Customers Bank Mortgage Rates, Fees & Info

Phoenixville, PA

LEI: 6UHRKD73G36IZYN3FC43

Tax ID: 23-2892229

4.8 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Customers Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Customers Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Philadelphia, Reading, Poughkeepsie, and Allentown among others. Customers Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Customers Bank is typically an average fee lendor.


Originations

592

Origination Dollar Volume (All Markets)

$541,290,000

Employee count

641

Awards

Customers Bank 30 Year Conventional Loans silver Customers Bank 30 Year Conventional Loans gold Customers Bank FHA Loans silver Customers Bank FHA Loans bronze
Show all (4) awards

Relative Rate

Customers Bank's average 30 year fixed rate mortgage of loans were 3.13%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.02%.

Relative Fees

Customers Bank's average total fees for a 30 year fixed rate mortgage are $5,057.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 43 $304,405,000 $7,079,186 $5,084 3.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 265 $79,535,000 $300,132 $5,107 3.21%
READING, PA (FHA|USDA|VA) 232 $37,560,000 $161,897 $4,660 3.17%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $28,775,000 $9,591,667 $0 3.23%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $25,670,000 $4,278,333 $6,895 3.29%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $14,745,000 $4,915,000 $5,655 2.83%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $13,725,000 $13,725,000 $0 3.38%
YORK-HANOVER, PA (FHA|USDA|VA) 3 $12,295,000 $4,098,333 $3,622 3.17%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $6,225,000 $6,225,000 $0 3.50%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 3 $5,025,000 $1,675,000 $5,670 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $3,755,000 $3,755,000 $12,909 3.25%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $1,430,000 $715,000 $4,068 3.29%
BECKLEY, WV (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 3.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $985,000 $985,000 $6,961 2.88%
LEBANON, PA (FHA|USDA|VA) 5 $805,000 $161,000 $4,063 2.47%
Pottsville, PA (FHA|USDA|VA) 6 $800,000 $133,333 $4,244 3.81%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 4 $760,000 $190,000 $4,487 2.78%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $735,000 $735,000 $0 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $485,000 $485,000 $0 4.25%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.94%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $305,000 $101,667 $5,283 3.17%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $305,000 $305,000 $9,024 2.50%
LANCASTER, PA (FHA|USDA|VA) 2 $300,000 $150,000 $4,575 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 4.00%

Customers Bank's top markets include New York, Philadelphia, Reading, Poughkeepsie, and Allentown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 392 $509,000,000 $1,298,469 $3,680 3.34%
FHA 199 $32,005,000 $160,829 $6,584 2.92%
VA 1 $285,000 $285,000 $10,557 2.50%

For the 2021 period, Customers Bank's most frequently originated loan type of loans were Conventional, with 392 originations. Their 2nd most popular type is FHA, with 199 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 476 $120,800,000 $253,782 $4,949 3.17%
Cash Out Refi 77 $404,635,000 $5,255,000 $4,918 3.40%
Refi 38 $12,100,000 $318,421 $4,113 3.19%
Home Improvement 1 $3,755,000 $3,755,000 $12,909 3.25%

For the 2021, Customers Bank's most frequently cited loan purpose of loans were Home Purchase, with 476 originations. The 2nd most popular reason of loans were Cash Out Refi, with 77 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 453 $83,565,000 $184,470 $5,057 3.13%
10 Year 91 $428,045,000 $4,703,791 $16 3.32%
5 Year 25 $7,735,000 $309,400 $0 4.33%
15 Year 13 $2,285,000 $175,769 $3,717 2.52%
20 Year 5 $1,105,000 $221,000 $4,304 3.00%
Other 5 $18,555,000 $3,711,000 $0 3.72%

For the 2021, Customers Bank's most frequently cited loan length of loans were 30 Year, with 453 originations. The 2nd most popular length of loans were 10 Year, with 91 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 396 $70,580,000 $178,232
$1k-2k 66 $11,660,000 $176,667
$2k-3k 6 $1,380,000 $230,000
$3k-4k 5 $2,025,000 $405,000
$5k+ 1 $505,000 $505,000

$5,057 of loans were Customers Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 396 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 233 $213,385,000 $915,815
2.5-3% 220 $301,050,000 $1,368,409
4-5% 74 $16,090,000 $217,432
<2.5% 65 $10,765,000 $165,615

During 2021, Customers Bank's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 233 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 303 $45,235,000 $149,290 $4,893 3.21%
$200k-400k 109 $27,085,000 $248,486 $6,215 3.19%
$100,000 or less 89 $6,395,000 $71,854 $3,135 3.03%
$1MM+ 57 $442,855,000 $7,769,386 $10,656 3.27%
$400k-600k 24 $11,730,000 $488,750 $6,347 3.50%
$600k-1MM 10 $7,990,000 $799,000 $5,904 3.51%

2021 saw Customers Bank place emphasis on $100k-200k loans with 303 originations, totaling $45,235,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 330 $45,470,000 $137,788 $4,694 3.15%
$50k-75k 93 $16,465,000 $177,043 $5,210 3.00%
$75k-100k 27 $6,125,000 $226,852 $5,544 3.07%
$100k-150k 13 $3,265,000 $251,154 $5,986 2.95%
$150k-250k 13 $4,595,000 $353,462 $4,925 3.13%
$250k+ 12 $9,790,000 $815,833 $7,982 3.33%

Customers Bank lent most frequently to those with incomes in the $50k or less range, with 330 originations. The second most popular income band? $50k-75k, with 93 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 100 $15,140,000 $151,400 $4,855 2.99%
20-30% 84 $17,790,000 $211,786 $4,370 3.07%
44% 35 $5,965,000 $170,429 $4,957 3.28%
36% 30 $4,900,000 $163,333 $4,613 3.04%
43% 28 $4,700,000 $167,857 $5,518 3.08%
40% 26 $4,470,000 $171,923 $4,744 3.42%
38% 26 $4,720,000 $181,538 $4,877 2.99%
42% 24 $4,180,000 $174,167 $5,000 3.16%
41% 22 $3,770,000 $171,364 $5,484 3.15%
<20% 19 $5,475,000 $288,158 $5,235 2.97%
37% 17 $3,045,000 $179,118 $5,104 3.07%
46% 16 $2,900,000 $181,250 $4,509 3.04%
49% 14 $2,410,000 $172,143 $5,445 2.88%
39% 13 $2,265,000 $174,231 $5,312 2.89%
47% 7 $1,275,000 $182,143 $5,741 2.84%
45% 7 $1,545,000 $220,714 $5,412 2.93%
48% 6 $1,200,000 $200,000 $4,826 3.10%
50-60% 6 $1,300,000 $216,667 $6,722 2.69%

Customers Bank lent most frequently to those with DTI ratios of 30-36%, with 100 originations. The next most common DTI ratio? 20-30%, with 84 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 86 $435,790,000 $5,067,326 $0 3.63%
White 357 $76,175,000 $213,375 $4,855 3.08%
Not provided 70 $12,520,000 $178,857 $5,009 3.17%
Black 59 $9,915,000 $168,051 $5,198 3.22%
Asian 17 $6,655,000 $391,471 $5,638 3.77%
Native Hawaiian 1 $185,000 $185,000 $0 4.25%
American Indian 2 $50,000 $25,000 $1,940 1.50%

Approval Rates

Total approvals of all applications
94.47%

Customers Bank has an average approval rate.

Pick Rate

Approvals leading to origination
84.36%

Customers Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 592 $541,290,000 $914,341

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
592 $541,290,000 $914,341

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 8 $1,500,000 $187,500 $3,280 3.65%
40-60% 22 $27,980,000 $1,271,818 $4,186 3.46%
60-80% 153 $430,215,000 $2,811,863 $4,409 3.53%
80-100% 400 $81,270,000 $203,175 $5,107 3.12%
Over 100% 1 $285,000 $285,000 $10,557 2.50%
Under 20% 8 $40,000 $5,000 $18 0.00%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Customers Bank 1 Hearthstone Court Reading, PA 19606 Full Service B&M $1,271,289
Customers Bank 350 East Bellevue Avenue, Mehlenberg Township Reading, PA 19605 Full Service B&M $65,686
Customers Bank 3557 West Chester Pike Newtown Square, PA 19073 Full Service B&M $104,576
Customers Bank 513 Kimberton Rd Phoenixville, PA 19460 Full Service B&M $233,777
Customers Bank 73 Old Dublin Pike Doylestown, PA 18901 Full Service B&M $233,253
Customers Bank 99 Bridge St Phoenixville, PA 19460 Full Service B&M $432,521
Customers Bank 99 Bridge St Phoenixville, PA 19460 Full Service Cyber Office $506,281
Customers Bank 1 South Main St Yardley, PA 19067 Full Service B&M $0
Customers Bank 1001 Penn Ave Wyomissing, PA 19610 Full Service B&M $4,741,566
Customers Bank 101 Theall Road Rye, NY 10580 Limited, Mobile/Seasonal Office $0
Customers Bank 102 South Ridge Street Rye Brook, NY 10573 Full Service B&M $4,321,185
Customers Bank 1101 Woodland Road Wyomissing, PA 19610 Full Service B&M $73,773
Customers Bank 153 East Lancaster Avenue Wayne, PA 19087 Full Service B&M $57,870
Customers Bank 2 Summit Square Center Langhorne, PA 19047 Full Service B&M $116,456
Customers Bank 314 Route 33 Hamilton, NJ 8619 Full Service B&M $1,803,026

For 2021, Customers Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $780,886
Net interest income $695,955
Total noninterest income $48,387
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,774
Trading account gains and fees $3,187
Additional Noninterest Income $41,426
Pre-tax net operating income $403,561
Securities gains (or losses, -) $31,392
Income before extraordinary items $321,782
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $321,782
Minority interest net income $0
Net income $321,782
Sale, conversion, retirement of capital stock, net $65,297
Net operating income $296,982

Customers Bank's gross interest income from loans was $780,886,000.
Customers Bank's net interest income from loans was $695,955,000.
Customers Bank's fee based income from loans was $3,774,000.
Customers Bank's net income from loans was $321,782,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $84,931
Provision for credit losses $27,206
Total noninterest expense $313,575
Salaries and employee benefits $108,202
Premises and equipment expense $12,160
Additional noninterest expense $193,213
Applicable income taxes $113,171
Net charge-offs $33,798
Cash dividends $172,982

Customers Bank's interest expense for loans was $84,931,000.
Customers Bank's payroll and benefits expense were $108,202,000.
Customers Bank's property, plant and equipment expenses $12,160,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 1.0%
1-4 family residential loans 2.0%
HELOC loans 10.0%
All other family 2.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 1.8%
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 $16,953,757
Deposits held in domestic offices $16,953,757
Deposits by Individuals, partnerships, and corporations $16,247,718
Deposits by U.S. Government $1
Deposits by States and political subdivisions in the U.S. $578,260
Deposits by Commercial banks and other depository institutions in U.S. $127,778
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $3,748,461
Demand deposits $3,748,461
Nontransaction accounts $13,205,296
Money market deposit accounts (MMDAs) $4,349,073
Other savings deposits (excluding MMDAs) $8,348,885
Total time deposits $507,338
Total time and savings deposits $13,205,296
Noninterest-bearing deposits $4,635,623
Interest-bearing deposits $12,318,134
Retail deposits $14,480,296
IRAs and Keogh plan accounts $23,143
Brokered deposits $2,214,437
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $19,555,791
Cash & Balances due from depository institutions $526,248
Interest-bearing balances $483,795
Total securities $3,796,575
Federal funds sold & reverse repurchase $0
Net loans and leases $14,431,081
Loan and leases loss allowance $137,804
Trading account assets $27,295
Bank premises and fixed assets $21,567
Other real estate owned $35
Goodwill and other intangibles $3,736
All other assets $749,254

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $19,555,791
Total Liabilities $18,092,066
Total deposits $16,953,757
Interest-bearing deposits $12,318,134
Deposits held in domestic offices $16,953,757
% insured (estimated) $29
Federal funds purchased and repurchase agreements $75,000
Trading liabilities $26,517
Other borrowed funds $700,000
Subordinated debt $109,270
All other liabilities $227,522

Issued Loan Types

Type Value (in 000's)
Net loans and leases $14,431,081
Loan and leases loss allowance $137,804
Total loans and leases (domestic) $14,568,885
All real estate loans $3,829,718
Real estate loans in domestic offices $3,829,718
Construction and development loans $111,327
Residential 1-4 family construction $809
Other construction, all land development and other land $110,518
Loans secured by nonfarm nonresidential properties $1,691,710
Nonfarm nonresidential secured by owner-occupied properties $712,457
Commercial real estate & other non-farm, non-residential $979,253
Multifamily residential real estate $1,535,715
1-4 family residential loans $484,249
Farmland loans $6,717
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $4,870,643
To non-U.S. addressees $26,003
Loans to individuals $1,774,868
Credit card loans $787
Related Plans $2,828
Consumer Auto Loans $0
Other loans to individuals $1,771,253
All other loans & leases $4,093,656
Loans to foreign governments and official institutions $0
Other loans $3,942,759
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $364,452
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $10,219
Non 1-4 family restructured loans & leases $4,913
Total loans and leases (foreign) $0

Customers Bank had $14,431,081,000 of loans outstanding in 2021. $3,829,718,000 of loans were in real estate loans. $111,327,000 of loans were in development loans. $1,535,715,000 of loans were in multifamily mortgage loans. $484,249,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $787,000 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 555 $138,651 $249,822
Nonfarm, nonresidential loans - <$100k 74 $2,656 $35,892
Nonfarm, nonresidential loans - $100-250k 179 $23,772 $132,804
Nonfarm, nonresidential loans - $250k-1MM 302 $112,223 $371,599
Commercial & Industrial, US addressed loans - <$1MM 120,616 $3,112,355 $25,804
Commercial & Industrial, US addressed loans - <$100k 114,506 $1,749,478 $15,278
Commercial & Industrial, US addressed loans - $100-250k 4,171 $632,659 $151,680
Commercial & Industrial, US addressed loans - $250k-1MM 1,939 $730,218 $376,595
Farmland loans - <$1MM 7 $1,702 $243,143
Farmland loans - <$100k 1 $42 $42,000
Farmland loans - $100-250k 1 $16 $16,000
Farmland loans - $250k-1MM 5 $1,644 $328,800