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. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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Originations
19Origination Dollar Volume (All Markets)
$2,045,000Top 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) | 17 | $1,935,000 | $113,824 | $3,879 | 5.39% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 15 | $1,495,000 | $99,667 | $3,879 | 5.59% |
| HELOC | 4 | $550,000 | $137,500 | n/a | 5.31% |
For 2022, Rutgers's most frequently originated type of loan was Conventional, with 15 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 16 | $1,590,000 | $99,375 | $0 | 5.53% |
| Home Improvement | 2 | $160,000 | $80,000 | $0 | 6.13% |
| Refi | 1 | $295,000 | $295,000 | $3,879 | 4.38% |
For 2022, Rutgers's most frequently cited loan purpose was Other, with 16 originations. The 2nd most popular reason was Home Improvement, with 2 originations.
Loan Duration/Length
For 2022, Rutgers's most frequently cited loan duration was 15 Year, with 16 originations. The 2nd most popular length was 10 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $295,000 | $295,000 |
Rutgers's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 6 | $500,000 | $83,333 |
| 3-4% | 5 | $455,000 | $91,000 |
| 6-7% | 3 | $365,000 | $121,667 |
| 4-5% | 2 | $370,000 | $185,000 |
| 7-8% | 2 | $300,000 | $150,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2022, Rutgers's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
2022 saw Rutgers place emphasis on $100,000 or less loans with 12 originations, totaling $820,000 in origination value.
Applicant Income
Rutgers lent most frequently to those with incomes in the $150k-250k range, with 8 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Rutgers lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $1,340,000 | $111,667 | $3,879 | 5.28% |
| Asian | 3 | $445,000 | $148,333 | $0 | 5.25% |
| Black | 4 | $260,000 | $65,000 | $0 | 6.50% |
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 origination89.47%
Rutgers has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 19 | $2,045,000 | $107,632 |