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 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, and Laconia among others. We have data for 4 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.

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    Originations

    162

    Origination Dollar Volume (All Markets)

    $56,810,000

    Employee count

    37

    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) 143 $50,475,000 $352,972 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 16 $4,730,000 $295,625 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $1,360,000 $680,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Washington Savings Bank's top markets include Boston, Manchester, Worcester, 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 162 $56,810,000 $350,679 $0 0.00%

    For 2021, Washington Savings Bank's most frequently originated type of loan was Conventional, with 162 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 88 $28,470,000 $323,523 $0 0.00%
    Home Purchase 55 $24,495,000 $445,364 $0 0.00%
    Cash Out Refi 11 $2,755,000 $250,455 $0 0.00%
    Home Improvement 5 $755,000 $151,000 $0 0.00%
    Other 3 $335,000 $111,667 $0 0.00%

    For 2021, Washington Savings Bank's most frequently cited loan purpose was Refi, with 88 originations. The 2nd most popular reason was Home Purchase, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 162 $56,810,000 $350,679 $0 0.00%

    For 2021, Washington Savings Bank's most frequently cited loan duration was Other, with 162 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $20,385,000 $279,247 $0 0.00%
    $100k-200k 32 $4,820,000 $150,625 $0 0.00%
    $400k-600k 25 $11,715,000 $468,600 $0 0.00%
    $100,000 or less 14 $830,000 $59,286 $0 0.00%
    $600k-1MM 10 $7,800,000 $780,000 $0 0.00%
    $1MM+ 8 $11,260,000 $1,407,500 $0 0.00%

    2021 saw Washington Savings Bank place emphasis on $200k-400k loans with 73 originations, totaling $20,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 31 $6,935,000 $223,710 $0 0.00%
    $100k-150k 27 $8,595,000 $318,333 $0 0.00%
    $150k-250k 25 $8,665,000 $346,600 $0 0.00%
    $75k-100k 24 $5,970,000 $248,750 $0 0.00%
    $50k or less 18 $4,140,000 $230,000 $0 0.00%
    $250k+ 10 $7,060,000 $706,000 $0 0.00%

    Washington Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 162 $56,810,000 $350,679 $0 0.00%

    Washington Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 162 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 108 $33,670,000 $311,759 $0 0.00%
    Not applicable 22 $13,050,000 $593,182 $0 0.00%
    Asian 15 $4,065,000 $271,000 $0 0.00%
    Not provided 9 $3,875,000 $430,556 $0 0.00%
    Black 7 $1,825,000 $260,714 $0 0.00%
    Other Asian 1 $325,000 $325,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.13%

    Washington Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.98%

    Washington Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 162 $56,810,000 $350,679

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    162 $56,810,000 $350,679

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 16.7%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 50.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 16.7%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Applying for a mortgage or refinancing an existing 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 $95,171
    Washington Savings Bank 30 Middlesex St Lowell, MA 1852 Full Service B&M $136,902

    For 2021, Washington Savings Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,838
    Net interest income $7,850
    Total noninterest income $1,163
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $303
    Trading account gains and fees $0
    Additional Noninterest Income $860
    Pre-tax net operating income $2,099
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,580
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,580
    Minority interest net income $0
    Net income $1,580
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,580

    Washington Savings Bank's gross interest income from loans was $8,838,000.
    Washington Savings Bank's net interest income from loans was $7,850,000.
    Washington Savings Bank's fee based income from loans was $303,000.
    Washington Savings Bank's net income from loans was $1,580,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $988
    Provision for credit losses $131
    Total noninterest expense $6,783
    Salaries and employee benefits $3,952
    Premises and equipment expense $666
    Additional noninterest expense $2,165
    Applicable income taxes $519
    Net charge-offs $2
    Cash dividends $0

    Washington Savings Bank's interest expense for loans was $988,000.
    Washington Savings Bank's payroll and benefits expense were $3,952,000.
    Washington Savings Bank's property, plant and equipment expenses $666,000.

    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 $232,469
    Deposits held in domestic offices $232,469
    Deposits by Individuals, partnerships, and corporations $231,617
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $852
    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 $60,474
    Demand deposits $34,121
    Nontransaction accounts $171,996
    Money market deposit accounts (MMDAs) $32,925
    Other savings deposits (excluding MMDAs) $74,074
    Total time deposits $64,997
    Total time and savings deposits $198,349
    Noninterest-bearing deposits $34,122
    Interest-bearing deposits $198,347
    Retail deposits $215,305
    IRAs and Keogh plan accounts $9,176
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $268,987
    Cash & Balances due from depository institutions $10,216
    Interest-bearing balances $9,033
    Total securities $30,943
    Federal funds sold & reverse repurchase $0
    Net loans and leases $213,985
    Loan and leases loss allowance $1,897
    Trading account assets $0
    Bank premises and fixed assets $2,348
    Other real estate owned $0
    Goodwill and other intangibles $341
    All other assets $11,154

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $268,987
    Total Liabilities $243,630
    Total deposits $232,469
    Interest-bearing deposits $198,347
    Deposits held in domestic offices $232,469
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,306
    Subordinated debt $0
    All other liabilities $855

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $213,985
    Loan and leases loss allowance $1,897
    Total loans and leases (domestic) $215,882
    All real estate loans $215,234
    Real estate loans in domestic offices $215,234
    Construction and development loans $4,266
    Residential 1-4 family construction $1,274
    Other construction, all land development and other land $2,992
    Loans secured by nonfarm nonresidential properties $25,139
    Nonfarm nonresidential secured by owner-occupied properties $4,773
    Commercial real estate & other non-farm, non-residential $20,366
    Multifamily residential real estate $38,942
    1-4 family residential loans $145,986
    Farmland loans $901
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $246
    To non-U.S. addressees $0
    Loans to individuals $384
    Credit card loans $0
    Related Plans $20
    Consumer Auto Loans $122
    Other loans to individuals $242
    All other loans & leases $18
    Loans to foreign governments and official institutions $0
    Other loans $18
    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 $897
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Washington Savings Bank had $213,985,000 of loans outstanding in 2021. $215,234,000 of loans were in real estate loans. $4,266,000 of loans were in development loans. $38,942,000 of loans were in multifamily mortgage loans. $145,986,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $122,000 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 55 $16,776 $305,018
    Nonfarm, nonresidential loans - <$100k 6 $364 $60,667
    Nonfarm, nonresidential loans - $100-250k 17 $2,279 $134,059
    Nonfarm, nonresidential loans - $250k-1MM 32 $14,133 $441,656
    Commercial & Industrial, US addressed loans - <$1MM 15 $246 $16,400
    Commercial & Industrial, US addressed loans - <$100k 15 $246 $16,400
    Farmland loans - <$1MM 7 $698 $99,714
    Farmland loans - <$100k 3 $161 $53,667
    Farmland loans - $100-250k 3 $282 $94,000
    Farmland loans - $250k-1MM 1 $255 $255,000