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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.48% | 12/16/24 |
| 30 Year FHA Purchase | 7.49% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
220Origination Dollar Volume (All Markets)
$44,300,000Awards
Customers Bank - 2023
Customers Bank is a 2023 , due to their low .
For 2023, 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
6.41%.
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 $9,089.
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% |
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: 21
Similarity Rank: 108
Similarity Rank: 117
Similarity Rank: 135
Similarity Rank: 156
Similarity Rank: 392
Similarity Rank: 438
Similarity Rank: 506
Similarity Rank: 549
Similarity Rank: 570
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
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
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
2023 saw Customers Bank place emphasis on $100k-200k loans with 147 originations, totaling $22,415,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications94.54%
Customers Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.00%
Customers Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 220 | $44,300,000 | $201,364 |