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 two markets are New York and New Haven .

    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

    31

    Origination Dollar Volume (All Markets)

    $81,705,000

    Employee count

    389

    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) 30 $77,440,000 $2,581,333 $0 0.00%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $4,265,000 $4,265,000 $0 0.00%
    Cross River Bank's top markets include New York and New Haven among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $81,705,000 $2,635,645 $0 0.00%

    For 2020, Cross River Bank's most frequently originated type of loan was Conventional, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 27 $77,455,000 $2,868,704 $0 0.00%
    Home Purchase 3 $3,545,000 $1,181,667 $0 0.00%
    Home Improvement 1 $705,000 $705,000 $0 0.00%

    For 2020, Cross River Bank's most frequently cited loan purpose was Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 31 $81,705,000 $2,635,645 $0 0.00%

    For 2020, Cross River Bank's most frequently cited loan duration was Other, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 16 $71,890,000 $4,493,125 $0 0.00%
    $600k-1MM 9 $6,715,000 $746,111 $0 0.00%
    $400k-600k 6 $3,100,000 $516,667 $0 0.00%

    2020 saw Cross River Bank place emphasis on $1MM+ loans with 16 originations, totaling $71,890,000 in origination value.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 31 $81,705,000 $2,635,645 $0 0.00%

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 31 $81,705,000 $2,635,645 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.37%

    Cross River Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    35.48%

    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 31 $81,705,000 $2,635,645

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $65,315,000 $3,842,059
    Single Family (1-4 Units):Site-Built 14 $16,390,000 $1,170,714

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CHERRY CREEK MORTGAGE COMPANY INC. Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cross River Bank 885 Teaneck Road Teaneck, NJ 7666 Full Service B&M $3,039,281

    For 2020, Cross River Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $324,359
    Net interest income $256,595
    Total noninterest income $39,293
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $320
    Trading account gains and fees $0
    Additional Noninterest Income $38,973
    Pre-tax net operating income $122,045
    Securities gains (or losses, -) $439
    Income before extraordinary items $91,050
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $91,050
    Minority interest net income $0
    Net income $91,050
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $90,703

    Cross River Bank's gross interest income from loans was $324,359,000.
    Cross River Bank's net interest income from loans was $256,595,000.
    Cross River Bank's fee based income from loans was $320,000.
    Cross River Bank's net income from loans was $91,050,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $67,764
    Provision for credit losses $45,974
    Total noninterest expense $127,869
    Salaries and employee benefits $66,447
    Premises and equipment expense $7,396
    Additional noninterest expense $54,026
    Applicable income taxes $31,434
    Net charge-offs $31,833
    Cash dividends $0

    Cross River Bank's interest expense for loans was $67,764,000.
    Cross River Bank's payroll and benefits expense were $66,447,000.
    Cross River Bank's property, plant and equipment expenses $7,396,000.

    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 1.0%
    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 $3,022,628
    Deposits held in domestic offices $3,022,628
    Deposits by Individuals, partnerships, and corporations $3,022,628
    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 $821,458
    Demand deposits $821,343
    Nontransaction accounts $2,201,170
    Money market deposit accounts (MMDAs) $608,383
    Other savings deposits (excluding MMDAs) $360,022
    Total time deposits $1,232,763
    Total time and savings deposits $2,201,285
    Noninterest-bearing deposits $594,562
    Interest-bearing deposits $2,428,066
    Retail deposits $2,293,691
    IRAs and Keogh plan accounts $0
    Brokered deposits $1,107,132
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $9,710,390
    Cash & Balances due from depository institutions $225,410
    Interest-bearing balances $224,149
    Total securities $50,217
    Federal funds sold & reverse repurchase $0
    Net loans and leases $9,132,173
    Loan and leases loss allowance $50,942
    Trading account assets $0
    Bank premises and fixed assets $24,357
    Other real estate owned $0
    Goodwill and other intangibles $806
    All other assets $277,427

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $9,710,390
    Total Liabilities $9,327,238
    Total deposits $3,022,628
    Interest-bearing deposits $2,428,066
    Deposits held in domestic offices $3,022,628
    % insured (estimated) $41
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $6,195,692
    Subordinated debt $0
    All other liabilities $108,918

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $9,132,173
    Loan and leases loss allowance $50,942
    Total loans and leases (domestic) $9,183,115
    All real estate loans $575,367
    Real estate loans in domestic offices $575,367
    Construction and development loans $51,498
    Residential 1-4 family construction $21,116
    Other construction, all land development and other land $30,382
    Loans secured by nonfarm nonresidential properties $261,882
    Nonfarm nonresidential secured by owner-occupied properties $51,633
    Commercial real estate & other non-farm, non-residential $210,249
    Multifamily residential real estate $189,765
    1-4 family residential loans $72,222
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,398,128
    To non-U.S. addressees $0
    Loans to individuals $1,068,199
    Credit card loans $3
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $1,068,196
    All other loans & leases $260,725
    Loans to foreign governments and official institutions $0
    Other loans $260,725
    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 $1,922
    Non 1-4 family restructured loans & leases $1,922
    Total loans and leases (foreign) $0

    Cross River Bank had $9,132,173,000 of loans outstanding in 2020. $575,367,000 of loans were in real estate loans. $51,498,000 of loans were in development loans. $189,765,000 of loans were in multifamily mortgage loans. $72,222,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $3,000 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 182 $61,758 $339,330
    Nonfarm, nonresidential loans - $100-250k 5 $483 $96,600
    Nonfarm, nonresidential loans - $250k-1MM 177 $61,275 $346,186
    Commercial & Industrial, US addressed loans - <$1MM 269,032 $6,905,299 $25,667
    Commercial & Industrial, US addressed loans - <$100k 256,157 $4,381,975 $17,107
    Commercial & Industrial, US addressed loans - $100-250k 9,742 $1,330,146 $136,537
    Commercial & Industrial, US addressed loans - $250k-1MM 3,133 $1,193,178 $380,842