Bank Of New Jersey Mortgage Rates, Fees & Info
Englewood Cliffs, NJLEI: 254900WECMVMBLPPJB49
Tax ID: 74-3175533
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Bank Of New Jersey is a smaller bank specializing in Refi and Home Purchase loans. Bank Of New Jersey has a high proportion of conventional loans. Their top (well, only) market is New York.Bank Of New Jersey has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
30Origination Dollar Volume (All Markets)
$87,360,000Top 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) | 30 | $87,360,000 | $2,912,000 | $0 | 4.29% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $87,360,000 | $2,912,000 | $0 | 4.29% |
For 2018, Bank Of New Jersey's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 19 | $41,995,000 | $2,210,263 | $0 | 4.32% |
| Home Purchase | 11 | $45,365,000 | $4,124,091 | $0 | 4.23% |
For 2018, Bank Of New Jersey's most frequently cited loan purpose was Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 11 originations.
Loan Duration/Length
For 2018, Bank Of New Jersey's most frequently cited loan duration was 10 Year, with 27 originations. The 2nd most popular length was 1 Year, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 17 | $38,255,000 | $2,250,294 |
| 3-4% | 11 | $48,605,000 | $4,418,636 |
| 5-6% | 2 | $500,000 | $250,000 |
During 2018, Bank Of New Jersey's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 17 originations.
Loan Sizing
2018 saw Bank Of New Jersey place emphasis on $1MM+ loans with 19 originations, totaling $80,645,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 29 | $86,085,000 | $2,968,448 | $0 | 4.30% |
| Not provided | 1 | $1,275,000 | $1,275,000 | $0 | 4.00% |
Approval Rates
Total approvals of all applications100.00%
Bank Of New Jersey has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.33%
Bank Of New Jersey has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $87,360,000 | $2,912,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 23 | $82,665,000 | $3,594,130 |
| Single Family (1-4 Units):Site-Built | 7 | $4,695,000 | $670,714 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | FHA mortgage | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Closing on a mortgage | 2 | 7.4% |
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 2 | 7.4% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 3 | 11.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 18.5% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 3.7% |