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)

    • Review & Overview

    Spencer Savings Bank Sla is a smaller bank specializing in Home Purchase, Refi, 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, Atlantic City, and Kingston 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.

    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

    471

    Origination Dollar Volume (All Markets)

    $445,215,000

    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) 426 $424,950,000 $997,535 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 23 $8,355,000 $363,261 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 10 $8,280,000 $828,000 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $1,430,000 $715,000 $0 0.00%
    KINGSTON, NY (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 5 $735,000 $147,000 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 3 $215,000 $71,667 $0 0.00%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Spencer Savings Bank Sla's top markets include New York, Trenton, Philadelphia, Atlantic City, and Kingston 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.

    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    N C P D Federal Credit Union
    Similarity Rank: 201
    Nassau Educators Federal Credit Union
    Similarity Rank: 481
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 540
    Ridgewood Savings Bank
    Similarity Rank: 644
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 664
    Bogota Savings Bank
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 471 $445,215,000 $945,255 $0 0.00%

    For 2022, Spencer Savings Bank Sla's most frequently originated type of loan was Conventional, with 471 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $158,960,000 $1,045,789 $0 0.00%
    Refi 132 $139,820,000 $1,059,242 $0 0.00%
    Cash Out Refi 84 $136,020,000 $1,619,286 $0 0.00%
    Home Improvement 68 $7,280,000 $107,059 $0 0.00%
    Other 35 $3,135,000 $89,571 $0 0.00%

    For 2022, Spencer Savings Bank Sla's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Refi, with 132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 471 $445,215,000 $945,255 $0 0.00%

    For 2022, Spencer Savings Bank Sla's most frequently cited loan duration was Other, with 471 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 122 $35,740,000 $292,951 $0 0.00%
    $1MM+ 102 $341,490,000 $3,347,941 $0 0.00%
    $100,000 or less 81 $4,235,000 $52,284 $0 0.00%
    $100k-200k 73 $10,365,000 $141,986 $0 0.00%
    $400k-600k 58 $27,770,000 $478,793 $0 0.00%
    $600k-1MM 35 $25,615,000 $731,857 $0 0.00%

    2022 saw Spencer Savings Bank Sla place emphasis on $200k-400k loans with 122 originations, totaling $35,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 111 $29,165,000 $262,748 $0 0.00%
    $100k-150k 71 $14,265,000 $200,915 $0 0.00%
    $250k+ 50 $15,170,000 $303,400 $0 0.00%
    $75k-100k 30 $5,260,000 $175,333 $0 0.00%
    $50k-75k 20 $2,770,000 $138,500 $0 0.00%
    $50k or less 6 $760,000 $126,667 $0 0.00%

    Spencer Savings Bank Sla lent most frequently to those with incomes in the $150k-250k range, with 111 originations. The second most popular income band? $100k-150k, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 471 $445,215,000 $945,255 $0 0.00%

    Spencer Savings Bank Sla lent most frequently to those with DTI ratios of Exempt%, with 471 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 181 $376,905,000 $2,082,348 $0 0.00%
    White 220 $48,550,000 $220,682 $0 0.00%
    Asian 27 $7,335,000 $271,667 $0 0.00%
    Not provided 25 $6,775,000 $271,000 $0 0.00%
    Asian Indian 12 $4,150,000 $345,833 $0 0.00%
    Black 4 $1,080,000 $270,000 $0 0.00%
    Other Asian 1 $355,000 $355,000 $0 0.00%
    Filipino 1 $65,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.68%

    Spencer Savings Bank Sla has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.22%

    Spencer Savings Bank Sla has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 471 $445,215,000 $945,255

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    471 $445,215,000 $945,255

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home mortgage Closing on a mortgage 1 100.0%