Santander Bank N.a.

Wilmington, DE 19801

LEI: TR24TWEY5RVRQV65HD49

Tax ID: 23-1237295

2019 Data | 2018 Data


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

17,662

Origination Dollar Volume (All Markets)

$6,356,220,000

Product 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 applications
62.60%

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 origination
90.75%

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