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

Jump to:

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 Refi and Home Purchase loans. Washington Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Worcester, Lebanon, and Laconia 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 an above average pick rate when compared to similar lenders.

    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.


    Originations

    163

    Origination Dollar Volume (All Markets)

    $42,105,000

    Employee count

    39

    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 $35,830,000 $252,324 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 15 $3,415,000 $227,667 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $2,075,000 $691,667 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Outside of Metro Areas 1 $185,000 $185,000 $0 0.00%
    Washington Savings Bank's top markets include Boston, Manchester, Worcester, Lebanon, and Laconia among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 163 $42,105,000 $258,313 $0 0.00%

    For 2019, Washington Savings Bank's most frequently originated type of loan was Conventional, with 163 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 69 $17,155,000 $248,623 $0 0.00%
    Home Purchase 61 $22,205,000 $364,016 $0 0.00%
    Home Improvement 25 $1,995,000 $79,800 $0 0.00%
    Other 7 $425,000 $60,714 $0 0.00%
    Cash Out Refi 1 $325,000 $325,000 $0 0.00%

    For 2019, Washington Savings Bank's most frequently cited loan purpose was Refi, with 69 originations. The 2nd most popular reason was Home Purchase, with 61 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 163 $42,105,000 $258,313 $0 0.00%

    For 2019, Washington Savings Bank's most frequently cited loan duration was Other, with 163 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 68 $19,240,000 $282,941 $0 0.00%
    $100,000 or less 34 $1,570,000 $46,176 $0 0.00%
    $100k-200k 33 $5,155,000 $156,212 $0 0.00%
    $400k-600k 21 $9,605,000 $457,381 $0 0.00%
    $600k-1MM 4 $2,800,000 $700,000 $0 0.00%
    $1MM+ 3 $3,735,000 $1,245,000 $0 0.00%

    2019 saw Washington Savings Bank place emphasis on $200k-400k loans with 68 originations, totaling $19,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 40 $8,970,000 $224,250 $0 0.00%
    $150k-250k 33 $8,755,000 $265,303 $0 0.00%
    $50k or less 22 $3,880,000 $176,364 $0 0.00%
    $50k-75k 21 $3,455,000 $164,524 $0 0.00%
    $75k-100k 18 $4,380,000 $243,333 $0 0.00%
    $250k+ 8 $2,900,000 $362,500 $0 0.00%

    Washington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $150k-250k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 163 $42,105,000 $258,313 $0 0.00%

    Washington Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 163 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 121 $27,305,000 $225,661 $0 0.00%
    Not applicable 19 $9,305,000 $489,737 $0 0.00%
    Chinese 6 $2,160,000 $360,000 $0 0.00%
    Not provided 10 $1,750,000 $175,000 $0 0.00%
    Asian 6 $1,250,000 $208,333 $0 0.00%
    Native Hawaiian or Islander 1 $335,000 $335,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.44%

    Washington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.64%

    Washington Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 163 $42,105,000 $258,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $7,395,000 $821,667
    Single Family (1-4 Units):Site-Built 154 $34,710,000 $225,390

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 60.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Washington Savings Bank 100 Broadway Road Dracut, MA 1826 Full Service B&M $76,307
    Washington Savings Bank 30 Middlesex Street Lowell, MA 1852 Full Service B&M $125,553

    For 2019, Washington Savings Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,165
    Net interest income $7,403
    Total noninterest income $1,229
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $427
    Trading account gains and fees $0
    Additional Noninterest Income $802
    Pre-tax net operating income $1,889
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,461
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,461
    Minority interest net income $0
    Net income $1,461
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,461

    Washington Savings Bank's gross interest income from loans was $10,165,000.
    Washington Savings Bank's net interest income from loans was $7,403,000.
    Washington Savings Bank's fee based income from loans was $427,000.
    Washington Savings Bank's net income from loans was $1,461,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,762
    Provision for credit losses $16
    Total noninterest expense $6,727
    Salaries and employee benefits $3,943
    Premises and equipment expense $605
    Additional noninterest expense $2,179
    Applicable income taxes $428
    Net charge-offs $-21
    Cash dividends $0

    Washington Savings Bank's interest expense for loans was $2,762,000.
    Washington Savings Bank's payroll and benefits expense were $3,943,000.
    Washington Savings Bank's property, plant and equipment expenses $605,000.

    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 $201,936
    Deposits held in domestic offices $201,936
    Deposits by Individuals, partnerships, and corporations $200,894
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $1,040
    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 $43,317
    Demand deposits $25,401
    Nontransaction accounts $158,619
    Money market deposit accounts (MMDAs) $20,112
    Other savings deposits (excluding MMDAs) $53,994
    Total time deposits $84,513
    Total time and savings deposits $176,535
    Noninterest-bearing deposits $25,401
    Interest-bearing deposits $176,535
    Retail deposits $173,312
    IRAs and Keogh plan accounts $9,353
    Brokered deposits $9,261
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $252,574
    Cash & Balances due from depository institutions $9,579
    Interest-bearing balances $8,520
    Total securities $22,520
    Federal funds sold & reverse repurchase $0
    Net loans and leases $207,704
    Loan and leases loss allowance $1,607
    Trading account assets $0
    Bank premises and fixed assets $2,567
    Other real estate owned $0
    Goodwill and other intangibles $137
    All other assets $10,067

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $252,574
    Total Liabilities $229,903
    Total deposits $201,936
    Interest-bearing deposits $176,535
    Deposits held in domestic offices $201,936
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $26,267
    Subordinated debt $0
    All other liabilities $1,700

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $207,704
    Loan and leases loss allowance $1,607
    Total loans and leases (domestic) $209,311
    All real estate loans $207,386
    Real estate loans in domestic offices $207,386
    Construction and development loans $7,357
    Residential 1-4 family construction $2,461
    Other construction, all land development and other land $4,896
    Loans secured by nonfarm nonresidential properties $19,679
    Nonfarm nonresidential secured by owner-occupied properties $4,786
    Commercial real estate & other non-farm, non-residential $14,893
    Multifamily residential real estate $29,360
    1-4 family residential loans $149,668
    Farmland loans $1,322
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $1,536
    To non-U.S. addressees $0
    Loans to individuals $343
    Credit card loans $0
    Related Plans $26
    Consumer Auto Loans $138
    Other loans to individuals $179
    All other loans & leases $46
    Loans to foreign governments and official institutions $0
    Other loans $46
    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 $1,289
    Non 1-4 family restructured loans & leases $137
    Total loans and leases (foreign) $0

    Washington Savings Bank had $207,704,000 of loans outstanding in 2019. $207,386,000 of loans were in real estate loans. $7,357,000 of loans were in development loans. $29,360,000 of loans were in multifamily mortgage loans. $149,668,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $138,000 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 58 $16,188 $279,103
    Nonfarm, nonresidential loans - <$100k 6 $440 $73,333
    Nonfarm, nonresidential loans - $100-250k 25 $3,408 $136,320
    Nonfarm, nonresidential loans - $250k-1MM 27 $12,340 $457,037
    Commercial & Industrial, US addressed loans - <$1MM 19 $996 $52,421
    Commercial & Industrial, US addressed loans - <$100k 17 $363 $21,353
    Commercial & Industrial, US addressed loans - $250k-1MM 2 $633 $316,500
    Farmland loans - <$1MM 8 $1,028 $128,500
    Farmland loans - <$100k 3 $186 $62,000
    Farmland loans - $100-250k 3 $336 $112,000
    Farmland loans - $250k-1MM 2 $506 $253,000