Rockland Mortgage Rates, Fees & Info

Rockland, MA

LEI: 5493000FSTFO9AWR2J40

Tax ID: 04-1782360

5 stars - out of 5 stars, based on 40 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Rockland is a smaller mortgage company specializing in Home Improvement, Refi, and Cash Out Refi loans. Rockland has a high proportion of conventional loans. Their top markets include Boston, Providence, Barnstable Town, Worcester, and Laconia among others. Rockland has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Rockland is typically a low fee lendor.


Originations

1,636

Origination Dollar Volume (All Markets)

$307,980,000

Awards

ROCKLAND 30 Year Conventional Loans gold ROCKLAND 30 Year Conventional Loans gold ROCKLAND 30 Year Conventional Loans gold ROCKLAND 30 Year Conventional Loans bronze
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Relative Rate

Rockland's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

Rockland's average total fees for a 30 year fixed rate mortgage are $2,681.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1,302 $248,200,000 $190,630 $1,759 2.91%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 245 $41,695,000 $170,184 $1,698 2.97%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 74 $15,200,000 $205,405 $1,545 2.92%
WORCESTER, MA-CT (FHA|USDA|VA) 13 $2,095,000 $161,154 $1,916 2.78%
Laconia, NH (FHA|USDA|VA) 1 $405,000 $405,000 $2,709 3.25%
Lebanon, NH-VT (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.50%

Rockland's top markets include Boston, Providence, Barnstable Town, Worcester, and Laconia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,636 $307,980,000 $188,252 $1,742 2.92%

For the 2021 period, Rockland's most frequently originated loan type of loans were Conventional, with 1,636 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 647 $71,995,000 $111,275 $637 2.98%
Refi 342 $87,260,000 $255,146 $2,153 2.82%
Cash Out Refi 278 $84,380,000 $303,525 $2,523 2.80%
Other 270 $30,310,000 $112,259 $0 3.01%
Home Purchase 99 $34,035,000 $343,788 $2,961 3.04%

For the 2021, Rockland's most frequently cited loan purpose of loans were Home Improvement, with 647 originations. The 2nd most popular reason of loans were Refi, with 342 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 742 $95,280,000 $128,410 $1,217 2.86%
30 Year 374 $128,940,000 $344,759 $2,681 3.04%
15 Year 285 $54,615,000 $191,632 $1,490 2.80%
10 Year 136 $14,590,000 $107,279 $891 3.00%
Other 68 $12,290,000 $180,735 $1,158 3.13%
5 Year 30 $1,400,000 $46,667 $0 3.17%
30+ year 1 $865,000 $865,000 $6,295 3.13%

For the 2021, Rockland's most frequently cited loan length of loans were 20 Year, with 742 originations. The 2nd most popular length of loans were 30 Year, with 374 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,003 $228,895,000 $228,210
$2k-3k 9 $1,965,000 $218,333
$3k-4k 9 $2,885,000 $320,556
$1k-2k 5 $925,000 $185,000

$2,681 of loans were Rockland's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,003 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,086 $182,340,000 $167,901
3-4% 253 $69,365,000 $274,170
<2.5% 214 $50,650,000 $236,682
4-5% 83 $5,625,000 $67,771

During 2021, Rockland's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,086 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 559 $28,785,000 $51,494 $197 3.05%
$200k-400k 485 $133,135,000 $274,505 $2,459 2.83%
$100k-200k 450 $63,410,000 $140,911 $1,585 2.85%
$400k-600k 97 $46,035,000 $474,588 $2,826 2.95%
$600k-1MM 37 $26,845,000 $725,541 $3,401 2.99%
$1MM+ 8 $9,770,000 $1,221,250 $3,934 2.75%

2021 saw Rockland place emphasis on $100,000 or less loans with 559 originations, totaling $28,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 450 $80,060,000 $177,911 $1,767 2.88%
$150k-250k 442 $93,900,000 $212,443 $1,789 2.93%
$75k-100k 298 $47,460,000 $159,262 $1,668 2.94%
$50k-75k 214 $32,820,000 $153,364 $1,703 2.96%
$250k+ 134 $40,170,000 $299,776 $1,888 2.85%
$50k or less 83 $8,795,000 $105,964 $1,600 2.94%

Rockland lent most frequently to those with incomes in the $100k-150k range, with 450 originations. The second most popular income band? $150k-250k, with 442 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 438 $82,650,000 $188,699 $1,747 2.89%
30-36% 313 $58,125,000 $185,703 $1,775 2.93%
<20% 149 $27,285,000 $183,121 $1,751 2.84%
50-60% 96 $14,900,000 $155,208 $2,093 2.83%
42% 69 $10,475,000 $151,812 $1,110 3.13%
36% 67 $9,585,000 $143,060 $1,351 2.95%
41% 52 $8,560,000 $164,615 $1,371 2.97%
38% 50 $8,910,000 $178,200 $1,544 3.08%
40% 47 $10,235,000 $217,766 $1,841 3.06%
43% 46 $6,800,000 $147,826 $1,070 3.05%
37% 44 $7,470,000 $169,773 $1,703 2.86%
39% 44 $9,240,000 $210,000 $1,553 3.14%
44% 40 $10,350,000 $258,750 $2,559 2.79%
>60% 33 $7,015,000 $212,576 $2,704 2.79%
45% 32 $6,560,000 $205,000 $2,404 2.87%
46% 29 $6,335,000 $218,448 $2,364 2.79%
48% 27 $8,685,000 $321,667 $2,352 2.87%
49% 25 $5,175,000 $207,000 $2,407 2.85%
47% 22 $4,650,000 $211,364 $2,421 2.82%

Rockland lent most frequently to those with DTI ratios of 20-30%, with 438 originations. The next most common DTI ratio? 30-36%, with 313 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,295 $242,305,000 $187,108 $1,758 2.92%
Not provided 254 $47,020,000 $185,118 $1,609 2.92%
Black 42 $8,460,000 $201,429 $1,793 2.99%
Asian 24 $4,640,000 $193,333 $1,999 2.80%
Not applicable 7 $3,025,000 $432,143 $0 3.66%
American Indian 6 $1,550,000 $258,333 $2,669 2.77%
Asian Indian 5 $665,000 $133,000 $0 2.85%
Native Hawaiian 2 $260,000 $130,000 $1,076 3.31%
Other Asian 1 $55,000 $55,000 $0 2.75%

Approval Rates

Total approvals of all applications
87.35%

Rockland has an average approval rate.

Pick Rate

Approvals leading to origination
83.65%

Rockland has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,636 $307,980,000 $188,252

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,636 $307,980,000 $188,252

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 364 $61,950,000 $170,192 $1,511 2.80%
40-60% 259 $71,225,000 $275,000 $2,416 2.78%
60-80% 268 $100,240,000 $374,030 $2,652 2.95%
80-100% 77 $29,975,000 $389,286 $2,899 3.02%
Over 100% 1 $65,000 $65,000 $0 3.75%
Under 20% 666 $44,160,000 $66,306 $106 3.02%