Somerset Savings Bank Sla Mortgage Rates, Fees & Info
Bound Brook, NJLEI: 549300B201Z415GE5E85
Tax ID: 22-0784760
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Somerset Savings Bank Sla is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Somerset Savings Bank Sla has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, Allentown, and Atlantic City among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Somerset Savings Bank Sla 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
123Origination Dollar Volume (All Markets)
$105,535,000Top 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) | 109 | $91,565,000 | $840,046 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $10,180,000 | $2,545,000 | $0 | 0.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 5 | $1,535,000 | $307,000 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $1,125,000 | $375,000 | $0 | 0.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 123 | $105,535,000 | $858,008 | $0 | 0.00% |
For 2024, Somerset Savings Bank Sla's most frequently originated type of loan was Conventional, with 123 originations.
Loan Reason
For 2024, Somerset Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 123 | $105,535,000 | $858,008 | $0 | 0.00% |
For 2024, Somerset Savings Bank Sla's most frequently cited loan duration was Other, with 123 originations.
Loan Sizing
2024 saw Somerset Savings Bank Sla place emphasis on $400k-600k loans with 33 originations, totaling $16,445,000 in origination value.
Applicant Income
Somerset Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 47 originations. The second most popular income band? $250k+, with 33 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 123 | $105,535,000 | $858,008 | $0 | 0.00% |
Somerset Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 123 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.13%
Somerset Savings Bank Sla has an average approval rate.
Pick Rate
Approvals leading to origination73.17%
Somerset Savings Bank Sla has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 123 | $105,535,000 | $858,008 |