Customers Bank Mortgage Rates, Fees & Info
Phoenixville, PALEI: 6UHRKD73G36IZYN3FC43
Tax ID: 23-2892229
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Mortgage Data
Review & Overview
Customers Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Customers Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Reading, Philadelphia, Bloomington, and Atlantic City among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)Customers Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Customers 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 4/5/25 |
| 30 Year Conventional Refi | 6.71% | 4/5/25 |
| 30 Year Cash-out Refi | 6.70% | 4/5/25 |
| 30 Year FHA Purchase | 6.89% | 4/5/25 |
| 30 Year VA Purchase | 5.57% | 4/5/25 |
| 15 Year Conventional Refi | 6.00% | 4/5/25 |
| 15 Year Cash-out Refi | 6.00% | 4/5/25 |
| 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. | ||
Customers Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
316Origination Dollar Volume (All Markets)
$333,830,000Awards
Customers Bank - 2024
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For 2024, less than of lenders were eligible for this award.
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Relative Rate
Customers Bank's average 30 year fixed mortgage rate was
6.37%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.18%.
Relative Fees (Closing Costs)
Customers Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,133.
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 $8,356.
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) | 40 | $229,050,000 | $5,726,250 | $13,847 | 6.20% |
| READING, PA (FHA|USDA|VA) | 145 | $24,725,000 | $170,517 | $4,721 | 6.53% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 97 | $19,705,000 | $203,144 | $4,422 | 6.35% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $17,645,000 | $17,645,000 | $0 | 6.45% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $10,805,000 | $10,805,000 | $0 | 5.82% |
| ALTOONA, PA (FHA|USDA|VA) | 1 | $9,505,000 | $9,505,000 | $0 | 5.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $6,500,000 | $1,625,000 | $12,068 | 6.34% |
| Laconia, NH (FHA|USDA|VA) | 1 | $5,255,000 | $5,255,000 | $0 | 6.50% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $2,155,000 | $2,155,000 | $0 | 5.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $1,960,000 | $980,000 | $7,773 | 6.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,685,000 | $1,685,000 | $0 | 7.07% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 6 | $970,000 | $161,667 | $5,313 | 6.23% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $3,441 | 6.21% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $5,481 | 5.63% |
| Pottsville, PA (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $5,220 | 6.47% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $7,751 | 6.44% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 6.13% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,604 | 6.13% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,199 | 6.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 6.63% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,044 | 6.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Customers Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 259 | $323,185,000 | $1,247,819 | $4,145 | 6.47% |
| FHA | 56 | $10,400,000 | $185,714 | $7,630 | 6.11% |
| VA | 1 | $245,000 | $245,000 | $4,222 | 5.63% |
For 2024, Customers Bank's most frequently originated type of loan was Conventional, with 259 originations. Their 2nd most popular type was FHA, with 56 originations.
Loan Reason
For 2024, Customers Bank's most frequently cited loan purpose was Home Purchase, with 258 originations. The 2nd most popular reason was Refi, with 23 originations.
Loan Duration/Length
For 2024, Customers Bank's most frequently cited loan duration was 30 Year, with 258 originations. The 2nd most popular length was 10 Year, with 39 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 222 | $60,380,000 | $271,982 |
| $1k-2k | 29 | $5,475,000 | $188,793 |
| $2k-3k | 9 | $1,795,000 | $199,444 |
Customers Bank's average total fees were $5,133, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 222 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 218 | $202,480,000 | $928,807 |
| 5-6% | 72 | $116,920,000 | $1,623,889 |
| 7-8% | 22 | $13,690,000 | $622,273 |
| Over 8% | 4 | $740,000 | $185,000 |
During 2024, Customers Bank's average interest rate for loans was 6.37%, while their most frequently originated rate bucket for loans was 6-7%, with 218 originations.
Loan Sizing
2024 saw Customers Bank place emphasis on $100k-200k loans with 167 originations, totaling $26,815,000 in origination value.
Applicant Income
Customers Bank lent most frequently to those with incomes in the $50k or less range, with 122 originations. The second most popular income band? $50k-75k, with 80 originations.
Applicant Debt to Income Ratio
Customers Bank lent most frequently to those with DTI ratios of 30-36%, with 41 originations. The next most common DTI ratio? 20-30%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.78%
Customers Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.24%
Customers Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 316 | $333,830,000 | $1,056,424 |