Somerset Savings Bank, Sla Mortgage Lending & HMDA Data, 2018
In 2018, Somerset Savings Bank, Sla of Bound Brook, NJ reported 402 mortgage applications totaling $118.7 million, up 34% from 2017. The average application was for $295,298, and applicants reported an average income of $155,390. 32% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Newark, NJ-PA (281), New York-Jersey City-White Plains, NY-NJ (95) and Trenton, NJ (11) (applications in parentheses).
| Mortgage Company & Address | Somerset Savings Bank, Sla 220 West Union Ave Bound Brook, NJ 08805 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 |
| Total Number of Mortgage Applications | 402 |
| Total Mortgage Loan Application Amount | $118,710,000 |
| Average Mortgage Loan Application Amount | $295,298 |
| Highest Mortgage Loan Application Amount | $765,000 |
| Average Applicant Income | $155,390 |
| Highest Applicant Income | $1,143,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Somerset Savings Bank, Sla filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Somerset, New Jersey | 99 | $ 27,795,000 | $ 280,757 | $ 144,000 |
| Morris, New Jersey | 84 | $ 29,050,000 | $ 345,833 | $ 188,000 |
| Middlesex, New Jersey | 64 | $ 18,330,000 | $ 286,406 | $ 134,000 |
| Hunterdon, New Jersey | 61 | $ 16,125,000 | $ 264,344 | $ 137,000 |
| Union, New Jersey | 24 | $ 8,080,000 | $ 336,666 | $ 229,000 |
| Monmouth, New Jersey | 14 | $ 3,480,000 | $ 248,571 | $ 115,000 |
| Mercer, New Jersey | 11 | $ 3,365,000 | $ 305,909 | $ 144,000 |
| Bergen, New Jersey | 10 | $ 3,050,000 | $ 305,000 | $ 166,000 |
| Warren, New Jersey | 10 | $ 1,980,000 | $ 198,000 | $ 101,000 |
| Essex, New Jersey | 9 | $ 3,125,000 | $ 347,222 | $ 158,000 |
| Passaic, New Jersey | 4 | $ 790,000 | $ 197,500 | $ 122,000 |
| Sussex, New Jersey | 4 | $ 760,000 | $ 190,000 | $ 152,000 |
| Burlington, New Jersey | 3 | $ 875,000 | $ 291,666 | $ 228,000 |
| Ocean, New Jersey | 2 | $ 880,000 | $ 440,000 | $ 376,000 |
| Camden, New Jersey | 1 | $ 145,000 | $ 145,000 | $ 55,000 |
| Cape May, New Jersey | 1 | $ 505,000 | $ 505,000 | $ 261,000 |
| Hudson, New Jersey | 1 | $ 375,000 | $ 375,000 | $ 273,000 |
Mortgage Loan Application Detail Totals for Somerset Savings Bank, Sla in 2018
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Home Purchase | 205 | $66,335,000 | $323,000 | $765,000 | $149,000 | $681,000 |
| Refinancing | 96 | $27,730,000 | $288,000 | $605,000 | $191,000 | $1,143,000 |
| Cash-out Refinancing | 59 | $16,325,000 | $276,000 | $595,000 | $142,000 | $345,000 |
| Home Improvement | 42 | $8,320,000 | $198,000 | $515,000 | $124,000 | $301,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Not applicable | 170 | $58,840,000 | $346,000 | $765,000 | $0 | $0 |
| White | 157 | $38,505,000 | $245,000 | $605,000 | $152,000 | $1,143,000 |
| Asian | 40 | $11,010,000 | $275,000 | $515,000 | $145,000 | $301,000 |
| Not Provided | 21 | $6,385,000 | $304,000 | $605,000 | $196,000 | $525,000 |
| Hispanic | 10 | $2,910,000 | $291,000 | $505,000 | $126,000 | $286,000 |
| Black or African American | 2 | $620,000 | $310,000 | $415,000 | $139,000 | $164,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 402 | $118,710,000 | $295,000 | $765,000 | $155,000 | $1,143,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Purchased By The Institution | 170 | $58,840,000 | $346,000 | $765,000 | $0 | $0 |
| Loan Originated | 128 | $33,210,000 | $259,000 | $605,000 | $176,000 | $1,143,000 |
| Application Denied By Financial Institution | 50 | $12,750,000 | $255,000 | $545,000 | $114,000 | $319,000 |
| Application Withdrawn By Applicant | 27 | $6,745,000 | $249,000 | $605,000 | $144,000 | $433,000 |
| File Closed For Incompleteness | 23 | $5,785,000 | $251,000 | $505,000 | $144,000 | $270,000 |
| Application Approved But Not Accepted | 4 | $1,380,000 | $345,000 | $395,000 | $123,000 | $163,000 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 402 | $118,710,000 | $295,000 | $765,000 | $155,000 | $1,143,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Somerset Savings Bank, Sla's 2018 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Somerset Savings Bank, Sla's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
For a list of all lenders in New Jersey, download the full spreadsheet
with aggregated HMDA statistics today.
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