Td Bank

Mount Laurel, NJ 08054

LEI: 03D0JEWFDFUS0SEEKG89

Tax ID: 01-0137770

2019 Data *Active* | 2018 Data


Overview

Td Bank is a large mortgage company specializing in Home Purchase and Refi loans. Td Bank 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 New York, Nassau County, New Brunswick, Cambridge, and Washington among others. They have a below 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. Td Bank is typically a low/ fee lendor.


Originations

30,440

Origination Dollar Volume (All Markets)

$10,377,270,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 30,173 $10,308,115,000 $341,634
FHA 160 $43,310,000 $270,688
VA 82 $21,780,000 $265,610
USDA 25 $4,065,000 $162,600

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 8,324 $4,030,070,000 $484,151
Home Improvement 7,075 $1,157,565,000 $163,613
Other 1,903 $367,195,000 $192,956
NA 9 $1,545,000 $171,667
Refi 10,996 $3,841,560,000 $349,360
Cash Out Refi 2,133 $979,335,000 $459,135

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
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 4,951 $2,523,965,000 $509,789
NASSAU COUNTY-SUFFOLK COUNTY, NY 1,998 $774,280,000 $387,528
NEW BRUNSWICK-LAKEWOOD, NJ 2,235 $581,615,000 $260,230
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 1,708 $575,980,000 $337,225
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1,023 $469,555,000 $458,998
BOSTON, MA 729 $433,085,000 $594,081
NEWARK, NJ-PA 1,242 $395,360,000 $318,325
Outside of Metro Areas 1,551 $338,235,000 $218,075
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1,138 $294,990,000 $259,218
CHARLESTON-NORTH CHARLESTON, SC 381 $243,815,000 $639,934
BRIDGEPORT-STAMFORD-NORWALK, CT 424 $221,770,000 $523,042
HILTON HEAD ISLAND-BLUFFTON, SC 418 $218,950,000 $523,804
CAMDEN, NJ 1,104 $196,660,000 $178,134
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 405 $194,095,000 $479,247
PHILADELPHIA, PA 696 $191,140,000 $274,626
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 530 $176,740,000 $333,472
MIAMI-MIAMI BEACH-KENDALL, FL 475 $165,845,000 $349,147
CHARLOTTE-CONCORD-GASTONIA, NC-SC 259 $158,855,000 $613,340
PORTLAND-SOUTH PORTLAND, ME 667 $155,685,000 $233,411
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 446 $137,560,000 $308,430
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 501 $97,865,000 $195,339
MANCHESTER-NASHUA, NH 441 $95,275,000 $216,043
OCEAN CITY, NJ 189 $87,355,000 $462,196
ORLANDO-KISSIMMEE-SANFORD, FL 299 $87,005,000 $290,987
TAMPA-ST. PETERSBURG-CLEARWATER, FL 317 $79,815,000 $251,782
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 412 $73,280,000 $177,864
SALISBURY, MD-DE 166 $71,960,000 $433,494
PORT ST. LUCIE, FL 240 $62,490,000 $260,375
WORCESTER, MA-CT 291 $61,825,000 $212,457
PROVIDENCE-WARWICK, RI-MA 211 $61,385,000 $290,924
COLUMBIA, SC 246 $60,970,000 $247,846
SPRINGFIELD, MA 360 $59,760,000 $166,000
GREENVILLE-ANDERSON, SC 272 $58,120,000 $213,676
BALTIMORE-COLUMBIA-TOWSON, MD 183 $58,015,000 $317,022
BARNSTABLE TOWN, MA 234 $56,740,000 $242,479
GAINESVILLE, FL 151 $55,755,000 $369,238
NAPLES-MARCO ISLAND, FL 92 $52,910,000 $575,109
ATLANTIC CITY-HAMMONTON, NJ 214 $49,600,000 $231,776
NEW HAVEN-MILFORD, CT 223 $49,365,000 $221,368
PALM BAY-MELBOURNE-TITUSVILLE, FL 253 $45,525,000 $179,941
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 213 $44,255,000 $207,770
TRENTON-PRINCETON, NJ 146 $39,960,000 $273,699
JACKSONVILLE, FL 142 $37,130,000 $261,479
ASHEVILLE, NC 131 $37,005,000 $282,481
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 193 $32,815,000 $170,026
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 179 $32,715,000 $182,765
WILMINGTON, DE-MD-NJ 150 $31,220,000 $208,133
CAPE CORAL-FORT MYERS, FL 85 $26,305,000 $309,471
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 136 $22,090,000 $162,426
AUGUSTA-RICHMOND COUNTY, GA-SC 85 $22,055,000 $259,471
BURLINGTON-SOUTH BURLINGTON, VT 112 $20,590,000 $183,839
WILMINGTON, NC 35 $20,185,000 $576,714
ALBANY-SCHENECTADY-TROY, NY 96 $20,000,000 $208,333
NORTH PORT-SARASOTA-BRADENTON, FL 65 $17,715,000 $272,538
GLENS FALLS, NY 105 $15,105,000 $143,857
OCALA, FL 76 $14,360,000 $188,947
SEBASTIAN-VERO BEACH, FL 70 $12,650,000 $180,714
PITTSFIELD, MA 54 $11,990,000 $222,037
RICHMOND, VA 23 $9,855,000 $428,478
BANGOR, ME 75 $9,465,000 $126,200
HICKORY-LENOIR-MORGANTON, NC 22 $8,470,000 $385,000
RALEIGH-CARY, NC 26 $7,750,000 $298,077
LAKELAND-WINTER HAVEN, FL 46 $7,240,000 $157,391
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 19 $7,225,000 $380,263
SPARTANBURG, SC 37 $7,065,000 $190,946
NORWICH-NEW LONDON, CT 19 $5,845,000 $307,632
LEWISTON-AUBURN, ME 57 $5,835,000 $102,368
DURHAM-CHAPEL HILL, NC 9 $5,535,000 $615,000
KINGSTON, NY 25 $4,465,000 $178,600
EAST STROUDSBURG, PA 28 $4,120,000 $147,143
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 6 $4,120,000 $686,667
HOMOSASSA SPRINGS, FL 25 $4,045,000 $161,800
PITTSBURGH, PA 10 $4,040,000 $404,000
TALLAHASSEE, FL 5 $4,035,000 $807,000
VINELAND-BRIDGETON, NJ 43 $3,765,000 $87,558
DOVER, DE 24 $3,300,000 $137,500
READING, PA 18 $3,160,000 $175,556
THE VILLAGES, FL 18 $3,120,000 $173,333
BUFFALO-CHEEKTOWAGA, NY 13 $2,975,000 $228,846
SYRACUSE, NY 10 $2,580,000 $258,000
PUNTA GORDA, FL 17 $2,465,000 $145,000
ROCHESTER, NY 12 $2,160,000 $180,000
WINSTON-SALEM, NC 7 $2,075,000 $296,429
LANCASTER, PA 5 $2,045,000 $409,000
JACKSONVILLE, NC 4 $1,970,000 $492,500
GREENSBORO-HIGH POINT, NC 4 $1,590,000 $397,500
FLORENCE, SC 11 $1,485,000 $135,000
YORK-HANOVER, PA 6 $1,390,000 $231,667
ROANOKE, VA 3 $1,225,000 $408,333
LYNCHBURG, VA 4 $1,100,000 $275,000
SCRANTON--WILKES-BARRE, PA 10 $1,030,000 $103,000
WINCHESTER, VA-WV 2 $910,000 $455,000
SEBRING-AVON PARK, FL 10 $810,000 $81,000
SUMTER, SC 6 $780,000 $130,000
PENSACOLA-FERRY PASS-BRENT, FL 4 $750,000 $187,500
ITHACA, NY 2 $700,000 $350,000
PANAMA CITY, FL 1 $695,000 $695,000
CHARLOTTESVILLE, VA 3 $625,000 $208,333
NEW BERN, NC 2 $610,000 $305,000
HAGERSTOWN-MARTINSBURG, MD-WV 2 $510,000 $255,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $455,000 $455,000
BINGHAMTON, NY 2 $420,000 $210,000
HARRISBURG-CARLISLE, PA 1 $335,000 $335,000
BURLINGTON, NC 2 $320,000 $160,000
BLOOMSBURG-BERWICK, PA 2 $310,000 $155,000
STATE COLLEGE, PA 1 $285,000 $285,000
FAYETTEVILLE, NC 4 $260,000 $65,000
GREENVILLE, NC 1 $165,000 $165,000
CALIFORNIA-LEXINGTON PARK, MD 1 $145,000 $145,000
KINGSPORT-BRISTOL, TN-VA 1 $135,000 $135,000
UTICA-ROME, NY 2 $90,000 $45,000
WILLIAMSPORT, PA 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 $22,250,000 $2,225,000
2.5-3% 598 $519,390,000 $868,545
3-4% 10,690 $6,057,770,000 $566,676
4-5% 10,261 $2,790,975,000 $271,998
5-6% 5,582 $773,970,000 $138,655
6-7% 1,612 $126,200,000 $78,288
7-8% 1,413 $77,355,000 $54,745
Over 8% 274 $9,360,000 $34,161

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 6,316 $362,460,000 $57,388
$100k-200k 7,608 $1,029,450,000 $135,312
$200k-400k 8,737 $2,365,875,000 $270,788
$400k-600k 4,094 $1,983,540,000 $484,499
$600k-1000k 2,242 $1,689,890,000 $753,742
$Over $1MM 1,443 $2,946,055,000 $2,041,618

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% 6,804 $1,372,920,000 $201,781
40-60% 4,936 $2,010,450,000 $407,303
60-80% 8,701 $4,612,555,000 $530,118
80-100% 4,243 $1,738,355,000 $409,700
Over 100% 23 $7,635,000 $331,957
Under 20% 5,704 $623,500,000 $109,309

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 6,615 $1,481,835,000 $224,011
$150k-250k 6,986 $2,277,460,000 $326,003
$50k-75k 3,719 $532,025,000 $143,056
$50k-or less 2,226 $206,870,000 $92,934
$75k-100k 3,716 $683,910,000 $184,045
$Over $250k 6,302 $4,130,480,000 $655,424

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 22,451 $6,516,975,000 $290,275
Not provided 4,197 $1,736,345,000 $413,711
Not applicable 301 $928,165,000 $3,083,605
Asian 2,373 $924,525,000 $389,602
Black 824 $197,500,000 $239,684
American Indian 129 $27,095,000 $210,039
Native Hawaiian 66 $15,160,000 $229,697
Asian Indian 44 $14,260,000 $324,091
Chinese 25 $8,345,000 $333,800
Other Asian 12 $3,850,000 $320,833
Other Pacific Islander 7 $1,795,000 $256,429
Korean 5 $1,295,000 $259,000
Filipino 3 $905,000 $301,667
Native Hawiian 1 $505,000 $505,000
Vietnamese 1 $305,000 $305,000
Japanese 1 $245,000 $245,000

Approval Rates

Total approvals of all applications
60.09%

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
72.85%

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 30,440 $10,377,270,000 $340,909

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 10,922 $4,236,450,000 $387,882
$1k-2k 2,105 $609,325,000 $289,466
$2k-3k 876 $378,610,000 $432,203
$3k-4k 1,365 $1,180,755,000 $865,022
$5k+ 549 $512,325,000 $933,197

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 2 $1,150,000 $575,000
Multifamily:Site-Built 177 $881,805,000 $4,981,949
Single Family (1-4 Units):Manufactured 134 $13,820,000 $103,134
Single Family (1-4 Units):Site-Built 30,127 $9,480,495,000 $314,684