Freedom Bank Mortgage Rates, Fees & Info
Maywood, NJLEI: 549300K9D373DH6LF245
Tax ID: 26-1916460
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Freedom Bank is a smaller bank specializing in Home Purchase and Refi loans. Freedom Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Naples, and Philadelphia among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Freedom Bank has an 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
48Origination Dollar Volume (All Markets)
$56,200,000Top 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) | 45 | $54,785,000 | $1,217,444 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,105,000 | $1,105,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 48 | $56,200,000 | $1,170,833 | $0 | 0.00% |
For 2023, Freedom Bank's most frequently originated type of loan was Conventional, with 48 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 37 | $42,795,000 | $1,156,622 | $0 | 0.00% |
| Refi | 11 | $13,405,000 | $1,218,636 | $0 | 0.00% |
For 2023, Freedom Bank's most frequently cited loan purpose was Home Purchase, with 37 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 48 | $56,200,000 | $1,170,833 | $0 | 0.00% |
For 2023, Freedom Bank's most frequently cited loan duration was Other, with 48 originations.
Loan Sizing
2023 saw Freedom Bank place emphasis on $1MM+ loans with 13 originations, totaling $39,275,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 5 | $5,125,000 | $1,025,000 | $0 | 0.00% |
| $100k-150k | 1 | $365,000 | $365,000 | $0 | 0.00% |
| $50k-75k | 1 | $475,000 | $475,000 | $0 | 0.00% |
Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 5 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 48 | $56,200,000 | $1,170,833 | $0 | 0.00% |
Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 48 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.80%
Freedom Bank has an average approval rate.
Pick Rate
Approvals leading to origination50.00%
Freedom Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 48 | $56,200,000 | $1,170,833 |