Luther Burbank Savings Mortgage Rates, Fees & Info
Santa Rosa, CALEI: 5493000ZB0IHPJ66BJ32
Tax ID: 94-2906968
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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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,143Origination Dollar Volume (All Markets)
$2,009,885,000Employee count
281Top 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% |
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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
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
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
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
2021 saw Luther Burbank Savings place emphasis on $1MM+ loans with 856 originations, totaling $1,818,900,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.71%
Luther Burbank Savings has an average approval rate.
Pick Rate
Approvals leading to origination90.55%
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
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 |