Blue Foundry Bank Mortgage Rates, Fees & Info

Rutherford, NJ

LEI: 5493008TK613NXC2EN84

Tax ID: 22-0780922

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

Review & Overview

Blue Foundry Bank is a smaller bank specializing in Home Purchase and Refi loans. Blue Foundry Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

Blue Foundry 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. 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 about average rates.

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Originations

295

Origination Dollar Volume (All Markets)

$152,035,000

Employee count

201

Awards

Blue Foundry Bank 30 Year Conventional Loans gold

Show all (2) awards

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)	295	$152,035,000	$515,373	$4,454	4.30%

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

Their top states include:

New Jersey (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: 55

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Union County Savings Bank
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GARDEN SAVINGS FEDERAL CREDIT UNION
Similarity Rank: 80

The Atlantic Federal Credit Union
Similarity Rank: 120

Freehold Savings Bank
Similarity Rank: 120

Blue Foundry Bank
Similarity Rank: 125

Investors Home Mortgage-IHM
Similarity Rank: 156

GREATER ALLIANCE
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Nassau Educators Federal Credit Union
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	295	$152,035,000	$515,373	$4,454	4.30%

For 2018, Blue Foundry Bank's most frequently originated type of loan was Conventional, with 295 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	207	$118,705,000	$573,454	$5,372	4.36%
Refi	73	$31,565,000	$432,397	$3,815	4.13%
Home Improvement	10	$1,280,000	$128,000	$1,013	4.35%
Other	5	$485,000	$97,000	$526	3.73%

For 2018, Blue Foundry Bank's most frequently cited loan purpose was Home Purchase, with 207 originations. The 2nd most popular reason was Refi, with 73 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	220	$124,480,000	$565,818	$5,236	4.31%
15 Year	28	$11,130,000	$397,500	$3,600	3.86%
20 Year	19	$7,465,000	$392,895	$3,901	4.98%
Other	17	$8,065,000	$474,412	$0	4.38%
5 Year	6	$240,000	$40,000	$0	3.50%
10 Year	5	$655,000	$131,000	$907	4.00%

For 2018, Blue Foundry Bank's most frequently cited loan duration was 30 Year, with 220 originations. The 2nd most popular length was 15 Year, with 28 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	109	$38,685,000	$354,908
$5k+	15	$9,715,000	$647,667
$2k-3k	5	$745,000	$149,000
$3k-4k	4	$1,510,000	$377,500
$4k-5k	4	$1,490,000	$372,500

Blue Foundry Bank's average total fees were $5,236, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	146	$78,210,000	$535,685
3-4%	109	$59,385,000	$544,817
5-6%	39	$14,075,000	$360,897
2.5-3%	1	$365,000	$365,000

During 2018, Blue Foundry Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 146 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	102	$30,160,000	$295,686	$4,159	4.42%
$400k-600k	65	$31,265,000	$481,000	$5,704	4.29%
$600k-1MM	44	$33,160,000	$753,636	$7,193	4.17%
$100k-200k	38	$5,920,000	$155,789	$3,014	4.32%
$1MM+	26	$50,600,000	$1,946,154	$10,648	4.11%
$100,000 or less	20	$930,000	$46,500	$313	4.11%

2018 saw Blue Foundry Bank place emphasis on $200k-400k loans with 102 originations, totaling $30,160,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	41	$19,005,000	$463,537	$5,222	3.86%
$250k+	38	$22,760,000	$598,947	$6,163	3.84%
$100k-150k	33	$8,685,000	$263,182	$3,542	4.00%
$50k-75k	19	$2,895,000	$152,368	$2,300	4.08%
$75k-100k	13	$2,595,000	$199,615	$3,156	3.97%
$50k or less	3	$295,000	$98,333	$3,583	3.71%

Blue Foundry Bank lent most frequently to those with incomes in the $150k-250k range, with 41 originations. The second most popular income band? $250k+, with 38 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	45	$16,845,000	$374,333	$4,600	3.88%
20-30%	40	$14,410,000	$360,250	$3,976	4.12%
<20%	23	$8,995,000	$391,087	$5,175	3.97%
39%	13	$5,985,000	$460,385	$4,259	4.23%
37%	8	$3,690,000	$461,250	$6,917	3.94%
36%	6	$1,660,000	$276,667	$6,101	3.90%
43%	6	$1,400,000	$233,333	$2,298	4.33%
41%	5	$1,795,000	$359,000	$3,486	4.10%
38%	5	$1,765,000	$353,000	$2,863	4.53%
40%	5	$2,355,000	$471,000	$5,005	4.15%
44%	4	$1,850,000	$462,500	$2,506	3.53%
45%	1	$185,000	$185,000	$3,256	4.13%
46%	1	$605,000	$605,000	$5,419	3.88%
47%	1	$855,000	$855,000	$6,530	3.13%
48%	1	$215,000	$215,000	$2,988	3.88%
>60%	1	$205,000	$205,000	$0	4.63%

Blue Foundry Bank lent most frequently to those with DTI ratios of 30-36%, with 45 originations. The next most common DTI ratio? 20-30%, with 40 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	127	$88,255,000	$694,921	$0	4.68%
White	137	$48,115,000	$351,204	$4,048	4.03%
Asian	18	$9,130,000	$507,222	$7,119	3.82%
Not provided	11	$5,465,000	$496,818	$5,826	4.01%
Asian Indian	1	$695,000	$695,000	$3,691	3.50%
Black	1	$375,000	$375,000	$4,657	3.88%

Approval Rates

Total approvals of all applications
83.07%

Blue Foundry Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
83.39%

Blue Foundry Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	295	$152,035,000	$515,373

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	56	$62,840,000	$1,122,143
Single Family (1-4 Units):Site-Built	239	$89,195,000	$373,201

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	22	$6,680,000	$303,636	$2,749	3.96%
40-60%	39	$22,845,000	$585,769	$3,839	4.22%
60-80%	184	$111,050,000	$603,533	$6,164	4.41%
80-100%	29	$10,315,000	$355,690	$5,010	4.03%
Under 20%	21	$1,145,000	$54,524	$313	4.19%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Boiling Springs Savings Bank	102 Kingsland Road Clifton, NJ 7014	Full Service B&M	$69,488
Boiling Springs Savings Bank	122 Watchung Avenue Upper Montclair, NJ 7043	Full Service B&M	$26,878
Boiling Springs Savings Bank	209 Ridgedale Ave Florham Park, NJ 7932	Full Service B&M	$54,349
Boiling Springs Savings Bank	217 Rock Road Glen Rock, NJ 7452	Full Service B&M	$60,443
Boiling Springs Savings Bank	222 Ridgewood Avenue Glen Ridge, NJ 7028	Full Service B&M	$40,913
Boiling Springs Savings Bank	25 Orient Way Rutherford, NJ 7070	Full Service B&M	$210,906
Boiling Springs Savings Bank	250 West Passaic Street Rochelle Park, NJ 7662	Full Service B&M	$109,550
Boiling Springs Savings Bank	280 Union Ave Rutherford, NJ 7070	Full Service B&M	$91,815
Boiling Springs Savings Bank	319 Franklin Ave Wyckoff, NJ 7481	Full Service B&M	$96,135
Boiling Springs Savings Bank	4 East Ramapo Avenue Mahwah, NJ 7430	Full Service B&M	$87,608
Boiling Springs Savings Bank	440 Hillsdale Avenue Hillsdale, NJ 7642	Full Service B&M	$61,570
Boiling Springs Savings Bank	448 Main Road Towaco, NJ 7082	Full Service B&M	$25,944
Boiling Springs Savings Bank	531 North Maple Avenue Ridgewood, NJ 7450	Full Service B&M	$53,598
Boiling Springs Savings Bank	55 North Broad Street Ridgewood, NJ 7450	Full Service B&M	$97,484
Boiling Springs Savings Bank	60 Beaverbrook Road Lincoln Park, NJ 7035	Full Service B&M	$57,921
Boiling Springs Savings Bank	66 North Beverwyck Road Lake Hiawatha, NJ 7034	Full Service B&M	$25,515
Boiling Springs Savings Bank	753 Ridge Road Lyndhurst, NJ 7071	Full Service B&M	$145,952

For 2018, Blue Foundry Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$64,079
Net interest income	$47,875
Total noninterest income	$1,488
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$518
Trading account gains and fees	$0
Additional Noninterest Income	$970
Pre-tax net operating income	$11,317
Securities gains (or losses, -)	$-97
Income before extraordinary items	$8,232
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,232
Minority interest net income	$0
Net income	$8,232
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,308

Blue Foundry Bank's gross interest income from loans was $64,079,000.
Blue Foundry Bank's net interest income from loans was $47,875,000.
Blue Foundry Bank's fee based income from loans was $518,000.
Blue Foundry Bank's net income from loans was $8,232,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$16,204
Provision for credit losses	$-689
Total noninterest expense	$38,735
Salaries and employee benefits	$24,639
Premises and equipment expense	$5,442
Additional noninterest expense	$8,654
Applicable income taxes	$2,988
Net charge-offs	$136
Cash dividends	$0

Blue Foundry Bank's interest expense for loans was $16,204,000.
Blue Foundry Bank's payroll and benefits expense were $24,639,000.
Blue Foundry Bank's property, plant and equipment expenses $5,442,000.

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	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	1.0%
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	$1,266,353
Deposits held in domestic offices	$1,266,353
Deposits by Individuals, partnerships, and corporations	$1,235,883
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$29,465
Deposits by Commercial banks and other depository institutions in U.S.	$1,004
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$65,558
Demand deposits	$18,771
Nontransaction accounts	$1,200,795
Money market deposit accounts (MMDAs)	$131,490
Other savings deposits (excluding MMDAs)	$351,456
Total time deposits	$717,849
Total time and savings deposits	$1,247,582
Noninterest-bearing deposits	$18,771
Interest-bearing deposits	$1,247,582
Retail deposits	$1,190,843
IRAs and Keogh plan accounts	$124,801
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,693,206
Cash & Balances due from depository institutions	$34,546
Interest-bearing balances	$28,589
Total securities	$127,914
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,464,154
Loan and leases loss allowance	$13,225
Trading account assets	$0
Bank premises and fixed assets	$31,985
Other real estate owned	$1,239
Goodwill and other intangibles	$2,360
All other assets	$31,008

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,693,206
Total Liabilities	$1,475,009
Total deposits	$1,266,353
Interest-bearing deposits	$1,247,582
Deposits held in domestic offices	$1,266,353
% insured (estimated)	$90
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$196,500
Subordinated debt	$0
All other liabilities	$12,156

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,464,154
Loan and leases loss allowance	$13,225
Total loans and leases (domestic)	$1,477,379
All real estate loans	$1,477,242
Real estate loans in domestic offices	$1,477,242
Construction and development loans	$43,038
Residential 1-4 family construction	$8,307
Other construction, all land development and other land	$34,731
Loans secured by nonfarm nonresidential properties	$136,389
Nonfarm nonresidential secured by owner-occupied properties	$78,315
Commercial real estate & other non-farm, non-residential	$58,074
Multifamily residential real estate	$440,049
1-4 family residential loans	$857,766
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$0
To non-U.S. addressees	$0
Loans to individuals	$28
Credit card loans	$0
Related Plans	$28
Consumer Auto Loans	$0
Other loans to individuals	$0
All other loans & leases	$109
Loans to foreign governments and official institutions	$0
Other loans	$109
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	$1,081
Non 1-4 family restructured loans & leases	$58
Total loans and leases (foreign)	$0

Blue Foundry Bank had $1,464,154,000 of loans outstanding in 2018. $1,477,242,000 of loans were in real estate loans. $43,038,000 of loans were in development loans. $440,049,000 of loans were in multifamily mortgage loans. $857,766,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 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	196	$54,853	$279,862
Nonfarm, nonresidential loans - <$100k	4	$128	$32,000
Nonfarm, nonresidential loans - $100-250k	45	$6,313	$140,289
Nonfarm, nonresidential loans - $250k-1MM	147	$48,412	$329,333