Island Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 254900C44LTMSEGQ5K05

Tax ID: 11-1814791

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Island is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, Buffalo, and Charlotte among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Island has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Island is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	12/16/24
30 Year Conventional Purchase	6.35%	12/16/24
30 Year Conventional Refi	6.53%	12/16/24
30 Year Cash-out Refi	6.55%	12/16/24
15 Year Conventional Purchase	6.22%	12/16/24
15 Year Conventional Refi	6.51%	12/16/24
15 Year Cash-out Refi	6.51%	12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Island Mortgage Calculator

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This is not an official calculator from Island. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

579

Origination Dollar Volume (All Markets)

$100,395,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	575	$99,705,000	$173,400	$2,065	4.29%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	1	$405,000	$405,000	$7,471	2.88%
Outside of Metro Areas	1	$205,000	$205,000	$0	1.79%
BUFFALO-CHEEKTOWAGA, NY (FHA\|USDA\|VA)	1	$45,000	$45,000	$752	6.49%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	1	$35,000	$35,000	$216	7.09%

Island's top markets include New York, Los Angeles, Buffalo, and Charlotte among others.

Their top states include:

New York (FHA|USDA|VA)

California (FHA|USDA|VA)

New Jersey (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against ISLAND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

RSI BANK
Similarity Rank: 30

Schuyler Savings Bank
Similarity Rank: 51

North Jersey Federal Credit Union
Similarity Rank: 124

The First National Bank of Long Island
Similarity Rank: 142

N C P D Federal Credit Union
Similarity Rank: 201

Nassau Educators Federal Credit Union
Similarity Rank: 481

American Broadcast Employees Federal Credit Union
Similarity Rank: 540

Ridgewood Savings Bank
Similarity Rank: 644

GARDEN SAVINGS FEDERAL CREDIT UNION
Similarity Rank: 664

Bogota Savings Bank
Similarity Rank: 680

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
HELOC	327	$54,285,000	$166,009	n/a	3.48%
Conventional	252	$46,110,000	$182,976	$2,074	5.36%

For 2022, Island's most frequently originated type of loan was HELOC, with 327 originations. Their 2nd most popular type was Conventional, with 252 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	243	$29,665,000	$122,078	$182	4.31%
Refi	141	$27,435,000	$194,574	$794	3.94%
Other	89	$7,585,000	$85,225	$124	5.11%
Home Purchase	70	$23,090,000	$329,857	$6,634	4.14%
Cash Out Refi	36	$12,620,000	$350,556	$5,057	3.90%

For 2022, Island's most frequently cited loan purpose was Home Improvement, with 243 originations. The 2nd most popular reason was Refi, with 141 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
20 Year	395	$64,405,000	$163,051	$607	3.99%
30 Year	58	$22,820,000	$393,448	$7,105	4.41%
Other	40	$3,570,000	$89,250	$51	4.80%
10 Year	38	$3,570,000	$93,947	$464	5.63%
15 Year	34	$5,500,000	$161,765	$1,983	5.20%
5 Year	11	$495,000	$45,000	$68	5.62%
3 Year	3	$35,000	$11,667	$0	3.99%

For 2022, Island's most frequently cited loan duration was 20 Year, with 395 originations. The 2nd most popular length was 30 Year, with 58 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	192	$24,510,000	$127,656
$5k+	19	$9,495,000	$499,737
$3k-4k	14	$4,640,000	$331,429
$2k-3k	12	$2,800,000	$233,333
$1k-2k	3	$335,000	$111,667
$4k-5k	3	$1,645,000	$548,333

Island's average total fees were $7,105, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 192 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
<2.5%	126	$24,510,000	$194,524
4-5%	119	$21,855,000	$183,655
3-4%	108	$20,790,000	$192,500
5-6%	75	$12,875,000	$171,667
2.5-3%	51	$10,125,000	$198,529
6-7%	46	$5,420,000	$117,826
7-8%	30	$2,680,000	$89,333
Over 8%	23	$1,865,000	$81,087

During 2022, Island's average interest rate for loans was 4.41%, while their most frequently originated rate bucket for loans was <2.5%, with 126 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	212	$12,240,000	$57,736	$143	5.05%
$100k-200k	176	$22,950,000	$130,398	$1,047	3.97%
$200k-400k	136	$37,050,000	$272,426	$4,003	3.84%
$400k-600k	48	$22,770,000	$474,375	$8,196	3.56%
$600k-1MM	6	$4,180,000	$696,667	$8,921	3.44%
$1MM+	1	$1,205,000	$1,205,000	$4,782	4.38%

2022 saw Island place emphasis on $100,000 or less loans with 212 originations, totaling $12,240,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	180	$30,250,000	$168,056	$2,178	4.48%
$100k-150k	159	$26,685,000	$167,830	$2,282	4.37%
$250k+	99	$22,985,000	$232,172	$2,405	3.91%
$75k-100k	73	$10,835,000	$148,425	$2,176	4.16%
$50k-75k	52	$7,560,000	$145,385	$937	4.44%
$50k or less	16	$2,080,000	$130,000	$43	4.00%

Island lent most frequently to those with incomes in the $150k-250k range, with 180 originations. The second most popular income band? $100k-150k, with 159 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	106	$20,480,000	$193,208	$2,837	3.85%
50-60%	89	$12,165,000	$136,685	$414	4.77%
>60%	88	$15,640,000	$177,727	$230	4.28%
30-36%	72	$11,590,000	$160,972	$2,193	4.36%
<20%	38	$5,500,000	$144,737	$1,617	3.67%
41%	19	$3,585,000	$188,684	$4,192	4.98%
36%	19	$2,625,000	$138,158	$1,186	4.72%
45%	18	$3,010,000	$167,222	$2,418	3.86%
42%	16	$3,940,000	$246,250	$4,480	4.57%
49%	13	$1,795,000	$138,077	$3,985	4.33%
43%	12	$2,100,000	$175,000	$3,037	4.91%
44%	12	$3,460,000	$288,333	$3,083	4.04%
37%	12	$1,980,000	$165,000	$1,455	4.49%
40%	11	$2,315,000	$210,455	$4,662	4.33%
47%	11	$1,495,000	$135,909	$1,210	4.00%
39%	11	$2,905,000	$264,091	$4,739	4.31%
46%	10	$1,840,000	$184,000	$2,916	4.63%
38%	10	$1,770,000	$177,000	$1,159	4.44%
48%	9	$1,065,000	$118,333	$1,244	4.34%

Island lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 50-60%, with 89 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	538	$94,650,000	$175,929	$2,048	4.29%
Asian	17	$2,765,000	$162,647	$3,812	3.78%
Black	19	$1,835,000	$96,579	$724	4.89%
Asian Indian	4	$790,000	$197,500	$0	3.82%
American Indian	1	$355,000	$355,000	$9,058	5.13%

Approval Rates

Total approvals of all applications
83.15%

Island has a below average approval rate.

Pick Rate

Approvals leading to origination
70.98%

Island has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	579	$100,395,000	$173,394

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	579	$100,395,000	$173,394

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	171	$28,115,000	$164,415	$1,372	3.96%
40-60%	70	$21,750,000	$310,714	$3,555	3.44%
60-80%	58	$23,320,000	$402,069	$5,566	4.28%
80-100%	13	$5,595,000	$430,385	$9,258	4.05%
Under 20%	263	$19,915,000	$75,722	$202	4.76%