Rutgers Mortgage Rates, Fees & Info
New Brunswick, NJLEI: 549300C1SBZVJTL6WB07
Tax ID: 22-1557663
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Mortgage Data
Review & Overview
Rutgers is a smaller mortgage company specializing in Other loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, and Philadelphia among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Rutgers has an above average approval rate when compared to the average across all lenders.
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Originations
25Origination Dollar Volume (All Markets)
$2,675,000Top 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) | 21 | $2,425,000 | $115,476 | $398 | 7.68% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $402 | 8.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 7.63% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 25 | $2,675,000 | $107,000 | $399 | 7.75% |
For 2024, Rutgers's most frequently originated type of loan was Conventional, with 25 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 24 | $2,580,000 | $107,500 | $398 | 7.79% |
| Home Improvement | 1 | $95,000 | $95,000 | $402 | 6.75% |
For 2024, Rutgers's most frequently cited loan purpose was Other, with 24 originations. The 2nd most popular reason was Home Improvement, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 22 | $2,520,000 | $114,545 | $399 | 7.98% |
| 5 Year | 2 | $110,000 | $55,000 | $402 | 6.00% |
| 10 Year | 1 | $45,000 | $45,000 | $392 | 6.25% |
For 2024, Rutgers's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 5 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 6 | $490,000 | $81,667 |
Rutgers's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 12 | $1,210,000 | $100,833 |
| 6-7% | 6 | $580,000 | $96,667 |
| 7-8% | 5 | $775,000 | $155,000 |
| 5-6% | 2 | $110,000 | $55,000 |
During 2024, Rutgers's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 12 originations.
Loan Sizing
2024 saw Rutgers place emphasis on $100,000 or less loans with 15 originations, totaling $925,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Rutgers lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 24 | $2,600,000 | $108,333 | $399 | 7.72% |
| Black | 1 | $75,000 | $75,000 | $0 | 8.50% |
Approval Rates
Total approvals of all applications100.00%
Rutgers has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $2,675,000 | $107,000 |