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, Allentown, and Philadelphia among others. We have data for 4 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

    101

    Origination Dollar Volume (All Markets)

    $24,145,000

    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) 95 $22,695,000 $238,895 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $580,000 $290,000 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $480,000 $240,000 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
    Somerset Savings Bank Sla's top markets include New York, Trenton, Allentown, and Philadelphia 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 101 $24,145,000 $239,059 $0 0.00%

    For 2019, Somerset Savings Bank Sla's most frequently originated type of loan was Conventional, with 101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $9,690,000 $269,167 $0 0.00%
    Refi 32 $8,190,000 $255,938 $0 0.00%
    Cash Out Refi 20 $4,090,000 $204,500 $0 0.00%
    Home Improvement 13 $2,175,000 $167,308 $0 0.00%

    For 2019, Somerset Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 101 $24,145,000 $239,059 $0 0.00%

    For 2019, Somerset Savings Bank Sla's most frequently cited loan duration was Other, with 101 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 51 $14,815,000 $290,490 $0 0.00%
    $100,000 or less 20 $1,070,000 $53,500 $0 0.00%
    $100k-200k 19 $3,015,000 $158,684 $0 0.00%
    $400k-600k 11 $5,245,000 $476,818 $0 0.00%

    2019 saw Somerset Savings Bank Sla place emphasis on $200k-400k loans with 51 originations, totaling $14,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 40 $11,530,000 $288,250 $0 0.00%
    $100k-150k 22 $5,180,000 $235,455 $0 0.00%
    $75k-100k 17 $2,395,000 $140,882 $0 0.00%
    $250k+ 13 $4,095,000 $315,000 $0 0.00%
    $50k-75k 7 $635,000 $90,714 $0 0.00%
    $50k or less 2 $310,000 $155,000 $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 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 101 $24,145,000 $239,059 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 72 $16,230,000 $225,417 $0 0.00%
    Not provided 20 $5,560,000 $278,000 $0 0.00%
    Asian 6 $1,360,000 $226,667 $0 0.00%
    Black 3 $995,000 $331,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.79%

    Somerset Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.33%

    Somerset Savings Bank Sla has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 101 $24,145,000 $239,059

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 101 $24,145,000 $239,059

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SYNERGY ONE LENDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 37.5%
    SYNERGY ONE LENDING, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 25.0%
    SYNERGY ONE LENDING, INC. FHA mortgage Closing on a mortgage 3 37.5%

    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 $67,616
    Somerset Savings Bank, SLA 141 Broad Street Flemington, NJ 8822 Full Service B&M $62,392
    Somerset Savings Bank, SLA 220 West Union Avenue Bound Brook, NJ 8805 Full Service B&M $123,337
    Somerset Savings Bank, SLA 41 South Main Street Manville, NJ 8835 Full Service B&M $61,920
    Somerset Savings Bank, SLA 410 Us 22 Whitehouse Station, NJ 8889 Full Service B&M $46,355
    Somerset Savings Bank, SLA 64 West End Avenue Somerville, NJ 8876 Full Service B&M $47,806
    Somerset Savings Bank, SLA 802 Somerset Street Raritan, NJ 8869 Full Service B&M $53,129

    For 2019, Somerset Savings Bank Sla had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,883
    Net interest income $13,711
    Total noninterest income $1,039
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $186
    Trading account gains and fees $0
    Additional Noninterest Income $853
    Pre-tax net operating income $4,163
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,090
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,090
    Minority interest net income $0
    Net income $3,090
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,090

    Somerset Savings Bank Sla's gross interest income from loans was $16,883,000.
    Somerset Savings Bank Sla's net interest income from loans was $13,711,000.
    Somerset Savings Bank Sla's fee based income from loans was $186,000.
    Somerset Savings Bank Sla's net income from loans was $3,090,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,172
    Provision for credit losses $0
    Total noninterest expense $10,587
    Salaries and employee benefits $6,178
    Premises and equipment expense $1,270
    Additional noninterest expense $3,139
    Applicable income taxes $1,073
    Net charge-offs $4
    Cash dividends $0

    Somerset Savings Bank Sla's interest expense for loans was $3,172,000.
    Somerset Savings Bank Sla's payroll and benefits expense were $6,178,000.
    Somerset Savings Bank Sla's property, plant and equipment expenses $1,270,000.

    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 $465,335
    Deposits held in domestic offices $465,335
    Deposits by Individuals, partnerships, and corporations $465,335
    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 $125,537
    Demand deposits $28,515
    Nontransaction accounts $339,798
    Money market deposit accounts (MMDAs) $17,706
    Other savings deposits (excluding MMDAs) $145,987
    Total time deposits $176,104
    Total time and savings deposits $436,820
    Noninterest-bearing deposits $34,050
    Interest-bearing deposits $431,285
    Retail deposits $453,834
    IRAs and Keogh plan accounts $45,795
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $587,852
    Cash & Balances due from depository institutions $80,195
    Interest-bearing balances $74,697
    Total securities $151,725
    Federal funds sold & reverse repurchase $0
    Net loans and leases $333,685
    Loan and leases loss allowance $916
    Trading account assets $0
    Bank premises and fixed assets $3,786
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $18,461

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $587,852
    Total Liabilities $469,040
    Total deposits $465,335
    Interest-bearing deposits $431,285
    Deposits held in domestic offices $465,335
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,705

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $333,685
    Loan and leases loss allowance $916
    Total loans and leases (domestic) $334,601
    All real estate loans $333,758
    Real estate loans in domestic offices $333,758
    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 $510
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $510
    Multifamily residential real estate $56
    1-4 family residential loans $333,192
    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 $17
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $17
    All other loans & leases $826
    Loans to foreign governments and official institutions $0
    Other loans $826
    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 $333,685,000 of loans outstanding in 2019. $333,758,000 of loans were in real estate loans. $0 of loans were in development loans. $56,000 of loans were in multifamily mortgage loans. $333,192,000 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 4 $510 $127,500
    Nonfarm, nonresidential loans - $100-250k 3 $341 $113,667
    Nonfarm, nonresidential loans - $250k-1MM 1 $169 $169,000