Spencer Savings Bank Sla Mortgage Rates, Fees & Info

Elmwood Park, NJ

LEI: 7G95BGMCIZTO8KTOM640

Tax ID: 22-1296609

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Spencer Savings Bank Sla is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Spencer Savings Bank Sla has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, Philadelphia, Allentown, and Ocean City among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Spencer Savings Bank Sla has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Spencer Savings Bank Sla 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.

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    Originations

    536

    Origination Dollar Volume (All Markets)

    $229,030,000

    Employee count

    250

    Awards

    Spencer Savings Bank SLA 30 Year Conventional Loans gold Spencer Savings Bank SLA 30 Year Conventional Loans silver Spencer Savings Bank SLA 30 Year Conventional Loans gold
    Show all (3) 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) 497 $204,225,000 $410,915 $1,271 4.22%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 15 $14,645,000 $976,333 $1,786 3.87%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 13 $4,615,000 $355,000 $150 3.90%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $4,475,000 $1,491,667 $150 4.51%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $630,000 $315,000 $3,460 3.31%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $325,000 $65,000 $576 3.60%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $115,000 $115,000 $150 4.88%
    Spencer Savings Bank Sla's top markets include New York, Trenton, Philadelphia, Allentown, and Ocean City among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Spencer Savings Bank SLA based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Freehold Savings Bank
    Similarity Rank: 120
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    Investors Home Mortgage-IHM
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 231
    Nassau Educators Federal Credit Union
    Similarity Rank: 248

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 536 $229,030,000 $427,295 $1,250 4.20%

    For 2018, Spencer Savings Bank Sla's most frequently originated type of loan was Conventional, with 536 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 180 $88,410,000 $491,167 $380 4.03%
    Home Purchase 155 $63,775,000 $411,452 $4,420 4.42%
    Home Improvement 86 $10,040,000 $116,744 $350 4.06%
    Cash Out Refi 66 $63,600,000 $963,636 $3,286 4.40%
    Other 49 $3,205,000 $65,408 $208 4.08%

    For 2018, Spencer Savings Bank Sla's most frequently cited loan purpose was Refi, with 180 originations. The 2nd most popular reason was Home Purchase, with 155 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 192 $57,220,000 $298,021 $2,675 4.49%
    15 Year 115 $23,275,000 $202,391 $823 4.03%
    10 Year 98 $96,210,000 $981,735 $263 4.07%
    20 Year 58 $11,960,000 $206,207 $1,023 4.31%
    Other 44 $31,900,000 $725,000 $178 3.85%
    5 Year 29 $8,465,000 $291,897 $175 3.69%

    For 2018, Spencer Savings Bank Sla's most frequently cited loan duration was 30 Year, with 192 originations. The 2nd most popular length was 15 Year, with 115 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 374 $67,910,000 $181,578

    Spencer Savings Bank Sla's average total fees were $2,675, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 374 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 235 $42,865,000 $182,404
    4-5% 229 $170,365,000 $743,952
    5-6% 61 $13,915,000 $228,115
    2.5-3% 10 $1,520,000 $152,000
    <2.5% 1 $365,000 $365,000

    During 2018, Spencer Savings Bank Sla's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 3-4%, with 235 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 169 $47,795,000 $282,811 $2,338 4.30%
    $100,000 or less 161 $8,875,000 $55,124 $185 3.98%
    $100k-200k 90 $12,920,000 $143,556 $726 4.15%
    $400k-600k 55 $26,135,000 $475,182 $3,592 4.32%
    $1MM+ 40 $117,540,000 $2,938,500 $0 4.51%
    $600k-1MM 21 $15,765,000 $750,714 $4,463 4.33%

    2018 saw Spencer Savings Bank Sla place emphasis on $200k-400k loans with 169 originations, totaling $47,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 115 $21,945,000 $190,826 $1,380 4.16%
    $150k-250k 106 $26,110,000 $246,321 $1,529 3.99%
    $50k-75k 74 $9,640,000 $130,270 $836 3.98%
    $75k-100k 56 $7,630,000 $136,250 $916 4.04%
    $250k+ 40 $15,530,000 $388,250 $2,077 4.02%
    $50k or less 20 $1,730,000 $86,500 $440 3.70%

    Spencer Savings Bank Sla lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $150k-250k, with 106 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 106 $16,540,000 $156,038 $1,022 3.96%
    20-30% 102 $22,900,000 $224,510 $1,527 4.09%
    39% 45 $6,915,000 $153,667 $898 4.16%
    <20% 36 $6,520,000 $181,111 $954 4.03%
    38% 24 $5,460,000 $227,500 $1,174 4.08%
    37% 23 $7,215,000 $313,696 $1,109 4.05%
    36% 21 $3,005,000 $143,095 $1,159 4.09%
    42% 19 $5,375,000 $282,895 $2,547 3.89%
    40% 15 $2,205,000 $147,000 $747 4.05%
    41% 11 $2,685,000 $244,091 $1,906 3.82%
    43% 5 $1,545,000 $309,000 $2,481 3.83%
    44% 3 $215,000 $71,667 $100 3.58%

    Spencer Savings Bank Sla lent most frequently to those with DTI ratios of 30-36%, with 106 originations. The next most common DTI ratio? 20-30%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 121 $145,175,000 $1,199,793 $0 4.75%
    White 320 $58,060,000 $181,438 $1,073 4.01%
    Not provided 47 $15,125,000 $321,809 $2,134 4.11%
    Asian 24 $5,510,000 $229,583 $1,822 4.12%
    Asian Indian 9 $3,335,000 $370,556 $4,617 4.15%
    Black 10 $1,120,000 $112,000 $551 4.06%
    American Indian 1 $275,000 $275,000 $4,075 4.00%
    Filipino 1 $275,000 $275,000 $3,842 4.50%
    Native Hawaiian or Islander 3 $155,000 $51,667 $150 4.75%

    Approval Rates

    Total approvals of all applications
    84.48%

    Spencer Savings Bank Sla has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.01%

    Spencer Savings Bank Sla has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 536 $229,030,000 $427,295

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 57 $124,105,000 $2,177,281
    Single Family (1-4 Units):Site-Built 479 $104,925,000 $219,050

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 84 $15,080,000 $179,524 $551 4.02%
    40-60% 59 $20,195,000 $342,288 $1,419 4.00%
    60-80% 204 $158,510,000 $777,010 $2,193 4.45%
    80-100% 56 $25,880,000 $462,143 $4,100 4.26%
    Under 20% 133 $9,365,000 $70,414 $163 3.99%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SFMC L.P. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Spencer Savings Bank, SLA 104 Main Avenue Wallington, NJ 7057 Full Service B&M $36,229
    Spencer Savings Bank, SLA 104 Passaic St Garfield, NJ 7026 Full Service B&M $48,398
    Spencer Savings Bank, SLA 107 South Main Street Lodi, NJ 7644 Full Service B&M $142,289
    Spencer Savings Bank, SLA 1331 Magie Ave Union, NJ 7083 Full Service B&M $70,064
    Spencer Savings Bank, SLA 140 Market Street Saddle Brook, NJ 7663 Full Service B&M $120,042
    Spencer Savings Bank, SLA 1699 Littleton Road Parsippany, NJ 7054 Full Service B&M $109,298
    Spencer Savings Bank, SLA 177 Valley Boulevard Wood Ridge, NJ 7075 Full Service B&M $42,171
    Spencer Savings Bank, SLA 183 Hamburg Turnpike Wayne, NJ 7470 Full Service B&M $41,543
    Spencer Savings Bank, SLA 200 Campus Town Circle, Suite 201 Ewing, NJ 8638 Full Service B&M $15,737
    Spencer Savings Bank, SLA 213 South Avenue Cranford, NJ 7016 Full Service B&M $78,564
    Spencer Savings Bank, SLA 219 Maple Ave Wallington, NJ 7057 Full Service B&M $128,334
    Spencer Savings Bank, SLA 230 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $54,692
    Spencer Savings Bank, SLA 325 North Avenue Garwood, NJ 7027 Full Service B&M $49,387
    Spencer Savings Bank, SLA 34 Outwater Ln Garfield, NJ 7026 Full Service B&M $261,595
    Spencer Savings Bank, SLA 375 Franklin Ave Nutley, NJ 7110 Full Service B&M $91,917
    Spencer Savings Bank, SLA 437 Piaget Ave Clifton, NJ 7011 Full Service B&M $116,399
    Spencer Savings Bank, SLA 487 Market St Saddle Brook, NJ 7662 Full Service B&M $109,357
    Spencer Savings Bank, SLA 618 Bayway Ave Elizabeth, NJ 7202 Full Service B&M $58,995
    Spencer Savings Bank, SLA 680 River Drive Elmwood Park, NJ 7407 Full Service B&M $101,283
    Spencer Savings Bank, SLA 800 River Drive Garfield, NJ 7026 Full Service B&M $33,411
    Spencer Savings Bank, SLA 9 Bloomfield Avenue North Caldwell, NJ 7006 Full Service B&M $52,628
    Spencer Savings Bank, SLA 920 Van Houten Avenue Clifton, NJ 7013 Full Service B&M $66,919
    Spencer Savings Bank, SLA 935 River Drive Garfield, NJ 7026 Full Service B&M $24,969
    Spencer Savings Bank, SLA River Drive Center 3 - 611 River Drive Elmwood Park, NJ 7407 Full Service B&M $179,393

    For 2018, Spencer Savings Bank Sla had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $101,657
    Net interest income $72,850
    Total noninterest income $4,439
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $696
    Trading account gains and fees $0
    Additional Noninterest Income $3,743
    Pre-tax net operating income $21,800
    Securities gains (or losses, -) $-724
    Income before extraordinary items $15,085
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,085
    Minority interest net income $0
    Net income $15,085
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,656

    Spencer Savings Bank Sla's gross interest income from loans was $101,657,000.
    Spencer Savings Bank Sla's net interest income from loans was $72,850,000.
    Spencer Savings Bank Sla's fee based income from loans was $696,000.
    Spencer Savings Bank Sla's net income from loans was $15,085,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $28,807
    Provision for credit losses $2,000
    Total noninterest expense $53,489
    Salaries and employee benefits $34,461
    Premises and equipment expense $6,823
    Additional noninterest expense $12,205
    Applicable income taxes $5,991
    Net charge-offs $214
    Cash dividends $0

    Spencer Savings Bank Sla's interest expense for loans was $28,807,000.
    Spencer Savings Bank Sla's payroll and benefits expense were $34,461,000.
    Spencer Savings Bank Sla's property, plant and equipment expenses $6,823,000.

    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 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 3.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    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 $2,066,487
    Deposits held in domestic offices $2,066,487
    Deposits by Individuals, partnerships, and corporations $1,929,928
    Deposits by U.S. Government $24
    Deposits by States and political subdivisions in the U.S. $136,191
    Deposits by Commercial banks and other depository institutions in U.S. $344
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $92,408
    Demand deposits $59,392
    Nontransaction accounts $1,974,079
    Money market deposit accounts (MMDAs) $502,465
    Other savings deposits (excluding MMDAs) $516,720
    Total time deposits $954,895
    Total time and savings deposits $2,007,095
    Noninterest-bearing deposits $198,675
    Interest-bearing deposits $1,867,812
    Retail deposits $1,944,625
    IRAs and Keogh plan accounts $249,557
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,947,705
    Cash & Balances due from depository institutions $20,194
    Interest-bearing balances $5,458
    Total securities $526,896
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,224,019
    Loan and leases loss allowance $16,280
    Trading account assets $0
    Bank premises and fixed assets $16,972
    Other real estate owned $675
    Goodwill and other intangibles $18,270
    All other assets $140,679

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,947,704
    Total Liabilities $2,624,509
    Total deposits $2,066,487
    Interest-bearing deposits $1,867,812
    Deposits held in domestic offices $2,066,487
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $502,143
    Subordinated debt $0
    All other liabilities $55,879

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,224,019
    Loan and leases loss allowance $16,280
    Total loans and leases (domestic) $2,240,299
    All real estate loans $2,212,203
    Real estate loans in domestic offices $2,212,203
    Construction and development loans $40,803
    Residential 1-4 family construction $0
    Other construction, all land development and other land $40,803
    Loans secured by nonfarm nonresidential properties $565,068
    Nonfarm nonresidential secured by owner-occupied properties $174,813
    Commercial real estate & other non-farm, non-residential $390,255
    Multifamily residential real estate $748,340
    1-4 family residential loans $857,992
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $27,129
    To non-U.S. addressees $0
    Loans to individuals $968
    Credit card loans $0
    Related Plans $397
    Consumer Auto Loans $145
    Other loans to individuals $426
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $11,349
    Non 1-4 family restructured loans & leases $8,290
    Total loans and leases (foreign) $0

    Spencer Savings Bank SLA had $2,224,019,000 of loans outstanding in 2018. $2,212,203,000 of loans were in real estate loans. $40,803,000 of loans were in development loans. $748,340,000 of loans were in multifamily mortgage loans. $857,992,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $145,000 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 249 $100,876 $405,124
    Nonfarm, nonresidential loans - <$100k 5 $159 $31,800
    Nonfarm, nonresidential loans - $100-250k 46 $8,357 $181,674
    Nonfarm, nonresidential loans - $250k-1MM 198 $92,360 $466,465
    Commercial & Industrial, US addressed loans - <$1MM 321 $14,607 $45,505
    Commercial & Industrial, US addressed loans - <$100k 250 $3,910 $15,640
    Commercial & Industrial, US addressed loans - $100-250k 38 $2,653 $69,816
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $8,044 $243,758