Northwest Community Bank Mortgage Rates, Fees & Info

Winsted, CT

LEI: 254900W4EKVR6GZ0KS84

Tax ID: 06-0448680

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.44%	12/16/24
30 Year Conventional Refi	6.16%	12/16/24
30 Year Cash-out Refi	6.42%	12/16/24
15 Year Conventional Purchase	5.89%	12/16/24
15 Year Conventional Refi	5.65%	12/16/24
15 Year Cash-out Refi	5.65%	12/16/24
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

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