Rockland Mortgage Rates, Fees & Info

Rockland, MA

LEI: 5493000FSTFO9AWR2J40

Tax ID: 04-1782360

5 stars - Updated: 7/12/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Rockland is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Rockland has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Manchester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Rockland has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Rockland 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 relatively high 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
Home Equity Line of Credit (HELOC) 5.42% 7/12/24
30 Year Conventional Purchase 5.65% 7/12/24
30 Year Conventional Refi 5.43% 7/12/24
30 Year Cash-out Refi 5.55% 7/12/24
15 Year Conventional Purchase 5.41% 7/12/24
15 Year Conventional Refi 5.29% 7/12/24
15 Year Cash-out Refi 5.29% 7/12/24
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.

Rockland Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Rockland. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,297

Origination Dollar Volume (All Markets)

$256,535,000
Show all (5) awards

Relative Rate

Rockland's average 30 year fixed mortgage rate was 5.96%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.52%.

Relative Fees (Closing Costs)

Rockland's average total fees/closing costs for a 30 year fixed rate mortgage were $3,753.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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) 1,027 $207,205,000 $201,758 $1,326 6.40%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 187 $29,795,000 $159,332 $1,126 6.47%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 57 $12,265,000 $215,175 $1,576 6.41%
WORCESTER, MA-CT (FHA|USDA|VA) 19 $4,015,000 $211,316 $2,231 6.25%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $2,405,000 $481,000 $3,468 6.58%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $850,000 $425,000 $3,487 6.31%
Rockland's top markets include Boston, Providence, Barnstable Town, Worcester, and Manchester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against ROCKLAND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    RTN FEDERAL CREDIT UNION
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    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
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    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    GREYLOCK
    Similarity Rank: 160
    Piscataqua Savings Bank
    Similarity Rank: 177
    St. Mary's Credit Union
    Similarity Rank: 220
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 254

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 652 $173,230,000 $265,690 $1,343 6.34%
    HELOC 645 $83,305,000 $129,155 n/a 6.49%

    For 2023, Rockland's most frequently originated type of loan was Conventional, with 652 originations. Their 2nd most popular type was HELOC, with 645 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 496 $54,720,000 $110,323 $5 6.55%
    Other 366 $34,400,000 $93,989 $19 6.46%
    Home Purchase 213 $116,185,000 $545,469 $3,816 6.02%
    Refi 182 $36,040,000 $198,022 $340 6.43%
    Cash Out Refi 40 $15,190,000 $379,750 $2,653 6.14%

    For 2023, Rockland's most frequently cited loan purpose was Home Improvement, with 496 originations. The 2nd most popular reason was Other, with 366 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 793 $97,875,000 $123,424 $112 6.55%
    30 Year 207 $113,145,000 $546,594 $3,753 5.96%
    10 Year 101 $7,835,000 $77,574 $129 6.38%
    15 Year 94 $13,330,000 $141,809 $399 6.45%
    Other 65 $19,765,000 $304,077 $16 6.13%
    5 Year 33 $1,505,000 $45,606 $18 6.28%
    30+ year 3 $2,775,000 $925,000 $6,036 6.08%
    1 Year 1 $305,000 $305,000 $0 9.25%

    For 2023, Rockland's most frequently cited loan duration was 20 Year, with 793 originations. The 2nd most popular length was 30 Year, with 207 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 633 $152,485,000 $240,893
    $4k-5k 2 $740,000 $370,000
    $1k-2k 1 $645,000 $645,000

    Rockland's average total fees were $3,753, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 633 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 573 $108,225,000 $188,874
    5-6% 514 $108,290,000 $210,681
    7-8% 178 $24,040,000 $135,056
    4-5% 31 $15,675,000 $505,645
    Over 8% 1 $305,000 $305,000

    During 2023, Rockland's average interest rate for loans was 5.96%, while their most frequently originated rate bucket for loans was 6-7%, with 573 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 587 $31,455,000 $53,586 $16 6.52%
    $100k-200k 319 $42,385,000 $132,868 $364 6.50%
    $200k-400k 213 $55,415,000 $260,164 $2,436 6.33%
    $400k-600k 94 $46,340,000 $492,979 $3,515 6.07%
    $600k-1MM 65 $47,105,000 $724,692 $4,234 5.84%
    $1MM+ 19 $33,835,000 $1,780,789 $5,585 5.96%

    2023 saw Rockland place emphasis on $100,000 or less loans with 587 originations, totaling $31,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 432 $88,970,000 $205,949 $1,512 6.40%
    $100k-150k 344 $49,560,000 $144,070 $974 6.43%
    $250k+ 181 $73,215,000 $404,503 $2,832 6.22%
    $75k-100k 177 $17,685,000 $99,915 $669 6.48%
    $50k-75k 111 $10,165,000 $91,577 $610 6.53%
    $50k or less 39 $3,075,000 $78,846 $198 6.65%

    Rockland lent most frequently to those with incomes in the $150k-250k range, with 432 originations. The second most popular income band? $100k-150k, with 344 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 236 $42,640,000 $180,678 $1,340 6.42%
    30-36% 203 $45,215,000 $222,734 $1,647 6.35%
    50-60% 141 $21,435,000 $152,021 $745 6.49%
    <20% 62 $10,200,000 $164,516 $1,209 6.41%
    37% 54 $9,700,000 $179,630 $964 6.41%
    38% 49 $10,835,000 $221,122 $1,478 6.52%
    42% 48 $11,860,000 $247,083 $1,479 6.23%
    43% 48 $10,030,000 $208,958 $1,587 6.38%
    39% 47 $6,655,000 $141,596 $998 6.31%
    36% 46 $11,520,000 $250,435 $1,851 6.29%
    >60% 45 $7,745,000 $172,111 $1,857 6.69%
    49% 44 $6,770,000 $153,864 $616 6.53%
    48% 43 $8,045,000 $187,093 $1,237 6.36%
    47% 41 $6,925,000 $168,902 $1,021 6.54%
    41% 39 $7,505,000 $192,436 $1,486 6.41%
    44% 39 $6,535,000 $167,564 $998 6.34%
    40% 36 $8,240,000 $228,889 $1,811 6.24%
    46% 36 $6,740,000 $187,222 $1,177 6.26%
    45% 33 $4,565,000 $138,333 $868 6.62%

    Rockland lent most frequently to those with DTI ratios of 20-30%, with 236 originations. The next most common DTI ratio? 30-36%, with 203 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 994 $171,170,000 $172,203 $930 6.43%
    Not provided 227 $57,035,000 $251,256 $2,342 6.38%
    Asian 30 $16,960,000 $565,333 $3,886 5.97%
    Black 39 $9,335,000 $239,359 $1,681 6.40%
    Not applicable 2 $1,060,000 $530,000 $0 6.63%
    American Indian 3 $715,000 $238,333 $3,348 6.41%
    Asian Indian 1 $235,000 $235,000 $0 5.99%
    Vietnamese 1 $25,000 $25,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    86.96%

    Rockland has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.03%

    Rockland has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,297 $256,535,000 $197,791

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,297 $256,535,000 $197,791

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 258 $49,240,000 $190,853 $552 6.44%
    40-60% 66 $25,650,000 $388,636 $2,793 6.16%
    60-80% 99 $65,095,000 $657,525 $3,873 6.02%
    80-100% 92 $52,210,000 $567,500 $3,846 6.01%
    Over 100% 1 $1,035,000 $1,035,000 $0 6.25%
    Under 20% 780 $63,070,000 $80,859 $51 6.52%