Jersey Mortgage Company Of New Jersey Rates, Fees & Info

CRANFORD, NJ

LEI: 549300WEZMN6QE5IIH42

Tax ID: 22-2985976

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Jersey Mortgage Company Of New Jersey is a smaller mortgage company specializing in Home Purchase loans. Jersey Mortgage Company Of New Jersey has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include New York, Philadelphia, Allentown, Trenton, and East Stroudsburg among others. Jersey Mortgage Company Of New Jersey 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. Jersey Mortgage Company Of New Jersey is typically a high fee lendor.


Originations

1,049

Origination Dollar Volume (All Markets)

$359,775,000

Relative Rate

Jersey Mortgage Company Of New Jersey 's average 30 year fixed rate mortgage of loans were 3.23%.

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

This yields a difference of 0.08%.

Relative Fees

Jersey Mortgage Company Of New Jersey 's average total fees for a 30 year fixed rate mortgage are $7,972.

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) 905 $320,975,000 $354,669 $7,742 3.19%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 54 $15,420,000 $285,556 $8,703 3.13%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 23 $5,655,000 $245,870 $6,289 3.35%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 19 $4,985,000 $262,368 $7,027 3.08%
EAST STROUDSBURG, PA (FHA|USDA|VA) 13 $2,955,000 $227,308 $5,182 3.39%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 4 $2,010,000 $502,500 $7,181 3.19%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,125,000 $225,000 $6,898 3.23%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $825,000 $275,000 $8,561 3.21%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $720,000 $180,000 $5,604 2.97%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $680,000 $340,000 $8,173 3.06%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $650,000 $325,000 $5,363 3.13%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $620,000 $310,000 $4,006 3.13%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $570,000 $285,000 $5,223 3.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $525,000 $525,000 $5,862 3.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $415,000 $415,000 $1,849 3.49%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $360,000 $180,000 $3,778 3.50%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $300,000 $150,000 $5,945 3.25%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $265,000 $265,000 $4,572 3.38%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,334 2.38%
OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.99%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $165,000 $165,000 $5,347 3.38%

Jersey Mortgage Company Of New Jersey 's top markets include New York, Philadelphia, Allentown, Trenton, and East Stroudsburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 806 $270,480,000 $335,583 $5,752 3.19%
FHA 227 $83,865,000 $369,449 $13,964 3.21%
VA 12 $4,360,000 $363,333 $11,922 3.29%
USDA 4 $1,070,000 $267,500 $7,135 2.59%

For the 2021 period, Jersey Mortgage Company Of New Jersey 's most frequently originated loan type of loans were Conventional, with 806 originations. Their 2nd most popular type is FHA, with 227 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 668 $241,690,000 $361,811 $8,702 3.24%
Refi 215 $68,815,000 $320,070 $5,351 2.98%
Cash Out Refi 166 $49,270,000 $296,807 $6,409 3.28%

For the 2021, Jersey Mortgage Company Of New Jersey 's most frequently cited loan purpose of loans were Home Purchase, with 668 originations. The 2nd most popular reason of loans were Refi, with 215 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 952 $332,780,000 $349,559 $7,972 3.23%
15 Year 58 $15,410,000 $265,690 $4,773 2.69%
20 Year 28 $8,490,000 $303,214 $4,494 2.96%
Other 10 $2,960,000 $296,000 $4,509 3.27%
10 Year 1 $135,000 $135,000 $4,648 2.25%

For the 2021, Jersey Mortgage Company Of New Jersey 's most frequently cited loan length of loans were 30 Year, with 952 originations. The 2nd most popular length of loans were 15 Year, with 58 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 518 $173,860,000 $335,637
$5k+ 192 $78,110,000 $406,823
$3k-4k 141 $46,115,000 $327,057
$2k-3k 111 $36,485,000 $328,694
$<1k 38 $13,350,000 $351,316

$7,972 of loans were Jersey Mortgage Company Of New Jersey 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 518 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 610 $213,060,000 $349,279
2.5-3% 347 $119,705,000 $344,971
<2.5% 52 $16,310,000 $313,654
4-5% 39 $10,545,000 $270,385
5-6% 1 $155,000 $155,000

During 2021, Jersey Mortgage Company Of New Jersey 's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 610 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 596 $179,630,000 $301,393 $7,031 3.17%
$400k-600k 264 $124,970,000 $473,371 $9,866 3.17%
$100k-200k 132 $20,980,000 $158,939 $4,888 3.32%
$600k-1MM 47 $32,425,000 $689,894 $10,771 3.22%
$100,000 or less 9 $765,000 $85,000 $3,433 3.30%
$1MM+ 1 $1,005,000 $1,005,000 $5,078 3.50%

2021 saw Jersey Mortgage Company Of New Jersey place emphasis on $200k-400k loans with 596 originations, totaling $179,630,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 311 $109,935,000 $353,489 $8,082 3.21%
$75k-100k 242 $76,800,000 $317,355 $8,198 3.25%
$50k-75k 204 $53,060,000 $260,098 $7,103 3.15%
$150k-250k 200 $86,160,000 $430,800 $7,420 3.16%
$250k+ 49 $25,295,000 $516,224 $7,186 3.13%
$50k or less 43 $8,525,000 $198,256 $6,149 3.24%

Jersey Mortgage Company Of New Jersey lent most frequently to those with incomes in the $100k-150k range, with 311 originations. The second most popular income band? $75k-100k, with 242 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 176 $60,070,000 $341,307 $6,692 3.23%
20-30% 176 $60,820,000 $345,568 $6,345 3.12%
49% 80 $27,410,000 $342,625 $9,132 3.19%
48% 52 $19,960,000 $383,846 $9,341 3.24%
45% 46 $16,040,000 $348,696 $8,492 3.22%
44% 45 $13,775,000 $306,111 $7,549 3.17%
47% 44 $16,360,000 $371,818 $8,828 3.20%
42% 43 $15,045,000 $349,884 $7,017 3.15%
37% 41 $14,195,000 $346,220 $7,506 3.14%
50-60% 40 $14,750,000 $368,750 $14,386 3.35%
38% 40 $13,060,000 $326,500 $7,795 3.29%
39% 40 $13,790,000 $344,750 $6,852 3.21%
41% 40 $13,980,000 $349,500 $7,571 3.19%
43% 40 $13,480,000 $337,000 $7,684 3.20%
46% 39 $12,665,000 $324,744 $8,409 3.18%
40% 34 $10,870,000 $319,706 $7,929 3.26%
<20% 34 $10,940,000 $321,765 $4,564 3.06%
36% 30 $9,960,000 $332,000 $6,735 3.28%

Jersey Mortgage Company Of New Jersey lent most frequently to those with DTI ratios of 30-36%, with 176 originations. The next most common DTI ratio? 20-30%, with 176 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 680 $232,800,000 $342,353 $7,096 3.17%
Black 257 $87,145,000 $339,086 $9,401 3.24%
Not provided 64 $23,540,000 $367,813 $7,712 3.22%
Asian 42 $14,340,000 $341,429 $6,385 3.18%
American Indian 3 $965,000 $321,667 $5,714 3.78%
Native Hawaiian 2 $770,000 $385,000 $6,333 2.81%
Other Pacific Islander 1 $215,000 $215,000 $3,949 3.25%

Approval Rates

Total approvals of all applications
87.85%

Jersey Mortgage Company Of New Jersey has an average approval rate.

Pick Rate

Approvals leading to origination
71.10%

Jersey Mortgage Company Of New Jersey has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,049 $359,775,000 $342,969

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,049 $359,775,000 $342,969

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 28 $5,480,000 $195,714 $4,185 3.08%
40-60% 110 $31,240,000 $284,000 $4,780 3.06%
60-80% 363 $123,765,000 $340,950 $5,905 3.23%
80-100% 536 $195,820,000 $365,336 $9,434 3.21%
Over 100% 4 $1,590,000 $397,500 $16,006 3.25%
Under 20% 1 $95,000 $95,000 $3,047 3.25%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Jersey Mortgage Company of New Jersey, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Jersey Mortgage Company of New Jersey, Inc. FHA mortgage Closing on a mortgage 1 50.0%