Customers Bank Mortgage Rates, Fees & Info
Phoenixville, PALEI: 6UHRKD73G36IZYN3FC43
Tax ID: 23-2892229
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Bank 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
592Origination Dollar Volume (All Markets)
$541,290,000Employee count
641Awards
Customers Bank - 2021
Customers Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications94.47%
Customers Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.36%
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 |
