Cross River Bank Mortgage Rates, Fees & Info

Teaneck, NJ

LEI: 5493007V8ZEVXWVS3567

Tax ID: 26-1942598

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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 Refi loans. Cross River Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, and Hartford among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cross River Bank 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.

    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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    Originations

    48

    Origination Dollar Volume (All Markets)

    $56,290,000

    Employee count

    290

    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) 46 $55,570,000 $1,208,043 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    Cross River Bank's top markets include New York, Philadelphia, and Hartford among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 48 $56,290,000 $1,172,708 $0 0.00%

    For 2019, Cross River Bank's most frequently originated type of loan was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 29 $35,295,000 $1,217,069 $0 0.00%
    Home Purchase 14 $10,100,000 $721,429 $0 0.00%
    Home Improvement 5 $10,895,000 $2,179,000 $0 0.00%

    For 2019, Cross River Bank's most frequently cited loan purpose was Refi, with 29 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 48 $56,290,000 $1,172,708 $0 0.00%

    For 2019, Cross River Bank's most frequently cited loan duration was Other, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 25 $42,155,000 $1,686,200 $0 0.00%
    $600k-1MM 14 $10,500,000 $750,000 $0 0.00%
    $400k-600k 6 $2,920,000 $486,667 $0 0.00%
    $200k-400k 2 $530,000 $265,000 $0 0.00%
    $100k-200k 1 $185,000 $185,000 $0 0.00%

    2019 saw Cross River Bank place emphasis on $1MM+ loans with 25 originations, totaling $42,155,000 in origination value.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 48 $56,290,000 $1,172,708 $0 0.00%

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 48 $56,290,000 $1,172,708 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.43%

    Cross River Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.67%

    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
    Exempt 48 $56,290,000 $1,172,708

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 27 $38,525,000 $1,426,852
    Single Family (1-4 Units):Site-Built 21 $17,765,000 $845,952

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CHERRY CREEK MORTGAGE COMPANY INC. Conventional home mortgage Trouble during payment process 1 33.3%
    CHERRY CREEK MORTGAGE COMPANY INC. Reverse mortgage Struggling to pay mortgage 1 33.3%
    CHERRY CREEK MORTGAGE COMPANY INC. Reverse mortgage Trouble during payment process 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cross River Bank 885 Teaneck Road Teaneck, NJ 7666 Full Service B&M $1,569,016

    For 2019, Cross River Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $160,569
    Net interest income $134,426
    Total noninterest income $40,724
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $324
    Trading account gains and fees $0
    Additional Noninterest Income $40,400
    Pre-tax net operating income $57,220
    Securities gains (or losses, -) $324
    Income before extraordinary items $42,834
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $42,834
    Minority interest net income $0
    Net income $42,834
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $42,578

    Cross River Bank's gross interest income from loans was $160,569,000.
    Cross River Bank's net interest income from loans was $134,426,000.
    Cross River Bank's fee based income from loans was $324,000.
    Cross River Bank's net income from loans was $42,834,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $26,143
    Provision for credit losses $38,735
    Total noninterest expense $79,195
    Salaries and employee benefits $41,760
    Premises and equipment expense $6,037
    Additional noninterest expense $31,398
    Applicable income taxes $14,710
    Net charge-offs $20,225
    Cash dividends $0

    Cross River Bank's interest expense for loans was $26,143,000.
    Cross River Bank's payroll and benefits expense were $41,760,000.
    Cross River Bank's property, plant and equipment expenses $6,037,000.

    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 3.0%
    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 $1,618,307
    Deposits held in domestic offices $1,618,307
    Deposits by Individuals, partnerships, and corporations $1,618,307
    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 $431,709
    Demand deposits $386,224
    Nontransaction accounts $1,186,598
    Money market deposit accounts (MMDAs) $34,131
    Other savings deposits (excluding MMDAs) $62,982
    Total time deposits $1,089,486
    Total time and savings deposits $1,232,083
    Noninterest-bearing deposits $419,441
    Interest-bearing deposits $1,198,866
    Retail deposits $1,263,153
    IRAs and Keogh plan accounts $0
    Brokered deposits $227,166
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,060,327
    Cash & Balances due from depository institutions $319,849
    Interest-bearing balances $318,339
    Total securities $9,961
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,658,113
    Loan and leases loss allowance $36,800
    Trading account assets $0
    Bank premises and fixed assets $17,151
    Other real estate owned $0
    Goodwill and other intangibles $760
    All other assets $54,493

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,060,327
    Total Liabilities $1,809,329
    Total deposits $1,618,307
    Interest-bearing deposits $1,198,866
    Deposits held in domestic offices $1,618,307
    % insured (estimated) $55
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $163,500
    Subordinated debt $0
    All other liabilities $27,522

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,658,113
    Loan and leases loss allowance $36,800
    Total loans and leases (domestic) $1,694,913
    All real estate loans $506,364
    Real estate loans in domestic offices $506,364
    Construction and development loans $24,004
    Residential 1-4 family construction $4,686
    Other construction, all land development and other land $19,318
    Loans secured by nonfarm nonresidential properties $224,964
    Nonfarm nonresidential secured by owner-occupied properties $61,949
    Commercial real estate & other non-farm, non-residential $163,015
    Multifamily residential real estate $164,606
    1-4 family residential loans $92,790
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $66,898
    To non-U.S. addressees $0
    Loans to individuals $912,155
    Credit card loans $4
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $912,151
    All other loans & leases $221,622
    Loans to foreign governments and official institutions $0
    Other loans $221,622
    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 $1,658,113,000 of loans outstanding in 2019. $506,364,000 of loans were in real estate loans. $24,004,000 of loans were in development loans. $164,606,000 of loans were in multifamily mortgage loans. $92,790,000 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 193 $84,390 $437,254
    Nonfarm, nonresidential loans - <$100k 2 $104 $52,000
    Nonfarm, nonresidential loans - $100-250k 5 $616 $123,200
    Nonfarm, nonresidential loans - $250k-1MM 186 $83,670 $449,839
    Commercial & Industrial, US addressed loans - <$1MM 74 $12,542 $169,486
    Commercial & Industrial, US addressed loans - <$100k 6 $146 $24,333
    Commercial & Industrial, US addressed loans - $100-250k 14 $871 $62,214
    Commercial & Industrial, US addressed loans - $250k-1MM 54 $11,525 $213,426