Nj Lenders Corp.

Little Falls, NJ 07424

LEI: 549300JZD4L02YZI3Z50

Tax ID: 22-3157857

2019 Data | 2018 Data


Overview

Nj Lenders Corp. is a small mortgage company specializing in Home Purchase and Refi loans. Nj Lenders Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include New York, Newark, New Brunswick, Nassau County, and Trenton among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Nj Lenders Corp. is typically a low fee lendor.


Originations

4,880

Origination Dollar Volume (All Markets)

$1,785,760,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,143 $1,513,535,000 $365,323
FHA 654 $239,580,000 $366,330
VA 80 $32,100,000 $401,250
USDA 3 $545,000 $181,667

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 3,011 $1,086,855,000 $360,961
Refi 1,292 $501,220,000 $387,941
Cash Out Refi 577 $197,685,000 $342,608

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 2,122 $836,600,000 $394,251
NEWARK, NJ-PA 1,064 $390,780,000 $367,274
NEW BRUNSWICK-LAKEWOOD, NJ 1,166 $386,500,000 $331,475
NASSAU COUNTY-SUFFOLK COUNTY, NY 258 $97,870,000 $379,341
TRENTON-PRINCETON, NJ 32 $9,710,000 $303,438
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 31 $8,165,000 $263,387
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 33 $7,975,000 $241,667
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 18 $6,390,000 $355,000
CAMDEN, NJ 23 $5,395,000 $234,565
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 14 $4,820,000 $344,286
BRIDGEPORT-STAMFORD-NORWALK, CT 9 $3,225,000 $358,333
Outside of Metro Areas 13 $2,855,000 $219,615
OCEAN CITY, NJ 9 $2,705,000 $300,556
ORLANDO-KISSIMMEE-SANFORD, FL 8 $2,090,000 $261,250
TAMPA-ST. PETERSBURG-CLEARWATER, FL 8 $1,910,000 $238,750
NORTH PORT-SARASOTA-BRADENTON, FL 4 $1,620,000 $405,000
NAPLES-MARCO ISLAND, FL 4 $1,390,000 $347,500
ATLANTIC CITY-HAMMONTON, NJ 5 $1,345,000 $269,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 5 $1,275,000 $255,000
MIAMI-MIAMI BEACH-KENDALL, FL 4 $1,020,000 $255,000
PHILADELPHIA, PA 4 $980,000 $245,000
EAST STROUDSBURG, PA 6 $940,000 $156,667
BARNSTABLE TOWN, MA 2 $760,000 $380,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 2 $750,000 $375,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 2 $670,000 $335,000
PITTSBURGH, PA 2 $600,000 $300,000
ALBANY-SCHENECTADY-TROY, NY 2 $590,000 $295,000
CAPE CORAL-FORT MYERS, FL 3 $575,000 $191,667
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $560,000 $280,000
NEW HAVEN-MILFORD, CT 2 $500,000 $250,000
JACKSONVILLE, FL 2 $490,000 $245,000
PITTSFIELD, MA 1 $455,000 $455,000
KINGSTON, NY 2 $420,000 $210,000
BUFFALO-CHEEKTOWAGA, NY 1 $405,000 $405,000
PENSACOLA-FERRY PASS-BRENT, FL 1 $365,000 $365,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $335,000 $335,000
ROCHESTER, NY 1 $295,000 $295,000
STATE COLLEGE, PA 1 $295,000 $295,000
SALISBURY, MD-DE 1 $275,000 $275,000
READING, PA 1 $275,000 $275,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $250,000 $125,000
LAKELAND-WINTER HAVEN, FL 1 $185,000 $185,000
RICHMOND, VA 1 $175,000 $175,000
YORK-HANOVER, PA 1 $175,000 $175,000
GLENS FALLS, NY 1 $165,000 $165,000
SYRACUSE, NY 1 $155,000 $155,000
SEBASTIAN-VERO BEACH, FL 1 $145,000 $145,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $135,000 $135,000
BOSTON, MA 1 $105,000 $105,000
SCRANTON--WILKES-BARRE, PA 1 $95,000 $95,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 179 $60,425,000 $337,570
3-4% 3,018 $1,150,790,000 $381,309
4-5% 1,499 $515,635,000 $343,986
5-6% 178 $56,960,000 $320,000
6-7% 1 $325,000 $325,000
7-8% 3 $1,005,000 $335,000
Over 8% 2 $620,000 $310,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 32 $2,690,000 $84,063
$100k-200k 542 $86,040,000 $158,745
$200k-400k 2,565 $789,655,000 $307,858
$400k-600k 1,411 $665,965,000 $471,981
$600k-1000k 309 $213,055,000 $689,498
$Over $1MM 21 $28,355,000 $1,350,238

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 125 $30,125,000 $241,000
40-60% 421 $134,125,000 $318,587
60-80% 1,851 $691,685,000 $373,682
80-100% 2,445 $917,965,000 $375,446
Over 100% 26 $10,040,000 $386,154
Under 20% 12 $1,820,000 $151,667

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,533 $548,685,000 $357,916
$150k-250k 1,294 $555,360,000 $429,181
$50k-75k 588 $139,050,000 $236,480
$50k-or less 160 $40,920,000 $255,750
$75k-100k 805 $250,125,000 $310,714
$Over $250k 500 $251,620,000 $503,240

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 3,880 $1,409,520,000 $363,278
Asian 560 $217,330,000 $388,089
Not provided 237 $86,875,000 $366,561
Black 183 $64,765,000 $353,907
Asian Indian 8 $3,420,000 $427,500
American Indian 9 $2,525,000 $280,556
Filipino 1 $575,000 $575,000
Guamanian 1 $455,000 $455,000
Chinese 1 $295,000 $295,000

Approval Rates

Total approvals of all applications
97.64%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
65.98%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 4,880 $1,785,760,000 $365,934

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 4,160 $1,533,410,000 $368,608
$1k-2k 299 $94,105,000 $314,732
$2k-3k 185 $64,275,000 $347,432
$3k-4k 135 $46,275,000 $342,778
$5k+ 101 $47,695,000 $472,228

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 4,880 $1,785,760,000 $365,934