Spencer Savings Bank Sla Mortgage Rates, Fees & Info

Elmwood Park, NJ

LEI: 7G95BGMCIZTO8KTOM640

Tax ID: 22-1296609

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

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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 Cash Out Refi and Home Purchase loans. Spencer Savings Bank Sla has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Allentown, Trenton, and Atlantic 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

    410

    Origination Dollar Volume (All Markets)

    $366,350,000

    Employee count

    248

    Awards

    Spencer Savings Bank SLA 30 Year Conventional Loans gold Spencer Savings Bank SLA 30 Year Conventional Loans silver
    Show all (2) 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) 378 $350,000,000 $925,926 $1,188 3.72%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $10,180,000 $848,333 $150 3.58%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 6 $3,460,000 $576,667 $150 3.63%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 9 $1,985,000 $220,556 $561 3.72%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $440,000 $220,000 $450 4.00%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 2 $230,000 $115,000 $263 3.38%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.63%
    Spencer Savings Bank Sla's top markets include New York, Philadelphia, Allentown, Trenton, and Atlantic 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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    TEG Federal Credit Union
    Similarity Rank: 715
    Hanover Community Bank
    Similarity Rank: 727
    Roselle Bank
    Similarity Rank: 796
    Poli Mortgage Group, Inc.
    Similarity Rank: 1012
    Schuyler Savings Bank
    Similarity Rank: 1083

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 410 $366,350,000 $893,537 $1,117 3.71%

    For 2020, Spencer Savings Bank Sla's most frequently originated type of loan was Conventional, with 410 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 132 $36,380,000 $275,606 $677 3.64%
    Cash Out Refi 125 $248,875,000 $1,991,000 $2,945 3.51%
    Home Purchase 100 $75,970,000 $759,700 $3,633 4.05%
    Home Improvement 33 $3,075,000 $93,182 $238 3.81%
    Other 20 $2,050,000 $102,500 $130 3.63%

    For 2020, Spencer Savings Bank Sla's most frequently cited loan purpose was Refi, with 132 originations. The 2nd most popular reason was Cash Out Refi, with 125 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 127 $41,555,000 $327,205 $2,062 4.05%
    10 Year 124 $262,820,000 $2,119,516 $536 3.60%
    15 Year 78 $19,990,000 $256,282 $1,193 3.48%
    20 Year 35 $7,275,000 $207,857 $770 3.73%
    5 Year 28 $20,970,000 $748,929 $136 3.47%
    Other 18 $13,740,000 $763,333 $105 3.52%

    For 2020, Spencer Savings Bank Sla's most frequently cited loan duration was 30 Year, with 127 originations. The 2nd most popular length was 10 Year, with 124 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 202 $41,850,000 $207,178

    Spencer Savings Bank Sla's average total fees were $2,062, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 271 $236,875,000 $874,077
    4-5% 88 $40,030,000 $454,886
    2.5-3% 28 $69,180,000 $2,470,714
    <2.5% 16 $5,020,000 $313,750
    5-6% 7 $15,245,000 $2,177,857

    During 2020, Spencer Savings Bank Sla's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 271 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 107 $31,615,000 $295,467 $1,922 3.80%
    $1MM+ 78 $269,180,000 $3,451,026 $0 3.53%
    $100,000 or less 67 $3,895,000 $58,134 $185 3.67%
    $100k-200k 67 $9,745,000 $145,448 $544 3.77%
    $400k-600k 57 $27,315,000 $479,211 $2,899 3.85%
    $600k-1MM 34 $24,600,000 $723,529 $3,718 3.62%

    2020 saw Spencer Savings Bank Sla place emphasis on $200k-400k loans with 107 originations, totaling $31,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 59 $11,835,000 $200,593 $1,236 3.55%
    $150k-250k 59 $15,035,000 $254,831 $1,347 3.63%
    $75k-100k 39 $5,845,000 $149,872 $635 3.61%
    $250k+ 27 $10,735,000 $397,593 $2,021 3.56%
    $50k-75k 25 $2,755,000 $110,200 $566 3.50%
    $50k or less 11 $1,315,000 $119,545 $469 3.66%

    Spencer Savings Bank Sla lent most frequently to those with incomes in the $100k-150k range, with 59 originations. The second most popular income band? $150k-250k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 65 $13,675,000 $210,385 $1,382 3.61%
    30-36% 48 $9,390,000 $195,625 $1,134 3.44%
    <20% 29 $7,405,000 $255,345 $844 3.63%
    37% 16 $3,440,000 $215,000 $493 3.58%
    36% 15 $3,085,000 $205,667 $1,345 3.62%
    38% 11 $1,845,000 $167,727 $584 3.81%
    40% 10 $3,410,000 $341,000 $1,515 3.61%
    39% 10 $2,080,000 $208,000 $1,111 3.62%
    41% 5 $1,325,000 $265,000 $1,539 3.10%
    42% 5 $495,000 $99,000 $105 3.62%
    43% 4 $910,000 $227,500 $1,925 3.78%
    44% 2 $280,000 $140,000 $188 3.38%
    45% 1 $365,000 $365,000 $3,135 3.13%
    48% 1 $485,000 $485,000 $650 4.38%

    Spencer Savings Bank Sla lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 185 $308,225,000 $1,666,081 $0 3.88%
    White 177 $45,025,000 $254,379 $1,037 3.63%
    Not provided 26 $6,110,000 $235,000 $1,382 3.36%
    Asian 15 $5,305,000 $353,667 $1,532 3.68%
    American Indian 2 $630,000 $315,000 $1,114 3.19%
    Korean 1 $415,000 $415,000 $3,002 2.50%
    Asian Indian 2 $400,000 $200,000 $2,545 2.50%
    Black 2 $240,000 $120,000 $150 3.62%

    Approval Rates

    Total approvals of all applications
    84.38%

    Spencer Savings Bank Sla has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.78%

    Spencer Savings Bank Sla has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 410 $366,350,000 $893,537

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 110 $283,000,000 $2,572,727
    Single Family (1-4 Units):Site-Built 300 $83,350,000 $277,833

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $9,155,000 $166,455 $391 3.72%
    40-60% 56 $40,370,000 $720,893 $1,607 3.64%
    60-80% 216 $302,500,000 $1,400,463 $1,987 3.72%
    80-100% 26 $10,170,000 $391,154 $3,340 3.85%
    Under 20% 56 $3,800,000 $67,857 $175 3.68%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    SFMC L.P. FHA mortgage Trouble during payment process 3 100.0%

    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 $52,340
    Spencer Savings Bank, SLA 107 South Main Street Lodi, NJ 7644 Full Service B&M $160,102
    Spencer Savings Bank, SLA 1350 Galloping Hill Road, Space #2 Union, NJ 7083 Full Service B&M $77,094
    Spencer Savings Bank, SLA 140 Market Street Saddle Brook, NJ 7663 Full Service B&M $152,885
    Spencer Savings Bank, SLA 1699 Littleton Road Parsippany, NJ 7054 Full Service B&M $124,132
    Spencer Savings Bank, SLA 177 Valley Boulevard Wood Ridge, NJ 7075 Full Service B&M $71,517
    Spencer Savings Bank, SLA 183 Hamburg Turnpike Wayne, NJ 7470 Full Service B&M $59,565
    Spencer Savings Bank, SLA 200 Campus Town Circle, Suite 201 Ewing, NJ 8638 Full Service B&M $97,265
    Spencer Savings Bank, SLA 213 South Avenue Cranford, NJ 7016 Full Service B&M $90,634
    Spencer Savings Bank, SLA 219 Maple Ave Wallington, NJ 7057 Full Service B&M $172,681
    Spencer Savings Bank, SLA 230 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $79,869
    Spencer Savings Bank, SLA 240-244 North Avenue West Westfield, NJ 7090 Full Service B&M $102,837
    Spencer Savings Bank, SLA 34 Outwater Ln Garfield, NJ 7026 Full Service B&M $343,780
    Spencer Savings Bank, SLA 375 Franklin Ave Nutley, NJ 7110 Full Service B&M $119,330
    Spencer Savings Bank, SLA 437 Piaget Ave Clifton, NJ 7011 Full Service B&M $137,672
    Spencer Savings Bank, SLA 487 Market St Saddle Brook, NJ 7662 Full Service B&M $129,739
    Spencer Savings Bank, SLA 618 Bayway Ave Elizabeth, NJ 7202 Full Service B&M $68,466
    Spencer Savings Bank, SLA 680 River Drive Elmwood Park, NJ 7407 Full Service B&M $132,387
    Spencer Savings Bank, SLA 9 Bloomfield Avenue North Caldwell, NJ 7006 Full Service B&M $70,492
    Spencer Savings Bank, SLA 920 Van Houten Avenue Clifton, NJ 7013 Full Service B&M $85,227
    Spencer Savings Bank, SLA River Drive Center 3 - 611 River Drive Elmwood Park, NJ 7407 Full Service B&M $13,567

    For 2020, Spencer Savings Bank Sla had 21 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $107,378
    Net interest income $74,556
    Total noninterest income $4,729
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $481
    Trading account gains and fees $0
    Additional Noninterest Income $4,248
    Pre-tax net operating income $15,551
    Securities gains (or losses, -) $-624
    Income before extraordinary items $12,141
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,141
    Minority interest net income $0
    Net income $12,141
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,646

    Spencer Savings Bank Sla's gross interest income from loans was $107,378,000.
    Spencer Savings Bank Sla's net interest income from loans was $74,556,000.
    Spencer Savings Bank Sla's fee based income from loans was $481,000.
    Spencer Savings Bank Sla's net income from loans was $12,141,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $32,822
    Provision for credit losses $5,974
    Total noninterest expense $57,760
    Salaries and employee benefits $37,455
    Premises and equipment expense $6,617
    Additional noninterest expense $13,688
    Applicable income taxes $2,786
    Net charge-offs $-2,094
    Cash dividends $0

    Spencer Savings Bank Sla's interest expense for loans was $32,822,000.
    Spencer Savings Bank Sla's payroll and benefits expense were $37,455,000.
    Spencer Savings Bank Sla's property, plant and equipment expenses $6,617,000.

    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 1.0%
    Multifamily residential loans 1.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    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 $2,539,609
    Deposits held in domestic offices $2,539,609
    Deposits by Individuals, partnerships, and corporations $2,283,681
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $255,367
    Deposits by Commercial banks and other depository institutions in U.S. $561
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $135,304
    Demand deposits $90,446
    Nontransaction accounts $2,404,305
    Money market deposit accounts (MMDAs) $964,446
    Other savings deposits (excluding MMDAs) $543,691
    Total time deposits $896,169
    Total time and savings deposits $2,449,163
    Noninterest-bearing deposits $279,380
    Interest-bearing deposits $2,260,229
    Retail deposits $2,385,783
    IRAs and Keogh plan accounts $262,703
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,271,850
    Cash & Balances due from depository institutions $305,795
    Interest-bearing balances $292,802
    Total securities $345,462
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,444,736
    Loan and leases loss allowance $27,642
    Trading account assets $0
    Bank premises and fixed assets $14,121
    Other real estate owned $0
    Goodwill and other intangibles $17,885
    All other assets $143,851

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,271,850
    Total Liabilities $2,916,241
    Total deposits $2,539,609
    Interest-bearing deposits $2,260,229
    Deposits held in domestic offices $2,539,609
    % insured (estimated) $76
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $315,043
    Subordinated debt $0
    All other liabilities $61,589

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,444,736
    Loan and leases loss allowance $27,642
    Total loans and leases (domestic) $2,472,378
    All real estate loans $2,436,887
    Real estate loans in domestic offices $2,436,887
    Construction and development loans $26,486
    Residential 1-4 family construction $0
    Other construction, all land development and other land $26,486
    Loans secured by nonfarm nonresidential properties $785,782
    Nonfarm nonresidential secured by owner-occupied properties $187,283
    Commercial real estate & other non-farm, non-residential $598,499
    Multifamily residential real estate $898,586
    1-4 family residential loans $726,033
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $32,888
    To non-U.S. addressees $0
    Loans to individuals $2,604
    Credit card loans $0
    Related Plans $274
    Consumer Auto Loans $99
    Other loans to individuals $2,231
    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 $7,752
    Non 1-4 family restructured loans & leases $4,372
    Total loans and leases (foreign) $0

    Spencer Savings Bank SLA had $2,444,736,000 of loans outstanding in 2020. $2,436,887,000 of loans were in real estate loans. $26,486,000 of loans were in development loans. $898,586,000 of loans were in multifamily mortgage loans. $726,033,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $99,000 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 219 $89,979 $410,863
    Nonfarm, nonresidential loans - <$100k 1 $92 $92,000
    Nonfarm, nonresidential loans - $100-250k 40 $6,089 $152,225
    Nonfarm, nonresidential loans - $250k-1MM 178 $83,798 $470,775
    Commercial & Industrial, US addressed loans - <$1MM 463 $19,389 $41,877
    Commercial & Industrial, US addressed loans - <$100k 371 $3,756 $10,124
    Commercial & Industrial, US addressed loans - $100-250k 41 $3,969 $96,805
    Commercial & Industrial, US addressed loans - $250k-1MM 51 $11,664 $228,706