PlainLender

Saco & Biddeford Savings Institution

Saco, ME

Saco & Biddeford Savings Institution processed 333 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 174 loans with a 12.0% denial rate. Home Purchase was the primary loan purpose. Based in Saco, ME. The approval rate of 52.3% reflects originated loans as a share of all applications.

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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Saco & Biddeford Savings Institution's 52.3% origination rate tells you how often an application turned into funded money; the 12.0% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Other, Credit history, which together explain the majority of rejections. Most activity concentrated in Conventional loans (332 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.

333
Applications
174
Originated
12.0%
Denial Rate
$507,823
Avg Loan Amount
Avg Interest Rate: 7.024% Avg Applicant Income: $35,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 332 174 40 $507,530
VA 1 0 0 $605,000

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Saco & Biddeford Savings Institution (LEI: 5493008KJFFG6PYZ5914) · 2024 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 Approval rates exclude withdrawn / incomplete applications.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
26
Other
9
Credit history
6
Collateral
5
Unverifiable information
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 273 136 $535,623
Refinancing 26 15 $485,000
Other 17 11 $380,294
Home Improvement 15 11 $226,333
Cash-out Refinancing 2 1 $205,000

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 270 53.0% 12.2%
Joint * 6 50.0% 0.0%
Asian * 4 25.0% 25.0%
Black or African American * 3 0.0% 33.3%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

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 255 52.5% 13.3%
Hispanic or Latino * 4 25.0% 0.0%
Joint * 3 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

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

Norway Savings Bank

Norway, ME

1,109 apps 624 originated 15.5% denied

Town and Country Federal Credi

South Portland, ME

1,013 apps 710 originated 15.4% denied
Compare Saco & Biddeford Savings Institution vs Bangor Savings Bank →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Saco & Biddeford Savings Institution process?
Saco & Biddeford Savings Institution processed 333 mortgage applications in the 2024 HMDA reporting year. Of these, 174 were originated (approved and funded), 58 were withdrawn by the applicant, and 40 were denied.
What is Saco & Biddeford Savings Institution's mortgage approval rate?
Saco & Biddeford Savings Institution has an approval (origination) rate of 52.3%, meaning 52.3% of all applications resulted in a funded mortgage. The denial rate is 12.0%.
What is the average loan amount at Saco & Biddeford Savings Institution?
The average mortgage loan amount at Saco & Biddeford Savings Institution is $507,823. The average interest rate is 7.024%. The average applicant income is $35,000.
What are the most common reasons for mortgage denial at Saco & Biddeford Savings Institution?
The most common reasons for mortgage denial at Saco & Biddeford Savings Institution are: Debt-to-income ratio, Other, Credit history. In total, 40 applications were denied out of 333 total applications.
What types of mortgage loans does Saco & Biddeford Savings Institution offer?
Saco & Biddeford Savings Institution processes Conventional, VA loans. The most common type is Conventional with 332 applications and an average loan amount of $507,530.
What loan purposes does Saco & Biddeford Savings Institution serve?
Saco & Biddeford Savings Institution serves the following loan purposes: Home Purchase (273 applications), Refinancing (26 applications), Other (17 applications), Home Improvement (15 applications), Cash-out Refinancing (2 applications). Home Purchase is the most common purpose.
Where is Saco & Biddeford Savings Institution located?
Saco & Biddeford Savings Institution is headquartered in Saco, ME. The lender is identified by LEI 5493008KJFFG6PYZ5914 in HMDA data.
How does Saco & Biddeford Savings Institution compare in lending across racial demographics?
Saco & Biddeford Savings Institution reports demographic lending data under HMDA requirements. White applicants have an approval rate of 53.0% and denial rate of 12.2%; Joint applicants have an approval rate of 50.0% and denial rate of 0.0%; Asian applicants have an approval rate of 25.0% and denial rate of 25.0%. 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.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.