The Mortgage Record
Lender report card · New Jersey

Luminate Bank

Minneapolis, MN · What the federal mortgage record shows about how Luminate Bank treated New Jersey applicants, 2018–2025 — 1,037 reported decisions. This is historical behavior, not a prediction about your loan.

Approval rate
95.9%
994 approved
Denial rate
4.1%
43 denied
Decisions
1,037
2018–2025
Avg. rate spread
+0.08 pp
vs. market benchmark
95.9% approved
4.1% denied

Share of 1,037 New Jersey applications Luminate Bank approved vs. denied. Excludes loans it merely purchased on the secondary market, and applications withdrawn or left incomplete.

Approval rate by loan type

Conventional97.3% of 916 · NJ 87%FHA84.8% of 92 · NJ 79%VA86.2% of 29 · NJ 80%

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

Approval rate over time

Not enough data.

Pricing

Adjusting for its loan-type mix, Luminate Bank’s rates ran -0.19 pp lower than the typical New Jersey lender (average rate spread +0.08 pp above the market benchmark). Rate spread is APR minus the average prime offer rate; positive means costlier than the low-risk benchmark.

Who Luminate Bank approves

By income
$50–75k94.6% · 37$75–100k93.8% · 81$100–150k93.1% · 259$150–250k97.2% · 358$250k+97.2% · 289
By debt-to-income
Under 36%98.1% · 36536–43%98.9% · 26543–50%96.5% · 346Over 50%62.5% · 56
By down payment (LTV)
20%+ down97.5% · 68910–20% down97.1% · 1715–10% down90.5% · 843–5% down91.8% · 49Under 3% down79.5% · 44

Why Luminate Bank denied applications

Debt-to-income ratio37% of denialsCredit history28% of denialsCollateral (value/type)23% of denialsOther9% of denialsInsufficient cash to close5% of denialsUnverifiable information2% of denials

Where Luminate Bank lends in NJ

CountyDecisionsApproval
Bergen County21193.8%
Morris County15096.0%
Essex County14397.2%
Passaic County11596.5%
Monmouth County7198.6%
Ocean County7098.6%
Sussex County4095.0%
Middlesex County3992.3%

Fees & closing costs

Median total loan costs
$5,985
home purchase
As % of loan
1.23%
NJ median 1.93%
Priced originations
753
with fee data

Median lender and third-party costs (the Loan Estimate’s “total loan costs”) on Luminate Bank’s home-purchase originations — 0.70 points lower than the 1.93% New Jersey median. Typical lender credit toward costs: $370. 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 Luminate Bank (LEI 549300RFLICNI75BG067). Rates describe past reported outcomes for the lender’s applicant pool and are not a prediction for any individual. Methodology →