Empire State Bank Mortgage Rates, Fees & Info

Newburgh, NY

LEI: 549300G86QJ4YLR90O89

Tax ID: 20-0494115

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Empire State Bank is a smaller bank specializing in Home Purchase loans. Empire State Bank has a high proportion of conventional loans. Their top (well, only) market is New York.

    Empire State 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    78

    Origination Dollar Volume (All Markets)

    $52,000,000

    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) 78 $52,000,000 $666,667 $0 0.00%
    Empire State Bank's top markets include and New York among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 78 $52,000,000 $666,667 $0 0.00%

    For 2019, Empire State Bank's most frequently originated type of loan was Conventional, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 65 $43,715,000 $672,538 $0 0.00%
    Refi 12 $7,820,000 $651,667 $0 0.00%
    Home Improvement 1 $465,000 $465,000 $0 0.00%

    For 2019, Empire State Bank's most frequently cited loan purpose was Home Purchase, with 65 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 78 $52,000,000 $666,667 $0 0.00%

    For 2019, Empire State Bank's most frequently cited loan duration was Other, with 78 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 40 $30,770,000 $769,250 $0 0.00%
    $400k-600k 21 $10,065,000 $479,286 $0 0.00%
    $200k-400k 11 $3,855,000 $350,455 $0 0.00%
    $1MM+ 6 $7,310,000 $1,218,333 $0 0.00%

    2019 saw Empire State Bank place emphasis on $600k-1MM loans with 40 originations, totaling $30,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $9,040,000 $645,714 $0 0.00%
    $75k-100k 5 $3,395,000 $679,000 $0 0.00%
    $150k-250k 4 $2,230,000 $557,500 $0 0.00%
    $50k-75k 2 $770,000 $385,000 $0 0.00%
    $50k or less 1 $345,000 $345,000 $0 0.00%

    Empire State Bank lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 78 $52,000,000 $666,667 $0 0.00%

    Empire State Bank lent most frequently to those with DTI ratios of Exempt%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 51 $35,515,000 $696,373 $0 0.00%
    Asian 25 $15,425,000 $617,000 $0 0.00%
    White 2 $1,060,000 $530,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.00%

    Empire State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.62%

    Empire State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 78 $52,000,000 $666,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $4,925,000 $703,571
    Single Family (1-4 Units):Site-Built 71 $47,075,000 $663,028

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    EMBRACE HOME LOANS FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 50.0%
    EMBRACE HOME LOANS FHA mortgage Trouble during payment process 2 50.0%