Spencer Savings Bank Sla Mortgage Rates, Fees & Info

Elmwood Park, NJ

LEI: 7G95BGMCIZTO8KTOM640

Tax ID: 22-1296609

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Bank Data

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, Trenton, Bridgeport, and Atlantic 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

487

Origination Dollar Volume (All Markets)

$661,445,000

Employee count

250

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) 446 $598,170,000 $1,341,188 $1,083 3.42%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 20 $30,170,000 $1,508,500 $1,206 3.57%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 11 $20,775,000 $1,888,636 $814 3.21%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $3,305,000 $3,305,000 $0 3.50%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $3,245,000 $1,081,667 $150 3.38%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 3 $2,895,000 $965,000 $150 3.13%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $1,930,000 $965,000 $0 3.63%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $955,000 $955,000 $4,778 2.38%
Spencer Savings Bank Sla's top markets include New York, Philadelphia, Trenton, Bridgeport, and Atlantic City among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 487 $661,445,000 $1,358,203 $1,078 3.41%

    For 2021, Spencer Savings Bank Sla's most frequently originated type of loan was Conventional, with 487 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 171 $470,085,000 $2,749,035 $3,018 3.23%
    Home Purchase 137 $158,305,000 $1,155,511 $2,897 3.84%
    Refi 115 $27,305,000 $237,435 $725 3.19%
    Home Improvement 50 $4,810,000 $96,200 $182 3.39%
    Other 14 $940,000 $67,143 $157 3.39%

    For 2021, Spencer Savings Bank Sla's most frequently cited loan purpose was Cash Out Refi, with 171 originations. The 2nd most popular reason was Home Purchase, with 137 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 159 $444,385,000 $2,794,874 $669 3.28%
    30 Year 141 $46,915,000 $332,730 $1,900 3.85%
    15 Year 95 $29,425,000 $309,737 $1,278 3.01%
    Other 33 $88,145,000 $2,671,061 $150 3.41%
    20 Year 31 $6,945,000 $224,032 $523 3.51%
    5 Year 27 $44,075,000 $1,632,407 $160 3.28%
    3 Year 1 $1,555,000 $1,555,000 $0 3.50%

    For 2021, Spencer Savings Bank Sla's most frequently cited loan duration was 10 Year, with 159 originations. The 2nd most popular length was 30 Year, with 141 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 211 $46,455,000 $220,166

    Spencer Savings Bank Sla's average total fees were $1,900, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 211 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 316 $531,200,000 $1,681,013
    2.5-3% 80 $36,230,000 $452,875
    4-5% 56 $80,060,000 $1,429,643
    <2.5% 34 $13,900,000 $408,824
    5-6% 1 $55,000 $55,000

    During 2021, Spencer Savings Bank Sla's average interest rate for loans was 3.85%, while their most frequently originated rate bucket for loans was 3-4%, with 316 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 140 $558,480,000 $3,989,143 $5,492 3.35%
    $200k-400k 112 $33,240,000 $296,786 $1,706 3.50%
    $100,000 or less 75 $4,475,000 $59,667 $136 3.32%
    $100k-200k 67 $9,485,000 $141,567 $524 3.34%
    $400k-600k 53 $24,465,000 $461,604 $2,434 3.61%
    $600k-1MM 40 $31,300,000 $782,500 $4,239 3.43%

    2021 saw Spencer Savings Bank Sla place emphasis on $1MM+ loans with 140 originations, totaling $558,480,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 72 $15,900,000 $220,833 $812 3.36%
    $100k-150k 55 $9,655,000 $175,545 $902 3.27%
    $250k+ 44 $21,370,000 $485,682 $2,807 3.02%
    $75k-100k 30 $5,160,000 $172,000 $998 3.10%
    $50k-75k 25 $2,775,000 $111,000 $483 3.04%
    $50k or less 15 $1,775,000 $118,333 $17 3.29%

    Spencer Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 72 originations. The second most popular income band? $100k-150k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 82 $18,680,000 $227,805 $949 3.18%
    30-36% 45 $10,495,000 $233,222 $1,228 3.15%
    <20% 35 $9,995,000 $285,571 $1,524 3.17%
    38% 16 $3,280,000 $205,000 $1,176 3.34%
    36% 14 $3,420,000 $244,286 $1,097 3.29%
    39% 12 $2,920,000 $243,333 $610 3.43%
    37% 9 $1,815,000 $201,667 $927 3.06%
    41% 9 $1,975,000 $219,444 $505 3.43%
    42% 9 $1,305,000 $145,000 $613 3.29%
    40% 6 $2,020,000 $336,667 $2,077 3.13%
    50-60% 2 $190,000 $95,000 $75 3.06%
    43% 1 $255,000 $255,000 $2,386 2.50%

    Spencer Savings Bank Sla lent most frequently to those with DTI ratios of 20-30%, with 82 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 247 $605,095,000 $2,449,777 $0 3.62%
    White 174 $35,930,000 $206,494 $962 3.17%
    Not provided 37 $11,995,000 $324,189 $1,433 3.41%
    Asian 18 $4,800,000 $266,667 $830 3.17%
    Asian Indian 3 $825,000 $275,000 $2,583 3.17%
    Black 4 $770,000 $192,500 $841 3.56%
    Chinese 1 $595,000 $595,000 $3,641 3.13%
    Filipino 1 $545,000 $545,000 $3,529 2.38%
    American Indian 1 $465,000 $465,000 $3,298 2.50%
    Other Asian 1 $425,000 $425,000 $3,410 2.50%

    Approval Rates

    Total approvals of all applications
    85.74%

    Spencer Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.57%

    Spencer Savings Bank Sla has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 487 $661,445,000 $1,358,203

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    487 $661,445,000 $1,358,203

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $31,315,000 $481,769 $654 3.21%
    40-60% 76 $89,640,000 $1,179,474 $1,571 3.26%
    60-80% 253 $516,135,000 $2,040,059 $2,306 3.52%
    80-100% 21 $16,725,000 $796,429 $3,352 3.64%
    Over 100% 1 $3,025,000 $3,025,000 $0 4.25%
    Under 20% 69 $4,055,000 $58,768 $148 3.33%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home mortgage Struggling to pay mortgage 2 50.0%
    SFMC L.P. FHA mortgage Trouble during payment process 2 50.0%

    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 $52,819
    Spencer Savings Bank, SLA 107 South Main Street Lodi, NJ 7644 Full Service B&M $207,231
    Spencer Savings Bank, SLA 1350 Galloping Hill Road, Space #2 Union, NJ 7083 Full Service B&M $199,816
    Spencer Savings Bank, SLA 140 Market Street Saddle Brook, NJ 7663 Full Service B&M $167,875
    Spencer Savings Bank, SLA 1699 Littleton Road Parsippany, NJ 7054 Full Service B&M $141,749
    Spencer Savings Bank, SLA 177 Valley Boulevard Wood Ridge, NJ 7075 Full Service B&M $89,695
    Spencer Savings Bank, SLA 183 Hamburg Turnpike Wayne, NJ 7470 Full Service B&M $101,867
    Spencer Savings Bank, SLA 200 Campus Town Circle, Suite 201 Ewing, NJ 8638 Full Service B&M $100,748
    Spencer Savings Bank, SLA 213 South Avenue Cranford, NJ 7016 Full Service B&M $99,311
    Spencer Savings Bank, SLA 219 Maple Ave Wallington, NJ 7057 Full Service B&M $182,971
    Spencer Savings Bank, SLA 230 Ridge Road Lyndhurst, NJ 7071 Full Service B&M $77,200
    Spencer Savings Bank, SLA 240-244 North Avenue West Westfield, NJ 7090 Full Service B&M $104,424
    Spencer Savings Bank, SLA 34 Outwater Ln Garfield, NJ 7026 Full Service B&M $412,790
    Spencer Savings Bank, SLA 375 Franklin Ave Nutley, NJ 7110 Full Service B&M $161,691
    Spencer Savings Bank, SLA 437 Piaget Ave Clifton, NJ 7011 Full Service B&M $142,899
    Spencer Savings Bank, SLA 487 Market St Saddle Brook, NJ 7662 Full Service B&M $142,164
    Spencer Savings Bank, SLA 618 Bayway Ave Elizabeth, NJ 7202 Full Service B&M $107,428
    Spencer Savings Bank, SLA 680 River Drive Elmwood Park, NJ 7407 Full Service B&M $154,827
    Spencer Savings Bank, SLA 9 Bloomfield Avenue North Caldwell, NJ 7006 Full Service B&M $86,112
    Spencer Savings Bank, SLA 920 Van Houten Avenue Clifton, NJ 7013 Full Service B&M $90,710
    Spencer Savings Bank, SLA River Drive Center 3 - 611 River Drive Elmwood Park, NJ 7407 Full Service B&M $10,413

    For 2021, Spencer Savings Bank Sla had 21 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $109,243
    Net interest income $89,354
    Total noninterest income $8,998
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $514
    Trading account gains and fees $0
    Additional Noninterest Income $8,484
    Pre-tax net operating income $33,996
    Securities gains (or losses, -) $-130
    Income before extraordinary items $25,236
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $25,236
    Minority interest net income $0
    Net income $25,236
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $25,338

    Spencer Savings Bank Sla's gross interest income from loans was $109,243,000.
    Spencer Savings Bank Sla's net interest income from loans was $89,354,000.
    Spencer Savings Bank Sla's fee based income from loans was $514,000.
    Spencer Savings Bank Sla's net income from loans was $25,236,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $19,889
    Provision for credit losses $3,430
    Total noninterest expense $60,926
    Salaries and employee benefits $37,556
    Premises and equipment expense $6,302
    Additional noninterest expense $17,068
    Applicable income taxes $8,630
    Net charge-offs $1,092
    Cash dividends $0

    Spencer Savings Bank Sla's interest expense for loans was $19,889,000.
    Spencer Savings Bank Sla's payroll and benefits expense were $37,556,000.
    Spencer Savings Bank Sla's property, plant and equipment expenses $6,302,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    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 3.0%
    Credit card loans 0.0%
    Other individual loans 3.0%
    Auto loans 0.0%
    Other consumer loans 3.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $3,362,182
    Deposits held in domestic offices $3,362,182
    Deposits by Individuals, partnerships, and corporations $3,025,107
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $337,071
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $607,725
    Demand deposits $183,309
    Nontransaction accounts $2,754,457
    Money market deposit accounts (MMDAs) $1,325,554
    Other savings deposits (excluding MMDAs) $625,144
    Total time deposits $803,759
    Total time and savings deposits $3,178,873
    Noninterest-bearing deposits $492,438
    Interest-bearing deposits $2,869,744
    Retail deposits $3,234,063
    IRAs and Keogh plan accounts $268,530
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,995,394
    Cash & Balances due from depository institutions $437,186
    Interest-bearing balances $401,420
    Total securities $413,673
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,938,469
    Loan and leases loss allowance $29,979
    Trading account assets $0
    Bank premises and fixed assets $15,854
    Other real estate owned $329
    Goodwill and other intangibles $34,455
    All other assets $155,428

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,995,394
    Total Liabilities $3,608,268
    Total deposits $3,362,182
    Interest-bearing deposits $2,869,744
    Deposits held in domestic offices $3,362,182
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $193,546
    Subordinated debt $0
    All other liabilities $52,540

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,938,469
    Loan and leases loss allowance $29,979
    Total loans and leases (domestic) $2,968,448
    All real estate loans $2,896,107
    Real estate loans in domestic offices $2,896,107
    Construction and development loans $35,733
    Residential 1-4 family construction $1,722
    Other construction, all land development and other land $34,011
    Loans secured by nonfarm nonresidential properties $1,045,153
    Nonfarm nonresidential secured by owner-occupied properties $285,998
    Commercial real estate & other non-farm, non-residential $759,155
    Multifamily residential real estate $1,130,399
    1-4 family residential loans $684,822
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $68,528
    To non-U.S. addressees $0
    Loans to individuals $3,814
    Credit card loans $0
    Related Plans $280
    Consumer Auto Loans $80
    Other loans to individuals $3,454
    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 $848
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Spencer Savings Bank SLA had $2,938,469,000 of loans outstanding in 2021. $2,896,107,000 of loans were in real estate loans. $35,733,000 of loans were in development loans. $1,130,399,000 of loans were in multifamily mortgage loans. $684,822,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $80,000 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 198 $99,989 $504,995
    Nonfarm, nonresidential loans - <$100k 2 $93 $46,500
    Nonfarm, nonresidential loans - $100-250k 26 $5,188 $199,538
    Nonfarm, nonresidential loans - $250k-1MM 170 $94,708 $557,106
    Commercial & Industrial, US addressed loans - <$1MM 387 $26,245 $67,817
    Commercial & Industrial, US addressed loans - <$100k 288 $4,454 $15,465
    Commercial & Industrial, US addressed loans - $100-250k 44 $3,645 $82,841
    Commercial & Industrial, US addressed loans - $250k-1MM 55 $18,146 $329,927