The Mortgage Record
Lender report card · New Jersey

Towne Mortgage Company

Troy, MI · What the federal mortgage record shows about how Towne Mortgage Company treated New Jersey applicants, 2018–2025 — 1,223 reported decisions. This is historical behavior, not a prediction about your loan.

Approval rate
90.4%
1,106 approved
Denial rate
9.6%
117 denied
Decisions
1,223
2018–2025
Avg. rate spread
+0.39 pp
vs. market benchmark
90.4% approved
9.6% denied

Share of 1,223 New Jersey applications Towne Mortgage Company approved vs. denied. Excludes loans it merely purchased on the secondary market, and applications withdrawn or left incomplete.

Approval rate by loan type

Conventional94.0% of 866 · NJ 87%FHA81.8% of 297 · NJ 79%VA83.0% of 47 · NJ 80%

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

Approval rate over time

65%73%81%89%97%85%68%94%93%80%85%93%97%20182019202020212022202320242025

Pricing

Adjusting for its loan-type mix, Towne Mortgage Company’s rates ran +0.02 pp in line with than the typical New Jersey lender (average rate spread +0.39 pp above the market benchmark). Rate spread is APR minus the average prime offer rate; positive means costlier than the low-risk benchmark.

Who Towne Mortgage Company approves

By income
Under $50k75.7% · 74$50–75k82.1% · 173$75–100k89.2% · 213$100–150k92.3% · 365$150–250k95.6% · 270$250k+96.1% · 128
By debt-to-income
Under 36%95.7% · 47036–43%93.4% · 28743–50%91.5% · 319Over 50%63.6% · 140
By down payment (LTV)
20%+ down93.3% · 67210–20% down90.2% · 1235–10% down90.4% · 1043–5% down87.2% · 133Under 3% down77.1% · 48

Why Towne Mortgage Company denied applications

Debt-to-income ratio41% of denialsCredit history22% of denialsCollateral (value/type)17% of denialsIncomplete application15% of denialsOther12% of denialsUnverifiable information12% of denials

Where Towne Mortgage Company lends in NJ

CountyDecisionsApproval
Ocean County13190.8%
Bergen County12592.8%
Middlesex County12194.2%
Burlington County11992.4%
Union County9294.6%
Monmouth County7889.7%
Essex County7783.1%
Passaic County7389.0%

Fees & closing costs

Median total loan costs
$9,219
home purchase
As % of loan
2.90%
NJ median 1.93%
Priced originations
562
with fee data

Median lender and third-party costs (the Loan Estimate’s “total loan costs”) on Towne Mortgage Company’s home-purchase originations — 0.96 points higher than the 1.93% New Jersey median. Typical lender credit toward costs: $4,078. 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 Towne Mortgage Company (LEI 549300R7HGHP2I754087). Rates describe past reported outcomes for the lender’s applicant pool and are not a prediction for any individual. Methodology →