Unity Bank Mortgage Rates, Fees & Info

Clinton, NJ

LEI: 549300FNQXUCMCVLKL76

Tax ID: 22-3110915

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Unity Bank is a smaller bank specializing in Home Purchase and Refi loans. Unity Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New York, Allentown, Philadelphia, Trenton, and Miami among others. Unity Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Unity Bank is typically an average fee lendor.


Originations

932

Origination Dollar Volume (All Markets)

$386,200,000

Employee count

211

Awards

Unity Bank 30 Year Conventional Loans gold Unity Bank 30 Year Conventional Loans silver Unity Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Unity Bank's average 30 year fixed rate mortgage of loans were 3.26%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.11%.

Relative Fees

Unity Bank's average total fees for a 30 year fixed rate mortgage are $4,215.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 765 $339,975,000 $444,412 $4,191 3.17%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 79 $15,615,000 $197,658 $3,422 3.09%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 30 $10,320,000 $344,000 $4,445 3.22%
Outside of Metro Areas 10 $4,780,000 $478,000 $4,618 3.95%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 11 $3,455,000 $314,091 $3,437 3.07%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,345,000 $781,667 $6,713 4.33%
EAST STROUDSBURG, PA (FHA|USDA|VA) 3 $895,000 $298,333 $6,141 3.04%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $855,000 $285,000 $2,744 2.71%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 4 $830,000 $207,500 $4,852 4.19%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $795,000 $795,000 $6,044 5.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $765,000 $765,000 $6,358 5.00%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $725,000 $241,667 $3,086 2.92%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $695,000 $231,667 $2,609 2.67%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $665,000 $221,667 $0 4.58%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $425,000 $425,000 $5,098 4.25%
KINGSTON, NY (FHA|USDA|VA) 1 $415,000 $415,000 $0 4.50%
UTICA-ROME, NY (FHA|USDA|VA) 1 $395,000 $395,000 $4,122 3.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $315,000 $315,000 $0 4.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,048 3.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,372 2.75%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.13%
Bennington, VT (FHA|USDA|VA) 1 $215,000 $215,000 $3,725 2.63%
READING, PA (FHA|USDA|VA) 1 $215,000 $215,000 $3,368 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,423 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,421 3.00%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $175,000 $175,000 $4,136 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,487 2.88%

Unity Bank's top markets include New York, Allentown, Philadelphia, Trenton, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 926 $384,300,000 $415,011 $4,090 3.19%
FHA 6 $1,900,000 $316,667 $9,835 3.13%

For the 2021 period, Unity Bank's most frequently originated loan type of loans were Conventional, with 926 originations. Their 2nd most popular type is FHA, with 6 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 422 $202,020,000 $478,720 $4,952 3.51%
Refi 344 $123,190,000 $358,110 $3,332 2.66%
Cash Out Refi 162 $60,520,000 $373,580 $3,929 3.41%
Other 4 $470,000 $117,500 $283 4.81%

For the 2021, Unity Bank's most frequently cited loan purpose of loans were Home Purchase, with 422 originations. The 2nd most popular reason of loans were Refi, with 344 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 684 $290,510,000 $424,722 $4,215 3.26%
15 Year 162 $49,640,000 $306,420 $3,226 2.65%
20 Year 36 $13,400,000 $372,222 $3,344 3.28%
Other 30 $20,850,000 $695,000 $6,782 4.37%
10 Year 16 $4,210,000 $263,125 $2,624 2.61%
1 Year 3 $4,345,000 $1,448,333 $19,274 5.04%
30+ year 1 $3,245,000 $3,245,000 $58,089 5.25%

For the 2021, Unity Bank's most frequently cited loan length of loans were 30 Year, with 684 originations. The 2nd most popular length of loans were 15 Year, with 162 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 758 $304,000,000 $401,055
$5k+ 23 $23,165,000 $1,007,174
$1k-2k 14 $5,010,000 $357,857
$2k-3k 11 $5,225,000 $475,000
$3k-4k 6 $3,230,000 $538,333

$4,215 of loans were Unity Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 758 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 317 $121,815,000 $384,274
<2.5% 266 $86,490,000 $325,150
3-4% 162 $70,500,000 $435,185
4-5% 130 $68,570,000 $527,462
5-6% 57 $38,825,000 $681,140

During 2021, Unity Bank's average interest rate of loans were 3.26%, while their most frequently originated rate bucket of loans were 2.5-3%, with 317 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 404 $121,350,000 $300,371 $3,410 3.04%
$400k-600k 262 $126,530,000 $482,939 $4,552 3.09%
$100k-200k 131 $20,625,000 $157,443 $2,973 3.04%
$600k-1MM 94 $69,580,000 $740,213 $5,895 3.77%
$1MM+ 27 $46,885,000 $1,736,481 $11,803 4.55%
$100,000 or less 14 $1,230,000 $87,857 $2,161 4.12%

2021 saw Unity Bank place emphasis on $200k-400k loans with 404 originations, totaling $121,350,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 244 $106,410,000 $436,107 $4,073 3.01%
$100k-150k 227 $80,735,000 $355,661 $3,693 2.94%
$250k+ 151 $96,415,000 $638,510 $4,996 3.35%
$75k-100k 131 $41,885,000 $319,733 $3,797 3.09%
$50k-75k 92 $23,340,000 $253,696 $3,496 3.17%
$50k or less 74 $28,690,000 $387,703 $4,720 4.11%

Unity Bank lent most frequently to those with incomes in the $150k-250k range, with 244 originations. The second most popular income band? $100k-150k, with 227 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 194 $73,960,000 $381,237 $3,662 2.80%
30-36% 130 $50,320,000 $387,077 $3,766 2.82%
>60% 99 $52,005,000 $525,303 $5,845 4.64%
<20% 90 $37,970,000 $421,889 $3,692 2.94%
39% 39 $13,925,000 $357,051 $3,738 2.88%
41% 32 $12,750,000 $398,438 $4,228 3.09%
36% 31 $11,895,000 $383,710 $4,042 3.03%
50-60% 31 $12,975,000 $418,548 $5,495 4.27%
43% 30 $10,920,000 $364,000 $3,630 2.89%
38% 27 $9,605,000 $355,741 $3,741 2.72%
45% 27 $12,495,000 $462,778 $4,147 3.05%
37% 26 $11,670,000 $448,846 $3,990 2.99%
48% 26 $10,000,000 $384,615 $3,610 2.99%
49% 24 $8,800,000 $366,667 $4,077 3.17%
46% 22 $9,140,000 $415,455 $3,747 2.97%
42% 22 $9,390,000 $426,818 $4,837 3.23%
47% 20 $6,380,000 $319,000 $3,329 2.72%
44% 20 $9,500,000 $475,000 $4,821 3.16%
40% 16 $6,690,000 $418,125 $4,314 2.94%

Unity Bank lent most frequently to those with DTI ratios of 20-30%, with 194 originations. The next most common DTI ratio? 30-36%, with 130 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 663 $279,125,000 $421,003 $4,046 3.21%
Asian 169 $64,735,000 $383,047 $4,020 2.99%
Not provided 54 $21,550,000 $399,074 $4,309 3.48%
Black 34 $12,830,000 $377,353 $4,081 2.91%
Not applicable 5 $5,635,000 $1,127,000 $16,817 4.95%
Asian Indian 6 $2,050,000 $341,667 $3,960 3.15%
Filipino 1 $275,000 $275,000 $2,891 2.50%

Approval Rates

Total approvals of all applications
95.91%

Unity Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
93.50%

Unity Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 932 $386,200,000 $414,378

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
932 $386,200,000 $414,378

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 63 $17,145,000 $272,143 $3,139 3.00%
40-60% 203 $67,855,000 $334,261 $3,491 2.80%
60-80% 464 $209,870,000 $452,306 $4,384 3.39%
80-100% 194 $90,170,000 $464,794 $4,653 3.18%
Under 20% 8 $1,160,000 $145,000 $2,371 2.84%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Unity Bank 104 Raritan Avenue Highland Park, NJ 8901 Full Service B&M $76,604
Unity Bank 370 Route 22 Whitehouse Station, NJ 8889 Full Service B&M $101,064
Unity Bank 4 Emerson Plaza West Emerson, NJ 7630 Full Service B&M $47,801
Unity Bank 450 Somerset Street North Plainfield, NJ 7060 Full Service B&M $112,833
Unity Bank 475 Franklin Tpke. Ramsey, NJ 7446 Full Service B&M $23,597
Unity Bank 5 East Asbury Anderson Road Washington, NJ 7882 Full Service B&M $73,423
Unity Bank 628 North Wood Avenue Linden, NJ 7036 Full Service B&M $55,624
Unity Bank 64 Old Highway 22 Clinton, NJ 8809 Full Service B&M $445,043
Unity Bank 952 Stuyvesant Avenue Union Township, NJ 7083 Full Service B&M $42,327
Unity Bank 12 Mountain Avenue Somerville, NJ 8876 Full Service B&M $80,750
Unity Bank 120 Cedar Grove Lane Somerset, NJ 8873 Full Service B&M $70,900
Unity Bank 1225 Us - 22 W Phillipsburg, NJ 8865 Full Service B&M $39,402
Unity Bank 1230 Bound Brook Road Middlesex, NJ 8846 Full Service B&M $62,373
Unity Bank 157 Main Street Flemington, NJ 8822 Full Service B&M $91,082
Unity Bank 1700 Sullivan Trail Easton, PA 18040 Full Service B&M $52,173
Unity Bank 1746 Oak Tree Road Edison, NJ 8820 Full Service B&M $86,746
Unity Bank 2222 South Avenue Scotch Plains Township, NJ 7076 Full Service B&M $83,915
Unity Bank 2426 Plainfield Avenue South Plainfield, NJ 7080 Full Service B&M $41,873
Unity Bank 2850 Easton Ave Bethlehem, PA 18017 Full Service B&M $7,975

For 2021, Unity Bank had 19 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $86,988
Net interest income $79,503
Total noninterest income $9,130
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,329
Trading account gains and fees $0
Additional Noninterest Income $7,801
Pre-tax net operating income $46,259
Securities gains (or losses, -) $16
Income before extraordinary items $34,489
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $34,489
Minority interest net income $0
Net income $34,489
Sale, conversion, retirement of capital stock, net $1,617
Net operating income $34,476

Unity Bank's gross interest income from loans was $86,988,000.
Unity Bank's net interest income from loans was $79,503,000.
Unity Bank's fee based income from loans was $1,329,000.
Unity Bank's net income from loans was $34,489,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $7,485
Provision for credit losses $181
Total noninterest expense $42,193
Salaries and employee benefits $24,867
Premises and equipment expense $5,418
Additional noninterest expense $11,908
Applicable income taxes $11,786
Net charge-offs $984
Cash dividends $11,291

Unity Bank's interest expense for loans was $7,485,000.
Unity Bank's payroll and benefits expense were $24,867,000.
Unity Bank's property, plant and equipment expenses $5,418,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 1.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,760,270
Deposits held in domestic offices $1,760,270
Deposits by Individuals, partnerships, and corporations $1,507,288
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $247,728
Deposits by Commercial banks and other depository institutions in U.S. $5,254
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $773,661
Demand deposits $529,589
Nontransaction accounts $986,609
Money market deposit accounts (MMDAs) $89,998
Other savings deposits (excluding MMDAs) $605,190
Total time deposits $291,420
Total time and savings deposits $1,230,681
Noninterest-bearing deposits $529,589
Interest-bearing deposits $1,230,681
Retail deposits $1,606,135
IRAs and Keogh plan accounts $33,608
Brokered deposits $125,784
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,022,383
Cash & Balances due from depository institutions $239,653
Interest-bearing balances $213,638
Total securities $74,280
Federal funds sold & reverse repurchase $0
Net loans and leases $1,630,005
Loan and leases loss allowance $22,302
Trading account assets $0
Bank premises and fixed assets $21,405
Other real estate owned $0
Goodwill and other intangibles $2,529
All other assets $54,511

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,022,383
Total Liabilities $1,817,977
Total deposits $1,760,270
Interest-bearing deposits $1,230,681
Deposits held in domestic offices $1,760,270
% insured (estimated) $58
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $40,000
Subordinated debt $0
All other liabilities $17,707

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,630,005
Loan and leases loss allowance $22,302
Total loans and leases (domestic) $1,652,307
All real estate loans $1,514,191
Real estate loans in domestic offices $1,514,191
Construction and development loans $240,480
Residential 1-4 family construction $139,864
Other construction, all land development and other land $100,616
Loans secured by nonfarm nonresidential properties $776,885
Nonfarm nonresidential secured by owner-occupied properties $452,435
Commercial real estate & other non-farm, non-residential $324,450
Multifamily residential real estate $0
1-4 family residential loans $496,746
Farmland loans $80
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $125,379
To non-U.S. addressees $0
Loans to individuals $12,544
Credit card loans $0
Related Plans $214
Consumer Auto Loans $477
Other loans to individuals $11,853
All other loans & leases $193
Loans to foreign governments and official institutions $0
Other loans $193
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,046
Non 1-4 family restructured loans & leases $619
Total loans and leases (foreign) $0

Unity Bank had $1,630,005,000 of loans outstanding in 2021. $1,514,191,000 of loans were in real estate loans. $240,480,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $496,746,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $477,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 867 $241,517 $278,566
Nonfarm, nonresidential loans - <$100k 80 $2,775 $34,688
Nonfarm, nonresidential loans - $100-250k 194 $23,520 $121,237
Nonfarm, nonresidential loans - $250k-1MM 593 $215,222 $362,938
Commercial & Industrial, US addressed loans - <$1MM 622 $67,886 $109,141
Commercial & Industrial, US addressed loans - <$100k 298 $7,562 $25,376
Commercial & Industrial, US addressed loans - $100-250k 156 $16,404 $105,154
Commercial & Industrial, US addressed loans - $250k-1MM 168 $43,920 $261,429
Farmland loans - <$1MM 1 $80 $80,000
Farmland loans - <$100k 1 $80 $80,000
Agriculture operations loans - <$1MM 80 $0 $0
Agriculture operations loans - <$100k 80 $0 $0