Oritani Bank Mortgage Rates, Fees & Info

TOWNSHIP OF WASHINGTON, NJ

LEI: 549300XRBLWUN6J76L65

Tax ID: 22-1174955

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Oritani Bank is a smaller bank specializing in Refi and Home Purchase loans. Oritani Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, Albany, Philadelphia, and Allentown among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Oritani 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. Oritani 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 about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    137

    Origination Dollar Volume (All Markets)

    $288,025,000

    Awards

    Oritani Bank 30 Year Conventional Loans gold Oritani Bank 30 Year Conventional Loans bronze
    Show all (2) awards

    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) 130 $243,980,000 $1,876,769 $2,086 4.27%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $24,060,000 $12,030,000 $0 4.06%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $11,905,000 $11,905,000 $0 4.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $5,565,000 $1,855,000 $0 3.96%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $2,515,000 $2,515,000 $0 3.85%
    Oritani Bank's top markets include New York, Trenton, Albany, Philadelphia, and Allentown among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Oritani Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 137 $288,025,000 $2,102,372 $2,086 4.26%

    For 2019, Oritani Bank's most frequently originated type of loan was Conventional, with 137 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 71 $189,685,000 $2,671,620 $1,893 4.24%
    Home Purchase 49 $80,625,000 $1,645,408 $3,411 4.17%
    Other 8 $1,110,000 $138,750 $112 4.70%
    Cash Out Refi 6 $9,920,000 $1,653,333 $859 4.35%
    Home Improvement 3 $6,685,000 $2,228,333 $112 4.67%

    For 2019, Oritani Bank's most frequently cited loan purpose was Refi, with 71 originations. The 2nd most popular reason was Home Purchase, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 53 $17,365,000 $327,642 $2,581 4.33%
    10 Year 45 $201,165,000 $4,470,333 $726 4.15%
    15 Year 17 $6,745,000 $396,765 $1,891 4.24%
    Other 11 $49,435,000 $4,494,091 $0 4.17%
    20 Year 6 $3,050,000 $508,333 $1,022 4.58%
    5 Year 2 $30,000 $15,000 $112 3.88%
    30+ year 1 $2,125,000 $2,125,000 $0 4.22%
    1 Year 1 $1,505,000 $1,505,000 $0 4.00%
    3 Year 1 $6,605,000 $6,605,000 $0 5.00%

    For 2019, Oritani Bank's most frequently cited loan duration was 30 Year, with 53 originations. The 2nd most popular length was 10 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 66 $16,580,000 $251,212

    Oritani Bank's average total fees were $2,581, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 71 $132,015,000 $1,859,366
    3-4% 53 $153,645,000 $2,898,962
    5-6% 12 $2,140,000 $178,333
    6-7% 1 $225,000 $225,000

    During 2019, Oritani Bank's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 71 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 48 $263,440,000 $5,488,333 $0 4.08%
    $200k-400k 38 $11,440,000 $301,053 $2,553 4.28%
    $100k-200k 19 $2,685,000 $141,316 $1,374 4.48%
    $100,000 or less 14 $860,000 $61,429 $769 4.48%
    $400k-600k 13 $6,015,000 $462,692 $3,800 4.28%
    $600k-1MM 5 $3,585,000 $717,000 $2,933 4.24%

    2019 saw Oritani Bank place emphasis on $1MM+ loans with 48 originations, totaling $263,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $3,365,000 $224,333 $1,592 4.35%
    $150k-250k 15 $4,525,000 $301,667 $2,235 4.22%
    $250k+ 12 $4,570,000 $380,833 $2,270 4.34%
    $50k-75k 12 $1,570,000 $130,833 $1,690 4.21%
    $75k-100k 8 $2,550,000 $318,750 $2,522 4.22%
    $50k or less 3 $285,000 $95,000 $1,454 4.46%

    Oritani Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $150k-250k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 18 $5,090,000 $282,778 $1,790 4.33%
    30-36% 14 $3,560,000 $254,286 $1,706 4.22%
    42% 10 $2,740,000 $274,000 $2,464 4.01%
    38% 5 $1,305,000 $261,000 $1,971 4.28%
    41% 4 $1,320,000 $330,000 $3,437 4.00%
    36% 4 $820,000 $205,000 $1,779 4.41%
    39% 4 $740,000 $185,000 $803 4.97%
    40% 3 $515,000 $171,667 $1,521 4.38%
    <20% 2 $280,000 $140,000 $984 3.81%
    37% 2 $690,000 $345,000 $3,561 4.63%
    50-60% 1 $385,000 $385,000 $2,109 3.75%
    >60% 1 $305,000 $305,000 $2,990 4.25%

    Oritani Bank lent most frequently to those with DTI ratios of 20-30%, with 18 originations. The next most common DTI ratio? 30-36%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 68 $267,420,000 $3,932,647 $3,063 4.25%
    White 46 $11,270,000 $245,000 $1,923 4.26%
    Not provided 13 $6,965,000 $535,769 $1,849 4.32%
    Asian 6 $1,620,000 $270,000 $3,053 4.00%
    Other Asian 1 $405,000 $405,000 $0 4.75%
    Black 2 $240,000 $120,000 $1,500 3.88%
    Asian Indian 1 $105,000 $105,000 $112 5.13%

    Approval Rates

    Total approvals of all applications
    84.79%

    Oritani Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.26%

    Oritani Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 137 $288,025,000 $2,102,372

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,005,000 $1,005,000
    Multifamily:Site-Built 50 $229,990,000 $4,599,800
    Single Family (1-4 Units):Site-Built 86 $57,030,000 $663,140

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $5,775,000 $444,231 $952 4.64%
    40-60% 32 $66,780,000 $2,086,875 $1,749 4.18%
    60-80% 69 $207,155,000 $3,002,246 $2,931 4.18%
    80-100% 9 $2,545,000 $282,778 $3,261 4.08%
    Under 20% 14 $5,770,000 $412,143 $112 4.56%