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, 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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Originations
99Origination Dollar Volume (All Markets)
$120,635,000Top 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) | 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% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 99 | $120,635,000 | $1,218,535 | $0 | 0.00% |
For 2022, Freedom Bank's most frequently originated type of loan was Conventional, with 99 originations.
Loan Reason
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 Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 99 | $120,635,000 | $1,218,535 | $0 | 0.00% |
For 2022, Freedom Bank's most frequently cited loan duration was Other, with 99 originations.
Loan Sizing
2022 saw Freedom Bank place emphasis on $1MM+ loans with 33 originations, totaling $90,035,000 in origination value.
Applicant Income
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 |
|---|---|---|---|---|---|
| Exempt% | 99 | $120,635,000 | $1,218,535 | $0 | 0.00% |
Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 99 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.05%
Freedom Bank has an average approval rate.
Pick Rate
Approvals leading to origination59.60%
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 | 99 | $120,635,000 | $1,218,535 |
Complaints
| 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% |