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
  • Complaints
  • 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 Cash Out Refi and Home Purchase 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 a high 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% 12/16/24
    30 Year Conventional Refi 6.22% 12/16/24
    30 Year Cash-out Refi 6.21% 12/16/24
    15 Year Conventional Purchase 5.53% 12/16/24
    15 Year Conventional Refi 5.51% 12/16/24
    15 Year Cash-out Refi 5.51% 12/16/24
    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

    541

    Origination Dollar Volume (All Markets)

    $555,905,000

    Employee count

    546

    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) 488 $507,700,000 $1,040,369 $9,993 3.51%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 52 $47,680,000 $916,923 $9,270 3.30%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $525,000 $525,000 $7,446 3.38%
    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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    SIKORSKY FINANCIAL
    Similarity Rank: 520
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715
    Hanover Community Bank
    Similarity Rank: 727
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 745
    Roselle Bank
    Similarity Rank: 796

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 541 $555,905,000 $1,027,551 $9,897 3.49%

    For 2020, Ridgewood Savings Bank's most frequently originated type of loan was Conventional, with 541 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 270 $336,320,000 $1,245,630 $10,261 3.52%
    Home Purchase 160 $145,490,000 $909,313 $10,893 3.54%
    Refi 90 $65,850,000 $731,667 $8,429 3.28%
    Home Improvement 11 $4,485,000 $407,727 $3,165 3.69%
    Other 10 $3,760,000 $376,000 $7,736 3.50%

    For 2020, Ridgewood Savings Bank's most frequently cited loan purpose was Cash Out Refi, with 270 originations. The 2nd most popular reason was Home Purchase, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 328 $264,480,000 $806,341 $10,193 3.41%
    10 Year 88 $177,630,000 $2,018,523 $4,897 3.62%
    Other 82 $84,540,000 $1,030,976 $12,509 3.73%
    15 Year 25 $20,645,000 $825,800 $5,621 3.12%
    20 Year 18 $8,610,000 $478,333 $5,020 3.57%

    For 2020, Ridgewood Savings Bank's most frequently cited loan duration was 30 Year, with 328 originations. The 2nd most popular length was 10 Year, with 88 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 246 $164,820,000 $670,000
    $5k+ 122 $114,800,000 $940,984
    $1k-2k 23 $13,425,000 $583,696
    $2k-3k 13 $14,555,000 $1,119,615
    $3k-4k 4 $3,450,000 $862,500
    $4k-5k 3 $2,205,000 $735,000

    Ridgewood Savings Bank's average total fees were $10,193, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 246 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 438 $484,980,000 $1,107,260
    2.5-3% 71 $47,515,000 $669,225
    4-5% 29 $22,645,000 $780,862
    <2.5% 2 $640,000 $320,000
    5-6% 1 $125,000 $125,000

    During 2020, Ridgewood Savings Bank's average interest rate for loans was 3.41%, while their most frequently originated rate bucket for loans was 3-4%, with 438 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 185 $356,175,000 $1,925,270 $16,554 3.52%
    $600k-1MM 168 $130,460,000 $776,548 $10,484 3.46%
    $400k-600k 86 $42,040,000 $488,837 $7,023 3.52%
    $200k-400k 76 $23,490,000 $309,079 $4,813 3.46%
    $100k-200k 24 $3,620,000 $150,833 $2,756 3.40%
    $100,000 or less 2 $120,000 $60,000 $1,140 3.25%

    2020 saw Ridgewood Savings Bank place emphasis on $1MM+ loans with 185 originations, totaling $356,175,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 222 $223,770,000 $1,007,973 $11,677 3.42%
    $150k-250k 107 $74,775,000 $698,832 $10,543 3.46%
    $100k-150k 67 $29,985,000 $447,537 $7,277 3.52%
    $75k-100k 28 $7,990,000 $285,357 $4,562 3.35%
    $50k-75k 16 $4,120,000 $257,500 $4,655 3.45%
    $50k or less 2 $250,000 $125,000 $2,383 3.75%

    Ridgewood Savings Bank lent most frequently to those with incomes in the $250k+ range, with 222 originations. The second most popular income band? $150k-250k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 124 $86,670,000 $698,952 $8,056 3.38%
    30-36% 94 $74,020,000 $787,447 $10,515 3.52%
    <20% 52 $38,630,000 $742,885 $7,524 3.44%
    40% 32 $29,080,000 $908,750 $13,125 3.52%
    42% 31 $30,445,000 $982,097 $13,944 3.43%
    39% 28 $24,240,000 $865,714 $13,782 3.36%
    41% 22 $19,320,000 $878,182 $12,288 3.41%
    38% 18 $11,270,000 $626,111 $7,275 3.36%
    37% 15 $9,835,000 $655,667 $8,608 3.54%
    36% 13 $11,695,000 $899,615 $11,947 3.62%
    43% 6 $2,860,000 $476,667 $6,121 3.40%
    45% 3 $1,355,000 $451,667 $5,170 3.33%
    44% 2 $920,000 $460,000 $5,438 3.13%
    46% 2 $550,000 $275,000 $3,922 3.88%

    Ridgewood Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 94 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 343 $267,565,000 $780,073 $9,900 3.42%
    Not applicable 96 $212,740,000 $2,216,042 $0 3.69%
    Not provided 46 $36,500,000 $793,478 $8,323 3.51%
    Black 29 $21,715,000 $748,793 $9,508 3.57%
    Asian 24 $15,710,000 $654,583 $12,666 3.50%
    Chinese 2 $1,030,000 $515,000 $10,209 3.56%
    Asian Indian 1 $645,000 $645,000 $18,862 4.00%

    Approval Rates

    Total approvals of all applications
    85.25%

    Ridgewood Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.51%

    Ridgewood 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 541 $555,905,000 $1,027,551

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 79 $187,505,000 $2,373,481
    Single Family (1-4 Units):Site-Built 462 $368,400,000 $797,403

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $31,140,000 $556,071 $5,986 3.33%
    40-60% 120 $110,380,000 $919,833 $8,909 3.37%
    60-80% 281 $361,025,000 $1,284,786 $12,201 3.57%
    80-100% 70 $48,620,000 $694,571 $9,292 3.49%
    Under 20% 14 $4,740,000 $338,571 $4,241 3.38%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Redstone Funding, LLC Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ridgewood Savings Bank 1745 Crosby Avenue Bronx, NY 10461 Full Service B&M $40,206
    Ridgewood Savings Bank 1010 Hempstead Turnpike Franklin Square, NY 11010 Full Service B&M $230,843
    Ridgewood Savings Bank 1035 Fulton Street Brooklyn, NY 11238 Full Service B&M $29,645
    Ridgewood Savings Bank 107-55 Queens Boulevard Forest Hills, NY 11375 Full Service B&M $300,712
    Ridgewood Savings Bank 1125 Old Country Road Plainview, NY 11803 Full Service B&M $38,141
    Ridgewood Savings Bank 1134 Morris Park Avenue Bronx, NY 10461 Full Service B&M $80,479
    Ridgewood Savings Bank 1404 2nd Avenue New York, NY 10021 Full Service B&M $66,149
    Ridgewood Savings Bank 1646 First Avenue New York, NY 10028 Full Service B&M $107,070
    Ridgewood Savings Bank 169 Old Country Road Hicksville, NY 11801 Limited, Drive-thru $2,687
    Ridgewood Savings Bank 1770 E. Gun Hill Rd. Bronx, NY 10469 Full Service B&M $48,708
    Ridgewood Savings Bank 202-16 Rockaway Point Blvd Breezy Point, NY 11697 Full Service B&M $193,152
    Ridgewood Savings Bank 205-11 Hillside Av Hollis, NY 11423 Full Service B&M $163,947
    Ridgewood Savings Bank 208-24 Cross Island Parkway Bayside, NY 11360 Full Service B&M $86,623
    Ridgewood Savings Bank 2080 Bellmore Avenue Bellmore, NY 11710 Full Service B&M $187,537
    Ridgewood Savings Bank 220 Old Country Rd Hicksville, NY 11801 Full Service B&M $169,230
    Ridgewood Savings Bank 230-22 Merrick Boulevard Laurelton, NY 11413 Full Service B&M $150,672
    Ridgewood Savings Bank 2435 Jericho Turnpike Garden City Park, NY 11040 Full Service B&M $273,737
    Ridgewood Savings Bank 244 Court Street Brooklyn, NY 11201 Full Service B&M $46,682
    Ridgewood Savings Bank 25-29 Parsons Boulevard Flushing, NY 11354 Full Service B&M $257,531
    Ridgewood Savings Bank 2520 East 17th Street Brooklyn, NY 11235 Full Service B&M $79,219
    Ridgewood Savings Bank 317 South Wellwood Avenue Lindenhurst, NY 11757 Full Service B&M $92,114
    Ridgewood Savings Bank 3445 Jerome Avenue Bronx, NY 10467 Full Service B&M $49,678
    Ridgewood Savings Bank 382 Pelham Road New Rochelle, NY 10805 Full Service B&M $54,193
    Ridgewood Savings Bank 3824 White Plains Road Bronx, NY 10467 Full Service B&M $37,249
    Ridgewood Savings Bank 3899 Sedgwick Ave. Bronx, NY 10463 Full Service B&M $35,374
    Ridgewood Savings Bank 43-14 Ditmars Blvd Astoria, NY 11105 Full Service B&M $100,756
    Ridgewood Savings Bank 50 Farmingdale Road (Nys Route 109) West Babylon, NY 11704 Full Service B&M $73,818
    Ridgewood Savings Bank 65-01 Myrtle Avenue Glendale, NY 11385 Full Service B&M $119,729
    Ridgewood Savings Bank 670 Mclean Ave Yonkers, NY 10704 Full Service B&M $138,746
    Ridgewood Savings Bank 7020 13th Avenue Brooklyn, NY 11228 Full Service B&M $52,464
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Limited, Mobile/Seasonal Office $2,369
    Ridgewood Savings Bank 71-02 Forest Avenue Ridgewood, NY 11385 Full Service Cyber Office $390,907
    Ridgewood Savings Bank 7102 Forest Avenue Ridgewood, NY 11385 Full Service B&M $515,802
    Ridgewood Savings Bank 711 Allerton Ave. Bronx, NY 10467 Full Service B&M $55,962
    Ridgewood Savings Bank 7124 18th Avenue Brooklyn, NY 11204 Full Service B&M $92,725
    Ridgewood Savings Bank 74-25 Grand Avenue Elmhurst, NY 11373 Full Service B&M $171,247
    Ridgewood Savings Bank 835 Atlantic Avenue Baldwin, NY 11510 Full Service B&M $147,790
    Ridgewood Savings Bank 8522 Third Avenue Brooklyn, NY 11209 Full Service B&M $144,750

    For 2020, Ridgewood Savings Bank had 38 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $178,278
    Net interest income $122,664
    Total noninterest income $11,082
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,700
    Trading account gains and fees $0
    Additional Noninterest Income $9,382
    Pre-tax net operating income $27,769
    Securities gains (or losses, -) $16,454
    Income before extraordinary items $35,259
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $35,259
    Minority interest net income $12
    Net income $35,247
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $22,095

    Ridgewood Savings Bank's gross interest income from loans was $178,278,000.
    Ridgewood Savings Bank's net interest income from loans was $122,664,000.
    Ridgewood Savings Bank's fee based income from loans was $1,700,000.
    Ridgewood Savings Bank's net income from loans was $35,247,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $55,614
    Provision for credit losses $5,592
    Total noninterest expense $100,385
    Salaries and employee benefits $58,532
    Premises and equipment expense $18,300
    Additional noninterest expense $23,553
    Applicable income taxes $8,964
    Net charge-offs $933
    Cash dividends $0

    Ridgewood Savings Bank's interest expense for loans was $55,614,000.
    Ridgewood Savings Bank's payroll and benefits expense were $58,532,000.
    Ridgewood Savings Bank's property, plant and equipment expenses $18,300,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 4.0%
    1-4 family residential loans 1.0%
    HELOC loans 7.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.8%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $5,018,438
    Deposits held in domestic offices $5,018,438
    Deposits by Individuals, partnerships, and corporations $4,972,681
    Deposits by U.S. Government $356
    Deposits by States and political subdivisions in the U.S. $45,160
    Deposits by Commercial banks and other depository institutions in U.S. $241
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $148,978
    Demand deposits $111,686
    Nontransaction accounts $4,869,460
    Money market deposit accounts (MMDAs) $241,672
    Other savings deposits (excluding MMDAs) $2,687,728
    Total time deposits $1,940,061
    Total time and savings deposits $4,906,752
    Noninterest-bearing deposits $482,651
    Interest-bearing deposits $4,535,787
    Retail deposits $4,610,763
    IRAs and Keogh plan accounts $414,031
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $6,373,917
    Cash & Balances due from depository institutions $319,303
    Interest-bearing balances $119,740
    Total securities $1,620,662
    Federal funds sold & reverse repurchase $144,317
    Net loans and leases $3,983,150
    Loan and leases loss allowance $27,307
    Trading account assets $0
    Bank premises and fixed assets $13,478
    Other real estate owned $215
    Goodwill and other intangibles $80,205
    All other assets $212,587

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $6,373,917
    Total Liabilities $5,559,310
    Total deposits $5,018,438
    Interest-bearing deposits $4,535,787
    Deposits held in domestic offices $5,018,438
    % insured (estimated) $91
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $433,794
    Subordinated debt $0
    All other liabilities $107,078

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,983,150
    Loan and leases loss allowance $27,307
    Total loans and leases (domestic) $4,010,457
    All real estate loans $3,965,835
    Real estate loans in domestic offices $3,965,835
    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 $189,765
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $189,765
    Multifamily residential real estate $1,797,949
    1-4 family residential loans $1,978,121
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $29,488
    To non-U.S. addressees $0
    Loans to individuals $3,526
    Credit card loans $496
    Related Plans $262
    Consumer Auto Loans $0
    Other loans to individuals $2,768
    All other loans & leases $12,629
    Loans to foreign governments and official institutions $0
    Other loans $12,629
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Ridgewood Savings Bank had $3,983,150,000 of loans outstanding in 2020. $3,965,835,000 of loans were in real estate loans. $0 of loans were in development loans. $1,797,949,000 of loans were in multifamily mortgage loans. $1,978,121,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $496,000 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 21 $15,059 $717,095
    Nonfarm, nonresidential loans - $100-250k 1 $203 $203,000
    Nonfarm, nonresidential loans - $250k-1MM 20 $14,856 $742,800
    Commercial & Industrial, US addressed loans - <$1MM 409 $15,475 $37,836
    Commercial & Industrial, US addressed loans - <$100k 375 $7,847 $20,925
    Commercial & Industrial, US addressed loans - $100-250k 24 $3,607 $150,292
    Commercial & Industrial, US addressed loans - $250k-1MM 10 $4,021 $402,100