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 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, San Antonio, San Diego, and Riverside 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

1,668

Origination Dollar Volume (All Markets)

$1,931,400,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 1,665 $1,930,155,000 $1,159,252
FHA 3 $1,245,000 $415,000

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 1,073 $1,269,555,000 $1,183,183
Home Improvement 9 $6,295,000 $699,444
NA 1 $1,345,000 $1,345,000
Refi 276 $317,590,000 $1,150,688
Cash Out Refi 309 $336,615,000 $1,089,369

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 437 $542,175,000 $1,240,675
ANAHEIM-SANTA ANA-IRVINE, CA 174 $182,350,000 $1,047,989
SAN ANTONIO-NEW BRAUNFELS, TX 7 $160,145,000 $22,877,857
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 116 $111,610,000 $962,155
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 67 $71,505,000 $1,067,239
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 38 $61,990,000 $1,631,316
SEATTLE-BELLEVUE-KENT, WA 56 $50,950,000 $909,821
OAKLAND-BERKELEY-LIVERMORE, CA 59 $49,965,000 $846,864
PHOENIX-MESA-CHANDLER, AZ 38 $43,910,000 $1,155,526
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 9 $36,285,000 $4,031,667
SANTA MARIA-SANTA BARBARA, CA 28 $32,010,000 $1,143,214
MIAMI-MIAMI BEACH-KENDALL, FL 2 $31,690,000 $15,845,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 34 $31,200,000 $917,647
NAPLES-MARCO ISLAND, FL 1 $26,445,000 $26,445,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 7 $25,225,000 $3,603,571
Outside of Metro Areas 32 $24,540,000 $766,875
SACRAMENTO-ROSEVILLE-FOLSOM, CA 39 $24,325,000 $623,718
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 26 $24,070,000 $925,769
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 30 $23,720,000 $790,667
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 17 $22,495,000 $1,323,235
OXNARD-THOUSAND OAKS-VENTURA, CA 30 $21,970,000 $732,333
MODESTO, CA 1 $20,005,000 $20,005,000
DENVER-AURORA-LAKEWOOD, CO 24 $19,780,000 $824,167
LAS VEGAS-HENDERSON-PARADISE, NV 12 $16,990,000 $1,415,833
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 20 $16,740,000 $837,000
SAN RAFAEL, CA 15 $14,945,000 $996,333
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 17 $13,095,000 $770,294
SANTA CRUZ-WATSONVILLE, CA 17 $12,465,000 $733,235
DALLAS-PLANO-IRVING, TX 17 $11,265,000 $662,647
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 14 $11,150,000 $796,429
Outside of Metro Areas 13 $9,535,000 $733,462
SALINAS, CA 10 $9,360,000 $936,000
NEWARK, NJ-PA 13 $8,935,000 $687,308
BALTIMORE-COLUMBIA-TOWSON, MD 13 $8,645,000 $665,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 11 $7,755,000 $705,000
BRIDGEPORT-STAMFORD-NORWALK, CT 9 $7,235,000 $803,889
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 8 $6,790,000 $848,750
Outside of Metro Areas 11 $6,785,000 $616,818
SAN LUIS OBISPO-PASO ROBLES, CA 7 $6,735,000 $962,143
BOULDER, CO 7 $6,375,000 $910,714
SANTA ROSA-PETALUMA, CA 9 $6,365,000 $707,222
RENO, NV 6 $6,250,000 $1,041,667
PHILADELPHIA, PA 5 $5,065,000 $1,013,000
BOSTON, MA 6 $4,300,000 $716,667
ST. LOUIS, MO-IL 2 $4,180,000 $2,090,000
TACOMA-LAKEWOOD, WA 5 $3,645,000 $729,000
BARNSTABLE TOWN, MA 1 $3,525,000 $3,525,000
URBAN HONOLULU, HI 2 $3,350,000 $1,675,000
SALT LAKE CITY, UT 7 $3,245,000 $463,571
RALEIGH-CARY, NC 6 $3,150,000 $525,000
FRESNO, CA 5 $3,145,000 $629,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $3,085,000 $617,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 5 $2,985,000 $597,000
PITTSBURGH, PA 5 $2,925,000 $585,000
STOCKTON, CA 6 $2,780,000 $463,333
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 5 $2,765,000 $553,000
NAPA, CA 2 $2,660,000 $1,330,000
DURHAM-CHAPEL HILL, NC 5 $2,515,000 $503,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 4 $2,400,000 $600,000
ASHEVILLE, NC 2 $2,380,000 $1,190,000
SEBASTIAN-VERO BEACH, FL 1 $2,105,000 $2,105,000
PROVO-OREM, UT 4 $1,880,000 $470,000
NASSAU COUNTY-SUFFOLK COUNTY, NY 3 $1,865,000 $621,667
PORTLAND-SOUTH PORTLAND, ME 3 $1,805,000 $601,667
ORLANDO-KISSIMMEE-SANFORD, FL 3 $1,645,000 $548,333
LAKE COUNTY-KENOSHA COUNTY, IL-WI 3 $1,615,000 $538,333
COLORADO SPRINGS, CO 3 $1,515,000 $505,000
JACKSONVILLE, FL 3 $1,465,000 $488,333
INDIANAPOLIS-CARMEL-ANDERSON, IN 2 $1,390,000 $695,000
NEW ORLEANS-METAIRIE, LA 2 $1,290,000 $645,000
MILWAUKEE-WAUKESHA, WI 2 $1,290,000 $645,000
PROVIDENCE-WARWICK, RI-MA 3 $1,285,000 $428,333
Outside of Metro Areas 2 $1,250,000 $625,000
RICHMOND, VA 3 $1,195,000 $398,333
ALBUQUERQUE, NM 2 $1,190,000 $595,000
KANSAS CITY, MO-KS 2 $1,080,000 $540,000
GREELEY, CO 1 $1,045,000 $1,045,000
DES MOINES-WEST DES MOINES, IA 1 $1,005,000 $1,005,000
SALISBURY, MD-DE 1 $995,000 $995,000
TOLEDO, OH 1 $855,000 $855,000
CHICO, CA 1 $825,000 $825,000
BIRMINGHAM-HOOVER, AL 1 $825,000 $825,000
PORT ST. LUCIE, FL 2 $800,000 $400,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 1 $795,000 $795,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $775,000 $775,000
VISALIA, CA 1 $765,000 $765,000
KNOXVILLE, TN 1 $705,000 $705,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $685,000 $685,000
UTICA-ROME, NY 1 $685,000 $685,000
BAKERSFIELD, CA 3 $625,000 $208,333
CHATTANOOGA, TN-GA 1 $605,000 $605,000
MADISON, WI 1 $575,000 $575,000
BOISE CITY, ID 2 $560,000 $280,000
GRAND RAPIDS-KENTWOOD, MI 1 $535,000 $535,000
MEDFORD, OR 1 $535,000 $535,000
COLUMBIA, SC 1 $535,000 $535,000
VALLEJO, CA 1 $515,000 $515,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $505,000 $505,000
FORT COLLINS, CO 1 $495,000 $495,000
BEND, OR 1 $485,000 $485,000
EUGENE-SPRINGFIELD, OR 1 $485,000 $485,000
BURLINGTON-SOUTH BURLINGTON, VT 1 $485,000 $485,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $475,000 $475,000
CHARLESTON-NORTH CHARLESTON, SC 1 $475,000 $475,000
TULSA, OK 2 $460,000 $230,000
CHARLOTTESVILLE, VA 1 $445,000 $445,000
SANTA FE, NM 1 $435,000 $435,000
TUCSON, AZ 1 $405,000 $405,000
MERCED, CA 1 $395,000 $395,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 1 $375,000 $375,000
YUBA CITY, CA 1 $345,000 $345,000
SPOKANE-SPOKANE VALLEY, WA 1 $335,000 $335,000
CLEVELAND-ELYRIA, OH 1 $325,000 $325,000
ST. GEORGE, UT 1 $325,000 $325,000
AKRON, OH 1 $305,000 $305,000
OGDEN-CLEARFIELD, UT 1 $225,000 $225,000
OKLAHOMA CITY, OK 1 $215,000 $215,000
GREENVILLE-ANDERSON, SC 1 $215,000 $215,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 1 $205,000 $205,000

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% 13 $27,015,000 $2,078,077
2.5-3% 5 $16,595,000 $3,319,000
3-4% 343 $396,475,000 $1,155,904
4-5% 1,273 $1,471,565,000 $1,155,982
5-6% 32 $18,820,000 $588,125

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 3 $245,000 $81,667
$100k-200k 14 $1,990,000 $142,143
$200k-400k 142 $43,730,000 $307,958
$400k-600k 386 $197,220,000 $510,933
$600k-1000k 752 $576,090,000 $766,077
$Over $1MM 371 $1,112,125,000 $2,997,642

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% 77 $79,165,000 $1,028,117
40-60% 226 $243,320,000 $1,076,637
60-80% 949 $1,266,935,000 $1,335,021
80-100% 402 $337,470,000 $839,478
Under 20% 14 $4,510,000 $322,143

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 240 $124,740,000 $519,750
$150k-250k 636 $446,240,000 $701,635
$50k-75k 26 $7,180,000 $276,154
$50k-or less 9 $1,985,000 $220,556
$75k-100k 57 $21,645,000 $379,737
$Over $250k 626 $655,120,000 $1,046,518

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 1,138 $910,940,000 $800,475
Not applicable 73 $673,345,000 $9,223,904
Asian 245 $173,255,000 $707,163
Not provided 186 $157,250,000 $845,430
Black 14 $8,830,000 $630,714
American Indian 6 $3,650,000 $608,333
Native Hawaiian 3 $2,215,000 $738,333
Asian Indian 1 $775,000 $775,000
Filipino 1 $685,000 $685,000
Chinese 1 $455,000 $455,000

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 1,668 $1,931,400,000 $1,157,914

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 40 $32,530,000 $813,250
$1k-2k 1,228 $953,090,000 $776,132
$2k-3k 108 $82,210,000 $761,204
$3k-4k 87 $66,995,000 $770,057
$5k+ 126 $118,210,000 $938,175

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 74 $674,490,000 $9,114,730
Single Family (1-4 Units):Site-Built 1,594 $1,256,910,000 $788,526