Northwest Community Bank Mortgage Rates, Fees & Info

Winsted, CT

LEI: 254900W4EKVR6GZ0KS84

Tax ID: 06-0448680

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Mortgage Data

Bank Data

Review & Overview

Northwest Community Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. Northwest Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Torrington, Bridgeport, New Haven, and Springfield among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northwest Community Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Northwest Community Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.44% 3/28/24
30 Year Conventional Refi 6.16% 3/28/24
30 Year Cash-out Refi 6.42% 3/28/24
15 Year Conventional Purchase 5.89% 3/28/24
15 Year Conventional Refi 5.65% 3/28/24
15 Year Cash-out Refi 5.65% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Northwest Community Bank Mortgage Calculator






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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

178

Origination Dollar Volume (All Markets)

$51,890,000

Employee count

68

Awards

Northwest Community Bank 30 Year Conventional Loans gold
Show all (1) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 95 $33,345,000 $351,000 $3,405 3.19%
Torrington, CT (FHA|USDA|VA) 67 $11,745,000 $175,299 $2,069 3.39%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 6 $4,350,000 $725,000 $4,009 3.44%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 5 $1,045,000 $209,000 $3,256 3.13%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $845,000 $281,667 $2,990 3.04%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $415,000 $415,000 $2,739 3.38%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.35%
Northwest Community Bank's top markets include Hartford, Torrington, Bridgeport, New Haven, and Springfield among others.

Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 178 $51,890,000 $291,517 $2,937 3.28%

    For 2020, Northwest Community Bank's most frequently originated type of loan was Conventional, with 178 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 64 $21,410,000 $334,531 $2,981 3.36%
    Home Purchase 59 $18,425,000 $312,288 $3,684 3.33%
    Refi 41 $10,895,000 $265,732 $2,635 2.87%
    Other 8 $1,020,000 $127,500 $1,155 3.80%
    Home Improvement 6 $140,000 $23,333 $0 3.90%

    For 2020, Northwest Community Bank's most frequently cited loan purpose was Cash Out Refi, with 64 originations. The 2nd most popular reason was Home Purchase, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 102 $34,790,000 $341,078 $3,344 3.29%
    15 Year 37 $8,065,000 $217,973 $2,644 2.92%
    20 Year 12 $3,350,000 $279,167 $2,883 3.35%
    10 Year 8 $470,000 $58,750 $424 4.11%
    30+ year 7 $3,805,000 $543,571 $4,557 3.34%
    5 Year 7 $175,000 $25,000 $0 3.64%
    Other 5 $1,235,000 $247,000 $2,236 3.43%

    For 2020, Northwest Community Bank's most frequently cited loan duration was 30 Year, with 102 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 115 $28,245,000 $245,609
    $1k-2k 42 $19,280,000 $459,048
    $2k-3k 4 $1,020,000 $255,000
    $5k+ 3 $1,345,000 $448,333
    $4k-5k 2 $410,000 $205,000

    Northwest Community Bank's average total fees were $3,344, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 115 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 103 $36,035,000 $349,854
    2.5-3% 39 $9,555,000 $245,000
    <2.5% 20 $4,560,000 $228,000
    4-5% 16 $1,740,000 $108,750

    During 2020, Northwest Community Bank's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 103 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 59 $16,375,000 $277,542 $3,295 3.18%
    $100k-200k 45 $7,005,000 $155,667 $2,475 3.19%
    $400k-600k 31 $15,155,000 $488,871 $3,524 3.21%
    $100,000 or less 29 $1,635,000 $56,379 $771 3.66%
    $600k-1MM 12 $8,610,000 $717,500 $5,149 3.32%
    $1MM+ 2 $3,110,000 $1,555,000 $5,153 3.38%

    2020 saw Northwest Community Bank place emphasis on $200k-400k loans with 59 originations, totaling $16,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 51 $18,805,000 $368,725 $3,571 3.17%
    $100k-150k 34 $7,010,000 $206,176 $2,460 3.24%
    $250k+ 31 $16,975,000 $547,581 $3,750 3.20%
    $50k-75k 23 $3,215,000 $139,783 $2,359 3.26%
    $75k-100k 19 $3,415,000 $179,737 $2,364 3.26%
    $50k or less 9 $715,000 $79,444 $1,269 3.44%

    Northwest Community Bank lent most frequently to those with incomes in the $150k-250k range, with 51 originations. The second most popular income band? $100k-150k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $13,620,000 $272,400 $2,884 3.26%
    30-36% 41 $11,765,000 $286,951 $2,811 3.34%
    <20% 33 $10,095,000 $305,909 $2,708 3.03%
    36% 7 $2,465,000 $352,143 $2,841 3.63%
    37% 6 $1,380,000 $230,000 $1,816 3.21%
    40% 5 $2,275,000 $455,000 $3,441 2.98%
    38% 5 $1,755,000 $351,000 $4,706 3.38%
    42% 5 $1,445,000 $289,000 $3,758 3.45%
    44% 4 $1,270,000 $317,500 $2,989 3.22%
    41% 3 $965,000 $321,667 $2,774 3.25%
    39% 3 $1,245,000 $415,000 $3,829 3.29%
    43% 2 $390,000 $195,000 $2,502 2.81%
    45% 2 $950,000 $475,000 $5,728 2.81%
    48% 2 $200,000 $100,000 $2,236 2.63%
    50-60% 1 $805,000 $805,000 $3,663 3.75%

    Northwest Community Bank lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 154 $46,600,000 $302,597 $2,939 3.22%
    Not provided 12 $2,910,000 $242,500 $2,651 3.56%
    Not applicable 7 $1,045,000 $149,286 $0 4.04%
    Asian 3 $805,000 $268,333 $3,951 3.29%
    American Indian 1 $275,000 $275,000 $3,583 2.88%
    Black 1 $255,000 $255,000 $4,007 3.25%

    Approval Rates

    Total approvals of all applications
    96.68%

    Northwest Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.64%

    Northwest Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 178 $51,890,000 $291,517

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $515,000 $171,667
    Single Family (1-4 Units):Site-Built 175 $51,375,000 $293,571

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $2,940,000 $245,000 $1,376 3.82%
    40-60% 22 $4,360,000 $198,182 $2,735 2.95%
    60-80% 93 $30,435,000 $327,258 $3,294 3.21%
    80-100% 41 $13,805,000 $336,707 $3,385 3.36%
    Under 20% 10 $350,000 $35,000 $351 3.58%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Northwest Community Bank 100 Battistoni Road Winsted, CT 6098 Full Service Retail $217
    Northwest Community Bank 101 Simsbury Road Avon, CT 6001 Full Service B&M $45,084
    Northwest Community Bank 141b Main Street New Hartford, CT 6057 Full Service B&M $57,540
    Northwest Community Bank 33 Hartford Avenue Granby, CT 6035 Full Service B&M $59,598
    Northwest Community Bank 416 Winsted Road Torrington, CT 6790 Full Service B&M $57,463
    Northwest Community Bank 86 Main Street Winsted, CT 6098 Full Service B&M $140,281

    For 2020, Northwest Community Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $14,291
    Net interest income $12,043
    Total noninterest income $1,912
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $366
    Trading account gains and fees $0
    Additional Noninterest Income $1,546
    Pre-tax net operating income $2,548
    Securities gains (or losses, -) $643
    Income before extraordinary items $2,444
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,444
    Minority interest net income $0
    Net income $2,444
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,936

    Northwest Community Bank's gross interest income from loans was $14,291,000.
    Northwest Community Bank's net interest income from loans was $12,043,000.
    Northwest Community Bank's fee based income from loans was $366,000.
    Northwest Community Bank's net income from loans was $2,444,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,248
    Provision for credit losses $788
    Total noninterest expense $10,619
    Salaries and employee benefits $6,247
    Premises and equipment expense $1,266
    Additional noninterest expense $3,106
    Applicable income taxes $747
    Net charge-offs $5
    Cash dividends $3,510

    Northwest Community Bank's interest expense for loans was $2,248,000.
    Northwest Community Bank's payroll and benefits expense were $6,247,000.
    Northwest Community Bank's property, plant and equipment expenses $1,266,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $354,288
    Deposits held in domestic offices $354,288
    Deposits by Individuals, partnerships, and corporations $320,145
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $25,890
    Deposits by Commercial banks and other depository institutions in U.S. $8,253
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $154,769
    Demand deposits $75,822
    Nontransaction accounts $199,519
    Money market deposit accounts (MMDAs) $37,871
    Other savings deposits (excluding MMDAs) $87,914
    Total time deposits $73,734
    Total time and savings deposits $278,466
    Noninterest-bearing deposits $75,821
    Interest-bearing deposits $278,467
    Retail deposits $342,319
    IRAs and Keogh plan accounts $14,311
    Brokered deposits $1,452
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $411,839
    Cash & Balances due from depository institutions $16,772
    Interest-bearing balances $11,639
    Total securities $70,858
    Federal funds sold & reverse repurchase $0
    Net loans and leases $305,168
    Loan and leases loss allowance $3,855
    Trading account assets $0
    Bank premises and fixed assets $2,446
    Other real estate owned $0
    Goodwill and other intangibles $318
    All other assets $16,277

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $411,839
    Total Liabilities $361,494
    Total deposits $354,288
    Interest-bearing deposits $278,467
    Deposits held in domestic offices $354,288
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $707
    Trading liabilities $0
    Other borrowed funds $2,000
    Subordinated debt $0
    All other liabilities $4,499

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $305,168
    Loan and leases loss allowance $3,855
    Total loans and leases (domestic) $309,023
    All real estate loans $273,292
    Real estate loans in domestic offices $273,292
    Construction and development loans $6,144
    Residential 1-4 family construction $2,538
    Other construction, all land development and other land $3,606
    Loans secured by nonfarm nonresidential properties $55,988
    Nonfarm nonresidential secured by owner-occupied properties $20,875
    Commercial real estate & other non-farm, non-residential $35,113
    Multifamily residential real estate $9,164
    1-4 family residential loans $199,150
    Farmland loans $2,846
    Loans held in foreign offices $0
    Farm loans $1,191
    Commercial and industrial loans $24,643
    To non-U.S. addressees $0
    Loans to individuals $9,360
    Credit card loans $0
    Related Plans $13
    Consumer Auto Loans $9,310
    Other loans to individuals $37
    All other loans & leases $537
    Loans to foreign governments and official institutions $0
    Other loans $537
    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 $1,137
    Non 1-4 family restructured loans & leases $160
    Total loans and leases (foreign) $0

    Northwest Community Bank had $305,168,000 of loans outstanding in 2020. $273,292,000 of loans were in real estate loans. $6,144,000 of loans were in development loans. $9,164,000 of loans were in multifamily mortgage loans. $199,150,000 of loans were in 1-4 family mortgage loans. $1,191,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,310,000 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 108 $26,892 $249,000
    Nonfarm, nonresidential loans - <$100k 19 $853 $44,895
    Nonfarm, nonresidential loans - $100-250k 33 $3,620 $109,697
    Nonfarm, nonresidential loans - $250k-1MM 56 $22,419 $400,339
    Commercial & Industrial, US addressed loans - <$1MM 284 $16,368 $57,634
    Commercial & Industrial, US addressed loans - <$100k 204 $4,904 $24,039
    Commercial & Industrial, US addressed loans - $100-250k 51 $4,212 $82,588
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $7,252 $250,069
    Farmland loans - <$1MM 8 $1,672 $209,000
    Farmland loans - $100-250k 3 $376 $125,333
    Farmland loans - $250k-1MM 5 $1,296 $259,200
    Agriculture operations loans - <$1MM 2 $714 $357,000
    Agriculture operations loans - $250k-1MM 2 $714 $357,000