Cross River Bank Mortgage Rates, Fees & Info

Teaneck, NJ

LEI: 5493007V8ZEVXWVS3567

Tax ID: 26-1942598

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Cross River Bank is a smaller bank specializing in Cash Out Refi and Refi loans. Cross River Bank has a high proportion of conventional loans. Their top two markets are New York and Poughkeepsie .

    Cross River Bank has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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.


    Originations

    41

    Origination Dollar Volume (All Markets)

    $77,095,000

    Employee count

    191

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 39 $75,385,000 $1,932,949 $0 5.01%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $1,710,000 $855,000 $0 5.38%
    Cross River Bank's top markets include New York and Poughkeepsie among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $77,095,000 $1,880,366 $0 5.03%

    For 2018, Cross River Bank's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 24 $42,080,000 $1,753,333 $0 4.92%
    Home Purchase 9 $6,935,000 $770,556 $0 5.36%
    Refi 8 $28,080,000 $3,510,000 $0 4.98%

    For 2018, Cross River Bank's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Home Purchase, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 25 $52,165,000 $2,086,600 $0 5.03%
    Other 9 $13,495,000 $1,499,444 $0 4.92%
    15 Year 4 $3,440,000 $860,000 $0 4.84%
    1 Year 1 $695,000 $695,000 $0 7.00%
    20 Year 1 $6,805,000 $6,805,000 $0 4.75%
    30 Year 1 $495,000 $495,000 $0 5.00%

    For 2018, Cross River Bank's most frequently cited loan duration was 10 Year, with 25 originations. The 2nd most popular length was Other, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 29 $56,405,000 $1,945,000
    5-6% 11 $19,995,000 $1,817,727
    6-7% 1 $695,000 $695,000

    During 2018, Cross River Bank's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 4-5%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 17 $63,515,000 $3,736,176 $0 5.07%
    $600k-1MM 13 $9,365,000 $720,385 $0 5.04%
    $400k-600k 6 $2,710,000 $451,667 $0 5.04%
    $200k-400k 5 $1,505,000 $301,000 $0 4.85%

    2018 saw Cross River Bank place emphasis on $1MM+ loans with 17 originations, totaling $63,515,000 in origination value.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 41 $77,095,000 $1,880,366 $0 5.03%

    Approval Rates

    Total approvals of all applications
    62.63%

    Cross River Bank has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    53.66%

    Cross River Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 41 $77,095,000 $1,880,366

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 24 $58,010,000 $2,417,083
    Single Family (1-4 Units):Site-Built 17 $19,085,000 $1,122,647

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $18,615,000 $1,692,273 $0 4.98%
    40-60% 24 $53,550,000 $2,231,250 $0 4.99%
    60-80% 4 $4,400,000 $1,100,000 $0 5.44%
    Under 20% 2 $530,000 $265,000 $0 4.88%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CHERRY CREEK MORTGAGE COMPANY INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    CHERRY CREEK MORTGAGE COMPANY INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    CHERRY CREEK MORTGAGE COMPANY INC. Conventional home mortgage Trouble during payment process 2 40.0%
    CHERRY CREEK MORTGAGE COMPANY INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cross River Bank 885 Teaneck Road Teaneck, NJ 7666 Full Service B&M $816,103

    For 2018, Cross River Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $93,952
    Net interest income $83,800
    Total noninterest income $35,586
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $142
    Trading account gains and fees $0
    Additional Noninterest Income $35,444
    Pre-tax net operating income $48,468
    Securities gains (or losses, -) $0
    Income before extraordinary items $39,696
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $39,696
    Minority interest net income $0
    Net income $39,696
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $39,696

    Cross River Bank's gross interest income from loans was $93,952,000.
    Cross River Bank's net interest income from loans was $83,800,000.
    Cross River Bank's fee based income from loans was $142,000.
    Cross River Bank's net income from loans was $39,696,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,152
    Provision for credit losses $19,132
    Total noninterest expense $51,786
    Salaries and employee benefits $29,712
    Premises and equipment expense $3,942
    Additional noninterest expense $18,132
    Applicable income taxes $8,772
    Net charge-offs $10,226
    Cash dividends $0

    Cross River Bank's interest expense for loans was $10,152,000.
    Cross River Bank's payroll and benefits expense were $29,712,000.
    Cross River Bank's property, plant and equipment expenses $3,942,000.

    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 $1,144,807
    Deposits held in domestic offices $1,144,807
    Deposits by Individuals, partnerships, and corporations $1,144,807
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $643,876
    Demand deposits $643,739
    Nontransaction accounts $500,931
    Money market deposit accounts (MMDAs) $38,909
    Other savings deposits (excluding MMDAs) $75,567
    Total time deposits $386,456
    Total time and savings deposits $501,068
    Noninterest-bearing deposits $627,678
    Interest-bearing deposits $517,129
    Retail deposits $1,097,927
    IRAs and Keogh plan accounts $0
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,388,222
    Cash & Balances due from depository institutions $286,129
    Interest-bearing balances $285,109
    Total securities $24,675
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,011,291
    Loan and leases loss allowance $18,290
    Trading account assets $0
    Bank premises and fixed assets $8,419
    Other real estate owned $0
    Goodwill and other intangibles $787
    All other assets $56,921

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,388,222
    Total Liabilities $1,241,001
    Total deposits $1,144,807
    Interest-bearing deposits $517,129
    Deposits held in domestic offices $1,144,807
    % insured (estimated) $39
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $85,000
    Subordinated debt $0
    All other liabilities $11,194

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,011,291
    Loan and leases loss allowance $18,290
    Total loans and leases (domestic) $1,029,581
    All real estate loans $387,560
    Real estate loans in domestic offices $387,560
    Construction and development loans $9,828
    Residential 1-4 family construction $0
    Other construction, all land development and other land $9,828
    Loans secured by nonfarm nonresidential properties $173,277
    Nonfarm nonresidential secured by owner-occupied properties $56,747
    Commercial real estate & other non-farm, non-residential $116,530
    Multifamily residential real estate $130,073
    1-4 family residential loans $74,382
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $37,957
    To non-U.S. addressees $0
    Loans to individuals $475,388
    Credit card loans $4
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $475,384
    All other loans & leases $134,421
    Loans to foreign governments and official institutions $0
    Other loans $134,421
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Cross River Bank had $1,011,291,000 of loans outstanding in 2018. $387,560,000 of loans were in real estate loans. $9,828,000 of loans were in development loans. $130,073,000 of loans were in multifamily mortgage loans. $74,382,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $4,000 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 65 $56,747 $873,031
    Nonfarm, nonresidential loans - $100-250k 3 $550 $183,333
    Nonfarm, nonresidential loans - $250k-1MM 62 $56,197 $906,403
    Commercial & Industrial, US addressed loans - <$1MM 101 $32,104 $317,861
    Commercial & Industrial, US addressed loans - <$100k 10 $168 $16,800
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,003 $66,867
    Commercial & Industrial, US addressed loans - $250k-1MM 76 $30,933 $407,013