The Mortgage Record
Lender report card · New Jersey

Garden Savings Federal Credit Union

Parsippany, NJ · What the federal mortgage record shows about how Garden Savings Federal Credit Union treated New Jersey applicants, 2018–2025 — 532 reported decisions. This is historical behavior, not a prediction about your loan.

Approval rate
75.9%
404 approved
Denial rate
24.1%
128 denied
Decisions
532
2018–2025
Avg. rate spread
+0.10 pp
vs. market benchmark
75.9% approved
24.1% denied

Share of 532 New Jersey applications Garden Savings Federal Credit Union approved vs. denied. Excludes loans it merely purchased on the secondary market, and applications withdrawn or left incomplete.

Approval rate by loan type

Conventional75.9% of 532 · NJ 87%

“NJ” = the statewide average approval rate for that loan type, for comparison.

Approval rate over time

48%59%70%81%92%91%73%66%86%84%67%76%52%20182019202020212022202320242025

Pricing

Adjusting for its loan-type mix, Garden Savings Federal Credit Union’s rates ran -0.12 pp lower than the typical New Jersey lender (average rate spread +0.10 pp above the market benchmark). Rate spread is APR minus the average prime offer rate; positive means costlier than the low-risk benchmark.

Who Garden Savings Federal Credit Union approves

By income
Under $50k45.9% · 37$50–75k71.4% · 63$75–100k75.6% · 78$100–150k82.0% · 139$150–250k83.9% · 137$250k+78.8% · 66
By debt-to-income
Under 36%85.4% · 25336–43%90.4% · 11443–50%83.1% · 65Over 50%28.9% · 76
By down payment (LTV)
20%+ down77.8% · 38310–20% down73.1% · 26

Why Garden Savings Federal Credit Union denied applications

Debt-to-income ratio52% of denialsCredit history29% of denialsIncomplete application20% of denialsCollateral (value/type)9% of denialsOther5% of denialsEmployment history4% of denials

Where Garden Savings Federal Credit Union lends in NJ

CountyDecisionsApproval
Morris County16981.7%
Essex County9665.6%
Union County3372.7%
Somerset County2975.9%
Bergen County2871.4%
Passaic County2584.0%

Fees & closing costs

Median total loan costs
$4,388
home purchase
As % of loan
1.17%
NJ median 1.93%
Priced originations
94
with fee data

Median lender and third-party costs (the Loan Estimate’s “total loan costs”) on Garden Savings Federal Credit Union’s home-purchase originations — 0.76 points lower than the 1.93% New Jersey median. Typical lender credit toward costs: $1,000. Excludes prepaid taxes/insurance and escrow deposits. Fees are reported on roughly two-thirds of originations (small lenders are exempt). Methodology →

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Source: CFPB HMDA loan-level data, 2018–2025 · first-lien, closed-end mortgages on 1–4 family homes in New Jersey reported by Garden Savings Federal Credit Union (LEI 549300I7SKMG274G2Y20). Rates describe past reported outcomes for the lender’s applicant pool and are not a prediction for any individual. Methodology →