Magyar Bank Mortgage Rates, Fees & Info

New Brunswick, NJ

LEI: 549300D2IR01BV6NPA49

Tax ID: 22-1085787

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

Review & Overview

Magyar Bank is a smaller bank specializing in Home Purchase loans. Magyar Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Miami, Atlantic City, and Ocean City among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Magyar Bank 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

143

Origination Dollar Volume (All Markets)

$70,615,000

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)	131	$52,705,000	$402,328	$0	0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	5	$13,215,000	$2,643,000	$0	0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	2	$2,040,000	$1,020,000	$0	0.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	2	$1,290,000	$645,000	$0	0.00%
OCEAN CITY, NJ (FHA\|USDA\|VA)	1	$935,000	$935,000	$0	0.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	2	$430,000	$215,000	$0	0.00%

Magyar Bank's top markets include New York, Philadelphia, Miami, Atlantic City, and Ocean City among others.

Their top states include:

New Jersey (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Florida (FHA|USDA|VA)

New York (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	143	$70,615,000	$493,811	$0	0.00%

For 2022, Magyar Bank's most frequently originated type of loan was Conventional, with 143 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	62	$40,280,000	$649,677	$0	0.00%
Other	34	$7,640,000	$224,706	$0	0.00%
Refi	22	$10,970,000	$498,636	$0	0.00%
Cash Out Refi	19	$10,145,000	$533,947	$0	0.00%
Home Improvement	6	$1,580,000	$263,333	$0	0.00%

For 2022, Magyar Bank's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Other, with 34 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	143	$70,615,000	$493,811	$0	0.00%

For 2022, Magyar Bank's most frequently cited loan duration was Other, with 143 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	46	$13,300,000	$289,130	$0	0.00%
$400k-600k	34	$15,780,000	$464,118	$0	0.00%
$100k-200k	22	$3,070,000	$139,545	$0	0.00%
$100,000 or less	17	$915,000	$53,824	$0	0.00%
$600k-1MM	14	$10,760,000	$768,571	$0	0.00%
$1MM+	10	$26,790,000	$2,679,000	$0	0.00%

2022 saw Magyar Bank place emphasis on $200k-400k loans with 46 originations, totaling $13,300,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	26	$15,100,000	$580,769	$0	0.00%
$150k-250k	25	$8,365,000	$334,600	$0	0.00%
$100k-150k	18	$3,200,000	$177,778	$0	0.00%
$50k-75k	12	$2,140,000	$178,333	$0	0.00%
$75k-100k	11	$2,175,000	$197,727	$0	0.00%
$50k or less	9	$2,425,000	$269,444	$0	0.00%

Magyar Bank lent most frequently to those with incomes in the $250k+ range, with 26 originations. The second most popular income band? $150k-250k, with 25 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	143	$70,615,000	$493,811	$0	0.00%

Magyar Bank lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	38	$35,790,000	$941,842	$0	0.00%
White	71	$23,345,000	$328,803	$0	0.00%
Not provided	26	$9,640,000	$370,769	$0	0.00%
Asian	3	$835,000	$278,333	$0	0.00%
Other Asian	1	$445,000	$445,000	$0	0.00%
Asian Indian	2	$380,000	$190,000	$0	0.00%
Black	2	$180,000	$90,000	$0	0.00%

Approval Rates

Total approvals of all applications
94.05%

Magyar Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.22%

Magyar Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	143	$70,615,000	$493,811

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	143	$70,615,000	$493,811