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

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, Portland, Laconia, and Worcester 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.

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

298

Origination Dollar Volume (All Markets)

$95,460,000

Employee count

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)	257	$84,405,000	$328,424	$0	0.00%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	30	$6,820,000	$227,333	$0	0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	5	$2,045,000	$409,000	$0	0.00%
Laconia, NH (FHA\|USDA\|VA)	2	$1,290,000	$645,000	$0	0.00%
WORCESTER, MA-CT (FHA\|USDA\|VA)	2	$670,000	$335,000	$0	0.00%
Outside of Metro Areas	2	$230,000	$115,000	$0	0.00%

Washington Savings Bank's top markets include Boston, Manchester, Portland, Laconia, and Worcester 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	298	$95,460,000	$320,336	$0	0.00%

For 2020, Washington Savings Bank's most frequently originated type of loan was Conventional, with 298 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	157	$47,925,000	$305,255	$0	0.00%
Home Purchase	71	$29,965,000	$422,042	$0	0.00%
Cash Out Refi	54	$14,620,000	$270,741	$0	0.00%
Home Improvement	10	$1,740,000	$174,000	$0	0.00%
Other	6	$1,210,000	$201,667	$0	0.00%

For 2020, Washington Savings Bank's most frequently cited loan purpose was Refi, with 157 originations. The 2nd most popular reason was Home Purchase, with 71 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	298	$95,460,000	$320,336	$0	0.00%

For 2020, Washington Savings Bank's most frequently cited loan duration was Other, with 298 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	153	$44,285,000	$289,444	$0	0.00%
$100k-200k	59	$8,865,000	$150,254	$0	0.00%
$400k-600k	46	$21,260,000	$462,174	$0	0.00%
$100,000 or less	18	$1,200,000	$66,667	$0	0.00%
$600k-1MM	15	$11,525,000	$768,333	$0	0.00%
$1MM+	7	$8,325,000	$1,189,286	$0	0.00%

2020 saw Washington Savings Bank place emphasis on $200k-400k loans with 153 originations, totaling $44,285,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	66	$19,730,000	$298,939	$0	0.00%
$150k-250k	65	$22,415,000	$344,846	$0	0.00%
$50k-75k	43	$8,545,000	$198,721	$0	0.00%
$75k-100k	42	$10,970,000	$261,190	$0	0.00%
$250k+	20	$9,770,000	$488,500	$0	0.00%
$50k or less	17	$2,875,000	$169,118	$0	0.00%

Washington Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $150k-250k, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	298	$95,460,000	$320,336	$0	0.00%

Washington Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 298 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	214	$61,580,000	$287,757	$0	0.00%
Not applicable	44	$20,940,000	$475,909	$0	0.00%
Asian	17	$7,045,000	$414,412	$0	0.00%
Not provided	18	$4,730,000	$262,778	$0	0.00%
Black	3	$745,000	$248,333	$0	0.00%
American Indian	1	$215,000	$215,000	$0	0.00%
Korean	1	$205,000	$205,000	$0	0.00%

Approval Rates

Total approvals of all applications
94.12%

Washington Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.58%

Washington Savings Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	298	$95,460,000	$320,336

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	20	$14,590,000	$729,500
Single Family (1-4 Units):Site-Built	278	$80,870,000	$290,899

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION	Conventional home mortgage	Trouble during payment process	2	33.3%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	2	33.3%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION	Other type of mortgage	Closing on a mortgage	1	16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION	Other type of mortgage	Struggling to pay mortgage	1	16.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Washington Savings Bank	100 Broadway Road Dracut, MA 1826	Full Service B&M	$85,890
Washington Savings Bank	30 Middlesex Street Lowell, MA 1852	Full Service B&M	$132,806

For 2020, Washington Savings Bank had 2 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$9,354
Net interest income	$7,362
Total noninterest income	$1,848
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$314
Trading account gains and fees	$0
Additional Noninterest Income	$1,534
Pre-tax net operating income	$1,999
Securities gains (or losses, -)	$0
Income before extraordinary items	$1,487
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,487
Minority interest net income	$0
Net income	$1,487
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,487

Washington Savings Bank's gross interest income from loans was $9,354,000.
Washington Savings Bank's net interest income from loans was $7,362,000.
Washington Savings Bank's fee based income from loans was $314,000.
Washington Savings Bank's net income from loans was $1,487,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,992
Provision for credit losses	$168
Total noninterest expense	$7,043
Salaries and employee benefits	$4,248
Premises and equipment expense	$655
Additional noninterest expense	$2,140
Applicable income taxes	$512
Net charge-offs	$7
Cash dividends	$0

Washington Savings Bank's interest expense for loans was $1,992,000.
Washington Savings Bank's payroll and benefits expense were $4,248,000.
Washington Savings Bank's property, plant and equipment expenses $655,000.

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	1.0%
HELOC loans	0.0%
All other family	1.0%
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	$218,324
Deposits held in domestic offices	$218,324
Deposits by Individuals, partnerships, and corporations	$217,466
Deposits by U.S. Government	$6
Deposits by States and political subdivisions in the U.S.	$853
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	$53,968
Demand deposits	$30,943
Nontransaction accounts	$164,357
Money market deposit accounts (MMDAs)	$28,791
Other savings deposits (excluding MMDAs)	$65,827
Total time deposits	$69,739
Total time and savings deposits	$187,382
Noninterest-bearing deposits	$30,943
Interest-bearing deposits	$187,381
Retail deposits	$200,229
IRAs and Keogh plan accounts	$9,257
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$255,116
Cash & Balances due from depository institutions	$13,501
Interest-bearing balances	$11,995
Total securities	$24,165
Federal funds sold & reverse repurchase	$0
Net loans and leases	$204,259
Loan and leases loss allowance	$1,768
Trading account assets	$0
Bank premises and fixed assets	$2,498
Other real estate owned	$0
Goodwill and other intangibles	$397
All other assets	$10,296

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$255,116
Total Liabilities	$231,726
Total deposits	$218,324
Interest-bearing deposits	$187,381
Deposits held in domestic offices	$218,324
% insured (estimated)	$86
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$12,871
Subordinated debt	$0
All other liabilities	$531

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$204,259
Loan and leases loss allowance	$1,768
Total loans and leases (domestic)	$206,027
All real estate loans	$203,894
Real estate loans in domestic offices	$203,894
Construction and development loans	$7,470
Residential 1-4 family construction	$3,510
Other construction, all land development and other land	$3,960
Loans secured by nonfarm nonresidential properties	$22,975
Nonfarm nonresidential secured by owner-occupied properties	$4,552
Commercial real estate & other non-farm, non-residential	$18,423
Multifamily residential real estate	$34,313
1-4 family residential loans	$138,125
Farmland loans	$1,011
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$1,752
To non-U.S. addressees	$0
Loans to individuals	$361
Credit card loans	$0
Related Plans	$15
Consumer Auto Loans	$109
Other loans to individuals	$237
All other loans & leases	$20
Loans to foreign governments and official institutions	$0
Other loans	$20
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	$842
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Washington Savings Bank had $204,259,000 of loans outstanding in 2020. $203,894,000 of loans were in real estate loans. $7,470,000 of loans were in development loans. $34,313,000 of loans were in multifamily mortgage loans. $138,125,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $109,000 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	53	$15,577	$293,906
Nonfarm, nonresidential loans - <$100k	5	$325	$65,000
Nonfarm, nonresidential loans - $100-250k	19	$2,564	$134,947
Nonfarm, nonresidential loans - $250k-1MM	29	$12,688	$437,517
Commercial & Industrial, US addressed loans - <$1MM	44	$1,751	$39,795
Commercial & Industrial, US addressed loans - <$100k	39	$938	$24,051
Commercial & Industrial, US addressed loans - $100-250k	3	$415	$138,333
Commercial & Industrial, US addressed loans - $250k-1MM	2	$398	$199,000
Farmland loans - <$1MM	7	$761	$108,714
Farmland loans - <$100k	3	$174	$58,000
Farmland loans - $100-250k	3	$310	$103,333
Farmland loans - $250k-1MM	1	$277	$277,000