Santander Bank N.a.
Wilmington, DE 19801LEI: TR24TWEY5RVRQV65HD49
Tax ID: 23-1237295
2019 Data | 2018 Data
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Overview
Santander Bank N.a. is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Santander 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 New York, Cambridge, Boston, New Brunswick, and Montgomery County among others. They have a below average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. Santander Bank N.a. is typically a low fee lendor.Originations
17,662Origination Dollar Volume (All Markets)
$6,356,220,000Product Mix
| Loan Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Conventional | 17,454 | $6,301,910,000 | $361,058 |
| FHA | 191 | $49,765,000 | $260,550 |
| VA | 17 | $4,545,000 | $267,353 |
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 | 5,483 | $2,038,465,000 | $371,779 |
| Home Improvement | 1,844 | $231,920,000 | $125,770 |
| Other | 2,744 | $382,240,000 | $139,300 |
| Refi | 5,210 | $3,008,400,000 | $577,428 |
| Cash Out Refi | 2,381 | $695,195,000 | $291,976 |
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 |
|---|---|---|---|
| NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ | 2,476 | $1,855,460,000 | $749,378 |
| CAMBRIDGE-NEWTON-FRAMINGHAM, MA | 2,097 | $674,595,000 | $321,695 |
| BOSTON, MA | 1,724 | $548,940,000 | $318,411 |
| NEW BRUNSWICK-LAKEWOOD, NJ | 2,077 | $489,875,000 | $235,857 |
| MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA | 1,027 | $351,465,000 | $342,225 |
| PROVIDENCE-WARWICK, RI-MA | 1,562 | $291,110,000 | $186,370 |
| PHILADELPHIA, PA | 681 | $273,795,000 | $402,048 |
| NEWARK, NJ-PA | 758 | $253,700,000 | $334,697 |
| NASSAU COUNTY-SUFFOLK COUNTY, NY | 312 | $166,360,000 | $533,205 |
| BALTIMORE-COLUMBIA-TOWSON, MD | 97 | $140,585,000 | $1,449,330 |
| WORCESTER, MA-CT | 576 | $116,850,000 | $202,865 |
| CAMDEN, NJ | 306 | $103,060,000 | $336,797 |
| Outside of Metro Areas | 419 | $93,865,000 | $224,021 |
| WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | 75 | $90,525,000 | $1,207,000 |
| FREDERICK-GAITHERSBURG-ROCKVILLE, MD | 43 | $87,825,000 | $2,042,442 |
| BARNSTABLE TOWN, MA | 266 | $66,060,000 | $248,346 |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT | 341 | $64,475,000 | $189,076 |
| WILMINGTON, DE-MD-NJ | 81 | $62,435,000 | $770,802 |
| READING, PA | 449 | $56,875,000 | $126,670 |
| TRENTON-PRINCETON, NJ | 253 | $50,275,000 | $198,715 |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ | 269 | $48,265,000 | $179,424 |
| ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH | 228 | $47,640,000 | $208,947 |
| BRIDGEPORT-STAMFORD-NORWALK, CT | 83 | $46,395,000 | $558,976 |
| NEW HAVEN-MILFORD, CT | 79 | $38,595,000 | $488,544 |
| ALBANY-SCHENECTADY-TROY, NY | 151 | $32,485,000 | $215,132 |
| MANCHESTER-NASHUA, NH | 159 | $28,435,000 | $178,836 |
| HARRISBURG-CARLISLE, PA | 179 | $23,875,000 | $133,380 |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA | 7 | $23,705,000 | $3,386,429 |
| EAST STROUDSBURG, PA | 14 | $20,900,000 | $1,492,857 |
| LANCASTER, PA | 147 | $19,345,000 | $131,599 |
| YORK-HANOVER, PA | 124 | $13,550,000 | $109,274 |
| OCEAN CITY, NJ | 32 | $12,710,000 | $397,188 |
| ORLANDO-KISSIMMEE-SANFORD, FL | 6 | $10,750,000 | $1,791,667 |
| SALISBURY, MD-DE | 23 | $10,645,000 | $462,826 |
| WINSTON-SALEM, NC | 1 | $10,375,000 | $10,375,000 |
| ELGIN, IL | 2 | $9,140,000 | $4,570,000 |
| WILLIAMSPORT, PA | 79 | $8,245,000 | $104,367 |
| SPRINGFIELD, MA | 51 | $8,175,000 | $160,294 |
| ATLANTIC CITY-HAMMONTON, NJ | 25 | $7,845,000 | $313,800 |
| PORTLAND-SOUTH PORTLAND, ME | 18 | $6,990,000 | $388,333 |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY | 27 | $6,975,000 | $258,333 |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL | 5 | $6,855,000 | $1,371,000 |
| BUFFALO-CHEEKTOWAGA, NY | 38 | $6,400,000 | $168,421 |
| VINELAND-BRIDGETON, NJ | 2 | $5,780,000 | $2,890,000 |
| LEBANON, PA | 49 | $5,165,000 | $105,408 |
| PITTSFIELD, MA | 18 | $4,990,000 | $277,222 |
| NAPLES-MARCO ISLAND, FL | 11 | $4,285,000 | $389,545 |
| STATE COLLEGE, PA | 18 | $3,700,000 | $205,556 |
| NORWICH-NEW LONDON, CT | 12 | $2,860,000 | $238,333 |
| WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL | 8 | $2,730,000 | $341,250 |
| NORTH PORT-SARASOTA-BRADENTON, FL | 6 | $2,520,000 | $420,000 |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC | 5 | $2,485,000 | $497,000 |
| SCRANTON--WILKES-BARRE, PA | 11 | $2,035,000 | $185,000 |
| RICHMOND, VA | 3 | $1,835,000 | $611,667 |
| FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL | 6 | $1,770,000 | $295,000 |
| BURLINGTON-SOUTH BURLINGTON, VT | 5 | $1,765,000 | $353,000 |
| ROCHESTER, NY | 15 | $1,615,000 | $107,667 |
| BLOOMSBURG-BERWICK, PA | 12 | $1,610,000 | $134,167 |
| OAKLAND-BERKELEY-LIVERMORE, CA | 3 | $1,535,000 | $511,667 |
| GETTYSBURG, PA | 9 | $1,315,000 | $146,111 |
| GLENS FALLS, NY | 8 | $1,290,000 | $161,250 |
| CAPE CORAL-FORT MYERS, FL | 4 | $1,100,000 | $275,000 |
| MIAMI-MIAMI BEACH-KENDALL, FL | 3 | $1,085,000 | $361,667 |
| SEBASTIAN-VERO BEACH, FL | 1 | $1,005,000 | $1,005,000 |
| JACKSONVILLE, FL | 4 | $1,000,000 | $250,000 |
| SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA | 1 | $975,000 | $975,000 |
| CHICAGO-NAPERVILLE-EVANSTON, IL | 4 | $960,000 | $240,000 |
| HAGERSTOWN-MARTINSBURG, MD-WV | 5 | $925,000 | $185,000 |
| CHAMBERSBURG-WAYNESBORO, PA | 3 | $925,000 | $308,333 |
| PITTSBURGH, PA | 4 | $850,000 | $212,500 |
| PORT ST. LUCIE, FL | 5 | $775,000 | $155,000 |
| CALIFORNIA-LEXINGTON PARK, MD | 2 | $760,000 | $380,000 |
| HILTON HEAD ISLAND-BLUFFTON, SC | 3 | $725,000 | $241,667 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | 4 | $600,000 | $150,000 |
| BINGHAMTON, NY | 4 | $560,000 | $140,000 |
| LAKELAND-WINTER HAVEN, FL | 3 | $555,000 | $185,000 |
| DOVER, DE | 2 | $500,000 | $250,000 |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA | 1 | $495,000 | $495,000 |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI | 3 | $455,000 | $151,667 |
| BOULDER, CO | 1 | $435,000 | $435,000 |
| WARREN-TROY-FARMINGTON HILLS, MI | 1 | $425,000 | $425,000 |
| WILMINGTON, NC | 1 | $405,000 | $405,000 |
| KINGSTON, NY | 3 | $375,000 | $125,000 |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL | 2 | $360,000 | $180,000 |
| DURHAM-CHAPEL HILL, NC | 2 | $350,000 | $175,000 |
| UTICA-ROME, NY | 2 | $330,000 | $165,000 |
| THE VILLAGES, FL | 1 | $285,000 | $285,000 |
| SAVANNAH, GA | 2 | $280,000 | $140,000 |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL | 1 | $265,000 | $265,000 |
| SYRACUSE, NY | 2 | $250,000 | $125,000 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | 2 | $240,000 | $120,000 |
| RALEIGH-CARY, NC | 1 | $235,000 | $235,000 |
| STAUNTON, VA | 1 | $225,000 | $225,000 |
| COLUMBUS, OH | 1 | $225,000 | $225,000 |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | 1 | $215,000 | $215,000 |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA | 2 | $200,000 | $100,000 |
| OCALA, FL | 1 | $175,000 | $175,000 |
| HOMOSASSA SPRINGS, FL | 1 | $155,000 | $155,000 |
| PALM BAY-MELBOURNE-TITUSVILLE, FL | 1 | $125,000 | $125,000 |
| FAYETTEVILLE, NC | 1 | $125,000 | $125,000 |
| BANGOR, ME | 1 | $105,000 | $105,000 |
| ERIE, PA | 1 | $95,000 | $95,000 |
| FORT WAYNE, IN | 1 | $95,000 | $95,000 |
| ALTOONA, PA | 2 | $90,000 | $45,000 |
| JOHNSTOWN, PA | 1 | $65,000 | $65,000 |
| ROCKY MOUNT, NC | 1 | $65,000 | $65,000 |
| ELKHART-GOSHEN, IN | 1 | $65,000 | $65,000 |
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% | 97 | $21,525,000 | $221,907 |
| 2.5-3% | 438 | $123,110,000 | $281,073 |
| 3-4% | 5,875 | $3,461,325,000 | $589,162 |
| 4-5% | 6,464 | $2,189,590,000 | $338,736 |
| 5-6% | 2,896 | $451,470,000 | $155,894 |
| 6-7% | 1,409 | $90,515,000 | $64,241 |
| 7-8% | 421 | $17,115,000 | $40,653 |
| Over 8% | 62 | $1,570,000 | $25,323 |
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 3,475 | $198,295,000 | $57,063 |
| $100k-200k | 5,473 | $788,275,000 | $144,030 |
| $200k-400k | 5,010 | $1,398,250,000 | $279,092 |
| $400k-600k | 1,980 | $960,350,000 | $485,025 |
| $600k-1000k | 1,289 | $964,455,000 | $748,220 |
| $Over $1MM | 435 | $2,046,595,000 | $4,704,816 |
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% | 3,479 | $724,475,000 | $208,242 |
| 40-60% | 2,768 | $1,340,480,000 | $484,277 |
| 60-80% | 5,058 | $2,805,180,000 | $554,603 |
| 80-100% | 3,617 | $1,210,585,000 | $334,693 |
| Over 100% | 15 | $3,645,000 | $243,000 |
| Under 20% | 2,722 | $269,930,000 | $99,166 |
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 | 3,831 | $940,755,000 | $245,564 |
| $150k-250k | 3,258 | $1,117,400,000 | $342,971 |
| $50k-75k | 3,296 | $553,980,000 | $168,076 |
| $50k-or less | 1,993 | $230,035,000 | $115,421 |
| $75k-100k | 2,815 | $554,205,000 | $196,876 |
| $Over $250k | 1,932 | $1,127,680,000 | $583,685 |
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan |
|---|---|---|---|
| White | 13,360 | $3,452,800,000 | $258,443 |
| Not applicable | 214 | $1,756,140,000 | $8,206,262 |
| Not provided | 1,830 | $476,980,000 | $260,645 |
| Asian | 928 | $315,920,000 | $340,431 |
| Black | 801 | $183,975,000 | $229,682 |
| Asian Indian | 160 | $61,790,000 | $386,188 |
| Chinese | 69 | $28,285,000 | $409,928 |
| Vietnamese | 56 | $23,060,000 | $411,786 |
| Other Asian | 69 | $14,035,000 | $203,406 |
| American Indian | 65 | $13,595,000 | $209,154 |
| Korean | 32 | $13,130,000 | $410,313 |
| Other Pacific Islander | 46 | $8,660,000 | $188,261 |
| Filipino | 16 | $3,430,000 | $214,375 |
| Native Hawaiian | 10 | $3,020,000 | $302,000 |
| 3 | $915,000 | $305,000 | |
| Japanese | 2 | $330,000 | $165,000 |
| Guamanian | 1 | $155,000 | $155,000 |
Approval Rates
Total approvals of all applications62.60%
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 origination90.75%
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 | 17,662 | $6,356,220,000 | $359,881 |
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 6,655 | $2,283,005,000 | $343,051 |
| $1k-2k | 1,354 | $346,070,000 | $255,591 |
| $2k-3k | 467 | $154,655,000 | $331,167 |
| $3k-4k | 495 | $182,415,000 | $368,515 |
| $5k+ | 736 | $430,940,000 | $585,516 |
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 | 213 | $1,754,955,000 | $8,239,225 |
| Single Family (1-4 Units):Manufactured | 14 | $1,320,000 | $94,286 |
| Single Family (1-4 Units):Site-Built | 17,435 | $4,599,945,000 | $263,834 |