Suffolk Mortgage Rates, Fees & Info

Medford, NY

LEI: 549300NWYTCEH9RSSW54

Tax ID: 11-2200411

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Suffolk is a smaller mortgage company specializing in Home Improvement and Cash Out Refi loans. Suffolk has a high proportion of conventional loans. Their top markets include New York, Port St. Lucie, Hudson, Deltona, and Punta Gorda among others. Suffolk has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Suffolk is typically a high fee lendor.


Originations

1,042

Origination Dollar Volume (All Markets)

$172,270,000

Relative Rate

Suffolk's average 30 year fixed rate mortgage of loans were 2.28%.

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

This yields a difference of -0.87%.

Relative Fees

Suffolk's average total fees for a 30 year fixed rate mortgage are $6,451.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,011 $166,135,000 $164,327 $4,127 2.62%
Outside of Metro Areas 3 $1,635,000 $545,000 $15,383 2.41%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $515,000 $171,667 $5,165 2.17%
Hudson, NY (FHA|USDA|VA) 1 $505,000 $505,000 $0 1.99%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $355,000 $355,000 $3,373 2.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,673 2.88%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $295,000 $295,000 $5,712 2.88%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $3,571 2.75%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $250,000 $125,000 $3,408 2.43%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,042 2.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $205,000 $205,000 $5,042 3.00%
Auburn, NY (FHA|USDA|VA) 1 $195,000 $195,000 $3,854 2.25%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $190,000 $95,000 $559 4.50%
DOVER, DE (FHA|USDA|VA) 1 $175,000 $175,000 $5,774 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,798 2.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $150,000 $75,000 $3,241 2.06%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,207 2.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,922 2.38%
SYRACUSE, NY (FHA|USDA|VA) 1 $125,000 $125,000 $5,668 3.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 1.99%
Oneonta, NY (FHA|USDA|VA) 1 $65,000 $65,000 $0 1.99%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 1.99%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 1.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.99%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.99%

Suffolk's top markets include New York, Port St. Lucie, Hudson, Deltona, and Punta Gorda among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,042 $172,270,000 $165,326 $4,190 2.62%

For the 2021 period, Suffolk's most frequently originated loan type of loans were Conventional, with 1,042 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 525 $56,815,000 $108,219 $1,247 2.55%
Cash Out Refi 259 $60,855,000 $234,961 $5,535 2.64%
Refi 95 $23,695,000 $249,421 $5,009 2.68%
Other 85 $9,585,000 $112,765 $1,223 2.99%
Home Purchase 78 $21,320,000 $273,333 $5,694 2.59%

For the 2021, Suffolk's most frequently cited loan purpose of loans were Home Improvement, with 525 originations. The 2nd most popular reason of loans were Cash Out Refi, with 259 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 781 $129,205,000 $165,435 $6,451 2.28%
15 Year 89 $22,825,000 $256,461 $4,748 2.58%
10 Year 88 $8,270,000 $93,977 $1,783 4.08%
20 Year 61 $10,235,000 $167,787 $3,533 4.28%
5 Year 14 $590,000 $42,143 $1,022 4.40%
Other 9 $1,145,000 $127,222 $2,943 3.96%

For the 2021, Suffolk's most frequently cited loan length of loans were 30 Year, with 781 originations. The 2nd most popular length of loans were 15 Year, with 89 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 136 $9,800,000 $72,059
$1k-2k 106 $25,780,000 $243,208
$2k-3k 51 $14,185,000 $278,137
$3k-4k 49 $15,545,000 $317,245
$5k+ 31 $13,595,000 $438,548

$6,451 of loans were Suffolk's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 136 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 705 $110,655,000 $156,957
3-4% 131 $27,455,000 $209,580
2.5-3% 94 $26,890,000 $286,064
4-5% 91 $5,885,000 $64,670
5-6% 11 $615,000 $55,909
6-7% 5 $435,000 $87,000
7-8% 4 $230,000 $57,500
Over 8% 1 $105,000 $105,000

During 2021, Suffolk's average interest rate of loans were 2.28%, while their most frequently originated rate bucket of loans were <2.5%, with 705 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 412 $22,850,000 $55,461 $1,192 2.86%
$100k-200k 281 $37,355,000 $132,936 $3,440 2.42%
$200k-400k 272 $74,250,000 $272,978 $5,656 2.50%
$400k-600k 71 $33,415,000 $470,634 $7,167 2.46%
$600k-1MM 6 $4,400,000 $733,333 $16,117 2.98%

2021 saw Suffolk place emphasis on $100,000 or less loans with 412 originations, totaling $22,850,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 312 $47,900,000 $153,526 $4,197 2.64%
$150k-250k 299 $52,925,000 $177,007 $4,359 2.56%
$75k-100k 174 $24,820,000 $142,644 $3,764 2.82%
$250k+ 122 $30,530,000 $250,246 $5,759 2.31%
$50k-75k 111 $14,005,000 $126,171 $3,888 2.73%
$50k or less 24 $2,090,000 $87,083 $2,966 2.87%

Suffolk lent most frequently to those with incomes in the $100k-150k range, with 312 originations. The second most popular income band? $150k-250k, with 299 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 242 $41,540,000 $171,653 $4,226 2.50%
30-36% 199 $34,865,000 $175,201 $4,482 2.60%
<20% 83 $12,635,000 $152,229 $3,399 2.52%
43% 48 $8,090,000 $168,542 $4,484 2.77%
41% 43 $6,625,000 $154,070 $4,183 2.42%
40% 40 $6,600,000 $165,000 $3,852 2.82%
45% 40 $7,660,000 $191,500 $4,011 2.88%
46% 37 $4,445,000 $120,135 $3,984 2.49%
47% 37 $4,875,000 $131,757 $3,724 2.79%
42% 36 $6,940,000 $192,778 $4,286 2.76%
38% 36 $5,930,000 $164,722 $3,669 2.82%
39% 36 $6,580,000 $182,778 $5,792 2.75%
44% 35 $5,065,000 $144,714 $4,128 3.02%
36% 35 $6,575,000 $187,857 $4,996 2.41%
48% 32 $5,530,000 $172,813 $2,978 2.90%
37% 31 $3,735,000 $120,484 $3,689 2.49%
49% 18 $2,830,000 $157,222 $5,210 2.32%
50-60% 14 $1,750,000 $125,000 $3,684 2.81%

Suffolk lent most frequently to those with DTI ratios of 20-30%, with 242 originations. The next most common DTI ratio? 30-36%, with 199 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 847 $132,485,000 $156,417 $3,847 2.62%
Not provided 124 $25,500,000 $205,645 $5,554 2.70%
Asian 30 $7,150,000 $238,333 $6,599 2.05%
Black 38 $6,620,000 $174,211 $4,770 2.89%
Asian Indian 1 $335,000 $335,000 $5,993 2.25%
American Indian 2 $180,000 $90,000 $1,822 3.12%

Approval Rates

Total approvals of all applications
68.02%

Suffolk has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
72.36%

Suffolk has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,042 $172,270,000 $165,326

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,042 $172,270,000 $165,326

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 254 $45,600,000 $179,528 $3,476 2.42%
40-60% 132 $36,190,000 $274,167 $5,046 2.42%
60-80% 105 $35,615,000 $339,190 $6,838 2.75%
80-100% 43 $15,935,000 $370,581 $6,922 2.89%
Under 20% 508 $38,930,000 $76,634 $1,297 2.72%