Blue Foundry Bank Mortgage Rates, Fees & Info

Rutherford, NJ

LEI: 5493008TK613NXC2EN84

Tax ID: 22-0780922

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Mortgage Data

Bank 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 markets by origination volume include: New York, Philadelphia, New Haven, Hartford, and Allentown among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Blue Foundry Bank has an above 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

115

Origination Dollar Volume (All Markets)

$140,245,000

Employee count

181

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) 110 $123,690,000 $1,124,455 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $5,930,000 $2,965,000 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $5,305,000 $5,305,000 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $4,745,000 $4,745,000 $0 0.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $575,000 $575,000 $0 0.00%
Blue Foundry Bank's top markets include New York, Philadelphia, New Haven, Hartford, and Allentown among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 115 $140,245,000 $1,219,522 $0 0.00%

    For 2021, Blue Foundry Bank's most frequently originated type of loan was Conventional, with 115 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 53 $98,885,000 $1,865,755 $0 0.00%
    Refi 36 $35,060,000 $973,889 $0 0.00%
    Cash Out Refi 16 $5,490,000 $343,125 $0 0.00%
    Home Improvement 8 $620,000 $77,500 $0 0.00%
    Other 2 $190,000 $95,000 $0 0.00%

    For 2021, Blue Foundry Bank's most frequently cited loan purpose was Home Purchase, with 53 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 115 $140,245,000 $1,219,522 $0 0.00%

    For 2021, Blue Foundry Bank's most frequently cited loan duration was Other, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 29 $104,555,000 $3,605,345 $0 0.00%
    $200k-400k 26 $7,600,000 $292,308 $0 0.00%
    $600k-1MM 22 $16,280,000 $740,000 $0 0.00%
    $400k-600k 20 $9,940,000 $497,000 $0 0.00%
    $100,000 or less 9 $585,000 $65,000 $0 0.00%
    $100k-200k 9 $1,285,000 $142,778 $0 0.00%

    2021 saw Blue Foundry Bank place emphasis on $1MM+ loans with 29 originations, totaling $104,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $5,080,000 $317,500 $0 0.00%
    $150k-250k 15 $5,215,000 $347,667 $0 0.00%
    $75k-100k 10 $1,790,000 $179,000 $0 0.00%
    $250k+ 7 $3,885,000 $555,000 $0 0.00%
    $50k-75k 7 $1,215,000 $173,571 $0 0.00%
    $50k or less 1 $95,000 $95,000 $0 0.00%

    Blue Foundry Bank lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $150k-250k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 115 $140,245,000 $1,219,522 $0 0.00%

    Blue Foundry Bank lent most frequently to those with DTI ratios of Exempt%, with 115 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 58 $122,310,000 $2,108,793 $0 0.00%
    White 48 $14,920,000 $310,833 $0 0.00%
    Not provided 4 $1,400,000 $350,000 $0 0.00%
    Asian 4 $1,290,000 $322,500 $0 0.00%
    Black 1 $325,000 $325,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.18%

    Blue Foundry Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    74.78%

    Blue Foundry Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 115 $140,245,000 $1,219,522

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    115 $140,245,000 $1,219,522

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Blue Foundry Bank 102 Kingsland Road Clifton, NJ 7014 Full Service B&M $75,428
    Blue Foundry Bank 123 Montgomery St Jersey City, NJ 7302 Full Service B&M $402
    Blue Foundry Bank 19 Park Avenue Rutherford, NJ 7070 Full Service B&M $10,536
    Blue Foundry Bank 209 Ridgedale Ave Florham Park, NJ 7932 Full Service B&M $64,498
    Blue Foundry Bank 217 Rock Road Glen Rock, NJ 7452 Full Service B&M $59,289
    Blue Foundry Bank 222 Ridgewood Avenue Glen Ridge, NJ 7028 Full Service B&M $27,034
    Blue Foundry Bank 235 E Ridgewood Ave Ridgewood, NJ 7450 Full Service B&M $161
    Blue Foundry Bank 250 West Passaic Street Rochelle Park, NJ 7662 Full Service B&M $105,917
    Blue Foundry Bank 280 Union Ave Rutherford, NJ 7070 Full Service B&M $107,607
    Blue Foundry Bank 319 Franklin Ave Wyckoff, NJ 7481 Full Service B&M $93,165
    Blue Foundry Bank 4 East Ramapo Avenue Mahwah, NJ 7430 Full Service B&M $71,665
    Blue Foundry Bank 440 Hillsdale Avenue Hillsdale, NJ 7642 Full Service B&M $59,374
    Blue Foundry Bank 448 Main Road Towaco, NJ 7082 Full Service B&M $42,630
    Blue Foundry Bank 453 Main St Chatham, NJ 7928 Full Service B&M $1,079
    Blue Foundry Bank 60 Beaverbrook Road Lincoln Park, NJ 7035 Full Service B&M $59,051
    Blue Foundry Bank 66 North Beverwyck Road Lake Hiawatha, NJ 7034 Full Service B&M $29,916
    Blue Foundry Bank 7 Sylvan Way Rutherford, NJ 7054 Full Service B&M $1,065,397
    Blue Foundry Bank 753 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $147,599

    For 2021, Blue Foundry Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $57,134
    Net interest income $43,687
    Total noninterest income $1,503
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $844
    Trading account gains and fees $0
    Additional Noninterest Income $659
    Pre-tax net operating income $-17,370
    Securities gains (or losses, -) $-1
    Income before extraordinary items $-27,048
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $-27,048
    Minority interest net income $0
    Net income $-27,048
    Sale, conversion, retirement of capital stock, net $-21,905
    Net operating income $-27,047

    Blue Foundry Bank's gross interest income from loans was $57,134,000.
    Blue Foundry Bank's net interest income from loans was $43,687,000.
    Blue Foundry Bank's fee based income from loans was $844,000.
    Blue Foundry Bank's net income from loans was $-27,048,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $13,447
    Provision for credit losses $-2,518
    Total noninterest expense $65,078
    Salaries and employee benefits $24,587
    Premises and equipment expense $8,057
    Additional noninterest expense $32,434
    Applicable income taxes $9,677
    Net charge-offs $16
    Cash dividends $0

    Blue Foundry Bank's interest expense for loans was $13,447,000.
    Blue Foundry Bank's payroll and benefits expense were $24,587,000.
    Blue Foundry Bank's property, plant and equipment expenses $8,057,000.

    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 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    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 $1,371,857
    Deposits held in domestic offices $1,371,857
    Deposits by Individuals, partnerships, and corporations $1,297,001
    Deposits by U.S. Government $5
    Deposits by States and political subdivisions in the U.S. $8,947
    Deposits by Commercial banks and other depository institutions in U.S. $65,904
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $533,718
    Demand deposits $169,369
    Nontransaction accounts $838,139
    Money market deposit accounts (MMDAs) $13,085
    Other savings deposits (excluding MMDAs) $351,260
    Total time deposits $473,795
    Total time and savings deposits $1,202,488
    Noninterest-bearing deposits $169,369
    Interest-bearing deposits $1,202,488
    Retail deposits $1,325,049
    IRAs and Keogh plan accounts $101,874
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,914,512
    Cash & Balances due from depository institutions $194,075
    Interest-bearing balances $186,798
    Total securities $348,173
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,273,178
    Loan and leases loss allowance $14,425
    Trading account assets $0
    Bank premises and fixed assets $53,583
    Other real estate owned $0
    Goodwill and other intangibles $437
    All other assets $45,066

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,914,512
    Total Liabilities $1,621,098
    Total deposits $1,371,857
    Interest-bearing deposits $1,202,488
    Deposits held in domestic offices $1,371,857
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $207,337
    Subordinated debt $0
    All other liabilities $41,904

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,273,178
    Loan and leases loss allowance $14,425
    Total loans and leases (domestic) $1,287,603
    All real estate loans $1,266,696
    Real estate loans in domestic offices $1,266,696
    Construction and development loans $23,420
    Residential 1-4 family construction $120
    Other construction, all land development and other land $23,300
    Loans secured by nonfarm nonresidential properties $141,557
    Nonfarm nonresidential secured by owner-occupied properties $45,561
    Commercial real estate & other non-farm, non-residential $95,996
    Multifamily residential real estate $516,595
    1-4 family residential loans $585,124
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $20,966
    To non-U.S. addressees $0
    Loans to individuals $30
    Credit card loans $0
    Related Plans $30
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $58
    Loans to foreign governments and official institutions $0
    Other loans $58
    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 $688
    Non 1-4 family restructured loans & leases $37
    Total loans and leases (foreign) $0

    Blue Foundry Bank had $1,273,178,000 of loans outstanding in 2021. $1,266,696,000 of loans were in real estate loans. $23,420,000 of loans were in development loans. $516,595,000 of loans were in multifamily mortgage loans. $585,124,000 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 148 $38,905 $262,872
    Nonfarm, nonresidential loans - <$100k 1 $8 $8,000
    Nonfarm, nonresidential loans - $100-250k 31 $3,963 $127,839
    Nonfarm, nonresidential loans - $250k-1MM 116 $34,934 $301,155
    Commercial & Industrial, US addressed loans - <$1MM 150 $10,250 $68,333
    Commercial & Industrial, US addressed loans - <$100k 120 $2,950 $24,583
    Commercial & Industrial, US addressed loans - $100-250k 19 $2,896 $152,421
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $4,404 $400,364