Customers Bank Mortgage Rates, Fees & Info

Phoenixville, PA

LEI: 6UHRKD73G36IZYN3FC43

Tax ID: 23-2892229

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Providence, Philadelphia, Hartford, and Reading among others. We have data for 11 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 a low 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.

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%	4/21/24
30 Year Conventional Refi	6.27%	4/21/24
30 Year Cash-out Refi	6.48%	4/21/24
30 Year FHA Purchase	7.49%	4/21/24
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

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

496

Origination Dollar Volume (All Markets)

$489,760,000

Employee count

827

Awards

Customers Bank 30 Year Conventional Loans gold

Show all (9) awards

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)	73	$300,415,000	$4,115,274	$6,044	4.12%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	3	$60,645,000	$20,215,000	$2,634	4.32%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	162	$56,230,000	$347,099	$3,768	4.55%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	2	$30,060,000	$15,030,000	$0	4.30%
READING, PA (FHA\|USDA\|VA)	242	$24,770,000	$102,355	$3,891	4.19%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA\|USDA\|VA)	5	$15,045,000	$3,009,000	$3,532	5.15%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	5	$1,475,000	$295,000	$0	4.52%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	1	$605,000	$605,000	$4,864	4.88%
VINELAND-BRIDGETON, NJ (FHA\|USDA\|VA)	1	$245,000	$245,000	$7,531	4.38%
OCEAN CITY, NJ (FHA\|USDA\|VA)	1	$175,000	$175,000	$3,728	4.13%
Sunbury, PA (FHA\|USDA\|VA)	1	$95,000	$95,000	$4,145	4.50%

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

Their top states include:

New York (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

New Jersey (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

Connecticut (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.

VISIONS
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Haddon Savings Bank
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FIDELITY SAVINGS AND LOAN ASSOCIATION OF BUCKS COUNTY
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ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
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Columbia Bank
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WASHINGTON SAVINGS BANK
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Diamond Credit Union
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COMMUNITY POWERED
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First Commonwealth Federal Credit Union
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	309	$471,025,000	$1,524,353	$2,986	4.35%
FHA	182	$17,530,000	$96,319	$4,655	4.25%
VA	4	$1,110,000	$277,500	$6,641	4.34%
USDA	1	$95,000	$95,000	$4,145	4.50%

For 2018, Customers Bank's most frequently originated type of loan was Conventional, with 309 originations. Their 2nd most popular type was FHA, with 182 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	412	$125,120,000	$303,689	$3,909	4.30%
Cash Out Refi	67	$323,635,000	$4,830,373	$3,532	4.35%
Refi	15	$26,935,000	$1,795,667	$2,871	4.39%
Home Improvement	1	$15,000	$15,000	$0	6.00%
NA	1	$14,055,000	$14,055,000	$0	4.50%

For 2018, Customers Bank's most frequently cited loan purpose was Home Purchase, with 412 originations. The 2nd most popular reason was Cash Out Refi, with 67 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	332	$38,980,000	$117,410	$4,096	4.40%
10 Year	126	$369,610,000	$2,933,413	$14	3.97%
5 Year	20	$13,890,000	$694,500	$0	5.24%
Other	11	$42,315,000	$3,846,818	$0	3.95%
15 Year	3	$425,000	$141,667	$2,212	4.21%
3 Year	2	$20,730,000	$10,365,000	$0	4.13%
1 Year	1	$3,505,000	$3,505,000	$0	5.25%
20 Year	1	$305,000	$305,000	$3,962	4.88%

For 2018, Customers Bank's most frequently cited loan duration was 30 Year, with 332 originations. The 2nd most popular length was 10 Year, with 126 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	316	$33,270,000	$105,285
$1k-2k	32	$5,310,000	$165,938
$2k-3k	3	$665,000	$221,667
$4k-5k	1	$545,000	$545,000

Customers Bank's average total fees were $4,096, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 316 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	287	$195,525,000	$681,272
3-4%	142	$278,400,000	$1,960,563
5-6%	47	$15,335,000	$326,277
<2.5%	15	$75,000	$5,000
6-7%	4	$420,000	$105,000

During 2018, Customers Bank's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 287 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	203	$12,695,000	$62,537	$3,238	4.05%
$100k-200k	146	$19,090,000	$130,753	$4,492	4.57%
$1MM+	74	$431,210,000	$5,827,162	$0	4.03%
$200k-400k	48	$13,360,000	$278,333	$4,607	4.70%
$400k-600k	19	$8,985,000	$472,895	$8,274	5.01%
$600k-1MM	6	$4,420,000	$736,667	$4,864	5.04%

2018 saw Customers Bank place emphasis on $100,000 or less loans with 203 originations, totaling $12,695,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	267	$22,645,000	$84,813	$3,638	4.16%
$50k-75k	42	$5,610,000	$133,571	$4,505	4.19%
$75k-100k	18	$2,760,000	$153,333	$3,704	4.63%
$100k-150k	15	$3,385,000	$225,667	$5,050	4.69%
$150k-250k	11	$3,185,000	$289,545	$6,482	4.94%
$250k+	8	$2,880,000	$360,000	$6,446	4.84%

Customers Bank lent most frequently to those with incomes in the $50k or less range, with 267 originations. The second most popular income band? $50k-75k, with 42 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	93	$9,955,000	$107,043	$3,813	4.25%
20-30%	70	$7,360,000	$105,143	$3,727	4.11%
37%	23	$2,225,000	$96,739	$3,664	4.16%
42%	19	$2,215,000	$116,579	$3,821	3.99%
40%	18	$2,030,000	$112,778	$3,740	4.25%
39%	18	$1,610,000	$89,444	$3,577	4.14%
38%	16	$2,530,000	$158,125	$4,147	4.40%
44%	14	$2,460,000	$175,714	$4,876	4.09%
41%	14	$1,220,000	$87,143	$3,695	3.76%
36%	13	$1,245,000	$95,769	$3,644	3.94%
43%	12	$1,370,000	$114,167	$4,076	4.27%
<20%	9	$875,000	$97,222	$3,511	4.49%
46%	9	$1,325,000	$147,222	$5,304	4.53%
47%	8	$1,000,000	$125,000	$4,528	4.47%
49%	7	$1,265,000	$180,714	$5,137	4.48%
45%	7	$795,000	$113,571	$4,182	5.07%
48%	1	$105,000	$105,000	$2,967	4.88%

Customers Bank lent most frequently to those with DTI ratios of 30-36%, with 93 originations. The next most common DTI ratio? 20-30%, with 70 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	122	$437,510,000	$3,586,148	$0	4.47%
White	328	$46,140,000	$140,671	$3,915	4.23%
Black	42	$5,440,000	$129,524	$3,736	4.42%
Asian	4	$670,000	$167,500	$3,950	5.31%

Approval Rates

Total approvals of all applications
96.88%

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 origination
84.27%

Customers Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	496	$489,760,000	$987,419

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	88	$436,320,000	$4,958,182
Single Family (1-4 Units):Site-Built	408	$53,440,000	$130,980

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	9	$20,105,000	$2,233,889	$3,414	4.44%
40-60%	17	$14,605,000	$859,118	$2,634	4.60%
60-80%	151	$381,265,000	$2,524,934	$3,208	4.51%
80-100%	291	$51,145,000	$175,756	$4,237	4.40%
Over 100%	7	$18,645,000	$2,663,571	$0	4.47%
Under 20%	20	$3,790,000	$189,500	$312	1.09%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Customers Bank	1 Hearthstone Court Reading, PA 19606	Full Service B&M	$882,406
Customers Bank	1 South Main St Yardley, PA 19067	Full Service B&M	$75,420
Customers Bank	1001 Penn Ave Wyomissing, PA 19610	Full Service B&M	$2,601,639
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	$2,070,071
Customers Bank	1101 Woodland Road Wyomissing, PA 19610	Full Service B&M	$64,775
Customers Bank	153 East Lancaster Avenue Wayne, PA 19087	Full Service B&M	$65,870
Customers Bank	2 Summit Square Center Langhorne, PA 19047	Full Service B&M	$93,429
Customers Bank	314 Route 33 Hamilton, NJ 8619	Full Service B&M	$385,660
Customers Bank	350 East Bellevue Avenue Reading, PA 19605	Full Service B&M	$67,694
Customers Bank	3557 West Chester Pike Newtown Square, PA 19073	Full Service B&M	$79,480
Customers Bank	513 Kimberton Rd Phoenixville, PA 19460	Full Service B&M	$116,635
Customers Bank	73 Old Dublin Pike Doylestown, PA 18901	Full Service B&M	$181,017
Customers Bank	99 Bridge St Phoenixville, PA 19460	Full Service B&M	$290,947
Customers Bank	99 Bridge St Phoenixville, PA 19460	Full Service Cyber Office	$418,111

For 2018, Customers Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$417,950
Net interest income	$266,056
Total noninterest income	$79,416
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$7,825
Trading account gains and fees	$1,564
Additional Noninterest Income	$70,027
Pre-tax net operating income	$121,060
Securities gains (or losses, -)	$-18,659
Income before extraordinary items	$80,706
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$80,706
Minority interest net income	$0
Net income	$80,706
Sale, conversion, retirement of capital stock, net	$8,605
Net operating income	$95,446

Customers Bank's gross interest income from loans was $417,950,000.
Customers Bank's net interest income from loans was $266,056,000.
Customers Bank's fee based income from loans was $7,825,000.
Customers Bank's net income from loans was $80,706,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$151,894
Provision for credit losses	$5,642
Total noninterest expense	$218,770
Salaries and employee benefits	$104,841
Premises and equipment expense	$11,829
Additional noninterest expense	$102,100
Applicable income taxes	$21,695
Net charge-offs	$3,685
Cash dividends	$45,200

Customers Bank's interest expense for loans was $151,894,000.
Customers Bank's payroll and benefits expense were $104,841,000.
Customers Bank's property, plant and equipment expenses $11,829,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	0.0%
All other family	1.0%
Commercial & industrial loans	1.0%
Personal loans	2.0%
Credit card loans	0.0%
Other individual loans	2.0%
Auto loans	0.0%
Other consumer loans	2.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$7,162,853
Deposits held in domestic offices	$7,162,853
Deposits by Individuals, partnerships, and corporations	$4,917,695
Deposits by U.S. Government	$5
Deposits by States and political subdivisions in the U.S.	$1,265,848
Deposits by Commercial banks and other depository institutions in U.S.	$979,305
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$649,690
Demand deposits	$649,690
Nontransaction accounts	$6,513,163
Money market deposit accounts (MMDAs)	$3,097,393
Other savings deposits (excluding MMDAs)	$1,681,590
Total time deposits	$1,734,180
Total time and savings deposits	$6,513,163
Noninterest-bearing deposits	$1,140,927
Interest-bearing deposits	$6,021,926
Retail deposits	$5,493,296
IRAs and Keogh plan accounts	$31,428
Brokered deposits	$1,356,742
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$9,828,370
Cash & Balances due from depository institutions	$62,135
Interest-bearing balances	$44,439
Total securities	$663,294
Federal funds sold & reverse repurchase	$0
Net loans and leases	$8,505,028
Loan and leases loss allowance	$39,972
Trading account assets	$14,437
Bank premises and fixed assets	$11,063
Other real estate owned	$816
Goodwill and other intangibles	$16,499
All other assets	$555,098

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$9,828,370
Total Liabilities	$8,768,699
Total deposits	$7,162,853
Interest-bearing deposits	$6,021,926
Deposits held in domestic offices	$7,162,853
% insured (estimated)	$44
Federal funds purchased and repurchase agreements	$187,000
Trading liabilities	$14,784
Other borrowed funds	$1,248,070
Subordinated debt	$108,977
All other liabilities	$47,015

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$8,505,028
Loan and leases loss allowance	$39,972
Total loans and leases (domestic)	$8,545,000
All real estate loans	$5,674,229
Real estate loans in domestic offices	$5,674,229
Construction and development loans	$69,798
Residential 1-4 family construction	$4,099
Other construction, all land development and other land	$65,699
Loans secured by nonfarm nonresidential properties	$1,585,994
Nonfarm nonresidential secured by owner-occupied properties	$543,617
Commercial real estate & other non-farm, non-residential	$1,042,377
Multifamily residential real estate	$3,275,971
1-4 family residential loans	$735,321
Farmland loans	$7,145
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$1,060,069
To non-U.S. addressees	$0
Loans to individuals	$119,210
Credit card loans	$1
Related Plans	$57
Consumer Auto Loans	$0
Other loans to individuals	$119,152
All other loans & leases	$1,691,492
Loans to foreign governments and official institutions	$0
Other loans	$1,626,473
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$1
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$9,061
Non 1-4 family restructured loans & leases	$3,946
Total loans and leases (foreign)	$0

Customers Bank had $8,505,028,000 of loans outstanding in 2018. $5,674,229,000 of loans were in real estate loans. $69,798,000 of loans were in development loans. $3,275,971,000 of loans were in multifamily mortgage loans. $735,321,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $1,000 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	623	$173,105	$277,857
Nonfarm, nonresidential loans - <$100k	88	$3,969	$45,102
Nonfarm, nonresidential loans - $100-250k	182	$23,904	$131,341
Nonfarm, nonresidential loans - $250k-1MM	353	$145,232	$411,422
Commercial & Industrial, US addressed loans - <$1MM	876	$127,413	$145,449
Commercial & Industrial, US addressed loans - <$100k	285	$7,705	$27,035
Commercial & Industrial, US addressed loans - $100-250k	200	$21,047	$105,235
Commercial & Industrial, US addressed loans - $250k-1MM	391	$98,661	$252,330
Farmland loans - <$1MM	6	$1,386	$231,000
Farmland loans - $100-250k	1	$115	$115,000
Farmland loans - $250k-1MM	5	$1,271	$254,200