Freedom Bank Mortgage Rates, Fees & Info
Maywood, NJLEI: 549300K9D373DH6LF245
Tax ID: 26-1916460
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Mortgage Data
Bank 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 (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.
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Originations
66Origination Dollar Volume (All Markets)
$65,310,000Employee count
51Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 66 | $65,310,000 | $989,545 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 66 | $65,310,000 | $989,545 | $0 | 0.00% |
For 2020, Freedom Bank's most frequently originated type of loan was Conventional, with 66 originations.
Loan Reason
For 2020, Freedom Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 29 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 66 | $65,310,000 | $989,545 | $0 | 0.00% |
For 2020, Freedom Bank's most frequently cited loan duration was Other, with 66 originations.
Loan Sizing
2020 saw Freedom Bank place emphasis on $200k-400k loans with 24 originations, totaling $7,320,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 3 | $2,435,000 | $811,667 | $0 | 0.00% |
| $50k-75k | 3 | $1,185,000 | $395,000 | $0 | 0.00% |
| $150k-250k | 1 | $405,000 | $405,000 | $0 | 0.00% |
Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 3 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 66 | $65,310,000 | $989,545 | $0 | 0.00% |
Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 66 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.85%
Freedom Bank has a below average approval rate.
Pick Rate
Approvals leading to origination43.94%
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 | 66 | $65,310,000 | $989,545 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 25 | $44,295,000 | $1,771,800 |
| Single Family (1-4 Units):Site-Built | 41 | $21,015,000 | $512,561 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 99 | 12.4% |
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 50 | 6.3% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 33 | 4.1% |
| Freedom Mortgage Company | Conventional home mortgage | Credit monitoring or identity theft protection services | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Improper use of your report | 1 | 0.1% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 6 | 0.8% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 4 | 0.5% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 34 | 4.3% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 142 | 17.8% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 48 | 6.0% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 25 | 3.1% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 9 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 8 | 1.0% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 64 | 8.0% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 95 | 11.9% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 6 | 0.8% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 4 | 0.5% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 7 | 0.9% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 5 | 0.6% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 67 | 8.4% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 55 | 6.9% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 4 | 0.5% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 0.8% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 27 | 3.4% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Freedom Bank | 150 Route 17 North East Rutherford, NJ 7073 | Full Service B&M | $4,622 |
| Freedom Bank | 375 Route 17 South Ridgewood, NJ 7450 | Full Service B&M | $83,908 |
| Freedom Bank | 380 Route 17 South Mahwah, NJ 7430 | Full Service B&M | $50,523 |
| Freedom Bank | 6812 Park Avenue Guttenberg, NJ 7093 | Full Service B&M | $38,400 |
| Freedom Bank | 99 West Essex Street Maywood, NJ 7607 | Full Service B&M | $239,511 |
For 2020, Freedom Bank had 5 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $22,776 |
| Net interest income | $15,869 |
| Total noninterest income | $607 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $97 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $510 |
| Pre-tax net operating income | $5,306 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $3,868 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,868 |
| Minority interest net income | $0 |
| Net income | $3,868 |
| Sale, conversion, retirement of capital stock, net | $174 |
| Net operating income | $3,868 |
Freedom Bank's gross interest income from loans was $22,776,000.
Freedom Bank's net interest income from loans was $15,869,000.
Freedom Bank's fee based income from loans was $97,000.
Freedom Bank's net income from loans was $3,868,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,907 |
| Provision for credit losses | $300 |
| Total noninterest expense | $10,870 |
| Salaries and employee benefits | $5,795 |
| Premises and equipment expense | $1,566 |
| Additional noninterest expense | $3,509 |
| Applicable income taxes | $1,438 |
| Net charge-offs | $-16 |
| Cash dividends | $1,285 |
Freedom Bank's interest expense for loans was $6,907,000.
Freedom Bank's payroll and benefits expense were $5,795,000.
Freedom Bank's property, plant and equipment expenses $1,566,000.
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 | 2.0% |
| HELOC loans | 0.0% |
| All other family | 2.0% |
| 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 | $450,595 |
| Deposits held in domestic offices | $450,595 |
| Deposits by Individuals, partnerships, and corporations | $350,694 |
| Deposits by U.S. Government | $1,064 |
| Deposits by States and political subdivisions in the U.S. | $55,643 |
| Deposits by Commercial banks and other depository institutions in U.S. | $43,194 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $106,220 |
| Demand deposits | $59,216 |
| Nontransaction accounts | $344,375 |
| Money market deposit accounts (MMDAs) | $76,473 |
| Other savings deposits (excluding MMDAs) | $51,645 |
| Total time deposits | $216,256 |
| Total time and savings deposits | $391,379 |
| Noninterest-bearing deposits | $66,327 |
| Interest-bearing deposits | $384,268 |
| Retail deposits | $386,742 |
| IRAs and Keogh plan accounts | $12,512 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $540,479 |
| Cash & Balances due from depository institutions | $3,778 |
| Interest-bearing balances | $562 |
| Total securities | $8,592 |
| Federal funds sold & reverse repurchase | $33,400 |
| Net loans and leases | $476,557 |
| Loan and leases loss allowance | $5,237 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,290 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $15,862 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $540,479 |
| Total Liabilities | $488,660 |
| Total deposits | $450,595 |
| Interest-bearing deposits | $384,268 |
| Deposits held in domestic offices | $450,595 |
| % insured (estimated) | $71 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $35,789 |
| Subordinated debt | $0 |
| All other liabilities | $2,276 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $476,557 |
| Loan and leases loss allowance | $5,237 |
| Total loans and leases (domestic) | $481,794 |
| All real estate loans | $459,623 |
| Real estate loans in domestic offices | $459,623 |
| Construction and development loans | $34,469 |
| Residential 1-4 family construction | $6,031 |
| Other construction, all land development and other land | $28,438 |
| Loans secured by nonfarm nonresidential properties | $231,607 |
| Nonfarm nonresidential secured by owner-occupied properties | $73,088 |
| Commercial real estate & other non-farm, non-residential | $158,519 |
| Multifamily residential real estate | $67,073 |
| 1-4 family residential loans | $126,474 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $23,623 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $18 |
| Credit card loans | $0 |
| Related Plans | $5 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $13 |
| All other loans & leases | $47 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $47 |
| 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 $476,557,000 of loans outstanding in 2020. $459,623,000 of loans were in real estate loans. $34,469,000 of loans were in development loans. $67,073,000 of loans were in multifamily mortgage loans. $126,474,000 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 | 316 | $103,160 | $326,456 |
| Nonfarm, nonresidential loans - <$100k | 48 | $522 | $10,875 |
| Nonfarm, nonresidential loans - $100-250k | 53 | $7,726 | $145,774 |
| Nonfarm, nonresidential loans - $250k-1MM | 215 | $94,912 | $441,451 |
| Commercial & Industrial, US addressed loans - <$1MM | 380 | $21,754 | $57,247 |
| Commercial & Industrial, US addressed loans - <$100k | 298 | $6,230 | $20,906 |
| Commercial & Industrial, US addressed loans - $100-250k | 50 | $6,460 | $129,200 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 32 | $9,064 | $283,250 |