Freedom Bank Mortgage Rates, Fees & Info

Maywood, NJ

LEI: 549300K9D373DH6LF245

Tax ID: 26-1916460

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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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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 (well, only) market is New York.

    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.

    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

    73

    Origination Dollar Volume (All Markets)

    $39,585,000

    Employee count

    52

    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) 73 $39,585,000 $542,260 $0 0.00%
    Freedom Bank's top markets include and New York among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $39,585,000 $542,260 $0 0.00%

    For 2018, Freedom Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $19,745,000 $506,282 $0 0.00%
    Refi 32 $18,630,000 $582,188 $0 0.00%
    Home Improvement 1 $505,000 $505,000 $0 0.00%
    Other 1 $705,000 $705,000 $0 0.00%

    For 2018, Freedom Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 73 $39,585,000 $542,260 $0 0.00%

    For 2018, Freedom Bank's most frequently cited loan duration was Other, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 31 $8,935,000 $288,226 $0 0.00%
    $400k-600k 16 $7,850,000 $490,625 $0 0.00%
    $100k-200k 9 $1,435,000 $159,444 $0 0.00%
    $1MM+ 8 $16,690,000 $2,086,250 $0 0.00%
    $600k-1MM 7 $4,535,000 $647,857 $0 0.00%
    $100,000 or less 2 $140,000 $70,000 $0 0.00%

    2018 saw Freedom Bank place emphasis on $200k-400k loans with 31 originations, totaling $8,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 6 $2,600,000 $433,333 $0 0.00%
    $50k or less 5 $1,065,000 $213,000 $0 0.00%
    $100k-150k 4 $1,120,000 $280,000 $0 0.00%
    $50k-75k 3 $585,000 $195,000 $0 0.00%
    $75k-100k 3 $1,515,000 $505,000 $0 0.00%
    $250k+ 1 $625,000 $625,000 $0 0.00%

    Freedom Bank lent most frequently to those with incomes in the $150k-250k range, with 6 originations. The second most popular income band? $50k or less, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 73 $39,585,000 $542,260 $0 0.00%

    Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 49 $31,465,000 $642,143 $0 0.00%
    White 19 $6,095,000 $320,789 $0 0.00%
    Asian Indian 1 $615,000 $615,000 $0 0.00%
    Not provided 2 $580,000 $290,000 $0 0.00%
    Black 1 $545,000 $545,000 $0 0.00%
    Asian 1 $285,000 $285,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.00%

    Freedom Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.86%

    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 73 $39,585,000 $542,260

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $15,760,000 $985,000
    Single Family (1-4 Units):Site-Built 57 $23,825,000 $417,982

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Freedom Mortgage Company VA mortgage Trouble during payment process 71 13.0%
    Freedom Mortgage Company Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 9 1.6%
    Freedom Mortgage Company Conventional home mortgage Closing on a mortgage 15 2.7%
    Freedom Mortgage Company Conventional home mortgage Credit monitoring or identity theft protection services 1 0.2%
    Freedom Mortgage Company Conventional home mortgage Incorrect information on your report 5 0.9%
    Freedom Mortgage Company Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.2%
    Freedom Mortgage Company Conventional home mortgage Struggling to pay mortgage 26 4.8%
    Freedom Mortgage Company Conventional home mortgage Trouble during payment process 175 32.0%
    Freedom Mortgage Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 8 1.5%
    Freedom Mortgage Company FHA mortgage Closing on a mortgage 3 0.5%
    Freedom Mortgage Company FHA mortgage Incorrect information on your report 4 0.7%
    Freedom Mortgage Company FHA mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.5%
    Freedom Mortgage Company FHA mortgage Struggling to pay mortgage 63 11.5%
    Freedom Mortgage Company FHA mortgage Trouble during payment process 78 14.3%
    Freedom Mortgage Company Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 4 0.7%
    Freedom Mortgage Company Other type of mortgage Struggling to pay mortgage 11 2.0%
    Freedom Mortgage Company Other type of mortgage Trouble during payment process 19 3.5%
    Freedom Mortgage Company VA mortgage Applying for a mortgage or refinancing an existing mortgage 10 1.8%
    Freedom Mortgage Company VA mortgage Closing on a mortgage 6 1.1%
    Freedom Mortgage Company VA mortgage Credit monitoring or identity theft protection services 1 0.2%
    Freedom Mortgage Company VA mortgage Incorrect information on your report 7 1.3%
    Freedom Mortgage Company VA mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.2%
    Freedom Mortgage Company VA mortgage Struggling to pay mortgage 26 4.8%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Freedom Bank 375 Route 17 South Ridgewood, NJ 7450 Full Service B&M $57,239
    Freedom Bank 6812 Park Avenue Guttenberg, NJ 7093 Full Service B&M $26,895
    Freedom Bank 99 West Essex Street Maywood, NJ 7607 Full Service B&M $245,468

    For 2018, Freedom Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,709
    Net interest income $14,795
    Total noninterest income $626
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $106
    Trading account gains and fees $0
    Additional Noninterest Income $520
    Pre-tax net operating income $5,599
    Securities gains (or losses, -) $0
    Income before extraordinary items $4,445
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,445
    Minority interest net income $0
    Net income $4,445
    Sale, conversion, retirement of capital stock, net $8,145
    Net operating income $4,445

    Freedom Bank's gross interest income from loans was $19,709,000.
    Freedom Bank's net interest income from loans was $14,795,000.
    Freedom Bank's fee based income from loans was $106,000.
    Freedom Bank's net income from loans was $4,445,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,914
    Provision for credit losses $606
    Total noninterest expense $9,216
    Salaries and employee benefits $4,878
    Premises and equipment expense $1,070
    Additional noninterest expense $3,268
    Applicable income taxes $1,154
    Net charge-offs $19
    Cash dividends $750

    Freedom Bank's interest expense for loans was $4,914,000.
    Freedom Bank's payroll and benefits expense were $4,878,000.
    Freedom Bank's property, plant and equipment expenses $1,070,000.

    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 0.0%
    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 0.0%
    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 $333,870
    Deposits held in domestic offices $333,870
    Deposits by Individuals, partnerships, and corporations $255,115
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,287
    Deposits by Commercial banks and other depository institutions in U.S. $55,468
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $56,048
    Demand deposits $37,940
    Nontransaction accounts $277,822
    Money market deposit accounts (MMDAs) $65,850
    Other savings deposits (excluding MMDAs) $1,899
    Total time deposits $210,073
    Total time and savings deposits $295,930
    Noninterest-bearing deposits $43,631
    Interest-bearing deposits $290,239
    Retail deposits $281,137
    IRAs and Keogh plan accounts $8,636
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $424,376
    Cash & Balances due from depository institutions $4,636
    Interest-bearing balances $762
    Total securities $1,772
    Federal funds sold & reverse repurchase $24,183
    Net loans and leases $379,005
    Loan and leases loss allowance $4,632
    Trading account assets $0
    Bank premises and fixed assets $1,744
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $13,036

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $424,375
    Total Liabilities $378,210
    Total deposits $333,870
    Interest-bearing deposits $290,239
    Deposits held in domestic offices $333,870
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $42,936
    Subordinated debt $0
    All other liabilities $1,404

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $379,005
    Loan and leases loss allowance $4,632
    Total loans and leases (domestic) $383,637
    All real estate loans $374,869
    Real estate loans in domestic offices $374,869
    Construction and development loans $26,194
    Residential 1-4 family construction $13,216
    Other construction, all land development and other land $12,978
    Loans secured by nonfarm nonresidential properties $213,258
    Nonfarm nonresidential secured by owner-occupied properties $67,238
    Commercial real estate & other non-farm, non-residential $146,020
    Multifamily residential real estate $37,098
    1-4 family residential loans $98,319
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $9,663
    To non-U.S. addressees $0
    Loans to individuals $45
    Credit card loans $0
    Related Plans $6
    Consumer Auto Loans $0
    Other loans to individuals $39
    All other loans & leases $108
    Loans to foreign governments and official institutions $0
    Other loans $108
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Freedom Bank had $379,005,000 of loans outstanding in 2018. $374,869,000 of loans were in real estate loans. $26,194,000 of loans were in development loans. $37,098,000 of loans were in multifamily mortgage loans. $98,319,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 290 $107,231 $369,762
    Nonfarm, nonresidential loans - <$100k 20 $1,049 $52,450
    Nonfarm, nonresidential loans - $100-250k 54 $8,611 $159,463
    Nonfarm, nonresidential loans - $250k-1MM 216 $97,571 $451,718
    Commercial & Industrial, US addressed loans - <$1MM 94 $9,254 $98,447
    Commercial & Industrial, US addressed loans - <$100k 42 $1,132 $26,952
    Commercial & Industrial, US addressed loans - $100-250k 23 $1,956 $85,043
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $6,166 $212,621