190,000 $317,283
    $2k-3k 15 $3,415,000 $227,667
    $5k+ 7 $3,135,000 $447,857
    $3k-4k 5 $1,975,000 $395,000
    $4k-5k 1 $245,000 $245,000

    Wayne Bank's average total fees were $4,405, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 161 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 176 $36,240,000 $205,909
    5-6% 74 $11,920,000 $161,081
    Over 8% 69 $11,455,000 $166,014
    7-8% 64 $14,190,000 $221,719
    4-5% 5 $1,715,000 $343,000

    During 2023, Wayne Bank's average interest rate for loans was 6.51%, while their most frequently originated rate bucket for loans was 6-7%, with 176 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 178 $10,160,000 $57,079 $307 6.97%
    $100k-200k 146 $20,590,000 $141,027 $2,371 7.06%
    $200k-400k 98 $26,820,000 $273,673 $4,440 6.84%
    $400k-600k 25 $12,125,000 $485,000 $6,224 6.95%
    $600k-1MM 14 $9,740,000 $695,714 $6,836 6.31%
    $1MM+ 3 $3,485,000 $1,161,667 $12,260 7.03%

    2023 saw Wayne Bank place emphasis on $100,000 or less loans with 178 originations, totaling $10,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 86 $15,890,000 $184,767 $2,899 6.74%
    $50k-75k 77 $7,995,000 $103,831 $1,797 6.66%
    $75k-100k 65 $8,885,000 $136,692 $1,990 6.47%
    $150k-250k 59 $12,415,000 $210,424 $2,921 6.82%
    $50k or less 54 $4,170,000 $77,222 $1,179 7.12%
    $250k+ 52 $19,820,000 $381,154 $4,963 6.50%

    Wayne Bank lent most frequently to those with incomes in the $100k-150k range, with 86 originations. The second most popular income band? $50k-75k, with 77 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 76 $7,400,000 $97,368 $0 0.00%
    20-30% 62 $12,000,000 $193,548 $2,363 6.44%
    30-36% 55 $9,635,000 $175,182 $2,536 6.45%
    <20% 33 $6,905,000 $209,242 $2,710 6.37%
    44% 15 $3,465,000 $231,000 $2,808 6.59%
    49% 13 $2,115,000 $162,692 $2,063 6.54%
    39% 12 $1,970,000 $164,167 $2,809 6.62%
    40% 12 $2,740,000 $228,333 $3,978 6.12%
    37% 11 $2,895,000 $263,182 $4,576 6.67%
    41% 11 $2,235,000 $203,182 $3,188 6.77%
    46% 10 $1,600,000 $160,000 $1,820 6.54%
    36% 10 $2,400,000 $240,000 $3,476 6.54%
    43% 8 $2,050,000 $256,250 $3,006 6.36%
    48% 8 $440,000 $55,000 $0 6.28%
    47% 6 $1,070,000 $178,333 $1,932 6.85%
    42% 6 $760,000 $126,667 $1,548 6.27%
    45% 5 $1,095,000 $219,000 $3,170 6.38%
    38% 4 $790,000 $197,500 $3,229 6.56%

    Wayne Bank lent most frequently to those with DTI ratios of Exempt%, with 76 originations. The next most common DTI ratio? 20-30%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 365 $61,405,000 $168,233 $2,455 6.72%
    Not applicable 61 $11,455,000 $187,787 $0 8.17%
    Not provided 23 $5,385,000 $234,130 $4,028 6.52%
    Asian 8 $2,410,000 $301,250 $3,095 7.08%
    Black 3 $1,195,000 $398,333 $7,949 7.31%
    Chinese 1 $665,000 $665,000 $11,092 6.88%
    Asian Indian 2 $340,000 $170,000 $0 0.00%
    American Indian 1 $65,000 $65,000 $0 5.99%

    Approval Rates

    Total approvals of all applications
    82.38%

    Wayne Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    76.08%

    Wayne Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 76 $7,400,000 $97,368
    NA 388 $75,520,000 $194,639

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    464 $82,920,000 $178,707

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 61 $6,025,000 $98,770 $373 7.12%
    40-60% 63 $11,435,000 $181,508 $1,731 7.50%
    60-80% 129 $32,955,000 $255,465 $4,244 7.01%
    80-100% 79 $22,225,000 $281,329 $4,507 6.61%
    Over 100% 1 $205,000 $205,000 $0 8.00%
    Under 20% 55 $2,675,000 $48,636 $28 6.38%