Bank Of New Jersey Mortgage Rates, Fees & Info
Englewood Cliffs, NJLEI: 254900WECMVMBLPPJB49
Tax ID: 74-3175533
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Mortgage Data
Review & Overview
Bank Of New Jersey is a smaller bank specializing in 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 a below average pick rate when compared to similar lenders.
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Originations
8Origination Dollar Volume (All Markets)
$17,150,000Top 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) | 8 | $17,150,000 | $2,143,750 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $17,150,000 | $2,143,750 | $0 | 0.00% |
For 2019, Bank Of New Jersey's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 5 | $1,985,000 | $397,000 | $0 | 0.00% |
| Home Purchase | 3 | $15,165,000 | $5,055,000 | $0 | 0.00% |
For 2019, Bank Of New Jersey's most frequently cited loan purpose was Refi, with 5 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 8 | $17,150,000 | $2,143,750 | $0 | 0.00% |
For 2019, Bank Of New Jersey's most frequently cited loan duration was Other, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $400k-600k | 4 | $1,880,000 | $470,000 | $0 | 0.00% |
| $1MM+ | 3 | $15,165,000 | $5,055,000 | $0 | 0.00% |
| $100k-200k | 1 | $105,000 | $105,000 | $0 | 0.00% |
2019 saw Bank Of New Jersey place emphasis on $400k-600k loans with 4 originations, totaling $1,880,000 in origination value.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 8 | $17,150,000 | $2,143,750 | $0 | 0.00% |
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 8 | $17,150,000 | $2,143,750 | $0 | 0.00% |
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 origination87.50%
Bank Of New Jersey has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 8 | $17,150,000 | $2,143,750 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 4 | $14,720,000 | $3,680,000 |
| Single Family (1-4 Units):Site-Built | 4 | $2,430,000 | $607,500 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 7.1% |
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Closing on a mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 14.3% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 6 | 42.9% |