Customers Bank Mortgage Rates, Fees & Info

Phoenixville, PA

LEI: 6UHRKD73G36IZYN3FC43

Tax ID: 23-2892229

5 stars - Updated: 3/27/24 - out of 5 stars, based on 15 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

Customers Bank is a smaller bank specializing in Home Purchase loans. Customers Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Reading, Philadelphia, New York, Scranton, and Ocean City among others. We have data for 16 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 relatively high 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 6.64% 3/27/24
30 Year Conventional Refi 6.27% 3/27/24
30 Year Cash-out Refi 6.48% 3/27/24
30 Year FHA Purchase 7.49% 3/27/24
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.

Customers Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Customers 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

220

Origination Dollar Volume (All Markets)

$44,300,000
Show all (9) awards

Relative Rate

Customers Bank's average 30 year fixed mortgage rate was 6.41%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.07%.

Relative Fees (Closing Costs)

Customers Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,891.

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
READING, PA (FHA|USDA|VA) 114 $18,160,000 $159,298 $4,597 6.42%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 71 $14,255,000 $200,775 $4,633 6.36%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $6,075,000 $675,000 $7,952 6.57%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 8 $1,620,000 $202,500 $5,358 6.84%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $610,000 $305,000 $4,972 6.38%
Outside of Metro Areas 1 $565,000 $565,000 $5,812 6.63%
LANCASTER, PA (FHA|USDA|VA) 2 $460,000 $230,000 $4,528 6.00%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $440,000 $220,000 $6,729 6.19%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 7.50%
LEBANON, PA (FHA|USDA|VA) 2 $360,000 $180,000 $7,315 6.56%
Pottsville, PA (FHA|USDA|VA) 3 $275,000 $91,667 $4,931 6.46%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 7.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $245,000 $245,000 $8,982 8.38%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $175,000 $175,000 $4,616 6.50%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $125,000 $125,000 $8,699 6.63%
Customers Bank's top markets include Reading, Philadelphia, New York, Scranton, and Ocean City among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • 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.

    Republic Bank
    Similarity Rank: 21
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    Similarity Rank: 117
    County Savings Bank
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    DEL-ONE FEDERAL CREDIT UNION
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    Dover Federal Credit Union
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    Financial Freedom Mortgage, LLC
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    FRANKLIN MINT
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 170 $35,300,000 $207,647 $4,001 6.48%
    FHA 49 $8,835,000 $180,306 $7,482 6.32%
    USDA 1 $165,000 $165,000 $5,714 6.38%

    For 2023, Customers Bank's most frequently originated type of loan was Conventional, with 170 originations. Their 2nd most popular type was FHA, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 202 $39,060,000 $193,366 $4,813 6.42%
    Cash Out Refi 13 $3,485,000 $268,077 $6,346 6.88%
    Refi 5 $1,755,000 $351,000 $2,120 6.05%

    For 2023, Customers Bank's most frequently cited loan purpose was Home Purchase, with 202 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 210 $42,270,000 $201,286 $4,891 6.41%
    10 Year 6 $1,060,000 $176,667 $0 7.42%
    5 Year 4 $970,000 $242,500 $0 6.56%

    For 2023, Customers Bank's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was 10 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 167 $32,825,000 $196,557
    $1k-2k 28 $4,770,000 $170,357
    $2k-3k 5 $655,000 $131,000
    $3k-4k 3 $805,000 $268,333
    $5k+ 2 $800,000 $400,000
    $4k-5k 1 $265,000 $265,000

    Customers Bank's average total fees were $4,891, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 167 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 162 $31,340,000 $193,457
    5-6% 41 $9,525,000 $232,317
    7-8% 14 $2,950,000 $210,714
    Over 8% 2 $450,000 $225,000
    4-5% 1 $35,000 $35,000

    During 2023, Customers Bank's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was 6-7%, with 162 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 147 $22,415,000 $152,483 $4,306 6.38%
    $200k-400k 46 $11,430,000 $248,478 $6,587 6.69%
    $100,000 or less 16 $1,180,000 $73,750 $3,264 6.26%
    $400k-600k 7 $3,695,000 $527,857 $8,395 6.64%
    $1MM+ 2 $4,150,000 $2,075,000 $8,821 5.69%
    $600k-1MM 2 $1,430,000 $715,000 $7,103 6.56%

    2023 saw Customers Bank place emphasis on $100k-200k loans with 147 originations, totaling $22,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 111 $15,685,000 $141,306 $4,183 6.36%
    $50k-75k 59 $10,555,000 $178,898 $5,121 6.38%
    $75k-100k 19 $4,355,000 $229,211 $6,856 6.52%
    $250k+ 8 $7,060,000 $882,500 $7,431 6.44%
    $100k-150k 7 $2,085,000 $297,857 $4,391 6.70%
    $150k-250k 6 $2,170,000 $361,667 $6,654 6.58%

    Customers Bank lent most frequently to those with incomes in the $50k or less range, with 111 originations. The second most popular income band? $50k-75k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 43 $8,035,000 $186,860 $4,707 6.33%
    41% 19 $3,205,000 $168,684 $4,268 6.45%
    44% 18 $3,040,000 $168,889 $4,966 6.42%
    39% 17 $3,075,000 $180,882 $4,465 6.35%
    42% 17 $4,785,000 $281,471 $5,832 6.42%
    20-30% 16 $3,050,000 $190,625 $4,450 6.37%
    48% 14 $2,700,000 $192,857 $5,377 6.59%
    37% 13 $2,255,000 $173,462 $4,933 6.30%
    36% 12 $2,360,000 $196,667 $4,251 6.35%
    43% 11 $1,905,000 $173,182 $4,939 6.45%
    40% 8 $1,250,000 $156,250 $3,730 6.36%
    38% 8 $1,110,000 $138,750 $4,186 6.33%
    45% 5 $915,000 $183,000 $5,277 6.93%
    46% 5 $1,085,000 $217,000 $5,898 6.58%
    49% 4 $590,000 $147,500 $5,120 6.66%
    <20% 2 $2,950,000 $1,475,000 $8,922 5.56%
    47% 1 $145,000 $145,000 $4,221 6.63%

    Customers Bank lent most frequently to those with DTI ratios of 30-36%, with 43 originations. The next most common DTI ratio? 41%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 167 $33,955,000 $203,323 $4,807 6.43%
    Not provided 31 $5,705,000 $184,032 $4,745 6.42%
    Black 16 $2,960,000 $185,000 $4,757 6.34%
    Not applicable 4 $1,120,000 $280,000 $0 7.38%
    Asian 2 $560,000 $280,000 $10,271 6.81%

    Approval Rates

    Total approvals of all applications
    94.54%

    Customers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.00%

    Customers Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 220 $44,300,000 $201,364

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    220 $44,300,000 $201,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $485,000 $161,667 $4,570 6.21%
    40-60% 6 $970,000 $161,667 $4,780 6.44%
    60-80% 19 $6,985,000 $367,632 $5,935 6.65%
    80-100% 186 $35,350,000 $190,054 $4,831 6.41%
    Under 20% 6 $510,000 $85,000 $0 7.04%