Somerset Savings Bank Sla Mortgage Rates, Fees & Info

Bound Brook, NJ

LEI: 549300B201Z415GE5E85

Tax ID: 22-0784760

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Allentown, and Ocean City 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 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

    86

    Origination Dollar Volume (All Markets)

    $26,820,000

    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) 79 $24,705,000 $312,722 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $890,000 $222,500 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $700,000 $350,000 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $525,000 $525,000 $0 0.00%
    Somerset Savings Bank Sla's top markets include New York, 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 86 $26,820,000 $311,860 $0 0.00%

    For 2022, Somerset Savings Bank Sla's most frequently originated type of loan was Conventional, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $16,270,000 $369,773 $0 0.00%
    Cash Out Refi 29 $7,475,000 $257,759 $0 0.00%
    Refi 12 $2,920,000 $243,333 $0 0.00%
    Home Improvement 1 $155,000 $155,000 $0 0.00%

    For 2022, Somerset Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 86 $26,820,000 $311,860 $0 0.00%

    For 2022, Somerset Savings Bank Sla's most frequently cited loan duration was Other, with 86 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 40 $11,630,000 $290,750 $0 0.00%
    $400k-600k 20 $9,420,000 $471,000 $0 0.00%
    $100k-200k 12 $1,860,000 $155,000 $0 0.00%
    $100,000 or less 9 $485,000 $53,889 $0 0.00%
    $600k-1MM 5 $3,425,000 $685,000 $0 0.00%

    2022 saw Somerset Savings Bank Sla place emphasis on $200k-400k loans with 40 originations, totaling $11,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 32 $11,590,000 $362,188 $0 0.00%
    $100k-150k 18 $5,280,000 $293,333 $0 0.00%
    $75k-100k 13 $2,505,000 $192,692 $0 0.00%
    $250k+ 11 $5,375,000 $488,636 $0 0.00%
    $50k-75k 11 $2,045,000 $185,909 $0 0.00%
    $50k or less 1 $25,000 $25,000 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 32 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 86 $26,820,000 $311,860 $0 0.00%

    Somerset Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 62 $17,230,000 $277,903 $0 0.00%
    Asian 10 $5,320,000 $532,000 $0 0.00%
    Not provided 9 $2,775,000 $308,333 $0 0.00%
    Asian Indian 1 $515,000 $515,000 $0 0.00%
    Japanese 1 $425,000 $425,000 $0 0.00%
    Black 1 $275,000 $275,000 $0 0.00%
    Chinese 1 $205,000 $205,000 $0 0.00%
    American Indian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.16%

    Somerset Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    59.30%

    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 86 $26,820,000 $311,860

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    86 $26,820,000 $311,860