Customers Bank Mortgage Rates, Fees & Info
Phoenixville, PALEI: 6UHRKD73G36IZYN3FC43
Tax ID: 23-2892229
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Customers Bank is a small bank specializing in Cash Out Refi and 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, Philadelphia, Miami, New Haven, and Hartford among others. We have data for 37 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 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 | 6.64% | 3/28/23 |
| 30 Year Conventional Refi | 6.27% | 3/28/23 |
| 30 Year Cash-out Refi | 6.48% | 3/28/23 |
| 30 Year FHA Purchase | 7.49% | 3/28/23 |
| 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
476Origination Dollar Volume (All Markets)
$1,432,040,000Awards
Customers Bank - 2022
Customers Bank is a 2022 , due to their low .
For 2022, 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
4.97%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.21%.
Relative Fees (Closing Costs)
Customers Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,855.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 97 | $827,365,000 | $8,529,536 | $8,575 | 3.48% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 155 | $129,545,000 | $835,774 | $5,038 | 4.83% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $101,860,000 | $16,976,667 | $0 | 4.58% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 4 | $58,070,000 | $14,517,500 | $0 | 3.38% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $37,895,000 | $12,631,667 | $0 | 4.42% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 3 | $35,155,000 | $11,718,333 | $6,830 | 4.71% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $31,505,000 | $31,505,000 | $0 | 3.50% |
| READING, PA (FHA|USDA|VA) | 157 | $26,985,000 | $171,879 | $4,564 | 4.99% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $21,505,000 | $21,505,000 | $0 | 3.25% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $18,910,000 | $9,455,000 | $0 | 3.44% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $18,435,000 | $6,145,000 | $0 | 3.58% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $15,260,000 | $7,630,000 | $0 | 4.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $15,205,000 | $15,205,000 | $0 | 3.38% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 8 | $13,690,000 | $1,711,250 | $6,549 | 3.78% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $11,505,000 | $11,505,000 | $0 | 5.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $8,060,000 | $4,030,000 | $0 | 4.88% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $8,005,000 | $8,005,000 | $0 | 3.50% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $8,005,000 | $8,005,000 | $0 | 4.29% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $7,505,000 | $7,505,000 | $0 | 5.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $5,705,000 | $5,705,000 | $0 | 6.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $5,405,000 | $5,405,000 | $0 | 3.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $4,795,000 | $4,795,000 | $0 | 3.88% |
| Outside of Metro Areas | 1 | $4,105,000 | $4,105,000 | $0 | 5.00% |
| Pottsville, PA (FHA|USDA|VA) | 4 | $3,440,000 | $860,000 | $8,106 | 4.34% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $3,360,000 | $1,680,000 | $7,580 | 5.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $3,045,000 | $3,045,000 | $10,184 | 3.38% |
| LANCASTER, PA (FHA|USDA|VA) | 6 | $2,490,000 | $415,000 | $12,082 | 3.75% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $1,185,000 | $1,185,000 | $0 | 3.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $0 | 3.99% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $5,513 | 5.13% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $7,017 | 4.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 4.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $8,399 | 3.38% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 4.50% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $7,047 | 4.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,652 | 6.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,727 | 5.50% |
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: 88
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 404 | $1,419,360,000 | $3,513,267 | $4,037 | 4.49% |
| FHA | 72 | $12,680,000 | $176,111 | $7,172 | 4.67% |
For 2022, Customers Bank's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was FHA, with 72 originations.
Loan Reason
For 2022, Customers Bank's most frequently cited loan purpose was Home Purchase, with 313 originations. The 2nd most popular reason was Cash Out Refi, with 132 originations.
Loan Duration/Length
For 2022, Customers Bank's most frequently cited loan duration was 30 Year, with 260 originations. The 2nd most popular length was 10 Year, with 154 originations.
Origination Fees/Closing Costs
Customers Bank's average total fees were $4,855, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 187 originations.
Interest Rates
During 2022, Customers Bank's average interest rate for loans was 4.97%, while their most frequently originated rate bucket for loans was 3-4%, with 156 originations.
Loan Sizing
2022 saw Customers Bank place emphasis on $100k-200k loans with 210 originations, totaling $30,850,000 in origination value.
Applicant Income
Customers Bank lent most frequently to those with incomes in the $50k or less range, with 172 originations. The second most popular income band? $50k-75k, with 53 originations.
Applicant Debt to Income Ratio
Customers Bank lent most frequently to those with DTI ratios of 30-36%, with 49 originations. The next most common DTI ratio? 20-30%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.38%
Customers Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.40%
Customers Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 476 | $1,432,040,000 | $3,008,487 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 476 | $1,432,040,000 | $3,008,487 |