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 loans. Schuyler Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, and Allentown among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

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%	11/21/24
30 Year Conventional Purchase	6.22%	11/21/24
30 Year Conventional Refi	6.43%	11/21/24
15 Year Conventional Refi	5.49%	11/21/24
15 Year Cash-out Refi	5.49%	11/21/24
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)

$15,015,000

Employee count

Awards

Schuyler Savings Bank 30 Year Conventional Loans gold

Show all (1) 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)	45	$14,415,000	$320,333	$2,977	3.33%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	1	$365,000	$365,000	$4,644	3.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,674	3.25%

Schuyler Savings Bank's top markets include New York, Philadelphia, and Allentown 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.

The First National Bank of Long Island
Similarity Rank: 134

North Jersey Federal Credit Union
Similarity Rank: 247

N C P D Federal Credit Union
Similarity Rank: 482

MOUNTAIN MORTGAGE CORP.
Similarity Rank: 538

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 668

TEG Federal Credit Union
Similarity Rank: 715

Hanover Community Bank
Similarity Rank: 727

Roselle Bank
Similarity Rank: 796

Poli Mortgage Group, Inc.
Similarity Rank: 1012

Schuyler Savings Bank
Similarity Rank: 1083

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	42	$14,300,000	$340,476	$3,015	3.36%
HELOC	5	$715,000	$143,000	n/a	2.99%

For 2020, Schuyler Savings Bank's most frequently originated type of loan was Conventional, with 42 originations. Their 2nd most popular type was HELOC, with 5 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	35	$12,155,000	$347,286	$2,844	3.34%
Home Purchase	5	$1,225,000	$245,000	$3,633	3.37%
Other	5	$1,225,000	$245,000	$3,638	3.37%
Home Improvement	2	$410,000	$205,000	$3,469	2.81%

For 2020, Schuyler Savings Bank's most frequently cited loan purpose was Refi, with 35 originations. The 2nd most popular reason was Home Purchase, with 5 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	31	$9,805,000	$316,290	$3,142	3.45%
15 Year	11	$3,875,000	$352,273	$2,982	2.86%
20 Year	4	$730,000	$182,500	$2,158	3.44%
Other	1	$605,000	$605,000	$0	3.88%

For 2020, Schuyler Savings Bank's most frequently cited loan duration was 30 Year, with 31 originations. The 2nd most popular length was 15 Year, with 11 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	36	$12,030,000	$334,167

Schuyler Savings Bank's average total fees were $3,142, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	26	$8,830,000	$339,615
2.5-3%	16	$4,800,000	$300,000
4-5%	5	$1,385,000	$277,000

During 2020, Schuyler Savings Bank's average interest rate for loans was 3.45%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	27	$8,525,000	$315,741	$3,130	3.35%
$400k-600k	10	$4,790,000	$479,000	$3,380	3.11%
$100k-200k	5	$915,000	$183,000	$1,747	3.73%
$100,000 or less	4	$180,000	$45,000	$2,274	3.06%
$600k-1MM	1	$605,000	$605,000	$0	3.88%

2020 saw Schuyler Savings Bank place emphasis on $200k-400k loans with 27 originations, totaling $8,525,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	13	$3,905,000	$300,385	$2,878	3.49%
$250k+	13	$5,015,000	$385,769	$3,395	3.18%
$100k-150k	12	$3,300,000	$275,000	$2,873	3.15%
$75k-100k	3	$525,000	$175,000	$2,842	3.12%

Schuyler Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $250k+, with 13 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	15	$4,725,000	$315,000	$2,839	3.07%
30-36%	9	$3,165,000	$351,667	$2,845	3.18%
<20%	5	$1,005,000	$201,000	$2,935	3.30%
39%	3	$965,000	$321,667	$3,621	3.04%
36%	3	$1,075,000	$358,333	$3,446	3.54%
38%	2	$530,000	$265,000	$2,674	3.75%
37%	2	$560,000	$280,000	$3,026	3.50%
40%	1	$355,000	$355,000	$3,581	4.38%
41%	1	$245,000	$245,000	$0	2.99%
42%	1	$305,000	$305,000	$3,894	4.38%

Schuyler Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 9 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	34	$10,190,000	$299,706	$2,915	3.23%
Not applicable	5	$2,085,000	$417,000	$0	3.80%
Not provided	5	$1,645,000	$329,000	$3,262	3.55%
Black	2	$610,000	$305,000	$3,652	3.43%
Asian Indian	1	$485,000	$485,000	$3,328	2.75%

Approval Rates

Total approvals of all applications
90.28%

Schuyler Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
72.34%

Schuyler Savings Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	47	$15,015,000	$319,468

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	47	$15,015,000	$319,468

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	6	$1,700,000	$283,333	$2,339	3.19%
40-60%	6	$1,660,000	$276,667	$3,101	3.33%
60-80%	26	$9,470,000	$364,231	$2,948	3.41%
80-100%	6	$2,060,000	$343,333	$4,042	3.25%
Under 20%	3	$125,000	$41,667	$0	2.99%

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	$8,271
Schuyler Savings Bank	24 Davis Ave Kearny, NJ 7032	Full Service B&M	$85,585

For 2020, Schuyler Savings Bank had 2 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$4,000
Net interest income	$3,094
Total noninterest income	$211
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$22
Trading account gains and fees	$0
Additional Noninterest Income	$189
Pre-tax net operating income	$268
Securities gains (or losses, -)	$0
Income before extraordinary items	$257
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$257
Minority interest net income	$0
Net income	$257
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$257

Schuyler Savings Bank's gross interest income from loans was $4,000,000.
Schuyler Savings Bank's net interest income from loans was $3,094,000.
Schuyler Savings Bank's fee based income from loans was $22,000.
Schuyler Savings Bank's net income from loans was $257,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$906
Provision for credit losses	$124
Total noninterest expense	$2,913
Salaries and employee benefits	$1,678
Premises and equipment expense	$400
Additional noninterest expense	$835
Applicable income taxes	$11
Net charge-offs	$0
Cash dividends	$0

Schuyler Savings Bank's interest expense for loans was $906,000.
Schuyler Savings Bank's payroll and benefits expense were $1,678,000.
Schuyler Savings Bank's property, plant and equipment expenses $400,000.

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	12.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	55.0%
Credit card loans	0.0%
Other individual loans	55.0%
Auto loans	0.0%
Other consumer loans	55.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$98,400
Deposits held in domestic offices	$98,400
Deposits by Individuals, partnerships, and corporations	$98,400
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	$14,612
Demand deposits	$303
Nontransaction accounts	$83,788
Money market deposit accounts (MMDAs)	$16,748
Other savings deposits (excluding MMDAs)	$13,989
Total time deposits	$53,052
Total time and savings deposits	$98,097
Noninterest-bearing deposits	$2,024
Interest-bearing deposits	$96,376
Retail deposits	$90,560
IRAs and Keogh plan accounts	$6,605
Brokered deposits	$5,004
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$122,576
Cash & Balances due from depository institutions	$11,061
Interest-bearing balances	$10,499
Total securities	$9,311
Federal funds sold & reverse repurchase	$0
Net loans and leases	$96,556
Loan and leases loss allowance	$970
Trading account assets	$0
Bank premises and fixed assets	$1,103
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$4,545

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$122,576
Total Liabilities	$102,849
Total deposits	$98,400
Interest-bearing deposits	$96,376
Deposits held in domestic offices	$98,400
% insured (estimated)	$90
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$2,000
Subordinated debt	$0
All other liabilities	$2,449

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$96,556
Loan and leases loss allowance	$970
Total loans and leases (domestic)	$97,526
All real estate loans	$97,516
Real estate loans in domestic offices	$97,516
Construction and development loans	$1,278
Residential 1-4 family construction	$883
Other construction, all land development and other land	$395
Loans secured by nonfarm nonresidential properties	$5,214
Nonfarm nonresidential secured by owner-occupied properties	$0
Commercial real estate & other non-farm, non-residential	$5,214
Multifamily residential real estate	$6,917
1-4 family residential loans	$84,107
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	$9
Credit card loans	$0
Related Plans	$1
Consumer Auto Loans	$0
Other loans to individuals	$8
All other loans & leases	$1
Loans to foreign governments and official institutions	$0
Other loans	$1
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	$888
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Schuyler Savings Bank had $96,556,000 of loans outstanding in 2020. $97,516,000 of loans were in real estate loans. $1,278,000 of loans were in development loans. $6,917,000 of loans were in multifamily mortgage loans. $84,107,000 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	18	$5,181	$287,833
Nonfarm, nonresidential loans - <$100k	1	$84	$84,000
Nonfarm, nonresidential loans - $100-250k	8	$1,046	$130,750
Nonfarm, nonresidential loans - $250k-1MM	9	$4,051	$450,111