Blue Foundry Bank Mortgage Rates, Fees & Info

Rutherford, NJ

LEI: 5493008TK613NXC2EN84

Tax ID: 22-0780922

5 stars - Updated: 5/27/24 - out of 5 stars, based on 8 reviews

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

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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

58

Origination Dollar Volume (All Markets)

$63,250,000

Awards

Blue Foundry Bank 30 Year Conventional Loans gold Blue Foundry Bank 30 Year Conventional Loans gold
Show all (2) awards

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%
Blue Foundry Bank's top markets include New York and Philadelphia among others.

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

    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Bogota Savings Bank
    Similarity Rank: 351

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 23 $50,485,000 $2,195,000 $6,181 6.51%
    Refi 16 $10,960,000 $685,000 $0 6.30%
    Home Improvement 11 $985,000 $89,545 $0 6.10%
    Other 7 $445,000 $63,571 $0 6.75%
    Cash Out Refi 1 $375,000 $375,000 $5,587 5.75%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 15 $19,705,000 $1,313,667 $0 6.00%
    20 Year 13 $1,485,000 $114,231 $0 6.75%
    30 Year 13 $4,995,000 $384,231 $6,614 5.83%
    15 Year 9 $1,055,000 $117,222 $682 6.46%
    Other 5 $35,855,000 $7,171,000 $0 8.25%
    5 Year 3 $155,000 $51,667 $0 5.88%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 18 $920,000 $51,111 $0 6.17%
    $200k-400k 13 $3,635,000 $279,615 $4,418 6.05%
    $100k-200k 9 $1,145,000 $127,222 $0 6.79%
    $1MM+ 9 $52,265,000 $5,807,222 $0 7.27%
    $600k-1MM 5 $3,395,000 $679,000 $7,826 6.07%
    $400k-600k 4 $1,890,000 $472,500 $6,716 6.00%

    2023 saw Blue Foundry Bank place emphasis on $100,000 or less loans with 18 originations, totaling $920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 11 $2,185,000 $198,636 $2,786 6.32%
    $150k-250k 11 $1,825,000 $165,909 $1,219 6.44%
    $250k+ 9 $2,835,000 $315,000 $3,544 5.85%
    $75k-100k 8 $1,020,000 $127,500 $1,254 6.20%
    $50k-75k 4 $350,000 $87,500 $1,535 6.19%
    $50k or less 1 $35,000 $35,000 $0 5.88%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 11 $2,935,000 $266,818 $3,621 6.01%
    20-30% 8 $1,720,000 $215,000 $3,142 6.34%
    42% 6 $930,000 $155,000 $1,332 6.54%
    39% 5 $485,000 $97,000 $0 6.60%
    41% 5 $1,045,000 $209,000 $1,208 6.13%
    <20% 3 $575,000 $191,667 $2,330 5.63%
    43% 2 $270,000 $135,000 $3,069 6.81%
    38% 2 $130,000 $65,000 $0 6.19%
    40% 1 $85,000 $85,000 $0 6.13%
    37% 1 $75,000 $75,000 $0 5.38%
    36% 1 $35,000 $35,000 $0 5.88%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 13 $54,965,000 $4,228,077 $0 6.96%
    White 30 $4,910,000 $163,667 $1,553 6.38%
    Asian 5 $1,515,000 $303,000 $6,145 5.95%
    Not provided 8 $1,390,000 $173,750 $978 6.03%
    Asian Indian 1 $435,000 $435,000 $6,990 5.25%
    Black 1 $35,000 $35,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    86.87%

    Blue Foundry Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.83%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    58 $63,250,000 $1,090,517

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,195,000 $170,714 $877 6.70%
    40-60% 8 $36,940,000 $4,617,500 $2,794 7.30%
    60-80% 13 $20,975,000 $1,613,462 $6,253 6.01%
    80-100% 6 $2,350,000 $391,667 $7,147 6.08%
    Under 20% 24 $1,790,000 $74,583 $0 6.28%