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 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, Philadelphia, Kingston, Trenton, and Ocean City among others. We have data for 8 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

    476

    Origination Dollar Volume (All Markets)

    $290,080,000

    Employee count

    246

    Awards

    Spencer Savings Bank SLA 30 Year Conventional Loans gold
    Show all (1) 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) 443 $254,755,000 $575,068 $936 4.18%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $24,050,000 $2,004,167 $1,049 4.06%
    KINGSTON, NY (FHA|USDA|VA) 2 $7,050,000 $3,525,000 $0 4.65%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 13 $3,825,000 $294,231 $1,164 4.13%
    Outside of Metro Areas 1 $225,000 $225,000 $0 4.75%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $85,000 $85,000 $150 4.38%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $60,000 $30,000 $150 3.50%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $30,000 $15,000 $300 4.50%
    Spencer Savings Bank Sla's top markets include New York, Philadelphia, Kingston, Trenton, 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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 476 $290,080,000 $609,412 $934 4.18%

    For 2019, Spencer Savings Bank Sla's most frequently originated type of loan was Conventional, with 476 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 144 $121,990,000 $847,153 $4,206 4.40%
    Refi 136 $34,770,000 $255,662 $370 4.09%
    Cash Out Refi 82 $124,720,000 $1,520,976 $2,946 4.10%
    Home Improvement 75 $5,905,000 $78,733 $240 4.10%
    Other 39 $2,695,000 $69,103 $174 4.03%

    For 2019, Spencer Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 144 originations. The 2nd most popular reason was Refi, with 136 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 169 $52,595,000 $311,213 $2,292 4.48%
    10 Year 104 $135,780,000 $1,305,577 $237 3.96%
    15 Year 72 $12,150,000 $168,750 $655 4.19%
    20 Year 50 $12,210,000 $244,200 $697 4.18%
    5 Year 42 $34,000,000 $809,524 $152 3.70%
    Other 38 $42,470,000 $1,117,632 $285 3.93%
    1 Year 1 $875,000 $875,000 $0 6.00%

    For 2019, Spencer Savings Bank Sla's most frequently cited loan duration was 30 Year, with 169 originations. The 2nd most popular length was 10 Year, with 104 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 290 $52,110,000 $179,690

    Spencer Savings Bank Sla's average total fees were $2,292, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 290 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 230 $143,350,000 $623,261
    4-5% 203 $134,955,000 $664,803
    5-6% 43 $11,775,000 $273,837

    During 2019, Spencer Savings Bank Sla's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 3-4%, with 230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 139 $39,155,000 $281,691 $1,742 4.37%
    $100,000 or less 130 $6,520,000 $50,154 $233 4.01%
    $100k-200k 82 $11,970,000 $145,976 $449 4.17%
    $1MM+ 60 $193,880,000 $3,231,333 $9,420 4.09%
    $400k-600k 39 $19,135,000 $490,641 $2,917 4.23%
    $600k-1MM 26 $19,420,000 $746,923 $3,434 4.19%

    2019 saw Spencer Savings Bank Sla place emphasis on $200k-400k loans with 139 originations, totaling $39,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 89 $19,015,000 $213,652 $1,017 4.10%
    $100k-150k 73 $10,755,000 $147,329 $879 4.08%
    $75k-100k 48 $7,660,000 $159,583 $719 4.20%
    $50k-75k 42 $4,900,000 $116,667 $765 3.87%
    $250k+ 38 $14,980,000 $394,211 $1,961 4.00%
    $50k or less 25 $2,055,000 $82,200 $253 3.73%

    Spencer Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 89 originations. The second most popular income band? $100k-150k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $14,240,000 $165,581 $905 3.87%
    30-36% 78 $16,640,000 $213,333 $1,088 4.11%
    <20% 37 $6,885,000 $186,081 $989 4.02%
    39% 25 $4,775,000 $191,000 $449 4.26%
    37% 19 $3,645,000 $191,842 $925 4.21%
    36% 16 $2,930,000 $183,125 $886 4.10%
    42% 14 $2,380,000 $170,000 $1,048 4.06%
    38% 13 $2,145,000 $165,000 $563 4.29%
    40% 13 $1,715,000 $131,923 $142 3.96%
    41% 6 $1,020,000 $170,000 $140 4.10%
    43% 5 $2,505,000 $501,000 $4,174 3.73%
    44% 2 $250,000 $125,000 $1,389 3.56%
    45% 1 $235,000 $235,000 $2,050 3.13%

    Spencer Savings Bank Sla lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 154 $227,630,000 $1,478,117 $0 4.44%
    White 256 $42,610,000 $166,445 $840 4.03%
    Not provided 35 $13,355,000 $381,571 $1,751 4.20%
    Asian 19 $5,195,000 $273,421 $888 4.13%
    Asian Indian 4 $640,000 $160,000 $1,439 3.63%
    Black 4 $250,000 $62,500 $263 4.53%
    Native Hawaiian or Islander 1 $245,000 $245,000 $0 4.25%
    American Indian 3 $155,000 $51,667 $1,055 3.88%

    Approval Rates

    Total approvals of all applications
    86.75%

    Spencer Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.19%

    Spencer Savings Bank Sla has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 476 $290,080,000 $609,412

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 74 $198,560,000 $2,683,243
    Single Family (1-4 Units):Site-Built 402 $91,520,000 $227,662

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 75 $23,195,000 $309,267 $338 4.15%
    40-60% 56 $18,460,000 $329,643 $790 4.27%
    60-80% 195 $220,245,000 $1,129,462 $2,232 4.30%
    80-100% 35 $20,315,000 $580,429 $3,887 4.13%
    Under 20% 114 $7,230,000 $63,421 $160 3.97%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home 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 Passaic St Garfield, NJ 7026 Full Service B&M $48,021
    Spencer Savings Bank, SLA 107 South Main Street Lodi, NJ 7644 Full Service B&M $139,616
    Spencer Savings Bank, SLA 1331 Magie Ave Union, NJ 7083 Full Service B&M $72,470
    Spencer Savings Bank, SLA 140 Market Street Saddle Brook, NJ 7663 Full Service B&M $130,589
    Spencer Savings Bank, SLA 1699 Littleton Road Parsippany, NJ 7054 Full Service B&M $110,860
    Spencer Savings Bank, SLA 177 Valley Boulevard Wood Ridge, NJ 7075 Full Service B&M $52,861
    Spencer Savings Bank, SLA 183 Hamburg Turnpike Wayne, NJ 7470 Full Service B&M $45,047
    Spencer Savings Bank, SLA 200 Campus Town Circle, Suite 201 Ewing, NJ 8638 Full Service B&M $21,031
    Spencer Savings Bank, SLA 213 South Avenue Cranford, NJ 7016 Full Service B&M $83,379
    Spencer Savings Bank, SLA 219 Maple Ave Wallington, NJ 7057 Full Service B&M $159,841
    Spencer Savings Bank, SLA 230 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $57,410
    Spencer Savings Bank, SLA 240-244 North Avenue West Westfield, NJ 7090 Full Service B&M $72,294
    Spencer Savings Bank, SLA 34 Outwater Ln Garfield, NJ 7026 Full Service B&M $284,439
    Spencer Savings Bank, SLA 375 Franklin Ave Nutley, NJ 7110 Full Service B&M $107,764
    Spencer Savings Bank, SLA 437 Piaget Ave Clifton, NJ 7011 Full Service B&M $125,881
    Spencer Savings Bank, SLA 487 Market St Saddle Brook, NJ 7662 Full Service B&M $112,837
    Spencer Savings Bank, SLA 618 Bayway Ave Elizabeth, NJ 7202 Full Service B&M $61,040
    Spencer Savings Bank, SLA 680 River Drive Elmwood Park, NJ 7407 Full Service B&M $110,068
    Spencer Savings Bank, SLA 800 River Drive Garfield, NJ 7026 Full Service B&M $30,048
    Spencer Savings Bank, SLA 9 Bloomfield Avenue North Caldwell, NJ 7006 Full Service B&M $54,506
    Spencer Savings Bank, SLA 920 Van Houten Avenue Clifton, NJ 7013 Full Service B&M $78,183
    Spencer Savings Bank, SLA River Drive Center 3 - 611 River Drive Elmwood Park, NJ 7407 Full Service B&M $154,236

    For 2019, Spencer Savings Bank Sla had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $114,022
    Net interest income $74,396
    Total noninterest income $4,757
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $755
    Trading account gains and fees $0
    Additional Noninterest Income $4,002
    Pre-tax net operating income $20,586
    Securities gains (or losses, -) $642
    Income before extraordinary items $16,952
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,952
    Minority interest net income $0
    Net income $16,952
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $16,438

    Spencer Savings Bank Sla's gross interest income from loans was $114,022,000.
    Spencer Savings Bank Sla's net interest income from loans was $74,396,000.
    Spencer Savings Bank Sla's fee based income from loans was $755,000.
    Spencer Savings Bank Sla's net income from loans was $16,952,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $39,626
    Provision for credit losses $6,250
    Total noninterest expense $52,317
    Salaries and employee benefits $34,451
    Premises and equipment expense $6,778
    Additional noninterest expense $11,088
    Applicable income taxes $4,276
    Net charge-offs $2,956
    Cash dividends $0

    Spencer Savings Bank Sla's interest expense for loans was $39,626,000.
    Spencer Savings Bank Sla's payroll and benefits expense were $34,451,000.
    Spencer Savings Bank Sla's property, plant and equipment expenses $6,778,000.

    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 5.0%
    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 $2,186,939
    Deposits held in domestic offices $2,186,939
    Deposits by Individuals, partnerships, and corporations $2,030,839
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $155,670
    Deposits by Commercial banks and other depository institutions in U.S. $430
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $102,268
    Demand deposits $66,817
    Nontransaction accounts $2,084,672
    Money market deposit accounts (MMDAs) $558,892
    Other savings deposits (excluding MMDAs) $494,175
    Total time deposits $1,031,605
    Total time and savings deposits $2,120,123
    Noninterest-bearing deposits $207,987
    Interest-bearing deposits $1,978,952
    Retail deposits $2,023,923
    IRAs and Keogh plan accounts $254,357
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,041,795
    Cash & Balances due from depository institutions $66,625
    Interest-bearing balances $52,690
    Total securities $420,566
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,376,570
    Loan and leases loss allowance $19,574
    Trading account assets $0
    Bank premises and fixed assets $16,119
    Other real estate owned $323
    Goodwill and other intangibles $18,083
    All other assets $143,509

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,041,796
    Total Liabilities $2,698,585
    Total deposits $2,186,939
    Interest-bearing deposits $1,978,952
    Deposits held in domestic offices $2,186,939
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $441,967
    Subordinated debt $0
    All other liabilities $69,679

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,376,570
    Loan and leases loss allowance $19,574
    Total loans and leases (domestic) $2,396,144
    All real estate loans $2,361,838
    Real estate loans in domestic offices $2,361,838
    Construction and development loans $31,395
    Residential 1-4 family construction $0
    Other construction, all land development and other land $31,395
    Loans secured by nonfarm nonresidential properties $701,941
    Nonfarm nonresidential secured by owner-occupied properties $159,326
    Commercial real estate & other non-farm, non-residential $542,615
    Multifamily residential real estate $799,682
    1-4 family residential loans $828,820
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $28,606
    To non-U.S. addressees $0
    Loans to individuals $5,700
    Credit card loans $0
    Related Plans $345
    Consumer Auto Loans $117
    Other loans to individuals $5,238
    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 $13,370
    Non 1-4 family restructured loans & leases $7,741
    Total loans and leases (foreign) $0

    Spencer Savings Bank SLA had $2,376,570,000 of loans outstanding in 2019. $2,361,838,000 of loans were in real estate loans. $31,395,000 of loans were in development loans. $799,682,000 of loans were in multifamily mortgage loans. $828,820,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $117,000 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 228 $90,023 $394,838
    Nonfarm, nonresidential loans - <$100k 9 $480 $53,333
    Nonfarm, nonresidential loans - $100-250k 64 $11,190 $174,844
    Nonfarm, nonresidential loans - $250k-1MM 155 $78,353 $505,503
    Commercial & Industrial, US addressed loans - <$1MM 326 $16,945 $51,979
    Commercial & Industrial, US addressed loans - <$100k 257 $3,289 $12,798
    Commercial & Industrial, US addressed loans - $100-250k 33 $2,231 $67,606
    Commercial & Industrial, US addressed loans - $250k-1MM 36 $11,425 $317,361