Freedom Bank Mortgage Rates, Fees & InfoMaywood, NJ
Tax ID: 26-1916460
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFreedom 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, Atlantic City, and Miami 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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Origination Dollar Volume (All Markets)$120,635,000
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)||97||$119,285,000||$1,229,742||$0||0.00%|
|ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)||1||$745,000||$745,000||$0||0.00%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||1||$605,000||$605,000||$0||0.00%|
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Freedom Bank's most frequently originated type of loan was Conventional, with 99 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Freedom Bank's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 41 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2022, Freedom Bank's most frequently cited loan duration was Other, with 99 originations.
2022 saw Freedom Bank place emphasis on $1MM+ loans with 33 originations, totaling $90,035,000 in origination value.
|Applicant Income||Originations||Total Value||Average Loan||Average Fees||Average Rate|
Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
|DTI Ratio||Originations||Total Value||Average Loan||Average Fees||Average Rate|
Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 99 originations.
|Applicant Ethnicity||Originations||Total Value||Average Loan||Average Fees||Average Rate|
Approval RatesTotal approvals of all applications
Freedom Bank has an average approval rate.
Pick RateApprovals leading to origination
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|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|Freedom Mortgage Company||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||3||8.8%|
|Freedom Mortgage Company||Conventional home mortgage||Closing on a mortgage||2||5.9%|
|Freedom Mortgage Company||Conventional home mortgage||Struggling to pay mortgage||2||5.9%|
|Freedom Mortgage Company||Conventional home mortgage||Trouble during payment process||4||11.8%|
|Freedom Mortgage Company||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Closing on a mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Struggling to pay mortgage||2||5.9%|
|Freedom Mortgage Company||FHA mortgage||Trouble during payment process||8||23.5%|
|Freedom Mortgage Company||Other type of mortgage||Closing on a mortgage||1||2.9%|
|Freedom Mortgage Company||Other type of mortgage||Struggling to pay mortgage||1||2.9%|
|Freedom Mortgage Company||VA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||5.9%|
|Freedom Mortgage Company||VA mortgage||Incorrect information on your report||1||2.9%|
|Freedom Mortgage Company||VA mortgage||Trouble during payment process||4||11.8%|