Products and Services
Making financial products and services accessible and affordable is an important part of what we do. Our products are designed to meet the needs of clients in every stage of life and income level, whether opening a checking account for the first time or starting a small business.
In 2022, we introduced a new personal checking account product called Direct Banking. Direct Banking enables individuals and families to be in control of their banking in ways that best meet their financial goals, regardless of how, when, or where they bank with us. Direct Banking has no overdraft fees and is a convenient paperless account. In addition, Direct Banking has received BankOn certification, a national standard for low-cost, low-fee bank accounts designed to help connect consumers with more affordable deposit accounts.
On November 1, 2022, we launched our new personal account fee structure that eliminated nonsufficient funds fees on all personal accounts, lowered overdraft fees, eliminated extended overdraft fees, and reduced the maximum number of overdrafts fees per day. These changes are part of our comprehensive strategy to regularly review fee structures and make banking easier and more affordable for consumers.
Our My Free Banking no-cost checking account has no minimum balance requirement or monthly fee. Clients have free, secure access to their accounts and can make online deposits via our mobile banking app. A free debit card is also included.
For those at least 55 years of age we offer Senior Interest Checking. There is no minimum balance or direct deposit requirement, and no monthly fee. The account is interest bearing and comes with free check orders, online and mobile banking, and a free debit card.
Over 27,000 small- and medium-sized businesses use our Flex Business Checking. With several activity tiers, businesses can avoid monthly fees by maintaining a modest minimum average balance. All accounts come with online banking and business clients can offer their employees free checking accounts through our Workplace Banking program.
Community Development Lending and Investments
We support low- to moderate-income communities by partnering with organizations that develop affordable housing, provide community services, and revitalize and stabilize inner-city areas. Through loans and investments, we help meet critical needs for people and neighborhoods across our footprint.
In 2022 our community development loans and investments helped provide 252 affordable housing units and supported organizations that serve the elderly, homeless, individuals with intellectual and developmental disabilities, and disabled veterans, among others.
Homeownership
We strive to be an advocate for our clients in reaching their life goals, including home ownership. Sandy Spring Bank has helped people obtain mortgages in our community for more than 150 years, and we specialize in finding the right solution for each client to make home ownership attainable. We support affordable housing through our in-house portfolio products and partnerships with local community development agencies as described below.
Our Welcome Home Loan Program provides affordable financing for homes for lower- and moderate-income purchasers. Benefits include a low down payment with flexible funds eligibility and no mortgage insurance. This program is available to individuals whose income is below a certain level or for homes located within low- or moderate-income census tracts. The program also allows eligible borrowers to refinance up to 100% of their home's value with no mortgage insurance.
In late 2022, we launched a partnership with JPMorgan Chase called the Chase Community Lending Program. It offers pricing discounts, which we pass on to borrowers, for eligible loans secured by property located in majority/minority census tracts. Discounts of up to $4,500 were available in 2022, and we provided mortgages on six units for more than $1.8 million.
We also offer Freddie Mac's Home Possible and Fannie Mae's Home Ready, which provide up to 97% financing for low- and moderate-income borrowers on either home purchases or refinances. Both programs offer flexible underwriting features, including more eligible sources of funds for down payment and closing costs.
In conjunction with these programs, we offer a down payment assistance program called Closing the Gap Plus. It provides up to 3% of the purchase price for borrowers who meet income and/or property eligibility requirements.
Through the Federal Home Loan Bank, we offer a multitude of down payment assistance programs for low- and moderate-income buyers, including a First Time Homebuyer Program and Community Partner Programs for educators, health care workers, law enforcement, fire fighters, and other first responders, as well as a program for veterans, their spouses or surviving spouses purchasing a home.
We also offer various state government programs, including the Maryland Mortgage Program, Virginia Housing Development Authority, DC Open Doors, and other local programs.
Sandy Spring Bank is approved to originate loans guaranteed by the Department of Veterans Affairs (VA) and offers VA financing to all eligible veterans. We are also an approved Federal Housing Administration lender, which allows us to offer low down payment financing to all eligible borrowers.
2022 Highlights
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Single-family mortgage loans to low- to moderate-income clients
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753 loans for $84.5 million |
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Affordable housing loans originated
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433 units for $126.3 million |
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Loans originated for first-time home buyers
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513 units for $186.7 million |