Rutgers Mortgage Rates, Fees & Info

New Brunswick, NJ

LEI: 549300C1SBZVJTL6WB07

Tax ID: 22-1557663

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Rutgers is a smaller mortgage company specializing in Home Improvement, Home Purchase, and Refi loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Trenton, and Shelby among others. We have data for 4 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. They have a below average pick rate when compared to similar lenders.

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Originations

Origination Dollar Volume (All Markets)

$3,770,000

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)	28	$2,690,000	$96,071	$0	5.11%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	4	$770,000	$192,500	$0	5.25%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	1	$255,000	$255,000	$0	4.75%
Shelby, NC (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	0.00%

Rutgers's top markets include New York, Philadelphia, Trenton, and Shelby among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
HELOC	24	$2,280,000	$95,000	n/a	5.10%
Conventional	10	$1,490,000	$149,000	$0	0.00%

For 2018, Rutgers's most frequently originated type of loan was HELOC, with 24 originations. Their 2nd most popular type was Conventional, with 10 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	22	$1,910,000	$86,818	$0	5.17%
Home Purchase	6	$970,000	$161,667	$0	0.00%
Refi	5	$805,000	$161,000	$0	4.67%
Cash Out Refi	1	$85,000	$85,000	$0	0.00%

For 2018, Rutgers's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	22	$2,900,000	$131,818	$0	4.81%
15 Year	8	$720,000	$90,000	$0	5.63%
10 Year	2	$120,000	$60,000	$0	5.25%
30+ year	1	$15,000	$15,000	$0	5.75%
5 Year	1	$15,000	$15,000	$0	3.50%

For 2018, Rutgers's most frequently cited loan duration was Other, with 22 originations. The 2nd most popular length was 15 Year, with 8 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
5-6%	14	$1,400,000	$100,000
4-5%	9	$865,000	$96,111
3-4%	1	$15,000	$15,000

During 2018, Rutgers's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 14 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	21	$1,145,000	$54,524	$0	5.06%
$200k-400k	7	$1,775,000	$253,571	$0	5.25%
$100k-200k	6	$850,000	$141,667	$0	5.17%

2018 saw Rutgers place emphasis on $100,000 or less loans with 21 originations, totaling $1,145,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	18	$1,700,000	$94,444	$0	4.89%
$100k-150k	4	$550,000	$137,500	$0	5.50%
$75k-100k	4	$820,000	$205,000	$0	5.75%
$250k+	3	$205,000	$68,333	$0	5.50%
$50k-75k	3	$145,000	$48,333	$0	5.75%
$150k-250k	2	$350,000	$175,000	$0	5.25%

Rutgers lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $100k-150k, with 4 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	10	$1,490,000	$149,000	$0	0.00%

Rutgers lent most frequently to those with DTI ratios of Exempt%, with 10 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	26	$2,760,000	$106,154	$0	5.04%
Not provided	3	$575,000	$191,667	$0	0.00%
Black	3	$295,000	$98,333	$0	5.33%
Asian	2	$140,000	$70,000	$0	5.38%

Approval Rates

Total approvals of all applications
90.00%

Rutgers has an average approval rate.

Pick Rate

Approvals leading to origination
67.65%

Rutgers 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	10	$1,490,000	$149,000
NA	24	$2,280,000	$95,000

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	1	$55,000	$55,000
Single Family (1-4 Units):Site-Built	33	$3,715,000	$112,576