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 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 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

    259

    Origination Dollar Volume (All Markets)

    $67,915,000

    Employee count

    64

    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) 243 $64,775,000 $266,564 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 7 $1,325,000 $189,286 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $865,000 $288,333 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $535,000 $178,333 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $415,000 $138,333 $0 0.00%
    Somerset Savings Bank Sla's top markets include New York, Philadelphia, Trenton, Allentown, and Atlantic 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 259 $67,915,000 $262,220 $0 0.00%

    For 2020, Somerset Savings Bank Sla's most frequently originated type of loan was Conventional, with 259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 151 $40,855,000 $270,563 $0 0.00%
    Cash Out Refi 59 $13,255,000 $224,661 $0 0.00%
    Home Improvement 26 $6,730,000 $258,846 $0 0.00%
    Home Purchase 23 $7,075,000 $307,609 $0 0.00%

    For 2020, Somerset Savings Bank Sla's most frequently cited loan purpose was Refi, with 151 originations. The 2nd most popular reason was Cash Out Refi, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 259 $67,915,000 $262,220 $0 0.00%

    For 2020, Somerset Savings Bank Sla's most frequently cited loan duration was Other, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 121 $33,925,000 $280,372 $0 0.00%
    $100k-200k 78 $11,320,000 $145,128 $0 0.00%
    $400k-600k 38 $18,180,000 $478,421 $0 0.00%
    $100,000 or less 17 $1,135,000 $66,765 $0 0.00%
    $600k-1MM 5 $3,355,000 $671,000 $0 0.00%

    2020 saw Somerset Savings Bank Sla place emphasis on $200k-400k loans with 121 originations, totaling $33,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 90 $24,390,000 $271,000 $0 0.00%
    $100k-150k 75 $17,575,000 $234,333 $0 0.00%
    $250k+ 48 $18,840,000 $392,500 $0 0.00%
    $75k-100k 28 $5,030,000 $179,643 $0 0.00%
    $50k-75k 15 $1,925,000 $128,333 $0 0.00%
    $50k or less 3 $155,000 $51,667 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 90 originations. The second most popular income band? $100k-150k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 259 $67,915,000 $262,220 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 259 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 188 $49,290,000 $262,181 $0 0.00%
    Asian 30 $6,890,000 $229,667 $0 0.00%
    Not provided 26 $6,800,000 $261,538 $0 0.00%
    Black 6 $1,960,000 $326,667 $0 0.00%
    Asian Indian 6 $1,630,000 $271,667 $0 0.00%
    Filipino 2 $860,000 $430,000 $0 0.00%
    Other Asian 1 $485,000 $485,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.58%

    Somerset Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.86%

    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 259 $67,915,000 $262,220

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 259 $67,915,000 $262,220

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    SYNERGY ONE LENDING, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 33.3%
    SYNERGY ONE LENDING, INC. Conventional home mortgage Closing on a mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. Conventional home mortgage Trouble during payment process 1 11.1%
    SYNERGY ONE LENDING, INC. FHA mortgage Closing on a mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    SYNERGY ONE LENDING, INC. VA mortgage Closing on a mortgage 1 11.1%

    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 $72,493
    Somerset Savings Bank, SLA 141 Broad Street Flemington, NJ 8822 Full Service B&M $65,892
    Somerset Savings Bank, SLA 220 West Union Avenue Bound Brook, NJ 8805 Full Service B&M $128,615
    Somerset Savings Bank, SLA 41 South Main Street Manville, NJ 8835 Full Service B&M $62,665
    Somerset Savings Bank, SLA 410 Us 22 Whitehouse Station, NJ 8889 Full Service B&M $48,204
    Somerset Savings Bank, SLA 64 West End Avenue Somerville, NJ 8876 Full Service B&M $50,971
    Somerset Savings Bank, SLA 802 Somerset Street Raritan, NJ 8869 Full Service B&M $56,352

    For 2020, Somerset Savings Bank Sla had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,266
    Net interest income $11,277
    Total noninterest income $1,055
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $56
    Trading account gains and fees $0
    Additional Noninterest Income $999
    Pre-tax net operating income $1,196
    Securities gains (or losses, -) $15
    Income before extraordinary items $1,109
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,109
    Minority interest net income $0
    Net income $1,109
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,095

    Somerset Savings Bank Sla's gross interest income from loans was $14,266,000.
    Somerset Savings Bank Sla's net interest income from loans was $11,277,000.
    Somerset Savings Bank Sla's fee based income from loans was $56,000.
    Somerset Savings Bank Sla's net income from loans was $1,109,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,989
    Provision for credit losses $200
    Total noninterest expense $10,936
    Salaries and employee benefits $6,440
    Premises and equipment expense $1,341
    Additional noninterest expense $3,155
    Applicable income taxes $102
    Net charge-offs $0
    Cash dividends $0

    Somerset Savings Bank Sla's interest expense for loans was $2,989,000.
    Somerset Savings Bank Sla's payroll and benefits expense were $6,440,000.
    Somerset Savings Bank Sla's property, plant and equipment expenses $1,341,000.

    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 $495,919
    Deposits held in domestic offices $495,919
    Deposits by Individuals, partnerships, and corporations $495,919
    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 $147,309
    Demand deposits $35,140
    Nontransaction accounts $348,610
    Money market deposit accounts (MMDAs) $20,763
    Other savings deposits (excluding MMDAs) $164,449
    Total time deposits $163,399
    Total time and savings deposits $460,779
    Noninterest-bearing deposits $39,591
    Interest-bearing deposits $456,328
    Retail deposits $485,533
    IRAs and Keogh plan accounts $44,129
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $621,164
    Cash & Balances due from depository institutions $76,958
    Interest-bearing balances $70,036
    Total securities $205,067
    Federal funds sold & reverse repurchase $0
    Net loans and leases $305,046
    Loan and leases loss allowance $1,116
    Trading account assets $0
    Bank premises and fixed assets $3,687
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $30,406

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $621,164
    Total Liabilities $499,959
    Total deposits $495,919
    Interest-bearing deposits $456,328
    Deposits held in domestic offices $495,919
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $4,040

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $305,046
    Loan and leases loss allowance $1,116
    Total loans and leases (domestic) $306,162
    All real estate loans $305,302
    Real estate loans in domestic offices $305,302
    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 $484
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $484
    Multifamily residential real estate $43
    1-4 family residential loans $304,775
    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 $42
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $42
    All other loans & leases $818
    Loans to foreign governments and official institutions $0
    Other loans $818
    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 $305,046,000 of loans outstanding in 2020. $305,302,000 of loans were in real estate loans. $0 of loans were in development loans. $43,000 of loans were in multifamily mortgage loans. $304,775,000 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 $484 $161,333
    Nonfarm, nonresidential loans - $100-250k 2 $321 $160,500
    Nonfarm, nonresidential loans - $250k-1MM 1 $163 $163,000