Ridgewood Savings Bank Mortgage Rates, Fees & Info

Ridgewood, NY

LEI: 549300YLIY5SO2XSK094

Tax ID: 11-1241830

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Ridgewood Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Ridgewood Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Bridgeport, and Poughkeepsie among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ridgewood Savings 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. Ridgewood Savings Bank is typically an average 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.31% 9/1/24
    30 Year Conventional Refi 6.22% 9/1/24
    30 Year Cash-out Refi 6.21% 9/1/24
    15 Year Conventional Purchase 5.53% 9/1/24
    15 Year Conventional Refi 5.51% 9/1/24
    15 Year Cash-out Refi 5.51% 9/1/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Ridgewood Savings Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Ridgewood Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    654

    Origination Dollar Volume (All Markets)

    $671,110,000

    Employee count

    603

    Awards

    Ridgewood Savings Bank 30 Year Conventional Loans gold Ridgewood Savings Bank 30 Year Conventional Loans gold Ridgewood Savings Bank 30 Year Conventional Loans gold
    Show all (3) 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) 579 $599,585,000 $1,035,553 $8,258 4.04%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 73 $63,215,000 $865,959 $7,254 3.94%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $8,310,000 $4,155,000 $0 3.94%
    Ridgewood Savings Bank's top markets include New York, Bridgeport, and Poughkeepsie among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Ridgewood Savings 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: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 96
    Union Savings Bank
    Similarity Rank: 108
    Freehold Savings Bank
    Similarity Rank: 120
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    SIKORSKY FINANCIAL
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 652 $668,850,000 $1,025,844 $8,115 4.03%
    HELOC 2 $2,260,000 $1,130,000 n/a 4.25%

    For 2018, Ridgewood Savings Bank's most frequently originated type of loan was Conventional, with 652 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 300 $227,620,000 $758,733 $8,641 4.06%
    Cash Out Refi 242 $372,470,000 $1,539,132 $8,138 4.02%
    Refi 71 $56,515,000 $795,986 $6,871 3.75%
    Other 23 $9,045,000 $393,261 $7,611 4.23%
    Home Improvement 18 $5,460,000 $303,333 $3,664 4.38%

    For 2018, Ridgewood Savings Bank's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Cash Out Refi, with 242 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 371 $261,755,000 $705,539 $8,199 3.97%
    10 Year 114 $270,900,000 $2,376,316 $2,556 3.97%
    Other 102 $111,950,000 $1,097,549 $10,227 4.40%
    15 Year 47 $19,335,000 $411,383 $4,574 3.65%
    20 Year 18 $6,990,000 $388,333 $8,006 4.33%
    5 Year 2 $180,000 $90,000 $0 4.00%

    For 2018, Ridgewood Savings Bank's most frequently cited loan duration was 30 Year, with 371 originations. The 2nd most popular length was 10 Year, with 114 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 323 $207,595,000 $642,709
    $5k+ 124 $90,840,000 $732,581
    $1k-2k 21 $13,535,000 $644,524
    $3k-4k 12 $6,380,000 $531,667
    $2k-3k 11 $7,385,000 $671,364
    $4k-5k 7 $3,685,000 $526,429

    Ridgewood Savings Bank's average total fees were $8,199, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 323 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 351 $387,975,000 $1,105,342
    4-5% 288 $277,250,000 $962,674
    5-6% 8 $2,200,000 $275,000
    2.5-3% 7 $3,685,000 $526,429

    During 2018, Ridgewood Savings Bank's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 351 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 207 $434,745,000 $2,100,217 $12,146 3.95%
    $600k-1MM 181 $139,065,000 $768,315 $9,460 4.01%
    $400k-600k 124 $61,370,000 $494,919 $7,234 4.09%
    $200k-400k 101 $30,665,000 $303,614 $5,067 4.13%
    $100k-200k 33 $4,785,000 $145,000 $3,058 4.08%
    $100,000 or less 8 $480,000 $60,000 $2,059 3.91%

    2018 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 207 originations, totaling $434,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 220 $196,250,000 $892,045 $9,685 3.96%
    $150k-250k 160 $92,760,000 $579,750 $7,350 4.04%
    $100k-150k 63 $23,535,000 $373,571 $6,546 4.05%
    $75k-100k 26 $7,100,000 $273,077 $5,005 4.03%
    $50k-75k 15 $3,305,000 $220,333 $4,058 3.83%
    $50k or less 1 $45,000 $45,000 $2,290 4.50%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 220 originations. The second most popular income band? $150k-250k, with 160 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 126 $74,330,000 $589,921 $6,179 3.95%
    30-36% 117 $80,205,000 $685,513 $9,186 4.07%
    <20% 57 $35,795,000 $627,982 $7,081 3.95%
    41% 43 $32,855,000 $764,070 $10,282 3.94%
    42% 35 $28,045,000 $801,286 $9,259 3.89%
    40% 27 $20,505,000 $759,444 $7,955 4.12%
    39% 22 $17,720,000 $805,455 $7,534 4.14%
    38% 22 $13,030,000 $592,273 $10,124 4.03%
    36% 18 $8,790,000 $488,333 $8,148 4.01%
    37% 13 $8,475,000 $651,923 $6,363 4.00%
    43% 3 $2,505,000 $835,000 $9,123 3.79%
    44% 1 $545,000 $545,000 $13,977 4.00%
    >60% 1 $195,000 $195,000 $3,851 5.38%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? 30-36%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 168 $337,110,000 $2,006,607 $9,312 4.10%
    White 369 $251,105,000 $680,501 $7,910 3.98%
    Not provided 51 $46,095,000 $903,824 $8,781 4.12%
    Asian 42 $26,000,000 $619,048 $8,963 3.96%
    Black 21 $9,285,000 $442,143 $6,663 4.13%
    Chinese 2 $860,000 $430,000 $10,724 3.94%
    Asian Indian 1 $655,000 $655,000 $14,625 4.25%

    Approval Rates

    Total approvals of all applications
    84.12%

    Ridgewood Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.02%

    Ridgewood Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 654 $671,110,000 $1,026,162

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 112 $293,030,000 $2,616,339
    Single Family (1-4 Units):Site-Built 542 $378,080,000 $697,565

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 85 $58,905,000 $693,000 $5,533 4.04%
    40-60% 142 $167,450,000 $1,179,225 $7,667 3.97%
    60-80% 329 $379,545,000 $1,153,632 $8,958 4.06%
    80-100% 68 $53,230,000 $782,794 $9,524 4.04%
    Under 20% 26 $10,450,000 $401,923 $4,892 3.91%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ridgewood Savings Bank 1010 Hempstead Turnpike Franklin Square, NY 11010 Full Service B&M $220,580
    Ridgewood Savings Bank 1035 Fulton Street Brooklyn, NY 11238 Full Service B&M $23,301
    Ridgewood Savings Bank 107-55 Queens Boulevard Forest Hills, NY 11375 Full Service B&M $275,468
    Ridgewood Savings Bank 1125 Old Country Road Plainview, NY 11803 Full Service B&M $21,509
    Ridgewood Savings Bank 1134 Morris Park Avenue Bronx, NY 10461 Full Service B&M $67,017
    Ridgewood Savings Bank 1404 2nd Avenue New York, NY 10021 Full Service B&M $58,325
    Ridgewood Savings Bank 1646 First Avenue New York, NY 10028 Full Service B&M $101,673
    Ridgewood Savings Bank 169 Old Country Road Hicksville, NY 11801 Limited, Drive-thru $3,596
    Ridgewood Savings Bank 1745 Crosby Avenue Bronx, NY 10461 Full Service B&M $36,096
    Ridgewood Savings Bank 1770 E. Gun Hill Rd. Bronx, NY 10469 Full Service B&M $44,387
    Ridgewood Savings Bank 202-16 Rockaway Point Blvd Breezy Point, NY 11697 Full Service B&M $169,925
    Ridgewood Savings Bank 205-11 Hillside Av Hollis, NY 11423 Full Service B&M $144,346
    Ridgewood Savings Bank 208-24 Cross Island Parkway Bayside, NY 11360 Full Service B&M $82,312
    Ridgewood Savings Bank 2080 Bellmore Avenue Bellmore, NY 11710 Full Service B&M $171,292
    Ridgewood Savings Bank 220 Old Country Rd Hicksville, NY 11801 Full Service B&M $166,840
    Ridgewood Savings Bank 230-22 Merrick Boulevard Laurelton, NY 11413 Full Service B&M $133,530
    Ridgewood Savings Bank 2435 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $250,541
    Ridgewood Savings Bank 244 Court Street Brooklyn, NY 11201 Full Service B&M $46,704
    Ridgewood Savings Bank 25-29 Parsons Boulevard Flushing, NY 11354 Full Service B&M $246,911
    Ridgewood Savings Bank 2520 East 17th Street Brooklyn, NY 11235 Full Service B&M $65,429
    Ridgewood Savings Bank 317 South Wellwood Avenue Lindenhurst, NY 11757 Full Service B&M $90,053
    Ridgewood Savings Bank 3445 Jerome Avenue Bronx, NY 10467 Full Service B&M $44,752
    Ridgewood Savings Bank 382 Pelham Road New Rochelle, NY 10805 Full Service B&M $45,030
    Ridgewood Savings Bank 3824 White Plains Road Bronx, NY 10467 Full Service B&M $33,806
    Ridgewood Savings Bank 3899 Sedgwick Ave. Bronx, NY 10463 Full Service B&M $28,842
    Ridgewood Savings Bank 43-14 Ditmars Blvd Astoria, NY 11105 Full Service B&M $95,027
    Ridgewood Savings Bank 50 Farmingdale Road (Nys Route 109) West Babylon, NY 11704 Full Service B&M $68,368
    Ridgewood Savings Bank 65-01 Myrtle Avenue Glendale, NY 11385 Full Service B&M $107,874
    Ridgewood Savings Bank 670 Mclean Ave Yonkers, NY 10704 Full Service B&M $130,404
    Ridgewood Savings Bank 7020 13th Avenue Brooklyn, NY 11228 Full Service B&M $46,845
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Limited, Mobile/Seasonal Office $2,508
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Full Service Cyber Office $172,648
    Ridgewood Savings Bank 7102 Forest Avenue Ridgewood, NY 11385 Full Service B&M $489,035
    Ridgewood Savings Bank 711 Allerton Ave. Bronx, NY 10467 Full Service B&M $52,055
    Ridgewood Savings Bank 7124 18th Avenue Brooklyn, NY 11204 Full Service B&M $86,777
    Ridgewood Savings Bank 74-25 Grand Avenue Elmhurst, NY 11373 Full Service B&M $156,755
    Ridgewood Savings Bank 835 Atlantic Avenue Baldwin, NY 11510 Full Service B&M $147,476
    Ridgewood Savings Bank 8522 Third Avenue Brooklyn, NY 11209 Full Service B&M $134,711

    For 2018, Ridgewood Savings Bank had 38 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $170,379
    Net interest income $122,869
    Total noninterest income $11,923
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,598
    Trading account gains and fees $0
    Additional Noninterest Income $8,325
    Pre-tax net operating income $32,053
    Securities gains (or losses, -) $11,143
    Income before extraordinary items $35,200
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $35,200
    Minority interest net income $13
    Net income $35,187
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $26,174

    Ridgewood Savings Bank's gross interest income from loans was $170,379,000.
    Ridgewood Savings Bank's net interest income from loans was $122,869,000.
    Ridgewood Savings Bank's fee based income from loans was $3,598,000.
    Ridgewood Savings Bank's net income from loans was $35,187,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $47,510
    Provision for credit losses $4,977
    Total noninterest expense $97,762
    Salaries and employee benefits $56,813
    Premises and equipment expense $16,249
    Additional noninterest expense $24,700
    Applicable income taxes $7,996
    Net charge-offs $834
    Cash dividends $0

    Ridgewood Savings Bank's interest expense for loans was $47,510,000.
    Ridgewood Savings Bank's payroll and benefits expense were $56,813,000.
    Ridgewood Savings Bank's property, plant and equipment expenses $16,249,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 4.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 2.0%
    Credit card loans 0.0%
    Other individual loans 2.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $4,304,341
    Deposits held in domestic offices $4,304,341
    Deposits by Individuals, partnerships, and corporations $4,259,321
    Deposits by U.S. Government $559
    Deposits by States and political subdivisions in the U.S. $44,212
    Deposits by Commercial banks and other depository institutions in U.S. $250
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $124,115
    Demand deposits $95,248
    Nontransaction accounts $4,180,227
    Money market deposit accounts (MMDAs) $217,431
    Other savings deposits (excluding MMDAs) $2,221,503
    Total time deposits $1,741,292
    Total time and savings deposits $4,209,094
    Noninterest-bearing deposits $386,607
    Interest-bearing deposits $3,917,734
    Retail deposits $3,977,601
    IRAs and Keogh plan accounts $382,156
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,534,383
    Cash & Balances due from depository institutions $101,311
    Interest-bearing balances $71,910
    Total securities $1,305,130
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,843,835
    Loan and leases loss allowance $23,290
    Trading account assets $0
    Bank premises and fixed assets $14,917
    Other real estate owned $38
    Goodwill and other intangibles $80,207
    All other assets $188,945

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,534,383
    Total Liabilities $4,814,893
    Total deposits $4,304,341
    Interest-bearing deposits $3,917,734
    Deposits held in domestic offices $4,304,341
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $422,085
    Subordinated debt $0
    All other liabilities $88,467

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,843,835
    Loan and leases loss allowance $23,290
    Total loans and leases (domestic) $3,867,125
    All real estate loans $3,857,177
    Real estate loans in domestic offices $3,857,177
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $232,978
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $232,978
    Multifamily residential real estate $1,558,160
    1-4 family residential loans $2,066,039
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $111
    To non-U.S. addressees $0
    Loans to individuals $4,233
    Credit card loans $0
    Related Plans $393
    Consumer Auto Loans $0
    Other loans to individuals $3,840
    All other loans & leases $5,909
    Loans to foreign governments and official institutions $0
    Other loans $5,909
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $16,218
    Non 1-4 family restructured loans & leases $16,218
    Total loans and leases (foreign) $0

    Ridgewood Savings Bank had $3,843,835,000 of loans outstanding in 2018. $3,857,177,000 of loans were in real estate loans. $0 of loans were in development loans. $1,558,160,000 of loans were in multifamily mortgage loans. $2,066,039,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 22 $14,855 $675,227
    Nonfarm, nonresidential loans - $100-250k 1 $215 $215,000
    Nonfarm, nonresidential loans - $250k-1MM 21 $14,640 $697,143
    Commercial & Industrial, US addressed loans - <$1MM 5 $111 $22,200
    Commercial & Industrial, US addressed loans - <$100k 4 $36 $9,000
    Commercial & Industrial, US addressed loans - $100-250k 1 $75 $75,000