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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Luther Burbank Savings is a small bank specializing in Cash Out Refi and Home Purchase loans. Luther Burbank Savings has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, San Diego, San Jose, and Seattle among others. We have data for 20 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 a below average pick rate when compared to similar lenders. Luther Burbank Savings is typically an average 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% 12/16/24
    30 Year Conventional Refi 6.52% 12/16/24
    30 Year Cash-out Refi 6.73% 12/16/24
    15 Year Conventional Purchase 5.68% 12/16/24
    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

    824

    Origination Dollar Volume (All Markets)

    $1,338,440,000

    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) 406 $699,160,000 $1,722,069 $8,964 3.77%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 138 $231,960,000 $1,680,870 $7,459 3.71%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 63 $117,025,000 $1,857,540 $9,098 3.67%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 57 $83,765,000 $1,469,561 $8,523 3.63%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 57 $81,415,000 $1,428,333 $6,559 3.64%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 22 $21,360,000 $970,909 $3,410 4.03%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 14 $20,700,000 $1,478,571 $5,349 3.56%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 12 $18,140,000 $1,511,667 $4,299 3.76%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 16 $16,630,000 $1,039,375 $6,237 3.96%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 12 $14,180,000 $1,181,667 $10,048 3.82%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 8 $8,750,000 $1,093,750 $5,244 4.08%
    SALINAS, CA (FHA|USDA|VA) 4 $6,940,000 $1,735,000 $4,167 3.70%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $4,280,000 $2,140,000 $0 3.98%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $3,780,000 $945,000 $6,495 3.34%
    MODESTO, CA (FHA|USDA|VA) 1 $3,505,000 $3,505,000 $0 3.80%
    VALLEJO, CA (FHA|USDA|VA) 2 $2,230,000 $1,115,000 $0 3.83%
    YUBA CITY, CA (FHA|USDA|VA) 2 $1,500,000 $750,000 $0 4.29%
    NAPA, CA (FHA|USDA|VA) 2 $1,400,000 $700,000 $0 4.21%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 4.05%
    STOCKTON, CA (FHA|USDA|VA) 1 $415,000 $415,000 $0 4.78%
    Luther Burbank Savings's top markets include Los Angeles, San Francisco, San Diego, San Jose, 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.

    TRISTAR FINANCE, INC.
    Similarity Rank: 378
    MANHATTAN FINANCIAL GROUP, INC.
    Similarity Rank: 384
    MYPOINT Credit Union
    Similarity Rank: 560
    SESLOC
    Similarity Rank: 624
    Christian Community Credit Union
    Similarity Rank: 716
    COASTHILLS
    Similarity Rank: 804
    CHOICE LENDING CORP.
    Similarity Rank: 1035
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 1053
    INFINITY EQUITY GROUP, INC.
    Similarity Rank: 1056
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 1120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 824 $1,338,440,000 $1,624,320 $8,106 3.75%

    For 2020, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 824 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 379 $710,955,000 $1,875,871 $6,889 3.80%
    Home Purchase 316 $462,700,000 $1,464,241 $9,006 3.62%
    Refi 129 $164,785,000 $1,277,403 $6,726 3.90%

    For 2020, Luther Burbank Savings's most frequently cited loan purpose was Cash Out Refi, with 379 originations. The 2nd most popular reason was Home Purchase, with 316 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 780 $1,288,800,000 $1,652,308 $7,905 3.77%
    30+ year 37 $48,505,000 $1,310,946 $9,697 3.86%
    3 Year 5 $25,000 $5,000 $0 0.00%
    15 Year 1 $505,000 $505,000 $0 4.10%
    5 Year 1 $605,000 $605,000 $0 4.50%

    For 2020, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 780 originations. The 2nd most popular length was 30+ year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 214 $282,790,000 $1,321,449
    $5k+ 76 $108,610,000 $1,429,079
    $4k-5k 15 $22,655,000 $1,510,333
    $3k-4k 13 $11,645,000 $895,769
    $2k-3k 12 $6,900,000 $575,000
    $1k-2k 4 $3,710,000 $927,500

    Luther Burbank Savings's average total fees were $7,905, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 214 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 640 $1,151,310,000 $1,798,922
    4-5% 174 $180,620,000 $1,038,046
    <2.5% 5 $25,000 $5,000
    5-6% 3 $2,505,000 $835,000
    2.5-3% 2 $3,980,000 $1,990,000

    During 2020, Luther Burbank Savings's average interest rate for loans was 3.77%, while their most frequently originated rate bucket for loans was 3-4%, with 640 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 572 $1,163,980,000 $2,034,930 $9,103 3.65%
    $600k-1MM 177 $143,195,000 $809,011 $6,430 4.00%
    $400k-600k 52 $26,110,000 $502,115 $4,856 4.08%
    $200k-400k 17 $4,985,000 $293,235 $6,045 4.46%
    $100,000 or less 5 $25,000 $5,000 $0 0.00%
    $100k-200k 1 $145,000 $145,000 $0 4.75%

    2020 saw Luther Burbank Savings place emphasis on $1MM+ loans with 572 originations, totaling $1,163,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 191 $270,405,000 $1,415,733 $9,101 3.71%
    $150k-250k 55 $50,445,000 $917,182 $6,294 3.75%
    $100k-150k 10 $6,430,000 $643,000 $6,161 4.00%
    $50k-75k 10 $1,780,000 $178,000 $7,372 2.75%
    $75k-100k 7 $3,415,000 $487,857 $5,376 3.43%
    $50k or less 2 $760,000 $380,000 $0 4.13%

    Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 191 originations. The second most popular income band? $150k-250k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 53 $56,085,000 $1,058,208 $6,793 3.79%
    20-30% 51 $61,665,000 $1,209,118 $7,068 3.78%
    42% 28 $36,090,000 $1,288,929 $9,367 3.74%
    <20% 19 $26,065,000 $1,371,842 $14,544 3.80%
    38% 17 $20,485,000 $1,205,000 $6,626 3.59%
    46% 14 $18,850,000 $1,346,429 $9,868 3.56%
    37% 14 $17,520,000 $1,251,429 $6,970 3.82%
    39% 14 $13,910,000 $993,571 $8,413 3.39%
    43% 14 $12,620,000 $901,429 $7,407 3.50%
    40% 12 $19,420,000 $1,618,333 $6,104 3.68%
    45% 12 $18,200,000 $1,516,667 $16,408 3.54%
    41% 11 $15,195,000 $1,381,364 $6,791 3.66%
    36% 9 $10,215,000 $1,135,000 $7,258 3.17%
    44% 7 $6,915,000 $987,857 $8,099 3.88%

    Luther Burbank Savings lent most frequently to those with DTI ratios of 30-36%, with 53 originations. The next most common DTI ratio? 20-30%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 475 $846,395,000 $1,781,884 $7,556 3.78%
    White 224 $291,960,000 $1,303,393 $8,208 3.68%
    Not provided 62 $98,500,000 $1,588,710 $8,095 3.80%
    Asian 51 $88,665,000 $1,738,529 $9,031 3.61%
    Black 8 $7,150,000 $893,750 $4,925 4.22%
    Chinese 1 $1,835,000 $1,835,000 $0 3.75%
    Vietnamese 1 $1,705,000 $1,705,000 $0 4.05%
    American Indian 1 $1,405,000 $1,405,000 $8,585 3.25%
    Native Hawaiian or Islander 1 $825,000 $825,000 $3,063 4.25%

    Approval Rates

    Total approvals of all applications
    79.01%

    Luther Burbank Savings has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    89.44%

    Luther Burbank Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $5,000 $5,000
    NA 823 $1,338,435,000 $1,626,288

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 427 $842,845,000 $1,973,876
    Single Family (1-4 Units):Site-Built 397 $495,595,000 $1,248,350

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $72,625,000 $1,274,123 $6,648 3.86%
    40-60% 211 $369,245,000 $1,749,976 $7,089 3.79%
    60-80% 476 $809,430,000 $1,700,483 $8,172 3.75%
    80-100% 57 $71,515,000 $1,254,649 $8,794 3.76%
    Over 100% 2 $3,010,000 $1,505,000 $35,818 3.63%
    Under 20% 21 $12,615,000 $600,714 $4,732 2.89%

    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 $575,019
    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 $1,318,232
    Luther Burbank Savings 16600 Ventura Blvd Encino, CA 91436 Full Service B&M $479,463
    Luther Burbank Savings 170 South Lake Ave Pasadena, CA 91101 Full Service B&M $329,023
    Luther Burbank Savings 175 South Beverly Drive Beverly Hills, CA 90212 Full Service B&M $390,034
    Luther Burbank Savings 200 108th Ave Ne Bellevue, WA 98004 Full Service B&M $92,509
    Luther Burbank Savings 2041 Rosecrans Avenue, Suite 130 El Segundo, CA 90245 Full Service B&M $16,374
    Luther Burbank Savings 4100 West Alameda Ave Burbank, CA 91505 Full Service B&M $303,825
    Luther Burbank Savings 4546 El Camino Real, Suite A10 Los Altos, CA 94022 Full Service B&M $300,313
    Luther Burbank Savings 500 Third Street Santa Rosa, CA 95401 Full Service B&M $1,097,884
    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 $282,896
    Luther Burbank Savings 956 The Alameda San Jose, CA 95126 Full Service B&M $229,914

    For 2020, Luther Burbank Savings had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $243,338
    Net interest income $148,241
    Total noninterest income $492
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $47
    Trading account gains and fees $0
    Additional Noninterest Income $445
    Pre-tax net operating income $64,293
    Securities gains (or losses, -) $255
    Income before extraordinary items $45,498
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $45,498
    Minority interest net income $0
    Net income $45,498
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $45,296

    Luther Burbank Savings's gross interest income from loans was $243,338,000.
    Luther Burbank Savings's net interest income from loans was $148,241,000.
    Luther Burbank Savings's fee based income from loans was $47,000.
    Luther Burbank Savings's net income from loans was $45,498,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $95,097
    Provision for credit losses $10,550
    Total noninterest expense $73,890
    Salaries and employee benefits $42,585
    Premises and equipment expense $7,601
    Additional noninterest expense $23,704
    Applicable income taxes $19,050
    Net charge-offs $337
    Cash dividends $65,360

    Luther Burbank Savings's interest expense for loans was $95,097,000.
    Luther Burbank Savings's payroll and benefits expense were $42,585,000.
    Luther Burbank Savings's property, plant and equipment expenses $7,601,000.

    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 $5,314,068
    Deposits held in domestic offices $5,314,068
    Deposits by Individuals, partnerships, and corporations $5,300,620
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $13,447
    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 $484,974
    Demand deposits $484,974
    Nontransaction accounts $4,829,095
    Money market deposit accounts (MMDAs) $1,771,898
    Other savings deposits (excluding MMDAs) $0
    Total time deposits $3,057,197
    Total time and savings deposits $4,829,095
    Noninterest-bearing deposits $121,083
    Interest-bearing deposits $5,192,985
    Retail deposits $3,858,671
    IRAs and Keogh plan accounts $252,408
    Brokered deposits $50,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $6,903,054
    Cash & Balances due from depository institutions $177,281
    Interest-bearing balances $173,236
    Total securities $613,238
    Federal funds sold & reverse repurchase $0
    Net loans and leases $6,003,864
    Loan and leases loss allowance $46,214
    Trading account assets $0
    Bank premises and fixed assets $18,226
    Other real estate owned $0
    Goodwill and other intangibles $4,896
    All other assets $85,549

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $6,903,054
    Total Liabilities $6,163,966
    Total deposits $5,314,068
    Interest-bearing deposits $5,192,985
    Deposits held in domestic offices $5,314,068
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $806,747
    Subordinated debt $0
    All other liabilities $43,151

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $6,003,864
    Loan and leases loss allowance $46,214
    Total loans and leases (domestic) $6,050,078
    All real estate loans $6,049,716
    Real estate loans in domestic offices $6,049,716
    Construction and development loans $22,062
    Residential 1-4 family construction $14,854
    Other construction, all land development and other land $7,208
    Loans secured by nonfarm nonresidential properties $202,871
    Nonfarm nonresidential secured by owner-occupied properties $214
    Commercial real estate & other non-farm, non-residential $202,657
    Multifamily residential real estate $4,100,820
    1-4 family residential loans $1,723,963
    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 $262
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $262
    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 $1,260
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Luther Burbank Savings had $6,003,864,000 of loans outstanding in 2020. $6,049,716,000 of loans were in real estate loans. $22,062,000 of loans were in development loans. $4,100,820,000 of loans were in multifamily mortgage loans. $1,723,963,000 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 27 $15,645 $579,444
    Nonfarm, nonresidential loans - $100-250k 2 $302 $151,000
    Nonfarm, nonresidential loans - $250k-1MM 25 $15,343 $613,720
    Commercial & Industrial, US addressed loans - <$1MM 2 $100 $50,000
    Commercial & Industrial, US addressed loans - <$100k 2 $100 $50,000