Union County Savings Bank Mortgage Rates, Fees & Info
Elizabeth, NJLEI: 549300V7VRSW36FYYJ37
Tax ID: 22-1343420
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Mortgage Data
Review & Overview
Union County Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Union County Savings Bank has a high proportion of conventional loans. Their top (well, only) market is New York.Union County Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Union County Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
14Origination Dollar Volume (All Markets)
$5,700,000Relative Rate
Union County Savings Bank's average 30 year fixed mortgage rate was
6.28%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.2%.
Relative Fees (Closing Costs)
Union County Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,697.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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) | 14 | $5,700,000 | $407,143 | $3,369 | 6.34% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Union County Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 126
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 14 | $5,700,000 | $407,143 | $3,369 | 6.34% |
For 2023, Union County Savings Bank's most frequently originated type of loan was Conventional, with 14 originations.
Loan Reason
For 2023, Union County Savings Bank's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
For 2023, Union County Savings Bank's most frequently cited loan duration was 30 Year, with 8 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $3,395,000 | $308,636 |
Union County Savings Bank's average total fees were $3,697, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 6 | $2,520,000 | $420,000 |
| 6-7% | 5 | $1,675,000 | $335,000 |
| 7-8% | 3 | $1,505,000 | $501,667 |
During 2023, Union County Savings Bank's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
2023 saw Union County Savings Bank place emphasis on $100k-200k loans with 5 originations, totaling $765,000 in origination value.
Applicant Income
Union County Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 6 originations. The second most popular income band? $50k-75k, with 2 originations.
Applicant Debt to Income Ratio
Union County Savings Bank lent most frequently to those with DTI ratios of 43%, with 2 originations. The next most common DTI ratio? 40%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.39%
Union County Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination57.14%
Union County Savings 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 |
|---|---|---|---|
| NA | 14 | $5,700,000 | $407,143 |