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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    130

    Origination Dollar Volume (All Markets)

    $114,920,000

    Employee count

    179

    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) 130 $114,920,000 $884,000 $3,856 4.52%
    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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 130 $114,920,000 $884,000 $3,856 4.52%

    For 2019, Blue Foundry Bank's most frequently originated type of loan was Conventional, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 83 $79,265,000 $955,000 $5,304 4.58%
    Refi 40 $33,760,000 $844,000 $3,283 4.40%
    Home Improvement 4 $1,490,000 $372,500 $0 4.56%
    Other 3 $405,000 $135,000 $1,068 4.37%

    For 2019, Blue Foundry Bank's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 101 $72,445,000 $717,277 $4,864 4.53%
    Other 12 $7,350,000 $612,500 $0 4.65%
    20 Year 6 $880,000 $146,667 $0 4.62%
    15 Year 5 $1,385,000 $277,000 $2,131 4.30%
    10 Year 4 $23,350,000 $5,837,500 $0 4.40%
    5 Year 2 $9,510,000 $4,755,000 $0 3.49%

    For 2019, Blue Foundry Bank's most frequently cited loan duration was 30 Year, with 101 originations. The 2nd most popular length was Other, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 39 $15,685,000 $402,179
    $5k+ 3 $1,625,000 $541,667
    $1k-2k 1 $85,000 $85,000
    $3k-4k 1 $595,000 $595,000

    Blue Foundry Bank's average total fees were $4,864, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 39 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 74 $50,470,000 $682,027
    3-4% 34 $57,230,000 $1,683,235
    5-6% 22 $7,220,000 $328,182

    During 2019, Blue Foundry Bank's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 4-5%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 57 $16,385,000 $287,456 $3,370 4.76%
    $400k-600k 24 $11,880,000 $495,000 $4,796 4.31%
    $600k-1MM 17 $12,645,000 $743,824 $6,564 4.33%
    $1MM+ 16 $72,260,000 $4,516,250 $5,296 4.04%
    $100,000 or less 8 $540,000 $67,500 $851 4.50%
    $100k-200k 8 $1,210,000 $151,250 $1,588 4.77%

    2019 saw Blue Foundry Bank place emphasis on $200k-400k loans with 57 originations, totaling $16,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 15 $5,155,000 $343,667 $2,973 4.29%
    $250k+ 14 $9,440,000 $674,286 $5,561 3.95%
    $100k-150k 8 $2,380,000 $297,500 $2,624 4.18%
    $50k-75k 4 $720,000 $180,000 $2,424 4.15%
    $75k-100k 4 $820,000 $205,000 $4,391 4.09%
    $50k or less 1 $85,000 $85,000 $4,889 4.25%

    Blue Foundry Bank lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $250k+, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $7,865,000 $374,524 $3,963 4.30%
    30-36% 10 $2,980,000 $298,000 $3,550 4.48%
    <20% 7 $2,765,000 $395,000 $4,343 4.32%
    36% 4 $1,940,000 $485,000 $5,994 4.14%
    39% 4 $2,690,000 $672,500 $4,606 3.99%
    38% 3 $1,005,000 $335,000 $2,640 4.33%
    44% 2 $690,000 $345,000 $3,408 3.50%
    37% 1 $275,000 $275,000 $0 4.50%
    40% 1 $545,000 $545,000 $3,219 4.25%
    41% 1 $235,000 $235,000 $3,624 4.13%
    43% 1 $65,000 $65,000 $0 4.85%

    Blue Foundry Bank lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 72 $92,010,000 $1,277,917 $0 4.70%
    White 43 $18,065,000 $420,116 $3,643 4.21%
    Not provided 10 $3,180,000 $318,000 $4,737 4.39%
    Black 2 $1,030,000 $515,000 $7,958 4.49%
    Asian 3 $635,000 $211,667 $0 5.06%

    Approval Rates

    Total approvals of all applications
    82.38%

    Blue Foundry Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.85%

    Blue Foundry Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 130 $114,920,000 $884,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 33 $81,235,000 $2,461,667
    Single Family (1-4 Units):Site-Built 97 $33,685,000 $347,268

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $2,690,000 $672,500 $6,472 4.20%
    40-60% 22 $8,110,000 $368,636 $3,485 4.27%
    60-80% 88 $99,740,000 $1,133,409 $4,725 4.64%
    80-100% 9 $3,845,000 $427,222 $5,395 4.03%
    Under 20% 7 $535,000 $76,429 $274 4.57%

    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 $72,968
    Boiling Springs Savings Bank 122 Watchung Avenue Upper Montclair, NJ 7043 Full Service B&M $26,658
    Boiling Springs Savings Bank 209 Ridgedale Ave Florham Park, NJ 7932 Full Service B&M $58,763
    Boiling Springs Savings Bank 217 Rock Road Glen Rock, NJ 7452 Full Service B&M $62,646
    Boiling Springs Savings Bank 222 Ridgewood Avenue Glen Ridge, NJ 7028 Full Service B&M $32,079
    Boiling Springs Savings Bank 25 Orient Way Rutherford, NJ 7070 Full Service B&M $200,772
    Boiling Springs Savings Bank 250 West Passaic Street Rochelle Park, NJ 7662 Full Service B&M $104,055
    Boiling Springs Savings Bank 280 Union Ave Rutherford, NJ 7070 Full Service B&M $96,218
    Boiling Springs Savings Bank 319 Franklin Ave Wyckoff, NJ 7481 Full Service B&M $91,000
    Boiling Springs Savings Bank 4 East Ramapo Avenue Mahwah, NJ 7430 Full Service B&M $63,950
    Boiling Springs Savings Bank 440 Hillsdale Avenue Hillsdale, NJ 7642 Full Service B&M $60,258
    Boiling Springs Savings Bank 448 Main Road Towaco, NJ 7082 Full Service B&M $27,831
    Boiling Springs Savings Bank 531 North Maple Avenue Ridgewood, NJ 7450 Full Service B&M $47,860
    Boiling Springs Savings Bank 55 North Broad Street Ridgewood, NJ 7450 Full Service B&M $90,690
    Boiling Springs Savings Bank 60 Beaverbrook Road Lincoln Park, NJ 7035 Full Service B&M $59,238
    Boiling Springs Savings Bank 66 North Beverwyck Road Lake Hiawatha, NJ 7034 Full Service B&M $27,596
    Boiling Springs Savings Bank 753 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $148,123

    For 2019, Blue Foundry Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $66,283
    Net interest income $44,378
    Total noninterest income $1,081
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $598
    Trading account gains and fees $0
    Additional Noninterest Income $483
    Pre-tax net operating income $7,117
    Securities gains (or losses, -) $226
    Income before extraordinary items $5,503
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,503
    Minority interest net income $0
    Net income $5,503
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,324

    Blue Foundry Bank's gross interest income from loans was $66,283,000.
    Blue Foundry Bank's net interest income from loans was $44,378,000.
    Blue Foundry Bank's fee based income from loans was $598,000.
    Blue Foundry Bank's net income from loans was $5,503,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $21,905
    Provision for credit losses $1,265
    Total noninterest expense $37,077
    Salaries and employee benefits $20,763
    Premises and equipment expense $5,277
    Additional noninterest expense $11,037
    Applicable income taxes $1,840
    Net charge-offs $-10
    Cash dividends $0

    Blue Foundry Bank's interest expense for loans was $21,905,000.
    Blue Foundry Bank's payroll and benefits expense were $20,763,000.
    Blue Foundry Bank's property, plant and equipment expenses $5,277,000.

    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 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 $1,307,946
    Deposits held in domestic offices $1,307,946
    Deposits by Individuals, partnerships, and corporations $1,286,538
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $17,162
    Deposits by Commercial banks and other depository institutions in U.S. $4,245
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $62,912
    Demand deposits $23,040
    Nontransaction accounts $1,245,034
    Money market deposit accounts (MMDAs) $101,072
    Other savings deposits (excluding MMDAs) $356,252
    Total time deposits $787,710
    Total time and savings deposits $1,284,906
    Noninterest-bearing deposits $23,040
    Interest-bearing deposits $1,284,906
    Retail deposits $1,202,924
    IRAs and Keogh plan accounts $125,433
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,838,778
    Cash & Balances due from depository institutions $124,209
    Interest-bearing balances $118,832
    Total securities $218,080
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,409,776
    Loan and leases loss allowance $14,500
    Trading account assets $0
    Bank premises and fixed assets $32,270
    Other real estate owned $1,239
    Goodwill and other intangibles $2,360
    All other assets $50,844

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,838,778
    Total Liabilities $1,614,779
    Total deposits $1,307,946
    Interest-bearing deposits $1,284,906
    Deposits held in domestic offices $1,307,946
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $296,900
    Subordinated debt $0
    All other liabilities $9,933

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,409,776
    Loan and leases loss allowance $14,500
    Total loans and leases (domestic) $1,424,276
    All real estate loans $1,424,152
    Real estate loans in domestic offices $1,424,152
    Construction and development loans $34,289
    Residential 1-4 family construction $5,541
    Other construction, all land development and other land $28,748
    Loans secured by nonfarm nonresidential properties $127,175
    Nonfarm nonresidential secured by owner-occupied properties $71,430
    Commercial real estate & other non-farm, non-residential $55,745
    Multifamily residential real estate $461,321
    1-4 family residential loans $801,367
    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 $21
    Credit card loans $0
    Related Plans $21
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $103
    Loans to foreign governments and official institutions $0
    Other loans $103
    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 $743
    Non 1-4 family restructured loans & leases $52
    Total loans and leases (foreign) $0

    Blue Foundry Bank had $1,409,776,000 of loans outstanding in 2019. $1,424,152,000 of loans were in real estate loans. $34,289,000 of loans were in development loans. $461,321,000 of loans were in multifamily mortgage loans. $801,367,000 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 185 $53,536 $289,384
    Nonfarm, nonresidential loans - <$100k 2 $23 $11,500
    Nonfarm, nonresidential loans - $100-250k 39 $5,627 $144,282
    Nonfarm, nonresidential loans - $250k-1MM 144 $47,886 $332,542