Schuyler Savings Bank Mortgage Rates, Fees & Info

Kearny, NJ

LEI: 254900TZKHQ9DT85IC97

Tax ID: 22-1267395

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

Review & Overview

Schuyler Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Schuyler Savings Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

Schuyler Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Schuyler Savings Bank is typically a low 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	4.31%	11/22/24
30 Year Conventional Purchase	6.22%	11/22/24
30 Year Conventional Refi	6.43%	11/22/24
15 Year Conventional Refi	5.49%	11/22/24
15 Year Cash-out Refi	5.49%	11/22/24
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.

Schuyler Savings Bank Mortgage Calculator

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

Originations

Origination Dollar Volume (All Markets)

$12,565,000

Employee count

Awards

Schuyler Savings Bank 30 Year Conventional Loans gold

Schuyler Savings Bank 30 Year Conventional Loans silver

Show all (2) awards

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)	53	$12,565,000	$237,075	$2,086	3.97%

Schuyler Savings Bank's top markets include and New York among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Similar Lenders

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

N C P D Federal Credit Union
Similarity Rank: 56

Schuyler Savings Bank
Similarity Rank: 104

Union County Savings Bank
Similarity Rank: 150

GARDEN SAVINGS FEDERAL CREDIT UNION
Similarity Rank: 192

Blue Foundry Bank
Similarity Rank: 212

Bogota Savings Bank
Similarity Rank: 246

MOUNTAIN MORTGAGE CORP.
Similarity Rank: 266

FUNDING RESOURCES MORTGAGE CORPORATION
Similarity Rank: 292

CREDIT UNION OF NEW JERSEY
Similarity Rank: 360

Atlantic Stewardship Bank
Similarity Rank: 372

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	43	$11,235,000	$261,279	$2,086	4.15%
HELOC	10	$1,330,000	$133,000	n/a	3.22%

For 2019, Schuyler Savings Bank's most frequently originated type of loan was Conventional, with 43 originations. Their 2nd most popular type was HELOC, with 10 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	31	$7,735,000	$249,516	$2,115	4.04%
Home Purchase	10	$3,320,000	$332,000	$3,919	4.14%
Other	7	$1,135,000	$162,143	$207	3.82%
Home Improvement	5	$375,000	$75,000	$119	3.45%

For 2019, Schuyler Savings Bank's most frequently cited loan purpose was Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	32	$9,060,000	$283,125	$3,238	3.84%
20 Year	8	$1,390,000	$173,750	$1,261	4.28%
10 Year	4	$410,000	$102,500	$153	4.03%
15 Year	4	$430,000	$107,500	$862	4.09%
Other	3	$1,205,000	$401,667	$2,770	4.63%
5 Year	2	$70,000	$35,000	$0	3.43%

For 2019, Schuyler Savings Bank's most frequently cited loan duration was 30 Year, with 32 originations. The 2nd most popular length was 20 Year, with 8 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	37	$9,195,000	$248,514

Schuyler Savings Bank's average total fees were $3,238, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 37 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	24	$6,430,000	$267,917
4-5%	14	$3,600,000	$257,143
2.5-3%	9	$845,000	$93,889
5-6%	4	$1,030,000	$257,500
<2.5%	1	$505,000	$505,000
6-7%	1	$155,000	$155,000

During 2019, Schuyler Savings Bank's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 24 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	15	$2,185,000	$145,667	$1,589	4.01%
$100,000 or less	14	$780,000	$55,714	$34	3.83%
$200k-400k	14	$4,160,000	$297,143	$2,996	3.90%
$400k-600k	6	$2,650,000	$441,667	$3,935	4.17%
$600k-1MM	4	$2,790,000	$697,500	$3,623	4.31%

2019 saw Schuyler Savings Bank place emphasis on $100k-200k loans with 15 originations, totaling $2,185,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	12	$2,370,000	$197,500	$2,547	3.92%
$100k-150k	10	$2,730,000	$273,000	$3,311	3.66%
$50k-75k	8	$1,030,000	$128,750	$516	3.92%
$75k-100k	8	$1,300,000	$162,500	$1,602	3.58%
$250k+	3	$2,055,000	$685,000	$3,623	4.17%
$50k or less	3	$185,000	$61,667	$0	5.17%

Schuyler Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 12 originations. The second most popular income band? $100k-150k, with 10 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	14	$2,530,000	$180,714	$2,391	3.74%
20-30%	13	$3,165,000	$243,462	$2,086	3.76%
37%	6	$1,330,000	$221,667	$3,023	4.08%
36%	3	$595,000	$198,333	$1,606	3.75%
39%	3	$785,000	$261,667	$1,330	4.00%
40%	2	$600,000	$300,000	$1,863	4.38%
42%	2	$570,000	$285,000	$1,953	3.87%
50-60%	1	$65,000	$65,000	$0	5.00%
41%	1	$145,000	$145,000	$0	5.00%
<20%	1	$235,000	$235,000	$2,762	3.75%

Schuyler Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 13 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	44	$9,540,000	$216,818	$2,017	3.94%
Not applicable	5	$2,105,000	$421,000	$0	4.30%
Not provided	3	$795,000	$265,000	$3,439	3.75%
American Indian	1	$125,000	$125,000	$310	4.38%

Approval Rates

Total approvals of all applications
90.00%

Schuyler Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.02%

Schuyler Savings Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	53	$12,565,000	$237,075

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	1	$735,000	$735,000
Single Family (1-4 Units):Site-Built	52	$11,830,000	$227,500

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	7	$885,000	$126,429	$647	3.77%
40-60%	5	$1,215,000	$243,000	$3,079	4.55%
60-80%	21	$7,535,000	$358,810	$2,933	4.17%
80-100%	6	$2,130,000	$355,000	$3,374	3.71%
Under 20%	14	$800,000	$57,143	$39	3.68%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Schuyler Savings Bank	201 Frank E. Rodgers Blvd N, Suite 205 Harrison, NJ 7029	Full Service B&M	$8,312
Schuyler Savings Bank	24 Davis Ave Kearny, NJ 7032	Full Service B&M	$86,190

For 2019, Schuyler Savings Bank had 2 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$4,235
Net interest income	$3,000
Total noninterest income	$180
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$38
Trading account gains and fees	$0
Additional Noninterest Income	$142
Pre-tax net operating income	$387
Securities gains (or losses, -)	$0
Income before extraordinary items	$334
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$334
Minority interest net income	$0
Net income	$334
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$334

Schuyler Savings Bank's gross interest income from loans was $4,235,000.
Schuyler Savings Bank's net interest income from loans was $3,000,000.
Schuyler Savings Bank's fee based income from loans was $38,000.
Schuyler Savings Bank's net income from loans was $334,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,235
Provision for credit losses	$0
Total noninterest expense	$2,793
Salaries and employee benefits	$1,565
Premises and equipment expense	$403
Additional noninterest expense	$825
Applicable income taxes	$53
Net charge-offs	$-10
Cash dividends	$0

Schuyler Savings Bank's interest expense for loans was $1,235,000.
Schuyler Savings Bank's payroll and benefits expense were $1,565,000.
Schuyler Savings Bank's property, plant and equipment expenses $403,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	8.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	52.0%
Credit card loans	0.0%
Other individual loans	52.0%
Auto loans	0.0%
Other consumer loans	52.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$93,403
Deposits held in domestic offices	$93,403
Deposits by Individuals, partnerships, and corporations	$93,404
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$0
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$12,412
Demand deposits	$311
Nontransaction accounts	$80,992
Money market deposit accounts (MMDAs)	$10,204
Other savings deposits (excluding MMDAs)	$11,721
Total time deposits	$59,067
Total time and savings deposits	$93,093
Noninterest-bearing deposits	$1,944
Interest-bearing deposits	$91,459
Retail deposits	$85,655
IRAs and Keogh plan accounts	$7,391
Brokered deposits	$13
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$120,170
Cash & Balances due from depository institutions	$10,201
Interest-bearing balances	$9,657
Total securities	$19,530
Federal funds sold & reverse repurchase	$0
Net loans and leases	$84,479
Loan and leases loss allowance	$846
Trading account assets	$0
Bank premises and fixed assets	$1,177
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$4,783

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$120,170
Total Liabilities	$100,604
Total deposits	$93,403
Interest-bearing deposits	$91,459
Deposits held in domestic offices	$93,403
% insured (estimated)	$96
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,000
Subordinated debt	$0
All other liabilities	$2,201

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$84,479
Loan and leases loss allowance	$846
Total loans and leases (domestic)	$85,325
All real estate loans	$85,212
Real estate loans in domestic offices	$85,212
Construction and development loans	$1,084
Residential 1-4 family construction	$1,084
Other construction, all land development and other land	$0
Loans secured by nonfarm nonresidential properties	$5,922
Nonfarm nonresidential secured by owner-occupied properties	$0
Commercial real estate & other non-farm, non-residential	$5,922
Multifamily residential real estate	$6,680
1-4 family residential loans	$71,526
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$0
To non-U.S. addressees	$0
Loans to individuals	$109
Credit card loans	$0
Related Plans	$49
Consumer Auto Loans	$0
Other loans to individuals	$60
All other loans & leases	$4
Loans to foreign governments and official institutions	$0
Other loans	$4
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$810
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Schuyler Savings Bank had $84,479,000 of loans outstanding in 2019. $85,212,000 of loans were in real estate loans. $1,084,000 of loans were in development loans. $6,680,000 of loans were in multifamily mortgage loans. $71,526,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	20	$5,883	$294,150
Nonfarm, nonresidential loans - <$100k	2	$169	$84,500
Nonfarm, nonresidential loans - $100-250k	8	$1,103	$137,875
Nonfarm, nonresidential loans - $250k-1MM	10	$4,611	$461,100