Somerset Savings Bank Sla Mortgage Rates, Fees & Info

Bound Brook, NJ

LEI: 549300B201Z415GE5E85

Tax ID: 22-0784760

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Mortgage Data

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

    Somerset Savings Bank Sla is a smaller bank specializing in Home Purchase and Refi loans. Somerset Savings Bank Sla has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, Philadelphia, Allentown, and Ocean City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Somerset Savings Bank Sla 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.

    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

    128

    Origination Dollar Volume (All Markets)

    $33,210,000

    Employee count

    68

    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) 116 $30,370,000 $261,810 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 4 $840,000 $210,000 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $775,000 $258,333 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $720,000 $180,000 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    Somerset Savings Bank Sla's top markets include New York, Trenton, Philadelphia, Allentown, and Ocean City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $33,210,000 $259,453 $0 0.00%

    For 2018, Somerset Savings Bank Sla's most frequently originated type of loan was Conventional, with 128 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 60 $17,340,000 $289,000 $0 0.00%
    Refi 31 $8,775,000 $283,065 $0 0.00%
    Cash Out Refi 19 $3,775,000 $198,684 $0 0.00%
    Home Improvement 18 $3,320,000 $184,444 $0 0.00%

    For 2018, Somerset Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 128 $33,210,000 $259,453 $0 0.00%

    For 2018, Somerset Savings Bank Sla's most frequently cited loan duration was Other, with 128 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 52 $14,510,000 $279,038 $0 0.00%
    $100k-200k 34 $4,950,000 $145,588 $0 0.00%
    $400k-600k 24 $11,120,000 $463,333 $0 0.00%
    $100,000 or less 15 $815,000 $54,333 $0 0.00%
    $600k-1MM 3 $1,815,000 $605,000 $0 0.00%

    2018 saw Somerset Savings Bank Sla place emphasis on $200k-400k loans with 52 originations, totaling $14,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 40 $12,380,000 $309,500 $0 0.00%
    $100k-150k 37 $7,555,000 $204,189 $0 0.00%
    $75k-100k 21 $4,035,000 $192,143 $0 0.00%
    $250k+ 19 $7,965,000 $419,211 $0 0.00%
    $50k-75k 11 $1,275,000 $115,909 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 40 originations. The second most popular income band? $100k-150k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 128 $33,210,000 $259,453 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 128 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $24,240,000 $252,500 $0 0.00%
    Not provided 12 $3,990,000 $332,500 $0 0.00%
    Asian 16 $3,920,000 $245,000 $0 0.00%
    Black 2 $620,000 $310,000 $0 0.00%
    Other Asian 1 $265,000 $265,000 $0 0.00%
    Asian Indian 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.56%

    Somerset Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.78%

    Somerset Savings Bank Sla has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 128 $33,210,000 $259,453

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 128 $33,210,000 $259,453

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SYNERGY ONE LENDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    SYNERGY ONE LENDING, INC. Conventional home mortgage Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Somerset Savings Bank, SLA 1305 Bound Brook Road Middlesex, NJ 8846 Full Service B&M $64,622
    Somerset Savings Bank, SLA 141 Broad Street Flemington, NJ 8822 Full Service B&M $57,206
    Somerset Savings Bank, SLA 220 West Union Avenue Bound Brook, NJ 8805 Full Service B&M $123,830
    Somerset Savings Bank, SLA 41 South Main Street Manville, NJ 8835 Full Service B&M $62,068
    Somerset Savings Bank, SLA 410 Us 22 Whitehouse Station, NJ 8889 Full Service B&M $44,431
    Somerset Savings Bank, SLA 64 West End Avenue Somerville, NJ 8876 Full Service B&M $49,236
    Somerset Savings Bank, SLA 802 Somerset Street Raritan, NJ 8869 Full Service B&M $54,397

    For 2018, Somerset Savings Bank Sla had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $15,743
    Net interest income $13,939
    Total noninterest income $1,015
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $186
    Trading account gains and fees $0
    Additional Noninterest Income $829
    Pre-tax net operating income $4,458
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,333
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,333
    Minority interest net income $0
    Net income $3,333
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,333

    Somerset Savings Bank Sla's gross interest income from loans was $15,743,000.
    Somerset Savings Bank Sla's net interest income from loans was $13,939,000.
    Somerset Savings Bank Sla's fee based income from loans was $186,000.
    Somerset Savings Bank Sla's net income from loans was $3,333,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,804
    Provision for credit losses $150
    Total noninterest expense $10,346
    Salaries and employee benefits $6,024
    Premises and equipment expense $1,211
    Additional noninterest expense $3,111
    Applicable income taxes $1,125
    Net charge-offs $10
    Cash dividends $0

    Somerset Savings Bank Sla's interest expense for loans was $1,804,000.
    Somerset Savings Bank Sla's payroll and benefits expense were $6,024,000.
    Somerset Savings Bank Sla's property, plant and equipment expenses $1,211,000.

    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 6.0%
    Credit card loans 0.0%
    Other individual loans 6.0%
    Auto loans 0.0%
    Other consumer loans 6.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $447,552
    Deposits held in domestic offices $447,552
    Deposits by Individuals, partnerships, and corporations $447,553
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $119,506
    Demand deposits $118,659
    Nontransaction accounts $328,047
    Money market deposit accounts (MMDAs) $19,461
    Other savings deposits (excluding MMDAs) $148,373
    Total time deposits $160,213
    Total time and savings deposits $328,894
    Noninterest-bearing deposits $33,244
    Interest-bearing deposits $414,308
    Retail deposits $438,231
    IRAs and Keogh plan accounts $45,384
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $565,438
    Cash & Balances due from depository institutions $77,214
    Interest-bearing balances $71,817
    Total securities $131,968
    Federal funds sold & reverse repurchase $0
    Net loans and leases $334,239
    Loan and leases loss allowance $900
    Trading account assets $0
    Bank premises and fixed assets $3,250
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $18,767

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $565,438
    Total Liabilities $451,530
    Total deposits $447,552
    Interest-bearing deposits $414,308
    Deposits held in domestic offices $447,552
    % insured (estimated) $97
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,978

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $334,239
    Loan and leases loss allowance $900
    Total loans and leases (domestic) $335,139
    All real estate loans $334,292
    Real estate loans in domestic offices $334,292
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $343
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $343
    Multifamily residential real estate $68
    1-4 family residential loans $333,881
    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 $16
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $16
    All other loans & leases $831
    Loans to foreign governments and official institutions $0
    Other loans $831
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Somerset Savings Bank SLA had $334,239,000 of loans outstanding in 2018. $334,292,000 of loans were in real estate loans. $0 of loans were in development loans. $68,000 of loans were in multifamily mortgage loans. $333,881,000 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 3 $343 $114,333
    Nonfarm, nonresidential loans - $100-250k 2 $167 $83,500
    Nonfarm, nonresidential loans - $250k-1MM 1 $176 $176,000