Luther Burbank Savings Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493000ZB0IHPJ66BJ32

Tax ID: 94-2906968

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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, San Jose, San Diego, and Seattle 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 average approval rate when compared to the average across all lenders. They have an 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.57%	4/22/24
30 Year Conventional Refi	6.52%	4/22/24
30 Year Cash-out Refi	6.73%	4/22/24
15 Year Conventional Purchase	5.68%	4/22/24
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.

Luther Burbank Savings Mortgage Calculator

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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

1,057

Origination Dollar Volume (All Markets)

$1,454,875,000

Employee count

277

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)	526	$743,390,000	$1,413,289	$9,726	4.21%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	162	$194,100,000	$1,198,148	$8,125	4.18%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA\|USDA\|VA)	54	$95,970,000	$1,777,222	$12,627	4.25%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	67	$91,945,000	$1,372,313	$12,323	4.28%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	76	$90,730,000	$1,193,816	$6,682	3.76%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	30	$58,700,000	$1,956,667	$11,538	4.48%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	15	$45,305,000	$3,020,333	$0	4.49%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	29	$27,715,000	$955,690	$19,284	4.56%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA\|USDA\|VA)	13	$19,465,000	$1,497,308	$6,490	4.55%
SANTA MARIA-SANTA BARBARA, CA (FHA\|USDA\|VA)	14	$14,640,000	$1,045,714	$7,160	4.27%
SANTA ROSA-PETALUMA, CA (FHA\|USDA\|VA)	14	$13,070,000	$933,571	$6,303	4.45%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA\|USDA\|VA)	4	$9,020,000	$2,255,000	$4,247	4.75%
NAPA, CA (FHA\|USDA\|VA)	9	$6,595,000	$732,778	$21,837	4.49%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA\|USDA\|VA)	6	$6,400,000	$1,066,667	$6,736	4.42%
EUGENE-SPRINGFIELD, OR (FHA\|USDA\|VA)	4	$5,280,000	$1,320,000	$0	4.54%
SALEM, OR (FHA\|USDA\|VA)	3	$5,135,000	$1,711,667	$0	4.82%
VALLEJO, CA (FHA\|USDA\|VA)	6	$4,650,000	$775,000	$4,234	4.59%
SANTA CRUZ-WATSONVILLE, CA (FHA\|USDA\|VA)	3	$4,345,000	$1,448,333	$34,267	4.13%
SALINAS, CA (FHA\|USDA\|VA)	3	$3,125,000	$1,041,667	$4,307	4.36%
STOCKTON, CA (FHA\|USDA\|VA)	3	$2,965,000	$988,333	$4,267	4.92%
MERCED, CA (FHA\|USDA\|VA)	1	$2,945,000	$2,945,000	$0	4.50%
MADERA, CA (FHA\|USDA\|VA)	3	$2,465,000	$821,667	$0	5.10%
Outside of Metro Areas	3	$1,215,000	$405,000	$5,086	4.21%
HANFORD-CORCORAN, CA (FHA\|USDA\|VA)	1	$1,125,000	$1,125,000	$0	4.65%
CHICO, CA (FHA\|USDA\|VA)	1	$1,005,000	$1,005,000	$0	4.50%
BEND, OR (FHA\|USDA\|VA)	1	$845,000	$845,000	$4,060	3.50%
Truckee-Grass Valley, CA (FHA\|USDA\|VA)	1	$825,000	$825,000	$4,064	4.25%
Brookings, OR (FHA\|USDA\|VA)	1	$585,000	$585,000	$0	4.90%
MODESTO, CA (FHA\|USDA\|VA)	1	$525,000	$525,000	$3,237	4.00%
FRESNO, CA (FHA\|USDA\|VA)	1	$405,000	$405,000	$0	5.47%
VISALIA, CA (FHA\|USDA\|VA)	2	$390,000	$195,000	$0	5.13%

Luther Burbank Savings's top markets include Los Angeles, San Francisco, San Jose, San Diego, and Seattle among others.

Their top states include:

California (FHA|USDA|VA)

Washington (FHA|USDA|VA)

Oregon (FHA|USDA|VA)

Similar Lenders

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

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,057	$1,454,875,000	$1,376,419	$9,659	4.23%

For 2019, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 1,057 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	583	$694,285,000	$1,190,883	$11,090	4.04%
Cash Out Refi	365	$627,085,000	$1,718,041	$5,223	4.50%
Refi	109	$133,505,000	$1,224,817	$5,700	4.36%

For 2019, Luther Burbank Savings's most frequently cited loan purpose was Home Purchase, with 583 originations. The 2nd most popular reason was Cash Out Refi, with 365 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	927	$1,343,775,000	$1,449,595	$9,346	4.40%
30+ year	89	$100,835,000	$1,132,978	$10,956	4.38%
3 Year	40	$210,000	$5,250	$0	0.00%
Other	1	$10,055,000	$10,055,000	$0	4.40%

For 2019, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 927 originations. The 2nd most popular length was 30+ year, with 89 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	372	$347,120,000	$933,118
$5k+	139	$196,645,000	$1,414,712
$3k-4k	24	$19,330,000	$805,417
$2k-3k	18	$11,370,000	$631,667
$1k-2k	13	$6,555,000	$504,231
$4k-5k	12	$9,100,000	$758,333

Luther Burbank Savings's average total fees were $9,346, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 372 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	716	$1,019,900,000	$1,424,441
3-4%	218	$372,460,000	$1,708,532
5-6%	83	$62,305,000	$750,663
<2.5%	40	$210,000	$5,250

During 2019, Luther Burbank Savings's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 716 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$1MM+	586	$1,173,910,000	$2,003,259	$12,758	4.27%
$600k-1MM	260	$208,500,000	$801,923	$6,916	4.45%
$400k-600k	98	$49,200,000	$502,041	$5,343	4.66%
$200k-400k	68	$22,230,000	$326,912	$5,797	4.84%
$100,000 or less	40	$210,000	$5,250	$0	0.00%
$100k-200k	5	$825,000	$165,000	$3,646	5.13%

2019 saw Luther Burbank Savings place emphasis on $1MM+ loans with 586 originations, totaling $1,173,910,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	221	$314,345,000	$1,422,376	$11,418	4.24%
$150k-250k	109	$92,675,000	$850,229	$8,104	4.29%
$75k-100k	45	$11,115,000	$247,000	$5,894	2.99%
$100k-150k	39	$15,325,000	$392,949	$6,178	3.54%
$50k-75k	26	$4,670,000	$179,615	$6,047	2.76%
$50k or less	5	$1,655,000	$331,000	$4,389	3.08%

Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 221 originations. The second most popular income band? $150k-250k, with 109 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	75	$57,095,000	$761,267	$7,507	3.62%
44%	49	$42,895,000	$875,408	$10,899	3.85%
42%	47	$41,725,000	$887,766	$8,645	3.89%
20-30%	40	$44,990,000	$1,124,750	$8,768	4.20%
46%	38	$47,700,000	$1,255,263	$12,247	4.19%
41%	33	$29,625,000	$897,727	$8,254	4.22%
43%	32	$34,350,000	$1,073,438	$11,935	3.93%
39%	32	$30,190,000	$943,438	$8,226	4.07%
45%	22	$26,390,000	$1,199,545	$9,934	4.15%
40%	21	$22,005,000	$1,047,857	$7,317	4.29%
38%	19	$20,995,000	$1,105,000	$7,746	4.06%
<20%	14	$18,880,000	$1,348,571	$15,952	4.33%
37%	14	$15,480,000	$1,105,714	$7,701	3.41%
36%	7	$7,185,000	$1,026,429	$6,300	3.73%
47%	2	$280,000	$140,000	$5,391	2.56%

Luther Burbank Savings lent most frequently to those with DTI ratios of 30-36%, with 75 originations. The next most common DTI ratio? 44%, with 49 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	517	$897,145,000	$1,735,290	$10,887	4.40%
White	342	$353,820,000	$1,034,561	$9,309	4.04%
Not provided	96	$107,760,000	$1,122,500	$10,748	4.19%
Asian	81	$81,555,000	$1,006,852	$9,050	4.11%
Black	15	$8,065,000	$537,667	$5,354	3.57%
Asian Indian	2	$3,210,000	$1,605,000	$0	4.55%
Other Asian	2	$3,010,000	$1,505,000	$0	4.43%
Native Hawaiian or Islander	2	$310,000	$155,000	$7,749	2.38%

Approval Rates

Total approvals of all applications
76.78%

Luther Burbank Savings has a below average approval rate.

Pick Rate

Approvals leading to origination
91.01%

Luther Burbank Savings has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	7	$35,000	$5,000
NA	1,050	$1,454,840,000	$1,385,562

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	473	$858,765,000	$1,815,571
Single Family (1-4 Units):Site-Built	584	$596,110,000	$1,020,736

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	72	$78,630,000	$1,092,083	$8,623	4.47%
40-60%	211	$304,645,000	$1,443,815	$11,873	4.43%
60-80%	614	$969,560,000	$1,579,088	$10,286	4.36%
80-100%	113	$96,095,000	$850,398	$7,171	4.47%
Under 20%	47	$5,945,000	$126,489	$3,178	0.69%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Luther Burbank Savings	1050 Fourth Street San Rafael, CA 94901	Full Service B&M	$551,292
Luther Burbank Savings	1500 Rosecrans Avenue, Suite 300 Manhattan Beach, CA 90266	Limited, Administrative	$0
Luther Burbank Savings	1500 Rosecrans Avenue, Suite 300 Manhattan Beach, CA 90266	Full Service Cyber Office	$1,358,299
Luther Burbank Savings	16600 Ventura Blvd Encino, CA 91436	Full Service B&M	$443,419
Luther Burbank Savings	170 South Lake Ave Pasadena, CA 91101	Full Service B&M	$309,367
Luther Burbank Savings	175 South Beverly Drive Beverly Hills, CA 90212	Full Service B&M	$380,014
Luther Burbank Savings	200 108th Ave Ne Bellevue, WA 98004	Full Service B&M	$78,423
Luther Burbank Savings	4100 West Alameda Ave Burbank, CA 91505	Full Service B&M	$270,727
Luther Burbank Savings	4546 El Camino Real, Suite A10 Los Altos, CA 94022	Full Service B&M	$308,902
Luther Burbank Savings	500 Third Street Santa Rosa, CA 95401	Full Service B&M	$1,120,730
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	$246,668
Luther Burbank Savings	956 The Alameda San Jose, CA 95126	Full Service B&M	$207,510

For 2019, Luther Burbank Savings had 13 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$269,613
Net interest income	$139,625
Total noninterest income	$885
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$35
Trading account gains and fees	$0
Additional Noninterest Income	$850
Pre-tax net operating income	$78,068
Securities gains (or losses, -)	$344
Income before extraordinary items	$55,201
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$55,201
Minority interest net income	$0
Net income	$55,201
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$54,929

Luther Burbank Savings's gross interest income from loans was $269,613,000.
Luther Burbank Savings's net interest income from loans was $139,625,000.
Luther Burbank Savings's fee based income from loans was $35,000.
Luther Burbank Savings's net income from loans was $55,201,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$129,988
Provision for credit losses	$1,250
Total noninterest expense	$61,192
Salaries and employee benefits	$37,132
Premises and equipment expense	$8,661
Additional noninterest expense	$15,399
Applicable income taxes	$23,211
Net charge-offs	$-437
Cash dividends	$34,700

Luther Burbank Savings's interest expense for loans was $129,988,000.
Luther Burbank Savings's payroll and benefits expense were $37,132,000.
Luther Burbank Savings's property, plant and equipment expenses $8,661,000.

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	$5,278,900
Deposits held in domestic offices	$5,278,900
Deposits by Individuals, partnerships, and corporations	$5,272,771
Deposits by U.S. Government	$16
Deposits by States and political subdivisions in the U.S.	$6,113
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	$310,288
Demand deposits	$310,288
Nontransaction accounts	$4,968,612
Money market deposit accounts (MMDAs)	$1,441,924
Other savings deposits (excluding MMDAs)	$0
Total time deposits	$3,526,688
Total time and savings deposits	$4,968,612
Noninterest-bearing deposits	$87,779
Interest-bearing deposits	$5,191,121
Retail deposits	$3,477,445
IRAs and Keogh plan accounts	$243,232
Brokered deposits	$416,000
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$7,043,170
Cash & Balances due from depository institutions	$87,647
Interest-bearing balances	$83,102
Total securities	$647,026
Federal funds sold & reverse repurchase	$0
Net loans and leases	$6,195,056
Loan and leases loss allowance	$36,001
Trading account assets	$0
Bank premises and fixed assets	$19,504
Other real estate owned	$0
Goodwill and other intangibles	$5,954
All other assets	$87,983

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$7,043,170
Total Liabilities	$6,289,513
Total deposits	$5,278,900
Interest-bearing deposits	$5,191,121
Deposits held in domestic offices	$5,278,900
% insured (estimated)	$75
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$978,702
Subordinated debt	$0
All other liabilities	$31,911

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$6,195,056
Loan and leases loss allowance	$36,001
Total loans and leases (domestic)	$6,231,057
All real estate loans	$6,230,877
Real estate loans in domestic offices	$6,230,877
Construction and development loans	$20,442
Residential 1-4 family construction	$12,065
Other construction, all land development and other land	$8,377
Loans secured by nonfarm nonresidential properties	$203,134
Nonfarm nonresidential secured by owner-occupied properties	$705
Commercial real estate & other non-farm, non-residential	$202,429
Multifamily residential real estate	$3,985,983
1-4 family residential loans	$2,021,318
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$100
To non-U.S. addressees	$0
Loans to individuals	$80
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$0
Other loans to individuals	$80
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	$1,305
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Luther Burbank Savings had $6,195,056,000 of loans outstanding in 2019. $6,230,877,000 of loans were in real estate loans. $20,442,000 of loans were in development loans. $3,985,983,000 of loans were in multifamily mortgage loans. $2,021,318,000 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	30	$15,632	$521,067
Nonfarm, nonresidential loans - $100-250k	3	$371	$123,667
Nonfarm, nonresidential loans - $250k-1MM	27	$15,261	$565,222
Commercial & Industrial, US addressed loans - <$1MM	2	$100	$50,000
Commercial & Industrial, US addressed loans - <$100k	2	$100	$50,000