Washington Savings Bank Mortgage Rates, Fees & Info

Lowell, MA

LEI: 254900ZT04J7Z9KHMJ73

Tax ID: 04-1949430

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Washington Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Washington Savings Bank has a high proportion of conventional loans. Washington Savings Bank has a low ratio of conventional loans. Their top markets by origination volume include: Boston, Manchester, Laconia, Portland, and Providence among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington Savings 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. Washington Savings 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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    Originations

    165

    Origination Dollar Volume (All Markets)

    $43,805,000

    Employee count

    42

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 142 $36,300,000 $255,634 $1,544 4.63%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 16 $4,830,000 $301,875 $2,279 3.88%
    Laconia, NH (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $675,000 $225,000 $0 0.00%
    Outside of Metro Areas 2 $400,000 $200,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Washington Savings Bank's top markets include Boston, Manchester, Laconia, Portland, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 155 $42,165,000 $272,032 $0 0.00%
    Conventional 10 $1,640,000 $164,000 $1,626 4.55%

    For 2018, Washington Savings Bank's most frequently originated type of loan was Conventional, with 155 originations. Their 2nd most popular type was Conventional, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 83 $26,185,000 $315,482 $2,563 4.60%
    Refi 55 $15,175,000 $275,909 $955 4.50%
    Home Improvement 19 $1,655,000 $87,105 $290 4.50%
    Other 6 $480,000 $80,000 $284 4.50%
    Cash Out Refi 2 $310,000 $155,000 $0 0.00%

    For 2018, Washington Savings Bank's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 155 $42,165,000 $272,032 $0 0.00%
    30 Year 6 $1,500,000 $250,000 $2,563 4.58%
    10 Year 4 $140,000 $35,000 $455 4.50%

    For 2018, Washington Savings Bank's most frequently cited loan duration was Other, with 155 originations. The 2nd most popular length was 30 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 9 $1,545,000 $171,667

    Washington Savings Bank's average total fees were $2,563, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 6 $460,000 $76,667
    3-4% 2 $630,000 $315,000
    5-6% 2 $550,000 $275,000

    During 2018, Washington Savings Bank's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 6 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $20,335,000 $278,562 $2,563 4.60%
    $100k-200k 36 $5,310,000 $147,500 $0 0.00%
    $100,000 or less 27 $1,445,000 $53,519 $455 4.50%
    $400k-600k 20 $9,140,000 $457,000 $0 0.00%
    $600k-1MM 7 $5,175,000 $739,286 $0 0.00%
    $1MM+ 2 $2,400,000 $1,200,000 $0 0.00%

    2018 saw Washington Savings Bank place emphasis on $200k-400k loans with 73 originations, totaling $20,335,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $10,410,000 $247,857 $1,374 4.53%
    $50k or less 22 $3,540,000 $160,909 $0 4.50%
    $150k-250k 21 $5,655,000 $269,286 $1,778 4.81%
    $75k-100k 20 $3,960,000 $198,000 $1,649 4.69%
    $50k-75k 19 $3,965,000 $208,684 $0 0.00%
    $250k+ 8 $4,880,000 $610,000 $2,279 3.88%

    Washington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k or less, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 155 $42,165,000 $272,032 $0 0.00%
    20-30% 4 $620,000 $155,000 $1,698 4.50%
    30-36% 2 $330,000 $165,000 $1,415 4.88%
    41% 2 $370,000 $185,000 $1,333 4.19%
    44% 1 $225,000 $225,000 $2,344 4.88%

    Washington Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 155 originations. The next most common DTI ratio? 20-30%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $26,615,000 $235,531 $1,626 4.55%
    Not applicable 29 $10,465,000 $360,862 $0 0.00%
    Asian 16 $4,160,000 $260,000 $0 0.00%
    Not provided 4 $1,340,000 $335,000 $0 0.00%
    Vietnamese 1 $495,000 $495,000 $0 0.00%
    Chinese 1 $455,000 $455,000 $0 0.00%
    Other Asian 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.67%

    Washington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.48%

    Washington Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 155 $42,165,000 $272,032
    NA 10 $1,640,000 $164,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $8,010,000 $500,625
    Single Family (1-4 Units):Site-Built 149 $35,795,000 $240,235

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $255,000 $255,000 $3,273 5.13%
    60-80% 2 $320,000 $160,000 $2,344 4.69%
    80-100% 3 $925,000 $308,333 $2,399 4.33%
    Under 20% 4 $140,000 $35,000 $455 4.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 3 42.9%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Washington Savings Bank 100 Broadway Road Dracut, MA 1826 Full Service B&M $68,245
    Washington Savings Bank 30 Middlesex Street Lowell, MA 1852 Full Service B&M $117,965

    For 2018, Washington Savings Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,116
    Net interest income $7,205
    Total noninterest income $1,217
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $465
    Trading account gains and fees $0
    Additional Noninterest Income $752
    Pre-tax net operating income $1,735
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,398
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,398
    Minority interest net income $0
    Net income $1,398
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,398

    Washington Savings Bank's gross interest income from loans was $9,116,000.
    Washington Savings Bank's net interest income from loans was $7,205,000.
    Washington Savings Bank's fee based income from loans was $465,000.
    Washington Savings Bank's net income from loans was $1,398,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,911
    Provision for credit losses $229
    Total noninterest expense $6,458
    Salaries and employee benefits $3,721
    Premises and equipment expense $532
    Additional noninterest expense $2,205
    Applicable income taxes $337
    Net charge-offs $-12
    Cash dividends $0

    Washington Savings Bank's interest expense for loans was $1,911,000.
    Washington Savings Bank's payroll and benefits expense were $3,721,000.
    Washington Savings Bank's property, plant and equipment expenses $532,000.

    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 0.0%
    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 $192,799
    Deposits held in domestic offices $192,799
    Deposits by Individuals, partnerships, and corporations $189,725
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $3,073
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $41,522
    Demand deposits $22,486
    Nontransaction accounts $151,277
    Money market deposit accounts (MMDAs) $25,323
    Other savings deposits (excluding MMDAs) $52,739
    Total time deposits $73,215
    Total time and savings deposits $170,313
    Noninterest-bearing deposits $22,336
    Interest-bearing deposits $170,463
    Retail deposits $171,781
    IRAs and Keogh plan accounts $8,314
    Brokered deposits $9,023
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $250,973
    Cash & Balances due from depository institutions $10,788
    Interest-bearing balances $9,386
    Total securities $21,850
    Federal funds sold & reverse repurchase $0
    Net loans and leases $205,426
    Loan and leases loss allowance $1,570
    Trading account assets $0
    Bank premises and fixed assets $2,477
    Other real estate owned $0
    Goodwill and other intangibles $108
    All other assets $10,324

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $250,973
    Total Liabilities $229,920
    Total deposits $192,799
    Interest-bearing deposits $170,463
    Deposits held in domestic offices $192,799
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $35,140
    Subordinated debt $0
    All other liabilities $1,981

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $205,426
    Loan and leases loss allowance $1,570
    Total loans and leases (domestic) $206,996
    All real estate loans $205,379
    Real estate loans in domestic offices $205,379
    Construction and development loans $10,011
    Residential 1-4 family construction $4,867
    Other construction, all land development and other land $5,144
    Loans secured by nonfarm nonresidential properties $19,524
    Nonfarm nonresidential secured by owner-occupied properties $5,163
    Commercial real estate & other non-farm, non-residential $14,361
    Multifamily residential real estate $29,338
    1-4 family residential loans $144,933
    Farmland loans $1,573
    Loans held in foreign offices $0
    Farm loans $104
    Commercial and industrial loans $1,119
    To non-U.S. addressees $0
    Loans to individuals $354
    Credit card loans $0
    Related Plans $47
    Consumer Auto Loans $104
    Other loans to individuals $203
    All other loans & leases $40
    Loans to foreign governments and official institutions $0
    Other loans $40
    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 $1,443
    Non 1-4 family restructured loans & leases $167
    Total loans and leases (foreign) $0

    Washington Savings Bank had $205,426,000 of loans outstanding in 2018. $205,379,000 of loans were in real estate loans. $10,011,000 of loans were in development loans. $29,338,000 of loans were in multifamily mortgage loans. $144,933,000 of loans were in 1-4 family mortgage loans. $104,000 of loans were in farm loans. $0 of loans were in credit card loans. $104,000 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 59 $16,012 $271,390
    Nonfarm, nonresidential loans - <$100k 7 $491 $70,143
    Nonfarm, nonresidential loans - $100-250k 28 $4,053 $144,750
    Nonfarm, nonresidential loans - $250k-1MM 24 $11,468 $477,833
    Commercial & Industrial, US addressed loans - <$1MM 15 $317 $21,133
    Commercial & Industrial, US addressed loans - <$100k 15 $317 $21,133
    Farmland loans - <$1MM 9 $1,237 $137,444
    Farmland loans - <$100k 3 $197 $65,667
    Farmland loans - $100-250k 4 $501 $125,250
    Farmland loans - $250k-1MM 2 $539 $269,500
    Agriculture operations loans - <$1MM 1 $102 $102,000
    Agriculture operations loans - $100-250k 1 $102 $102,000