Sterling Bank And Trust Fsb Mortgage Rates, Fees & Info

Southfield, MI

LEI: 549300ZEHLZ064G58146

Tax ID: 38-2524834

5 stars - out of 5 stars, based on 9 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    Sterling Bank And Trust Fsb is a smaller bank specializing in Home Purchase and Refi loans. Sterling Bank And Trust Fsb has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Los Angeles, Santa Rosa, New York, and Santa Cruz among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Sterling Bank And Trust Fsb 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. Sterling Bank And Trust Fsb 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.14% 3/27/23
    30 Year Conventional Refi 7.28% 3/27/23
    30 Year Cash-out Refi 7.02% 3/27/23
    30 Year FHA Purchase 6.27% 3/27/23
    30 Year VA Purchase 6.27% 3/27/23
    15 Year Conventional Purchase 6.44% 3/27/23
    15 Year Conventional Refi 5.86% 3/27/23
    15 Year Cash-out Refi 5.86% 3/27/23
    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.


    Originations

    78

    Origination Dollar Volume (All Markets)

    $59,440,000

    Relative Rate

    Sterling Bank And Trust Fsb's average 30 year fixed mortgage rate was 3.5%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.26%.

    Relative Fees (Closing Costs)

    Sterling Bank And Trust Fsb's average total fees/closing costs for a 30 year fixed rate mortgage were $7,508.

    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 $4,750.

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 58 $46,290,000 $798,103 $7,180 3.52%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 15 $7,075,000 $471,667 $8,902 3.62%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $2,625,000 $875,000 $7,335 3.13%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $445,000 $445,000 $3,718 3.63%
    Sterling Bank And Trust Fsb's top markets include San Francisco, Los Angeles, Santa Rosa, New York, and Santa Cruz among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Sterling Bank and Trust FSB 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: 306
    Credence Funding Corporation
    Similarity Rank: 316
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 326
    Schuyler Savings Bank
    Similarity Rank: 352
    The First National Bank of Long Island
    Similarity Rank: 374
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 567
    The Atlantic Federal Credit Union
    Similarity Rank: 588
    Chaffey Federal Credit Union
    Similarity Rank: 644
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 660

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 78 $59,440,000 $762,051 $7,480 3.54%

    For 2022, Sterling Bank And Trust Fsb's most frequently originated type of loan was Conventional, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $34,725,000 $807,558 $9,410 3.56%
    Refi 27 $18,275,000 $676,852 $4,988 3.35%
    Cash Out Refi 8 $6,440,000 $805,000 $4,451 4.21%

    For 2022, Sterling Bank And Trust Fsb's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 67 $51,125,000 $763,060 $7,508 3.50%
    15 Year 9 $4,305,000 $478,333 $7,251 3.88%
    10 Year 2 $4,010,000 $2,005,000 $0 0.00%

    For 2022, Sterling Bank And Trust Fsb's most frequently cited loan duration was 30 Year, with 67 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 46 $35,790,000 $778,043
    $5k+ 17 $12,565,000 $739,118
    $4k-5k 7 $3,845,000 $549,286
    $3k-4k 4 $1,760,000 $440,000
    $2k-3k 1 $365,000 $365,000

    Sterling Bank And Trust Fsb's average total fees were $7,508, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 46 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 57 $43,695,000 $766,579
    2.5-3% 7 $5,585,000 $797,857
    5-6% 6 $2,910,000 $485,000
    4-5% 5 $2,135,000 $427,000

    During 2022, Sterling Bank And Trust Fsb's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 34 $26,310,000 $773,824 $8,050 3.46%
    $400k-600k 18 $8,680,000 $482,222 $6,919 3.45%
    $1MM+ 16 $21,790,000 $1,361,875 $8,234 3.35%
    $200k-400k 7 $2,215,000 $316,429 $6,418 3.91%
    $100k-200k 3 $445,000 $148,333 $3,607 4.96%

    2022 saw Sterling Bank And Trust Fsb place emphasis on $600k-1MM loans with 34 originations, totaling $26,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 33 $21,045,000 $637,727 $7,251 3.54%
    $250k+ 28 $27,150,000 $969,643 $7,768 3.49%
    $100k-150k 9 $4,355,000 $483,889 $8,254 3.63%
    $75k-100k 3 $1,315,000 $438,333 $6,610 3.29%
    $50k-75k 2 $460,000 $230,000 $5,064 4.19%

    Sterling Bank And Trust Fsb lent most frequently to those with incomes in the $150k-250k range, with 33 originations. The second most popular income band? $250k+, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 27 $20,575,000 $762,037 $8,368 3.51%
    20-30% 15 $10,385,000 $692,333 $7,572 3.50%
    37% 8 $6,170,000 $771,250 $8,271 3.69%
    36% 5 $4,505,000 $901,000 $7,137 3.63%
    42% 5 $2,355,000 $471,000 $5,735 3.60%
    41% 3 $1,845,000 $615,000 $5,129 3.71%
    38% 3 $2,305,000 $768,333 $7,405 3.46%
    39% 3 $2,145,000 $715,000 $5,784 3.21%
    <20% 2 $900,000 $450,000 $3,904 4.19%
    40% 2 $1,930,000 $965,000 $5,826 3.25%
    43% 1 $695,000 $695,000 $9,252 3.38%
    44% 1 $515,000 $515,000 $7,335 3.13%

    Sterling Bank And Trust Fsb lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 50 $35,850,000 $717,000 $6,746 3.62%
    Asian 19 $14,765,000 $777,105 $9,049 3.33%
    Not applicable 3 $5,115,000 $1,705,000 $0 0.00%
    Not provided 3 $1,915,000 $638,333 $9,696 3.21%
    Black 3 $1,795,000 $598,333 $7,565 3.83%

    Approval Rates

    Total approvals of all applications
    80.68%

    Sterling Bank And Trust Fsb has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.23%

    Sterling Bank And Trust Fsb 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 78 $59,440,000 $762,051

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    78 $59,440,000 $762,051

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $1,940,000 $323,333 $4,321 4.04%
    40-60% 11 $6,965,000 $633,182 $6,383 3.39%
    60-80% 39 $36,225,000 $928,846 $8,207 3.31%
    80-100% 19 $12,955,000 $681,842 $8,007 3.77%
    Under 20% 3 $1,355,000 $451,667 $3,632 5.00%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    STERLING BANCORP Conventional home mortgage Incorrect information on your report 1 100.0%