The Mortgage Record
Lender report card · New Jersey

Spencer Savings Bank, Sla

Elmwood Park, NJ · What the federal mortgage record shows about how Spencer Savings Bank, Sla treated New Jersey applicants, 2018–2025 — 933 reported decisions. This is historical behavior, not a prediction about your loan.

Approval rate
84.6%
789 approved
Denial rate
15.4%
144 denied
Decisions
933
2018–2025
Avg. rate spread
+0.13 pp
vs. market benchmark
84.6% approved
15.4% denied

Share of 933 New Jersey applications Spencer Savings Bank, Sla approved vs. denied. Excludes loans it merely purchased on the secondary market, and applications withdrawn or left incomplete.

Approval rate by loan type

Conventional84.6% of 933 · NJ 87%

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

Approval rate over time

79%81%83%85%87%89%84%87%83%84%2018201920202021

Pricing

Adjusting for its loan-type mix, Spencer Savings Bank, Sla’s rates ran -0.10 pp lower than the typical New Jersey lender (average rate spread +0.13 pp above the market benchmark). Rate spread is APR minus the average prime offer rate; positive means costlier than the low-risk benchmark.

Who Spencer Savings Bank, Sla approves

By income
Under $50k60.7% · 112$50–75k82.4% · 165$75–100k85.9% · 156$100–150k92.0% · 201$150–250k92.3% · 196$250k+92.1% · 89
By debt-to-income
Under 36%97.8% · 50536–43%96.1% · 27943–50%60.5% · 38Over 50%2.9% · 68
By down payment (LTV)
20%+ down98.4% · 50210–20% down93.8% · 32

Why Spencer Savings Bank, Sla denied applications

Debt-to-income ratio56% of denialsCredit history22% of denialsOther20% of denialsCollateral (value/type)10% of denialsInsufficient cash to close3% of denialsEmployment history1% of denials

Where Spencer Savings Bank, Sla lends in NJ

CountyDecisionsApproval
Bergen County32783.2%
Passaic County11881.4%
Morris County7987.3%
Union County7088.6%
Essex County6683.3%
Ocean County5583.6%
Middlesex County3889.5%
Somerset County3390.9%

Fees & closing costs

Median total loan costs
$4,165
home purchase
As % of loan
1.34%
NJ median 1.93%
Priced originations
138
with fee data

Median lender and third-party costs (the Loan Estimate’s “total loan costs”) on Spencer Savings Bank, Sla’s home-purchase originations — 0.59 points lower than the 1.93% New Jersey median. 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 Spencer Savings Bank, Sla (LEI 7G95BGMCIZTO8KTOM640). Rates describe past reported outcomes for the lender’s applicant pool and are not a prediction for any individual. Methodology →