Luther Burbank Savings Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493000ZB0IHPJ66BJ32

Tax ID: 94-2906968

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Mortgage Data

Bank Data

Review & Overview

Luther Burbank Savings is a small bank specializing in Home Purchase and Cash Out Refi loans. Luther Burbank Savings has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Seattle, San Jose, and San Diego among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Luther Burbank Savings 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. Luther Burbank Savings is typically a high 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
30 Year Conventional Purchase 6.57% 10/31/24
30 Year Conventional Refi 6.52% 10/31/24
30 Year Cash-out Refi 6.73% 10/31/24
15 Year Conventional Purchase 5.68% 10/31/24
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.

Luther Burbank Savings Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Luther Burbank Savings. 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

1,143

Origination Dollar Volume (All Markets)

$2,009,885,000

Employee count

281

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 563 $1,006,705,000 $1,788,108 $12,109 3.30%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 203 $336,795,000 $1,659,089 $9,721 3.17%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 75 $146,635,000 $1,955,133 $6,525 3.05%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 85 $143,275,000 $1,685,588 $9,980 3.12%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 77 $122,185,000 $1,586,818 $8,954 3.41%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 16 $52,850,000 $3,303,125 $0 3.39%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 20 $29,540,000 $1,477,000 $5,879 3.37%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 11 $26,035,000 $2,366,818 $0 3.57%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 14 $23,310,000 $1,665,000 $0 3.51%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 9 $18,585,000 $2,065,000 $5,081 3.28%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 17 $17,605,000 $1,035,588 $8,487 3.13%
SALINAS, CA (FHA|USDA|VA) 8 $12,210,000 $1,526,250 $0 3.56%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 8 $11,100,000 $1,387,500 $13,489 3.48%
VALLEJO, CA (FHA|USDA|VA) 5 $9,965,000 $1,993,000 $0 3.57%
SALEM, OR (FHA|USDA|VA) 2 $7,410,000 $3,705,000 $0 3.85%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $5,810,000 $2,905,000 $0 3.10%
NAPA, CA (FHA|USDA|VA) 4 $5,120,000 $1,280,000 $3,817 3.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $4,700,000 $1,175,000 $0 3.34%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $4,625,000 $4,625,000 $0 3.90%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $3,320,000 $1,660,000 $0 3.18%
WALLA WALLA, WA (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $0 3.45%
BAKERSFIELD, CA (FHA|USDA|VA) 3 $2,805,000 $935,000 $0 4.14%
FRESNO, CA (FHA|USDA|VA) 3 $2,795,000 $931,667 $0 4.43%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 3 $2,605,000 $868,333 $5,177 3.50%
YUBA CITY, CA (FHA|USDA|VA) 1 $2,445,000 $2,445,000 $0 4.20%
YAKIMA, WA (FHA|USDA|VA) 1 $2,195,000 $2,195,000 $0 3.45%
MERCED, CA (FHA|USDA|VA) 1 $1,665,000 $1,665,000 $0 3.85%
Outside of Metro Areas 1 $1,405,000 $1,405,000 $0 3.85%
BOULDER, CO (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $0 3.25%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 3.60%
CHICO, CA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 3.85%
Luther Burbank Savings's top markets include Los Angeles, San Francisco, Seattle, San Jose, and San Diego among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,143 $2,009,885,000 $1,758,430 $10,140 3.27%

    For 2021, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 1,143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 496 $833,260,000 $1,679,960 $12,068 3.05%
    Cash Out Refi 495 $956,745,000 $1,932,818 $6,709 3.47%
    Refi 152 $219,880,000 $1,446,579 $6,035 3.38%

    For 2021, Luther Burbank Savings's most frequently cited loan purpose was Home Purchase, with 496 originations. The 2nd most popular reason was Cash Out Refi, with 495 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,059 $1,909,735,000 $1,803,338 $9,641 3.34%
    30+ year 61 $97,235,000 $1,594,016 $13,329 3.29%
    3 Year 21 $155,000 $7,381 $0 0.00%
    15 Year 1 $1,005,000 $1,005,000 $0 3.25%
    Other 1 $1,755,000 $1,755,000 $0 3.10%

    For 2021, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 1,059 originations. The 2nd most popular length was 30+ year, with 61 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 289 $390,395,000 $1,350,848
    $5k+ 148 $260,060,000 $1,757,162
    $4k-5k 14 $13,510,000 $965,000
    $3k-4k 6 $6,460,000 $1,076,667
    $2k-3k 5 $4,435,000 $887,000

    Luther Burbank Savings's average total fees were $9,641, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 289 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 862 $1,577,900,000 $1,830,510
    2.5-3% 203 $359,415,000 $1,770,517
    <2.5% 39 $36,895,000 $946,026
    4-5% 39 $35,675,000 $914,744

    During 2021, Luther Burbank Savings's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 862 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 856 $1,818,900,000 $2,124,883 $11,654 3.28%
    $600k-1MM 188 $155,640,000 $827,872 $6,467 3.55%
    $400k-600k 56 $27,730,000 $495,179 $5,899 3.52%
    $200k-400k 22 $7,460,000 $339,091 $5,072 3.17%
    $100,000 or less 21 $155,000 $7,381 $0 0.00%

    2021 saw Luther Burbank Savings place emphasis on $1MM+ loans with 856 originations, totaling $1,818,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 242 $422,590,000 $1,746,240 $10,971 3.15%
    $150k-250k 89 $95,485,000 $1,072,865 $8,665 3.19%
    $100k-150k 30 $17,300,000 $576,667 $6,681 2.72%
    $75k-100k 28 $6,220,000 $222,143 $5,136 1.60%
    $50k-75k 13 $3,605,000 $277,308 $4,802 2.12%

    Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 242 originations. The second most popular income band? $150k-250k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 56 $73,860,000 $1,318,929 $8,355 3.14%
    20-30% 50 $70,680,000 $1,413,600 $8,805 2.96%
    46% 37 $58,665,000 $1,585,541 $11,622 3.08%
    44% 33 $36,835,000 $1,116,212 $9,140 2.61%
    42% 30 $36,310,000 $1,210,333 $8,954 2.91%
    45% 29 $43,765,000 $1,509,138 $11,421 3.10%
    43% 29 $44,585,000 $1,537,414 $12,086 2.83%
    40% 26 $40,000,000 $1,538,462 $10,022 3.06%
    41% 21 $27,065,000 $1,288,810 $8,187 3.11%
    38% 21 $25,145,000 $1,197,381 $8,401 2.79%
    37% 21 $28,795,000 $1,371,190 $10,229 3.24%
    39% 18 $17,250,000 $958,333 $11,268 2.86%
    <20% 15 $23,345,000 $1,556,333 $9,351 3.24%
    36% 15 $17,335,000 $1,155,667 $8,055 2.85%
    47% 1 $1,565,000 $1,565,000 $24,258 3.25%

    Luther Burbank Savings lent most frequently to those with DTI ratios of 30-36%, with 56 originations. The next most common DTI ratio? 20-30%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 645 $1,328,895,000 $2,060,302 $11,566 3.41%
    White 271 $363,835,000 $1,342,565 $9,913 3.15%
    Asian 104 $149,690,000 $1,439,327 $9,111 3.00%
    Not provided 88 $134,580,000 $1,529,318 $11,197 3.23%
    Black 19 $12,575,000 $661,842 $7,301 2.37%
    Other Asian 5 $9,325,000 $1,865,000 $0 3.63%
    Asian Indian 6 $6,440,000 $1,073,333 $6,068 3.12%
    Filipino 1 $2,085,000 $2,085,000 $7,016 2.63%
    American Indian 3 $1,685,000 $561,667 $5,928 2.08%
    Other Pacific Islander 1 $775,000 $775,000 $0 3.60%

    Approval Rates

    Total approvals of all applications
    92.71%

    Luther Burbank Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.55%

    Luther Burbank Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 7 $55,000 $7,857
    NA 1,136 $2,009,830,000 $1,769,217

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,143 $2,009,885,000 $1,758,430

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 75 $86,805,000 $1,157,400 $6,666 3.52%
    40-60% 284 $510,580,000 $1,797,817 $8,148 3.46%
    60-80% 662 $1,290,650,000 $1,949,622 $10,336 3.31%
    80-100% 85 $92,245,000 $1,085,235 $8,200 2.99%
    Over 100% 9 $22,545,000 $2,505,000 $49,937 3.01%
    Under 20% 28 $7,060,000 $252,143 $6,747 0.89%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Luther Burbank Savings 1016 Irwin Street San Rafael, CA 94901 Full Service B&M $588,328
    Luther Burbank Savings 1515 West 190th Street, Suite 275 Gardena, CA 90248 Limited, Administrative $0
    Luther Burbank Savings 1515 West 190th Street, Suite 275 Gardena, CA 90248 Full Service Cyber Office $1,250,080
    Luther Burbank Savings 16600 Ventura Blvd Encino, CA 91436 Full Service B&M $505,418
    Luther Burbank Savings 170 South Lake Ave Pasadena, CA 91101 Full Service B&M $342,285
    Luther Burbank Savings 175 South Beverly Drive Beverly Hills, CA 90212 Full Service B&M $392,135
    Luther Burbank Savings 200 108th Ave Ne Bellevue, WA 98004 Full Service B&M $117,126
    Luther Burbank Savings 2041 Rosecrans Avenue, Suite 130 El Segundo, CA 90245 Full Service B&M $58,956
    Luther Burbank Savings 4100 West Alameda Ave Burbank, CA 91505 Full Service B&M $300,552
    Luther Burbank Savings 4546 El Camino Real, Suite A10 Los Altos, CA 94022 Full Service B&M $321,543
    Luther Burbank Savings 500 Third Street Santa Rosa, CA 95401 Full Service B&M $1,108,964
    Luther Burbank Savings 520 Third Street, 4th Floor Santa Rosa, CA 95401 Limited, Administrative $0
    Luther Burbank Savings 5348 East 2nd Street Long Beach, CA 90803 Full Service B&M $320,153
    Luther Burbank Savings 956 The Alameda San Jose, CA 95126 Full Service B&M $144,109

    For 2021, Luther Burbank Savings had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $229,794
    Net interest income $179,647
    Total noninterest income $504
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $210
    Trading account gains and fees $0
    Additional Noninterest Income $294
    Pre-tax net operating income $131,896
    Securities gains (or losses, -) $-344
    Income before extraordinary items $93,103
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $93,103
    Minority interest net income $0
    Net income $93,103
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $93,374

    Luther Burbank Savings's gross interest income from loans was $229,794,000.
    Luther Burbank Savings's net interest income from loans was $179,647,000.
    Luther Burbank Savings's fee based income from loans was $210,000.
    Luther Burbank Savings's net income from loans was $93,103,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $50,147
    Provision for credit losses $-10,800
    Total noninterest expense $59,055
    Salaries and employee benefits $37,940
    Premises and equipment expense $7,590
    Additional noninterest expense $13,525
    Applicable income taxes $38,449
    Net charge-offs $-121
    Cash dividends $22,700

    Luther Burbank Savings's interest expense for loans was $50,147,000.
    Luther Burbank Savings's payroll and benefits expense were $37,940,000.
    Luther Burbank Savings's property, plant and equipment expenses $7,590,000.

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

    Deposits

    Type Value (in 000's)
    Total deposits $5,584,891
    Deposits held in domestic offices $5,584,891
    Deposits by Individuals, partnerships, and corporations $5,563,932
    Deposits by U.S. Government $5
    Deposits by States and political subdivisions in the U.S. $20,207
    Deposits by Commercial banks and other depository institutions in U.S. $747
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $375,058
    Demand deposits $375,058
    Nontransaction accounts $5,209,833
    Money market deposit accounts (MMDAs) $2,874,692
    Other savings deposits (excluding MMDAs) $0
    Total time deposits $2,335,140
    Total time and savings deposits $5,209,833
    Noninterest-bearing deposits $171,943
    Interest-bearing deposits $5,412,948
    Retail deposits $4,511,434
    IRAs and Keogh plan accounts $251,250
    Brokered deposits $25,788
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $7,177,008
    Cash & Balances due from depository institutions $137,676
    Interest-bearing balances $132,431
    Total securities $662,839
    Federal funds sold & reverse repurchase $0
    Net loans and leases $6,261,949
    Loan and leases loss allowance $35,535
    Trading account assets $0
    Bank premises and fixed assets $16,090
    Other real estate owned $0
    Goodwill and other intangibles $4,212
    All other assets $94,242

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $7,177,008
    Total Liabilities $6,374,165
    Total deposits $5,584,891
    Interest-bearing deposits $5,412,948
    Deposits held in domestic offices $5,584,891
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $751,647
    Subordinated debt $0
    All other liabilities $37,627

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $6,261,949
    Loan and leases loss allowance $35,535
    Total loans and leases (domestic) $6,297,484
    All real estate loans $6,297,420
    Real estate loans in domestic offices $6,297,420
    Construction and development loans $17,912
    Residential 1-4 family construction $6,292
    Other construction, all land development and other land $11,620
    Loans secured by nonfarm nonresidential properties $187,097
    Nonfarm nonresidential secured by owner-occupied properties $208
    Commercial real estate & other non-farm, non-residential $186,889
    Multifamily residential real estate $4,209,283
    1-4 family residential loans $1,883,128
    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 $64
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $64
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $1,204
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Luther Burbank Savings had $6,261,949,000 of loans outstanding in 2021. $6,297,420,000 of loans were in real estate loans. $17,912,000 of loans were in development loans. $4,209,283,000 of loans were in multifamily mortgage loans. $1,883,128,000 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 24 $13,648 $568,667
    Nonfarm, nonresidential loans - $100-250k 2 $290 $145,000
    Nonfarm, nonresidential loans - $250k-1MM 22 $13,358 $607,182