Cibc Bank Usa

Chicago, IL 60603

LEI: FDXQ75GPEQKRPWABYN63

Tax ID: 36-3722148

2019 Data | 2018 Data


Overview

Cibc Bank Usa is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Cibc Bank Usa 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.) They have a low ratio of USDA loans. Their top markets include Chicago, Phoenix, Los Angeles, Denver, and Orlando among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Cibc Bank Usa is typically a medium-low fee lendor.


Originations

2,125

Origination Dollar Volume (All Markets)

$1,610,295,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 1,827 $1,547,015,000 $846,752
FHA 266 $52,990,000 $199,211
VA 31 $10,125,000 $326,613
USDA 1 $165,000 $165,000

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 1,252 $832,780,000 $665,160
Home Improvement 17 $6,185,000 $363,824
Other 63 $31,965,000 $507,381
Refi 525 $408,005,000 $777,152
Cash Out Refi 268 $331,360,000 $1,236,418

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
CHICAGO-NAPERVILLE-EVANSTON, IL 1,240 $556,240,000 $448,581
PHOENIX-MESA-CHANDLER, AZ 16 $127,860,000 $7,991,250
LOS ANGELES-LONG BEACH-GLENDALE, CA 120 $127,660,000 $1,063,833
DENVER-AURORA-LAKEWOOD, CO 15 $106,575,000 $7,105,000
ORLANDO-KISSIMMEE-SANFORD, FL 10 $80,460,000 $8,046,000
DULUTH, MN-WI 2 $67,810,000 $33,905,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 138 $51,050,000 $369,928
ST. LOUIS, MO-IL 106 $46,340,000 $437,170
FLAGSTAFF, AZ 1 $41,415,000 $41,415,000
KANSAS CITY, MO-KS 3 $39,865,000 $13,288,333
AUSTIN-ROUND ROCK-GEORGETOWN, TX 2 $35,750,000 $17,875,000
Outside of Metro Areas 56 $32,820,000 $586,071
COLORADO SPRINGS, CO 1 $26,955,000 $26,955,000
MILWAUKEE-WAUKESHA, WI 45 $19,665,000 $437,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 12 $19,190,000 $1,599,167
CLEVELAND-ELYRIA, OH 3 $16,625,000 $5,541,667
ELGIN, IL 50 $11,540,000 $230,800
APPLETON, WI 1 $11,505,000 $11,505,000
BIRMINGHAM-HOOVER, AL 2 $11,110,000 $5,555,000
WARREN-TROY-FARMINGTON HILLS, MI 23 $9,125,000 $396,739
ANAHEIM-SANTA ANA-IRVINE, CA 8 $9,030,000 $1,128,750
NAPLES-MARCO ISLAND, FL 5 $6,635,000 $1,327,000
SEATTLE-BELLEVUE-KENT, WA 4 $6,580,000 $1,645,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 10 $6,490,000 $649,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 8 $6,310,000 $788,750
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 12 $6,170,000 $514,167
MIAMI-MIAMI BEACH-KENDALL, FL 5 $5,205,000 $1,041,000
BRIDGEPORT-STAMFORD-NORWALK, CT 2 $5,130,000 $2,565,000
CHARLESTON-NORTH CHARLESTON, SC 3 $4,395,000 $1,465,000
NORTH PORT-SARASOTA-BRADENTON, FL 7 $4,285,000 $612,143
SANTA MARIA-SANTA BARBARA, CA 3 $4,215,000 $1,405,000
OAKLAND-BERKELEY-LIVERMORE, CA 5 $4,075,000 $815,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 7 $4,065,000 $580,714
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 6 $3,930,000 $655,000
BOSTON, MA 3 $3,765,000 $1,255,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $3,635,000 $3,635,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 9 $3,515,000 $390,556
SANTA ROSA-PETALUMA, CA 3 $3,475,000 $1,158,333
CAPE CORAL-FORT MYERS, FL 4 $3,390,000 $847,500
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 6 $3,370,000 $561,667
PEORIA, IL 1 $3,055,000 $3,055,000
DETROIT-DEARBORN-LIVONIA, MI 17 $2,815,000 $165,588
KAHULUI-WAILUKU-LAHAINA, HI 1 $2,805,000 $2,805,000
GARY, IN 12 $2,790,000 $232,500
PROVIDENCE-WARWICK, RI-MA 4 $2,750,000 $687,500
DALLAS-PLANO-IRVING, TX 5 $2,555,000 $511,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 2 $2,330,000 $1,165,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 1 $2,325,000 $2,325,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 3 $2,275,000 $758,333
SEBASTIAN-VERO BEACH, FL 2 $2,180,000 $1,090,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 4 $2,030,000 $507,500
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $1,975,000 $395,000
KNOXVILLE, TN 3 $1,665,000 $555,000
RALEIGH-CARY, NC 2 $1,640,000 $820,000
PORT ST. LUCIE, FL 1 $1,605,000 $1,605,000
SAN RAFAEL, CA 2 $1,450,000 $725,000
COLUMBUS, OH 3 $1,365,000 $455,000
BOULDER, CO 3 $1,315,000 $438,333
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 1 $1,285,000 $1,285,000
NILES, MI 4 $1,190,000 $297,500
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 2 $1,070,000 $535,000
NEW BRUNSWICK-LAKEWOOD, NJ 1 $1,005,000 $1,005,000
GREENSBORO-HIGH POINT, NC 2 $980,000 $490,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 3 $915,000 $305,000
BARNSTABLE TOWN, MA 1 $915,000 $915,000
SALT LAKE CITY, UT 2 $910,000 $455,000
SPOKANE-SPOKANE VALLEY, WA 1 $895,000 $895,000
CINCINNATI, OH-KY-IN 3 $875,000 $291,667
OSHKOSH-NEENAH, WI 2 $870,000 $435,000
RACINE, WI 2 $810,000 $405,000
TUCSON, AZ 2 $790,000 $395,000
GREENVILLE-ANDERSON, SC 2 $760,000 $380,000
NEWARK, NJ-PA 1 $755,000 $755,000
WILMINGTON, NC 1 $755,000 $755,000
JACKSONVILLE, FL 2 $700,000 $350,000
SANTA FE, NM 1 $695,000 $695,000
FRESNO, CA 2 $660,000 $330,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 2 $650,000 $325,000
PROVO-OREM, UT 1 $635,000 $635,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1 $635,000 $635,000
PHILADELPHIA, PA 1 $625,000 $625,000
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $625,000 $625,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 2 $620,000 $310,000
SAN ANTONIO-NEW BRAUNFELS, TX 2 $610,000 $305,000
AKRON, OH 1 $605,000 $605,000
BALTIMORE-COLUMBIA-TOWSON, MD 2 $600,000 $300,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 2 $590,000 $295,000
RENO, NV 2 $570,000 $285,000
HOT SPRINGS, AR 1 $525,000 $525,000
PORTLAND-SOUTH PORTLAND, ME 1 $525,000 $525,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $485,000 $485,000
NASSAU COUNTY-SUFFOLK COUNTY, NY 1 $465,000 $465,000
DURHAM-CHAPEL HILL, NC 2 $440,000 $220,000
LAS VEGAS-HENDERSON-PARADISE, NV 2 $420,000 $210,000
MICHIGAN CITY-LA PORTE, IN 2 $410,000 $205,000
THE VILLAGES, FL 2 $370,000 $185,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $355,000 $355,000
CHAMPAIGN-URBANA, IL 1 $345,000 $345,000
GRAND JUNCTION, CO 1 $335,000 $335,000
ROCKFORD, IL 2 $320,000 $160,000
GRAND RAPIDS-KENTWOOD, MI 1 $315,000 $315,000
MADISON, WI 2 $310,000 $155,000
GREELEY, CO 1 $305,000 $305,000
TACOMA-LAKEWOOD, WA 1 $285,000 $285,000
ALBANY-LEBANON, OR 1 $275,000 $275,000
MEMPHIS, TN-MS-AR 1 $265,000 $265,000
ANN ARBOR, MI 1 $255,000 $255,000
NEW ORLEANS-METAIRIE, LA 1 $245,000 $245,000
SPARTANBURG, SC 1 $225,000 $225,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $225,000 $225,000
LINCOLN, NE 1 $205,000 $205,000
KANKAKEE, IL 1 $195,000 $195,000
BELLINGHAM, WA 1 $195,000 $195,000
COLUMBIA, SC 1 $195,000 $195,000
LAKELAND-WINTER HAVEN, FL 1 $195,000 $195,000
CAPE GIRARDEAU, MO-IL 1 $185,000 $185,000
BLOOMINGTON, IL 1 $185,000 $185,000
TOLEDO, OH 1 $185,000 $185,000
CHARLOTTESVILLE, VA 1 $185,000 $185,000
WAUSAU-WESTON, WI 1 $185,000 $185,000
PUNTA GORDA, FL 1 $185,000 $185,000
BATON ROUGE, LA 1 $165,000 $165,000
FAIRBANKS, AK 1 $165,000 $165,000
GAINESVILLE, FL 1 $135,000 $135,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $135,000 $135,000
FLINT, MI 1 $75,000 $75,000
SPRINGFIELD, IL 1 $75,000 $75,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 10 $10,000,000 $1,000,000
2.5-3% 120 $146,470,000 $1,220,583
3-4% 1,206 $732,870,000 $607,687
4-5% 677 $635,375,000 $938,516
5-6% 105 $84,905,000 $808,619
6-7% 7 $675,000 $96,429

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 113 $7,715,000 $68,274
$100k-200k 526 $81,470,000 $154,886
$200k-400k 776 $220,060,000 $283,582
$400k-600k 314 $151,660,000 $482,994
$600k-1000k 186 $141,380,000 $760,108
$Over $1MM 210 $1,008,010,000 $4,800,048

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 91 $46,755,000 $513,791
40-60% 244 $275,840,000 $1,130,492
60-80% 803 $890,125,000 $1,108,499
80-100% 956 $377,710,000 $395,094
Over 100% 8 $2,670,000 $333,750
Under 20% 23 $17,195,000 $747,609

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 370 $111,670,000 $301,811
$150k-250k 389 $167,145,000 $429,679
$50k-75k 342 $64,760,000 $189,357
$50k-or less 201 $25,725,000 $127,985
$75k-100k 281 $66,455,000 $236,495
$Over $250k 461 $434,445,000 $942,397

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 1,641 $753,275,000 $459,034
Not applicable 43 $725,785,000 $16,878,721
Black 223 $47,395,000 $212,534
Not provided 105 $42,635,000 $406,048
Asian 101 $37,065,000 $366,980
Asian Indian 6 $1,670,000 $278,333
Other Asian 1 $1,325,000 $1,325,000
Native Hawaiian 2 $580,000 $290,000
American Indian 3 $565,000 $188,333

Approval Rates

Total approvals of all applications
96.33%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
79.52%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 2,125 $1,610,295,000 $757,786

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 30 $2,650,000 $88,333
$1k-2k 1,906 $828,050,000 $434,444
$2k-3k 121 $43,455,000 $359,132
$3k-4k 19 $7,235,000 $380,789
$5k+ 5 $2,375,000 $475,000

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 1 $3,055,000 $3,055,000
Multifamily:Site-Built 31 $714,715,000 $23,055,323
Single Family (1-4 Units):Site-Built 2,093 $892,525,000 $426,433