Hingham Institution For Savings Mortgage Rates, Fees & Info
Hingham, MA
LEI: 2549009GDCGUR2T6KU55
Tax ID: 04-1442480
4.2 stars
-
out of 5 stars, based on 20 reviews
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Mortgage Data
Bank Data
Overview
Hingham Institution For Savings is a
smaller
mortgage company
specializing in
Refi and Home Purchase loans.
Hingham Institution For Savings has a high proportion of conventional loans.
Their top markets include Boston, Washington, San Francisco, Worcester, and Barnstable Town among others. Hingham Institution For Savings has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Hingham Institution For Savings is typically
an average fee
lendor.
Originations
408
Origination Dollar Volume (All Markets)
$711,130,000
Employee count
75
Relative Rate
Hingham Institution For Savings's average 30 year fixed rate mortgage of loans were
3.35%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.2%.
Relative Fees
Hingham Institution For Savings's average total fees for a 30 year fixed rate
mortgage are $4,968.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
321
|
$519,205,000 |
$1,617,461 |
$4,111 |
3.52% |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)
|
17
|
$100,705,000 |
$5,923,824 |
$0 |
3.40% |
|
Outside of Metro Areas
|
51 |
$69,245,000 |
$1,357,745 |
$6,877 |
3.55% |
|
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)
|
4
|
$11,620,000 |
$2,905,000 |
$0 |
3.23% |
|
WORCESTER, MA-CT (FHA|USDA|VA)
|
5
|
$5,655,000 |
$1,131,000 |
$3,784 |
3.63% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
5
|
$2,595,000 |
$519,000 |
$4,594 |
3.53% |
|
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
5
|
$2,105,000 |
$421,000 |
$3,255 |
3.63% |
Hingham Institution For Savings's top markets include Boston, Washington, San Francisco, Worcester, and Barnstable Town among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
408 |
$711,130,000 |
$1,742,966 |
$4,786 |
3.52% |
For the 2021 period, Hingham Institution For Savings's most frequently
originated loan type
of loans were Conventional, with 408 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
229 |
$451,085,000 |
$1,969,803 |
$4,211 |
3.42% |
| Home Purchase |
158 |
$244,830,000 |
$1,549,557 |
$5,729 |
3.62% |
| Home Improvement |
19 |
$13,755,000 |
$723,947 |
$3,617 |
3.79% |
| Other |
2 |
$1,460,000 |
$730,000 |
$4,670 |
3.19% |
For the 2021, Hingham Institution For Savings's most frequently cited loan
purpose
of loans were Refi, with 229
originations.
The 2nd most popular reason of loans were Home Purchase,
with 158 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 15 Year |
204 |
$352,010,000 |
$1,725,539 |
$2,900 |
3.52% |
| 30 Year |
116 |
$89,950,000 |
$775,431 |
$4,968 |
3.35% |
| 20 Year |
29 |
$124,035,000 |
$4,277,069 |
$3,457 |
3.64% |
| Other |
25 |
$81,335,000 |
$3,253,400 |
$0 |
4.08% |
| 10 Year |
18 |
$48,620,000 |
$2,701,111 |
$0 |
3.43% |
| 30+ year |
13 |
$11,955,000 |
$919,615 |
$5,112 |
3.47% |
| 1 Year |
1 |
$105,000 |
$105,000 |
$0 |
5.00% |
| 3 Year |
1 |
$1,365,000 |
$1,365,000 |
$0 |
3.75% |
| 5 Year |
1 |
$1,755,000 |
$1,755,000 |
$0 |
3.35% |
For the 2021, Hingham Institution For Savings's most frequently cited loan
length
of loans were 15 Year, with 204 originations.
The 2nd most popular length of loans were 30 Year,
with 116 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
125 |
$76,855,000 |
$614,840 |
| $1k-2k |
17 |
$27,885,000 |
$1,640,294 |
$4,968 of loans were Hingham Institution For Savings's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 125 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 3-4% |
370 |
$635,170,000 |
$1,716,676 |
| 4-5% |
22 |
$42,200,000 |
$1,918,182 |
| 2.5-3% |
15 |
$32,605,000 |
$2,173,667 |
| 5-6% |
1 |
$1,155,000 |
$1,155,000 |
During 2021, Hingham Institution For Savings's average interest
rate of loans were 3.35%, while their
most frequently originated rate bucket of loans were 3-4%,
with 370 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $1MM+ |
168 |
$582,110,000 |
$3,464,940 |
$7,770 |
3.51% |
| $600k-1MM |
99 |
$77,475,000 |
$782,576 |
$5,214 |
3.57% |
| $400k-600k |
68 |
$33,300,000 |
$489,706 |
$3,952 |
3.58% |
| $200k-400k |
49 |
$14,675,000 |
$299,490 |
$3,340 |
3.41% |
| $100k-200k |
23 |
$3,515,000 |
$152,826 |
$2,875 |
3.38% |
| $100,000 or less |
1 |
$55,000 |
$55,000 |
$2,242 |
3.75% |
2021 saw Hingham Institution For Savings place emphasis on
$1MM+ loans
with 168 originations, totaling
$582,110,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $250k+ |
56 |
$67,850,000 |
$1,211,607 |
$6,309 |
3.42% |
| $150k-250k |
28 |
$15,440,000 |
$551,429 |
$4,082 |
3.24% |
| $100k-150k |
26 |
$11,770,000 |
$452,692 |
$4,041 |
3.29% |
| $75k-100k |
17 |
$5,415,000 |
$318,529 |
$3,494 |
3.41% |
| $50k-75k |
7 |
$1,695,000 |
$242,143 |
$2,936 |
3.25% |
| $50k or less |
6 |
$1,970,000 |
$328,333 |
$3,556 |
3.15% |
Hingham Institution For Savings lent most frequently to those with incomes in the
$250k+ range, with
56 originations.
The second most popular income band? $150k-250k,
with 28 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
35 |
$23,655,000 |
$675,857 |
$4,728 |
3.36% |
| 30-36% |
29 |
$23,605,000 |
$813,966 |
$4,944 |
3.36% |
| <20% |
29 |
$19,685,000 |
$678,793 |
$4,602 |
3.34% |
| 39% |
8 |
$7,730,000 |
$966,250 |
$5,374 |
3.30% |
| 37% |
7 |
$8,125,000 |
$1,160,714 |
$5,714 |
3.32% |
| 40% |
6 |
$4,200,000 |
$700,000 |
$4,561 |
3.25% |
| 36% |
5 |
$3,715,000 |
$743,000 |
$5,119 |
3.43% |
| 41% |
5 |
$1,985,000 |
$397,000 |
$3,668 |
3.33% |
| 50-60% |
4 |
$2,270,000 |
$567,500 |
$4,518 |
3.31% |
| 38% |
4 |
$1,320,000 |
$330,000 |
$3,513 |
3.16% |
| >60% |
3 |
$1,825,000 |
$608,333 |
$5,132 |
3.58% |
| 43% |
2 |
$1,750,000 |
$875,000 |
$4,716 |
3.19% |
| 42% |
2 |
$2,960,000 |
$1,480,000 |
$5,110 |
3.19% |
| 44% |
1 |
$625,000 |
$625,000 |
$7,504 |
3.63% |
| 47% |
1 |
$855,000 |
$855,000 |
$5,314 |
3.13% |
Hingham Institution For Savings lent most frequently to those with DTI ratios
of 20-30%, with
35 originations.
The next most common DTI ratio? 30-36%,
with 29 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
108 |
$370,020,000 |
$3,426,111 |
$0 |
3.51% |
| White |
180 |
$156,930,000 |
$871,833 |
$4,751 |
3.48% |
| Not provided |
70 |
$129,230,000 |
$1,846,143 |
$5,762 |
3.56% |
| Asian |
32 |
$28,350,000 |
$885,938 |
$3,384 |
3.49% |
| Other Asian |
3 |
$8,425,000 |
$2,808,333 |
$0 |
3.62% |
| Black |
5 |
$7,745,000 |
$1,549,000 |
$0 |
3.74% |
| Chinese |
5 |
$4,975,000 |
$995,000 |
$0 |
3.80% |
| Asian Indian |
2 |
$4,350,000 |
$2,175,000 |
$12,386 |
4.06% |
| Vietnamese |
2 |
$900,000 |
$450,000 |
$0 |
4.00% |
| American Indian |
1 |
$205,000 |
$205,000 |
$0 |
3.50% |
Approval Rates
Total approvals of all applications
93.64%
Hingham Institution For Savings has an average approval rate.
Pick Rate
Approvals leading to origination
84.82%
Hingham Institution For Savings has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
408 |
$711,130,000 |
$1,742,966 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
408 |
$711,130,000 |
$1,742,966 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
52 |
$38,840,000 |
$746,923 |
$3,956 |
3.43% |
| 40-60% |
81 |
$139,545,000 |
$1,722,778 |
$4,717 |
3.44% |
| 60-80% |
249 |
$519,645,000 |
$2,086,928 |
$5,547 |
3.57% |
| 80-100% |
5 |
$5,315,000 |
$1,063,000 |
$5,409 |
3.20% |
| Under 20% |
16 |
$5,520,000 |
$345,000 |
$3,618 |
3.52% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Hingham Institution For Savings |
13 Elm Street Cohasset, MA 2025 |
Full Service B&M
|
$156,919 |
| Hingham Institution For Savings |
300 Linden Ponds Way Hingham, MA 2043 |
Full Service B&M
|
$88,818 |
| Hingham Institution For Savings |
35 Main Street Nantucket, MA 2554 |
Full Service B&M
|
$77,526 |
| Hingham Institution For Savings |
401 Nantasket Avenue Hull, MA 2045 |
Full Service B&M
|
$87,787 |
| Hingham Institution For Savings |
49 Main Street Hingham, MA 2043 |
Limited, Administrative
|
$0 |
| Hingham Institution For Savings |
5 Assinippi Avenue Hanover, MA 2339 |
Full Service B&M
|
$129,011 |
| Hingham Institution For Savings |
540 Tremont Street Boston, MA 2116 |
Full Service B&M
|
$119,222 |
| Hingham Institution For Savings |
55 Main St Hingham, MA 2043 |
Full Service B&M
|
$1,693,542 |
| Hingham Institution For Savings |
71 Main Street Hingham, MA 2043 |
Limited, Drive-thru
|
$0 |
For 2021, Hingham Institution For Savings had 9 branches.
Yearly Performance Overview
Bank Income
Hingham Institution For Savings's gross interest income from loans was $110,491,000.
Hingham Institution For Savings's net interest income from loans was $102,466,000.
Hingham Institution For Savings's fee based income from loans was $143,000.
Hingham Institution For Savings's net income from loans was $67,458,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$8,025 |
| Provision for credit losses |
$3,028 |
| Total noninterest expense |
$22,057 |
| Salaries and employee benefits |
$13,988 |
| Premises and equipment expense |
$1,498 |
| Additional noninterest expense |
$6,571 |
| Applicable income taxes |
$25,212 |
| Net charge-offs |
$1 |
| Cash dividends |
$6,061 |
Hingham Institution For Savings's interest expense for loans was $8,025,000.
Hingham Institution For Savings's payroll and benefits expense were $13,988,000.
Hingham Institution For Savings's property, plant and equipment expenses $1,498,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$2,402,723 |
| Deposits held in domestic offices |
$2,402,723 |
| Deposits by Individuals, partnerships, and corporations |
$1,902,748 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$219,254 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$280,721 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$406,112 |
| Demand deposits |
$389,711 |
| Nontransaction accounts |
$1,996,611 |
| Money market deposit accounts (MMDAs) |
$707,025 |
| Other savings deposits (excluding MMDAs) |
$181,871 |
| Total time deposits |
$1,107,716 |
| Total time and savings deposits |
$2,013,012 |
| Noninterest-bearing deposits |
$389,711 |
| Interest-bearing deposits |
$2,013,012 |
| Retail deposits |
$1,797,334 |
| IRAs and Keogh plan accounts |
$32,187 |
| Brokered deposits |
$418,542 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$3,431,284 |
| Cash & Balances due from depository institutions |
$270,673 |
| Interest-bearing balances |
$265,246 |
| Total securities |
$92,461 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$2,999,215 |
| Loan and leases loss allowance |
$20,431 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$16,657 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$0 |
| All other assets |
$52,278 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$3,431,284 |
| Total Liabilities |
$3,076,672 |
| Total deposits |
$2,402,723 |
| Interest-bearing deposits |
$2,013,012 |
| Deposits held in domestic offices |
$2,402,723 |
| % insured (estimated) |
$66 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$665,000 |
| Subordinated debt |
$0 |
| All other liabilities |
$8,949 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$2,999,215 |
| Loan and leases loss allowance |
$20,431 |
| Total loans and leases (domestic) |
$3,019,646 |
| All real estate loans |
$3,017,044 |
| Real estate loans in domestic offices |
$3,017,044 |
| Construction and development loans |
$211,053 |
| Residential 1-4 family construction |
$76,727 |
| Other construction, all land development and other land |
$134,326 |
| Loans secured by nonfarm nonresidential properties |
$839,255 |
| Nonfarm nonresidential secured by owner-occupied properties |
$143,059 |
| Commercial real estate & other non-farm, non-residential |
$696,196 |
| Multifamily residential real estate |
$958,637 |
| 1-4 family residential loans |
$1,008,099 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$2,114 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$360 |
| Credit card loans |
$0 |
| Related Plans |
$42 |
| Consumer Auto Loans |
$0 |
| Other loans to individuals |
$318 |
| All other loans & leases |
$128 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$128 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$0 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$853 |
| Non 1-4 family restructured loans & leases |
$0 |
| Total loans and leases (foreign) |
$0 |
Hingham Institution for Savings had $2,999,215,000 of loans outstanding in 2021. $3,017,044,000 of loans were in real estate loans.
$211,053,000 of loans were in development loans. $958,637,000 of loans were in multifamily mortgage loans.
$1,008,099,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $0 of loans were in the auto loan category.
Small Business Loans
| Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
| Nonfarm, nonresidential loans - <$1MM |
188 |
$71,847 |
$382,165 |
| Nonfarm, nonresidential loans - <$100k |
4 |
$272 |
$68,000 |
| Nonfarm, nonresidential loans - $100-250k |
39 |
$5,665 |
$145,256 |
| Nonfarm, nonresidential loans - $250k-1MM |
145 |
$65,910 |
$454,552 |
| Commercial & Industrial, US addressed loans - <$1MM |
13 |
$68 |
$5,231 |
| Commercial & Industrial, US addressed loans - <$100k |
12 |
$67 |
$5,583 |
| Commercial & Industrial, US addressed loans - $100-250k |
1 |
$1 |
$1,000 |
