Cit Bank N.a.

Pasadena, CA 91103

LEI: FVPV0TNOIM6NUIE59530

Tax ID: 26-4382801

2019 Data | 2018 Data


Overview

Cit Bank N.a. is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Cit Bank N.a. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Los Angeles, Anaheim, Seattle, San Diego, and Tampa among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Cit Bank N.a. is typically a medium-low fee lendor.


Originations

2,204

Origination Dollar Volume (All Markets)

$2,363,210,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 2,196 $2,360,120,000 $1,074,736
FHA 8 $3,090,000 $386,250

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 892 $1,005,560,000 $1,127,309
Home Improvement 1 $855,000 $855,000
Refi 816 $809,060,000 $991,495
Cash Out Refi 495 $547,735,000 $1,106,535

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
LOS ANGELES-LONG BEACH-GLENDALE, CA 564 $742,140,000 $1,315,851
ANAHEIM-SANTA ANA-IRVINE, CA 173 $150,785,000 $871,590
SEATTLE-BELLEVUE-KENT, WA 165 $144,405,000 $875,182
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 134 $128,510,000 $959,030
TAMPA-ST. PETERSBURG-CLEARWATER, FL 10 $116,590,000 $11,659,000
PHOENIX-MESA-CHANDLER, AZ 56 $98,630,000 $1,761,250
OAKLAND-BERKELEY-LIVERMORE, CA 80 $90,820,000 $1,135,250
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 62 $81,360,000 $1,312,258
DALLAS-PLANO-IRVING, TX 19 $67,905,000 $3,573,947
DENVER-AURORA-LAKEWOOD, CO 68 $62,610,000 $920,735
SACRAMENTO-ROSEVILLE-FOLSOM, CA 63 $44,985,000 $714,048
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 44 $41,790,000 $949,773
SANTA MARIA-SANTA BARBARA, CA 44 $41,230,000 $937,045
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 43 $41,055,000 $954,767
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 56 $39,040,000 $697,143
KANSAS CITY, MO-KS 5 $36,695,000 $7,339,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 45 $33,015,000 $733,667
OXNARD-THOUSAND OAKS-VENTURA, CA 37 $30,475,000 $823,649
FORT WORTH-ARLINGTON-GRAPEVINE, TX 4 $24,390,000 $6,097,500
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 28 $22,200,000 $792,857
Outside of Metro Areas 27 $18,675,000 $691,667
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 26 $18,380,000 $706,923
SAN RAFAEL, CA 14 $15,710,000 $1,122,143
LAS VEGAS-HENDERSON-PARADISE, NV 32 $13,790,000 $430,938
BALTIMORE-COLUMBIA-TOWSON, MD 22 $13,390,000 $608,636
BOSTON, MA 17 $12,755,000 $750,294
BOULDER, CO 13 $12,285,000 $945,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 17 $12,155,000 $715,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 17 $11,035,000 $649,118
SALT LAKE CITY, UT 16 $10,150,000 $634,375
CHICAGO-NAPERVILLE-EVANSTON, IL 15 $9,735,000 $649,000
SALINAS, CA 12 $9,480,000 $790,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 13 $8,725,000 $671,154
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 14 $8,000,000 $571,429
RALEIGH-CARY, NC 13 $7,105,000 $546,538
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 8 $7,010,000 $876,250
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 12 $6,620,000 $551,667
TACOMA-LAKEWOOD, WA 8 $6,420,000 $802,500
SAN LUIS OBISPO-PASO ROBLES, CA 7 $6,315,000 $902,143
NEWARK, NJ-PA 10 $5,620,000 $562,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 7 $5,505,000 $786,429
BEND, OR 7 $4,875,000 $696,429
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 7 $4,715,000 $673,571
MIAMI-MIAMI BEACH-KENDALL, FL 7 $4,045,000 $577,857
RENO, NV 6 $3,880,000 $646,667
PROVO-OREM, UT 6 $3,500,000 $583,333
URBAN HONOLULU, HI 2 $3,380,000 $1,690,000
FRESNO, CA 6 $3,330,000 $555,000
SANTA CRUZ-WATSONVILLE, CA 4 $3,150,000 $787,500
SANTA ROSA-PETALUMA, CA 4 $3,050,000 $762,500
DURHAM-CHAPEL HILL, NC 5 $3,025,000 $605,000
NEW BRUNSWICK-LAKEWOOD, NJ 6 $3,010,000 $501,667
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 6 $2,920,000 $486,667
ST. LOUIS, MO-IL 2 $2,620,000 $1,310,000
NAPA, CA 3 $2,475,000 $825,000
STOCKTON, CA 4 $2,370,000 $592,500
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 4 $2,130,000 $532,500
TUCSON, AZ 3 $2,065,000 $688,333
OGDEN-CLEARFIELD, UT 3 $2,055,000 $685,000
SANTA FE, NM 2 $2,050,000 $1,025,000
BRIDGEPORT-STAMFORD-NORWALK, CT 3 $1,935,000 $645,000
TOLEDO, OH 3 $1,795,000 $598,333
PORTLAND-SOUTH PORTLAND, ME 4 $1,720,000 $430,000
CHARLESTON-NORTH CHARLESTON, SC 3 $1,695,000 $565,000
VALLEJO, CA 3 $1,665,000 $555,000
MEMPHIS, TN-MS-AR 3 $1,335,000 $445,000
NORTH PORT-SARASOTA-BRADENTON, FL 2 $1,250,000 $625,000
CHATTANOOGA, TN-GA 2 $1,170,000 $585,000
PROVIDENCE-WARWICK, RI-MA 1 $1,085,000 $1,085,000
MILWAUKEE-WAUKESHA, WI 2 $1,080,000 $540,000
LEXINGTON-FAYETTE, KY 1 $1,065,000 $1,065,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $1,045,000 $1,045,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $985,000 $985,000
FORT COLLINS, CO 2 $980,000 $490,000
SAN ANTONIO-NEW BRAUNFELS, TX 1 $975,000 $975,000
PORT ST. LUCIE, FL 1 $965,000 $965,000
GREELEY, CO 1 $965,000 $965,000
PHILADELPHIA, PA 2 $950,000 $475,000
BELLINGHAM, WA 2 $940,000 $470,000
NASSAU COUNTY-SUFFOLK COUNTY, NY 2 $930,000 $465,000
WORCESTER, MA-CT 2 $910,000 $455,000
NEW ORLEANS-METAIRIE, LA 2 $910,000 $455,000
COLUMBUS, OH 1 $865,000 $865,000
ASHEVILLE, NC 2 $800,000 $400,000
COLORADO SPRINGS, CO 1 $785,000 $785,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 3 $745,000 $248,333
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 2 $740,000 $370,000
MIDLAND, TX 1 $715,000 $715,000
BAKERSFIELD, CA 2 $700,000 $350,000
MADISON, WI 1 $685,000 $685,000
KENNEWICK-RICHLAND, WA 1 $665,000 $665,000
JACKSON, MS 1 $645,000 $645,000
CINCINNATI, OH-KY-IN 1 $645,000 $645,000
RICHMOND, VA 1 $635,000 $635,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $635,000 $635,000
DES MOINES-WEST DES MOINES, IA 1 $595,000 $595,000
WILMINGTON, DE-MD-NJ 2 $590,000 $295,000
HUNTSVILLE, AL 1 $585,000 $585,000
TALLAHASSEE, FL 2 $580,000 $290,000
CAPE CORAL-FORT MYERS, FL 1 $575,000 $575,000
NAPLES-MARCO ISLAND, FL 1 $545,000 $545,000
MODESTO, CA 1 $545,000 $545,000
SALEM, OR 1 $535,000 $535,000
GRAND RAPIDS-KENTWOOD, MI 1 $525,000 $525,000
ANN ARBOR, MI 1 $515,000 $515,000
CLEVELAND-ELYRIA, OH 2 $510,000 $255,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $415,000 $415,000
KNOXVILLE, TN 2 $410,000 $205,000
MISSOULA, MT 1 $385,000 $385,000
EUGENE-SPRINGFIELD, OR 1 $375,000 $375,000
PRESCOTT VALLEY-PRESCOTT, AZ 1 $355,000 $355,000
LANSING-EAST LANSING, MI 1 $325,000 $325,000
NEW HAVEN-MILFORD, CT 1 $325,000 $325,000
BIRMINGHAM-HOOVER, AL 1 $295,000 $295,000
OLYMPIA-LACEY-TUMWATER, WA 1 $285,000 $285,000
MEDFORD, OR 1 $265,000 $265,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 1 $265,000 $265,000
GREENVILLE-ANDERSON, SC 1 $255,000 $255,000
CHICO, CA 1 $225,000 $225,000
ALBUQUERQUE, NM 1 $225,000 $225,000
SPOKANE-SPOKANE VALLEY, WA 1 $205,000 $205,000
DOVER, DE 1 $205,000 $205,000
SAVANNAH, GA 1 $185,000 $185,000
ELGIN, IL 1 $175,000 $175,000
OCALA, FL 1 $135,000 $135,000
CANTON-MASSILLON, OH 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 54 $32,600,000 $603,704
3-4% 1,298 $1,336,810,000 $1,029,900
4-5% 837 $986,275,000 $1,178,345
5-6% 15 $7,525,000 $501,667

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 8 $580,000 $72,500
$100k-200k 32 $4,900,000 $153,125
$200k-400k 204 $60,610,000 $297,108
$400k-600k 367 $189,785,000 $517,125
$600k-1000k 1,100 $857,200,000 $779,273
$Over $1MM 493 $1,250,135,000 $2,535,771

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 70 $79,430,000 $1,134,714
40-60% 263 $375,835,000 $1,429,030
60-80% 1,376 $1,543,870,000 $1,121,999
80-100% 487 $361,455,000 $742,207
Under 20% 8 $2,620,000 $327,500

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 294 $156,170,000 $531,190
$150k-250k 857 $631,085,000 $736,389
$50k-75k 51 $14,825,000 $290,686
$50k-or less 18 $3,150,000 $175,000
$75k-100k 76 $28,360,000 $373,158
$Over $250k 843 $862,215,000 $1,022,794

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 1,462 $1,143,850,000 $782,387
Not applicable 52 $645,810,000 $12,419,423
Not provided 344 $304,720,000 $885,814
Asian 283 $218,945,000 $773,657
Black 33 $25,905,000 $785,000
American Indian 13 $10,575,000 $813,462
Asian Indian 8 $6,480,000 $810,000
Native Hawaiian 4 $3,040,000 $760,000
Korean 1 $1,495,000 $1,495,000
Other Asian 2 $920,000 $460,000
Filipino 1 $745,000 $745,000
Other Pacific Islander 1 $725,000 $725,000

Approval Rates

Total approvals of all applications
87.32%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
61.08%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 2,204 $2,363,210,000 $1,072,237

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 15 $9,985,000 $665,667
$1k-2k 1,780 $1,397,530,000 $785,129
$2k-3k 117 $87,085,000 $744,316
$3k-4k 97 $80,495,000 $829,845
$5k+ 135 $124,045,000 $918,852

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 60 $664,070,000 $11,067,833
Single Family (1-4 Units):Site-Built 2,144 $1,699,140,000 $792,509