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Norway Savings Bank

Norway, ME

Norway Savings Bank processed 1,109 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 624 loans with a 15.5% denial rate. Home Purchase was the primary loan purpose. Based in Norway, ME. The approval rate of 56.3% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. Norway Savings Bank processed 1,109 HMDA-reported mortgage applications in 2024, originating 624 loans and denying 172 for a denial rate of 15.5% (applicants themselves withdrew 136 files before a decision). The average loan amount was $270,293 at a 7.674% average note rate, and applicants self-reported an average income of $37,000. The lender reports under LEI 549300S32ZDD67D2FB46 from Norway, ME.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Norway Savings Bank's 56.3% origination rate tells you how often an application turned into funded money; the 15.5% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (1,069 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

1,109
Applications
624
Originated
15.5%
Denial Rate
$270,293
Avg Loan Amount
Avg Interest Rate: 7.674% Avg Applicant Income: $37,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 1,069 624 168 $270,435
USDA 40 0 4 $266,500

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for Norway Savings Bank (LEI: 549300S32ZDD67D2FB46) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
117
Credit history
67
Collateral
38
Other
18
Insufficient cash
6
Mortgage insurance denied
6
Employment history
5
Unverifiable information
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 445 169 $366,034
Other 275 186 $191,218
Home Improvement 201 131 $146,244
Cash-out Refinancing 179 130 $287,514
Refinancing 9 8 $380,556

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 921 55.8% 15.3%
Joint 13 69.2% 23.1%
Black or African American 10 10.0% 60.0%
Asian 9 44.4% 22.2%
American Indian or Alaska Native 3 0.0% 66.7%
2 or more minority races 1 0.0% 0.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 924 56.2% 16.1%
Hispanic or Latino 16 25.0% 12.5%
Joint 12 33.3% 16.7%

Nearby Lenders in ME

Other HMDA-reporting lenders in ME with similar activity. Compare any two side-by-side.

BANGOR SAVINGS BANK

BANGOR, ME

4,953 apps 3,426 originated 18.7% denied

THE CAMDEN NATIONAL BANK

CAMDEN, ME

2,443 apps 1,733 originated 11.2% denied

Kennebec Savings Bank

Augusta, ME

1,775 apps 1,044 originated 8.7% denied

Town and Country Federal Credi

South Portland, ME

1,013 apps 710 originated 15.4% denied

FIRST NATIONAL BANK

DAMARISCOTTA, ME

903 apps 725 originated 8.6% denied
Compare Norway Savings Bank vs BANGOR SAVINGS BANK →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did Norway Savings Bank process?
Norway Savings Bank processed 1,109 mortgage applications in the 2023 HMDA reporting year. Of these, 624 were originated (approved and funded), 136 were withdrawn by the applicant, and 172 were denied.
What is Norway Savings Bank's mortgage approval rate?
Norway Savings Bank has an approval (origination) rate of 56.3%, meaning 56.3% of all applications resulted in a funded mortgage. The denial rate is 15.5%.
What is the average loan amount at Norway Savings Bank?
The average mortgage loan amount at Norway Savings Bank is $270,293. The average interest rate is 7.674%. The average applicant income is $37,000.
What are the most common reasons for mortgage denial at Norway Savings Bank?
The most common reasons for mortgage denial at Norway Savings Bank are: Debt-to-income ratio, Credit history, Collateral. In total, 172 applications were denied out of 1,109 total applications.
What types of mortgage loans does Norway Savings Bank offer?
Norway Savings Bank processes Conventional, USDA loans. The most common type is Conventional with 1,069 applications and an average loan amount of $270,435.
What loan purposes does Norway Savings Bank serve?
Norway Savings Bank serves the following loan purposes: Home Purchase (445 applications), Other (275 applications), Home Improvement (201 applications), Cash-out Refinancing (179 applications), Refinancing (9 applications). Home Purchase is the most common purpose.
Where is Norway Savings Bank located?
Norway Savings Bank is headquartered in Norway, ME. The lender is identified by LEI 549300S32ZDD67D2FB46 in HMDA data.
How does Norway Savings Bank compare in lending across racial demographics?
Norway Savings Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 55.8% and denial rate of 15.3%; Joint applicants have an approval rate of 69.2% and denial rate of 23.1%; Black or African American applicants have an approval rate of 10.0% and denial rate of 60.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.