Liberty Bank Mortgage Rates, Fees & Info

Middletown, CT

LEI: 549300KWXO8FUM7L0E14

Tax ID: 06-0452570

5 stars - out of 5 stars, based on 54 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Liberty Bank is a small bank specializing in Refi and Home Purchase loans. Liberty Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Hartford, New Haven, Norwich, Philadelphia, and Harrisburg among others. Liberty Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Liberty Bank is typically an average fee lendor.


Originations

2,954

Origination Dollar Volume (All Markets)

$1,050,870,000

Employee count

670 Show all (8) awards

Relative Rate

Liberty Bank's average 30 year fixed rate mortgage of loans were 2.9%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.25%.

Relative Fees

Liberty Bank's average total fees for a 30 year fixed rate mortgage are $3,826.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1,812 $485,970,000 $268,195 $3,224 2.87%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 597 $199,655,000 $334,430 $3,583 3.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 309 $92,735,000 $300,113 $3,323 2.90%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $87,965,000 $17,593,000 $0 3.80%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $42,315,000 $42,315,000 $0 3.65%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $40,005,000 $40,005,000 $0 3.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 83 $26,575,000 $320,181 $3,776 2.83%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2 $25,360,000 $12,680,000 $0 4.24%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $18,005,000 $18,005,000 $0 4.00%
WORCESTER, MA-CT (FHA|USDA|VA) 69 $10,325,000 $149,638 $2,649 2.86%
Torrington, CT (FHA|USDA|VA) 40 $10,000,000 $250,000 $3,801 2.99%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 13 $3,715,000 $285,769 $6,056 2.79%
SPRINGFIELD, MA (FHA|USDA|VA) 12 $3,710,000 $309,167 $3,582 3.24%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $3,145,000 $629,000 $3,960 3.05%
PITTSFIELD, MA (FHA|USDA|VA) 3 $845,000 $281,667 $4,030 2.83%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $545,000 $545,000 $7,993 4.13%

Liberty Bank's top markets include Hartford, New Haven, Norwich, Philadelphia, and Harrisburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,916 $1,041,590,000 $357,198 $3,218 2.91%
FHA 31 $7,035,000 $226,935 $8,127 2.65%
VA 5 $1,645,000 $329,000 $8,568 2.95%
USDA 2 $600,000 $300,000 $6,767 2.88%

For the 2021 period, Liberty Bank's most frequently originated loan type of loans were Conventional, with 2,916 originations. Their 2nd most popular type is FHA, with 31 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 921 $425,745,000 $462,264 $2,998 2.85%
Home Purchase 769 $343,605,000 $446,821 $4,080 2.97%
Home Improvement 492 $129,020,000 $262,236 $407 2.84%
Cash Out Refi 465 $112,285,000 $241,473 $3,427 3.04%
Other 307 $40,215,000 $130,993 $1,006 2.83%

For the 2021, Liberty Bank's most frequently cited loan purpose of loans were Refi, with 921 originations. The 2nd most popular reason of loans were Home Purchase, with 769 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,181 $463,485,000 $212,510 $3,826 2.90%
15 Year 430 $86,670,000 $201,558 $2,903 2.69%
20 Year 169 $40,365,000 $238,846 $3,257 2.99%
10 Year 106 $109,880,000 $1,036,604 $758 3.35%
5 Year 46 $117,790,000 $2,560,652 $0 3.50%
Other 20 $153,170,000 $7,658,500 $2,948 3.60%
3 Year 2 $79,510,000 $39,755,000 $0 3.95%

For the 2021, Liberty Bank's most frequently cited loan length of loans were 30 Year, with 2,181 originations. The 2nd most popular length of loans were 15 Year, with 430 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,209 $287,415,000 $237,730
$1k-2k 338 $80,210,000 $237,308
$2k-3k 125 $32,595,000 $260,760
$3k-4k 73 $22,495,000 $308,151
$5k+ 32 $12,400,000 $387,500

$3,826 of loans were Liberty Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,209 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,110 $264,310,000 $238,117
<2.5% 981 $170,275,000 $173,573
3-4% 798 $582,410,000 $729,837
4-5% 64 $33,610,000 $525,156
5-6% 1 $265,000 $265,000

During 2021, Liberty Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,110 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,014 $150,970,000 $148,886 $2,901 2.84%
$200k-400k 1,008 $270,410,000 $268,264 $3,863 2.90%
$100,000 or less 643 $36,485,000 $56,742 $948 2.98%
$400k-600k 188 $88,090,000 $468,564 $4,732 2.91%
$600k-1MM 67 $49,295,000 $735,746 $4,920 2.97%
$1MM+ 34 $455,620,000 $13,400,588 $4,960 3.45%

2021 saw Liberty Bank place emphasis on $100k-200k loans with 1,014 originations, totaling $150,970,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 770 $149,560,000 $194,234 $3,154 2.91%
$150k-250k 577 $149,535,000 $259,159 $3,878 2.89%
$50k-75k 508 $78,860,000 $155,236 $3,063 2.89%
$75k-100k 483 $84,635,000 $175,228 $3,169 2.88%
$250k+ 307 $106,055,000 $345,456 $4,020 2.94%
$50k or less 232 $27,360,000 $117,931 $2,941 2.88%

Liberty Bank lent most frequently to those with incomes in the $100k-150k range, with 770 originations. The second most popular income band? $150k-250k, with 577 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 806 $171,320,000 $212,556 $3,252 2.90%
30-36% 583 $125,725,000 $215,652 $3,273 2.90%
<20% 366 $79,560,000 $217,377 $3,258 2.82%
39% 153 $28,975,000 $189,379 $3,312 2.85%
42% 133 $26,625,000 $200,188 $3,336 3.03%
40% 129 $24,745,000 $191,822 $3,717 2.95%
44% 118 $21,800,000 $184,746 $4,112 2.77%
37% 111 $20,885,000 $188,153 $3,281 2.88%
41% 105 $21,135,000 $201,286 $3,154 2.95%
36% 97 $19,735,000 $203,454 $3,602 2.96%
38% 96 $19,740,000 $205,625 $3,086 2.99%
43% 81 $14,515,000 $179,198 $3,830 2.82%
45% 42 $8,740,000 $208,095 $3,411 3.06%
49% 26 $4,680,000 $180,000 $2,873 2.81%
48% 25 $4,775,000 $191,000 $3,671 2.91%
46% 22 $3,750,000 $170,455 $3,471 2.80%
47% 20 $4,520,000 $226,000 $3,103 3.14%
50-60% 5 $1,355,000 $271,000 $5,380 3.20%
>60% 3 $435,000 $145,000 $5,499 3.04%

Liberty Bank lent most frequently to those with DTI ratios of 20-30%, with 806 originations. The next most common DTI ratio? 30-36%, with 583 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,539 $519,275,000 $204,519 $3,275 2.90%
Not applicable 31 $447,295,000 $14,428,871 $0 3.82%
Not provided 155 $36,145,000 $233,194 $3,368 2.87%
Black 130 $24,110,000 $185,462 $3,835 2.93%
Asian 77 $19,945,000 $259,026 $3,683 2.92%
Asian Indian 6 $1,700,000 $283,333 $3,336 2.96%
American Indian 7 $1,005,000 $143,571 $3,282 2.76%
Native Hawaiian 3 $565,000 $188,333 $4,217 2.91%
Other Pacific Islander 2 $400,000 $200,000 $3,051 2.88%
Chinese 2 $200,000 $100,000 $2,310 2.81%
1 $155,000 $155,000 $7,091 2.50%
Korean 1 $75,000 $75,000 $0 2.49%

Approval Rates

Total approvals of all applications
86.63%

Liberty Bank has an average approval rate.

Pick Rate

Approvals leading to origination
85.08%

Liberty Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,954 $1,050,870,000 $355,745

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,954 $1,050,870,000 $355,745

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 423 $96,615,000 $228,404 $2,183 2.68%
40-60% 527 $110,385,000 $209,459 $2,831 2.82%
60-80% 1,059 $643,035,000 $607,210 $3,679 3.00%
80-100% 548 $179,550,000 $327,646 $4,039 2.88%
Over 100% 2 $690,000 $345,000 $7,623 3.13%
Under 20% 393 $20,335,000 $51,743 $127 3.03%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Liberty Finance Co., Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Liberty Bank 1475 Whalley Avenue New Haven, CT 6515 Full Service B&M $29,000
Liberty Bank 26 East Hampton Rd Marlborough, CT 6447 Full Service B&M $124,397
Liberty Bank 26 Killingworth Road Higganum, CT 6441 Full Service B&M $60,038
Liberty Bank 27 Coogan Blvd Mystic, CT 6355 Full Service B&M $76,605
Liberty Bank 27 Dale Road Avon, CT 6001 Full Service B&M $88,677
Liberty Bank 29 W.F. Palmer Road Moodus, CT 6469 Full Service B&M $90,850
Liberty Bank 31 Norwich Rd Waterford, CT 6385 Full Service B&M $62,384
Liberty Bank 314 Flanders Road East Lyme, CT 6333 Full Service B&M $107,718
Liberty Bank 315 Main St Middletown, CT 6457 Full Service B&M $773,098
Liberty Bank 333 Church Street Naugatuck, CT 6770 Full Service B&M $126,109
Liberty Bank 357 Main Street Durham, CT 6422 Full Service B&M $101,361
Liberty Bank 445 West Main Street Branford, CT 6405 Full Service B&M $51,248
Liberty Bank 460 South Main Street Middletown, CT 6457 Full Service B&M $148,748
Liberty Bank 48 East Street Plainville, CT 6062 Full Service B&M $38,422
Liberty Bank 486 Main Street Middlefield, CT 6455 Full Service B&M $52,440
Liberty Bank 827 Washington Street Middletown, CT 6457 Full Service B&M $73,251
Liberty Bank 852 East Main Street Meriden, CT 6450 Full Service B&M $60,865
Liberty Bank 859 Boston Post Road Madison, CT 6443 Full Service B&M $62,329
Liberty Bank 90 Main Street Old Saybrook, CT 6475 Full Service B&M $210,996
Liberty Bank 909 North Colony Road Wallingford, CT 6492 Full Service B&M $135,415
Liberty Bank 970 Farmington Ave West Hartford, CT 6107 Full Service B&M $127,264
Liberty Bank 981 Hopmeadow Street Simsbury, CT 6070 Full Service B&M $208,439
Liberty Bank 1009 New Haven Road Naugatuck, CT 6770 Full Service B&M $54,490
Liberty Bank 1030 Hamilton Ave Waterbury, CT 6706 Full Service B&M $38,357
Liberty Bank 11 Hartford Avenue Granby, CT 6035 Full Service B&M $123,198
Liberty Bank 1132 Storrs Road Mansfield, CT 6250 Full Service B&M $124,689
Liberty Bank 116 Bridge St Haddam, CT 6438 Full Service B&M $72,663
Liberty Bank 1169 Farmington Avenue Berlin, CT 6037 Full Service B&M $73,834
Liberty Bank 1190 Silas Deane Highway Wethersfield, CT 6109 Full Service B&M $84,498
Liberty Bank 1232 Farmington Ave West Hartford, CT 6107 Full Service B&M $52,491
Liberty Bank 127 South Main Street Beacon Falls, CT 6403 Full Service B&M $37,703
Liberty Bank 1300 Main Street Newington, CT 6111 Full Service B&M $65,488
Liberty Bank 49 Pershing Drive Derby, CT 6418 Full Service B&M $87,664
Liberty Bank 534 Main Street Cromwell, CT 6416 Full Service B&M $110,802
Liberty Bank 597 Long Hill Road Groton, CT 6340 Full Service B&M $48,214
Liberty Bank 60 North Main Street Southington, CT 6489 Full Service B&M $77,761
Liberty Bank 61 Bank Street New London, CT 6320 Full Service B&M $24,353
Liberty Bank 64 Oak Street Glastonbury, CT 6033 Full Service B&M $135,083
Liberty Bank 679 Main Street Willimantic, CT 6226 Full Service B&M $97,921
Liberty Bank 7 Main Street Essex, CT 6426 Full Service B&M $54,469
Liberty Bank 72 Berlin Road Cromwell, CT 6416 Full Service B&M $147,666
Liberty Bank 747 Farmington Avenue New Britain, CT 6053 Full Service B&M $39,090
Liberty Bank 77 Salem Turnpike (Route 82) Norwich, CT 6360 Full Service B&M $75,531
Liberty Bank 774 Farmington Avenue Bristol, CT 6010 Full Service B&M $39,727
Liberty Bank 782 Park Ave Bloomfield, CT 6002 Full Service B&M $57,652
Liberty Bank 8 East Main Street Clinton, CT 6413 Full Service B&M $102,443
Liberty Bank 151 Main Street Deep River, CT 6417 Full Service B&M $118,668
Liberty Bank 153 College Street New Haven, CT 6510 Full Service B&M $82,646
Liberty Bank 1570 Southford Road Southbury, CT 6488 Full Service B&M $35,946
Liberty Bank 160 Highland Avenue Cheshire, CT 6410 Full Service B&M $102,872
Liberty Bank 165 Boston Post Road Waterford, CT 6385 Full Service B&M $156,453
Liberty Bank 1703 West Main Street Willimantic, CT 6226 Full Service B&M $87,486
Liberty Bank 171 Silas Deane Highway Wethersfield, CT 6109 Full Service B&M $71,794
Liberty Bank 174 Washington Avenue North Haven, CT 6473 Full Service B&M $100,900
Liberty Bank 2 West High Street East Hampton, CT 6424 Full Service B&M $119,584
Liberty Bank 219 South Main Street Colchester, CT 6415 Full Service B&M $119,248
Liberty Bank 245 Main Street Portland, CT 6480 Full Service B&M $169,932
Liberty Bank 249 West Street Seymour, CT 6483 Full Service B&M $45,153
Liberty Bank 2518 Whitney Avenue Hamden, CT 6518 Full Service B&M $49,333

For 2021, Liberty Bank had 59 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $185,508
Net interest income $165,746
Total noninterest income $47,330
Gross Fiduciary activities income $0
Service charges on deposit accounts $10,548
Trading account gains and fees $0
Additional Noninterest Income $36,782
Pre-tax net operating income $62,888
Securities gains (or losses, -) $40,355
Income before extraordinary items $81,190
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $81,190
Minority interest net income $0
Net income $81,190
Sale, conversion, retirement of capital stock, net $0
Net operating income $49,309

Liberty Bank's gross interest income from loans was $185,508,000.
Liberty Bank's net interest income from loans was $165,746,000.
Liberty Bank's fee based income from loans was $10,548,000.
Liberty Bank's net income from loans was $81,190,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $19,762
Provision for credit losses $-5,521
Total noninterest expense $155,709
Salaries and employee benefits $88,998
Premises and equipment expense $23,289
Additional noninterest expense $43,422
Applicable income taxes $22,053
Net charge-offs $3,068
Cash dividends $0

Liberty Bank's interest expense for loans was $19,762,000.
Liberty Bank's payroll and benefits expense were $88,998,000.
Liberty Bank's property, plant and equipment expenses $23,289,000.

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 $5,971,390
Deposits held in domestic offices $5,971,390
Deposits by Individuals, partnerships, and corporations $5,671,120
Deposits by U.S. Government $3
Deposits by States and political subdivisions in the U.S. $300,267
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,051,677
Demand deposits $457,580
Nontransaction accounts $4,919,713
Money market deposit accounts (MMDAs) $1,615,227
Other savings deposits (excluding MMDAs) $2,809,888
Total time deposits $494,598
Total time and savings deposits $5,513,810
Noninterest-bearing deposits $1,834,268
Interest-bearing deposits $4,137,122
Retail deposits $5,902,611
IRAs and Keogh plan accounts $113,464
Brokered deposits $1,344
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $7,401,031
Cash & Balances due from depository institutions $1,620,856
Interest-bearing balances $1,561,768
Total securities $1,371,822
Federal funds sold & reverse repurchase $0
Net loans and leases $4,053,811
Loan and leases loss allowance $71,915
Trading account assets $0
Bank premises and fixed assets $49,345
Other real estate owned $0
Goodwill and other intangibles $72,051
All other assets $233,146

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $7,401,031
Total Liabilities $6,473,885
Total deposits $5,971,390
Interest-bearing deposits $4,137,122
Deposits held in domestic offices $5,971,390
% insured (estimated) $78
Federal funds purchased and repurchase agreements $25,000
Trading liabilities $0
Other borrowed funds $380,717
Subordinated debt $0
All other liabilities $96,778

Issued Loan Types

Type Value (in 000's)
Net loans and leases $4,053,811
Loan and leases loss allowance $71,915
Total loans and leases (domestic) $4,125,726
All real estate loans $3,308,257
Real estate loans in domestic offices $3,308,257
Construction and development loans $127,327
Residential 1-4 family construction $25,881
Other construction, all land development and other land $101,446
Loans secured by nonfarm nonresidential properties $1,218,441
Nonfarm nonresidential secured by owner-occupied properties $143,170
Commercial real estate & other non-farm, non-residential $1,075,271
Multifamily residential real estate $814,005
1-4 family residential loans $1,148,484
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $769,360
To non-U.S. addressees $0
Loans to individuals $4,484
Credit card loans $0
Related Plans $203
Consumer Auto Loans $110
Other loans to individuals $4,171
All other loans & leases $43,625
Loans to foreign governments and official institutions $0
Other loans $41,390
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $325,767
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $17,117
Non 1-4 family restructured loans & leases $17,117
Total loans and leases (foreign) $0

Liberty Bank had $4,053,811,000 of loans outstanding in 2021. $3,308,257,000 of loans were in real estate loans. $127,327,000 of loans were in development loans. $814,005,000 of loans were in multifamily mortgage loans. $1,148,484,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $110,000 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 551 $149,312 $270,984
Nonfarm, nonresidential loans - <$100k 31 $1,353 $43,645
Nonfarm, nonresidential loans - $100-250k 188 $25,858 $137,543
Nonfarm, nonresidential loans - $250k-1MM 332 $122,101 $367,774
Commercial & Industrial, US addressed loans - <$1MM 2,566 $125,796 $49,024
Commercial & Industrial, US addressed loans - <$100k 1,767 $34,501 $19,525
Commercial & Industrial, US addressed loans - $100-250k 538 $38,109 $70,835
Commercial & Industrial, US addressed loans - $250k-1MM 261 $53,186 $203,778