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 Cash Out Refi loans. Rutgers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Raleigh, Philadelphia, and Trenton 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. Rutgers is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
24Origination Dollar Volume (All Markets)
$3,770,000Top 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) | 20 | $3,250,000 | $162,500 | $3,134 | 4.01% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,936 | 3.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 3.75% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $3,525,000 | $167,857 | $3,034 | 3.85% |
| HELOC | 3 | $245,000 | $81,667 | n/a | 5.25% |
For 2020, Rutgers's most frequently originated type of loan was Conventional, with 21 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2020, Rutgers's most frequently cited loan purpose was Other, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
For 2020, Rutgers's most frequently cited loan duration was 15 Year, with 12 originations. The 2nd most popular length was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $1,735,000 | $247,857 |
| $1k-2k | 2 | $430,000 | $215,000 |
Rutgers's average total fees were $3,659, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 11 | $1,955,000 | $177,727 |
| 2.5-3% | 6 | $1,470,000 | $245,000 |
| 5-6% | 4 | $270,000 | $67,500 |
| 4-5% | 2 | $50,000 | $25,000 |
| 7-8% | 1 | $25,000 | $25,000 |
During 2020, Rutgers's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 3-4%, with 11 originations.
Loan Sizing
2020 saw Rutgers place emphasis on $100,000 or less loans with 9 originations, totaling $415,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
Rutgers lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? <20%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.24%
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 origination50.00%
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 |
|---|---|---|---|
| 0.0 | 1 | $115,000 | $115,000 |
| NA | 23 | $3,655,000 | $158,913 |