Is NJ Lenders Corp. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at NJ Lenders Corp. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.16%)
Loan Related Closing Costs: lower than average (-$699)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, NJ Lenders Corp. originated 3138 mortgages, a national market share of 0.1%. It was most active in NJ (1.8% market share), NY (0.2% market share), and CT (0.0% market share).

On average, NJ Lenders Corp.’s interest rates were lower than those of comparable mortgages at other lenders (-0.16%).1The comparable mortgages control for NJ Lenders Corp.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5827, which was lower than those of comparable mortgages at $6526, with a difference of -$699. Overall, we estimate that NJ Lenders Corp. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.19% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with NJ Lenders Corp..

NJ Lenders Corp. originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from NJ Lenders Corp. compared to other lenders

Conforming FHA
Interest Rate Difference -0.14% -0.22%
Loan related Closing Cost Difference -$616 -$1034
Cost Adjusted Rate Difference -0.18% -0.27%

Based on the table above, NJ Lenders Corp. is cheap for Conforming and FHA purchase mortgages.

Mortgage Refinancing from NJ Lenders Corp. compared to other lenders

Conforming
Interest Rate Difference -0.14%
Loan Related Closing Cost Difference -$660
Cost Adjusted Rate Difference -0.16%

Based on the table above, NJ Lenders Corp. is cheap for Conforming mortgage refinance.

Other information about NJ Lenders Corp.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Little Falls, NJ, 07424
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Footnotes   [ + ]

1. The comparable mortgages control for NJ Lenders Corp.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.