Blue Foundry Bank Mortgage Rates, Fees & Info
Rutherford, NJLEI: 5493008TK613NXC2EN84
Tax ID: 22-0780922
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Mortgage Data
Review & Overview
Blue Foundry Bank is a smaller bank specializing in Home Purchase loans. Blue Foundry Bank has a high proportion of conventional loans. Their top two markets are New York and Philadelphia .Blue Foundry Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Blue Foundry Bank 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 relatively high 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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Originations
58Origination Dollar Volume (All Markets)
$63,250,000Awards
Blue Foundry Bank - 2023
Blue Foundry Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Blue Foundry Bank's average 30 year fixed mortgage rate was
5.83%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.65%.
Relative Fees (Closing Costs)
Blue Foundry Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,614.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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) | 56 | $61,330,000 | $1,095,179 | $2,003 | 6.42% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $1,920,000 | $960,000 | $3,992 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Blue Foundry Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 126
Similarity Rank: 156
Similarity Rank: 158
Similarity Rank: 168
Similarity Rank: 188
Similarity Rank: 207
Similarity Rank: 209
Similarity Rank: 267
Similarity Rank: 351
Similarity Rank: 442
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 58 | $63,250,000 | $1,090,517 | $2,047 | 6.39% |
For 2023, Blue Foundry Bank's most frequently originated type of loan was Conventional, with 58 originations.
Loan Reason
For 2023, Blue Foundry Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Refi, with 16 originations.
Loan Duration/Length
For 2023, Blue Foundry Bank's most frequently cited loan duration was 10 Year, with 15 originations. The 2nd most popular length was 20 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 45 | $8,285,000 | $184,111 |
Blue Foundry Bank's average total fees were $6,614, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 45 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 27 | $14,475,000 | $536,111 |
| 6-7% | 20 | $11,950,000 | $597,500 |
| 7-8% | 7 | $1,175,000 | $167,857 |
| Over 8% | 4 | $35,650,000 | $8,912,500 |
During 2023, Blue Foundry Bank's average interest rate for loans was 5.83%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.
Loan Sizing
2023 saw Blue Foundry Bank place emphasis on $100,000 or less loans with 18 originations, totaling $920,000 in origination value.
Applicant Income
Blue Foundry Bank lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $150k-250k, with 11 originations.
Applicant Debt to Income Ratio
Blue Foundry Bank lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.87%
Blue Foundry Bank has an average approval rate.
Pick Rate
Approvals leading to origination94.83%
Blue Foundry Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 58 | $63,250,000 | $1,090,517 |