Needham Bank Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493000NZZZU3GFIYL71

Tax ID: 04-1655620

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Needham Bank is a smaller bank specializing in Home Purchase and Refi loans. Needham Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Worcester, Providence, and Vineyard Haven among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Needham 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. Needham Bank 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 about average 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
    30 Year Conventional Purchase 6.36% 4/21/24
    30 Year Conventional Refi 6.23% 4/21/24
    15 Year Conventional Purchase 5.86% 4/21/24
    15 Year Conventional Refi 5.65% 4/21/24
    15 Year Cash-out Refi 5.65% 4/21/24
    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.

    Needham Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Needham Bank. 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

    521

    Origination Dollar Volume (All Markets)

    $332,005,000

    Employee count

    199

    Awards

    Needham Bank 30 Year Conventional Loans silver Needham Bank 30 Year Conventional Loans bronze Needham Bank 30 Year Conventional Loans gold
    Show all (3) awards

    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) 455 $305,255,000 $670,890 $3,485 4.31%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 29 $13,105,000 $451,897 $3,472 4.23%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $4,240,000 $353,333 $3,005 4.36%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $3,645,000 $331,364 $3,729 4.36%
    Outside of Metro Areas 5 $2,755,000 $551,000 $2,830 4.59%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $905,000 $905,000 $3,822 3.13%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $600,000 $300,000 $2,718 4.19%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $540,000 $270,000 $2,850 4.56%
    Laconia, NH (FHA|USDA|VA) 1 $335,000 $335,000 $2,648 4.25%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,508 4.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $155,000 $155,000 $2,330 3.50%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,032 5.00%
    Needham Bank's top markets include Boston, Barnstable Town, Worcester, Providence, and Vineyard Haven among others.

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

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    Bank of Easton
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Martha's Vineyard Savings Bank
    Similarity Rank: 128
    Triangle Credit Union
    Similarity Rank: 147

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 521 $332,005,000 $637,246 $3,463 4.31%

    For 2018, Needham Bank's most frequently originated type of loan was Conventional, with 521 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 330 $197,890,000 $599,667 $3,636 4.30%
    Refi 175 $108,975,000 $622,714 $3,090 4.31%
    Home Improvement 13 $24,525,000 $1,886,538 $4,183 4.81%
    Other 3 $615,000 $205,000 $3,214 4.38%

    For 2018, Needham Bank's most frequently cited loan purpose was Home Purchase, with 330 originations. The 2nd most popular reason was Refi, with 175 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 472 $289,300,000 $612,924 $3,463 4.30%
    30+ year 28 $23,280,000 $831,429 $4,001 4.55%
    15 Year 14 $3,850,000 $275,000 $2,603 3.96%
    20 Year 6 $14,170,000 $2,361,667 $2,638 4.65%
    10 Year 1 $1,405,000 $1,405,000 $0 5.75%

    For 2018, Needham Bank's most frequently cited loan duration was 30 Year, with 472 originations. The 2nd most popular length was 30+ year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 440 $260,520,000 $592,091
    $2k-3k 1 $205,000 $205,000
    $5k+ 1 $545,000 $545,000

    Needham Bank's average total fees were $3,463, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 440 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 299 $175,315,000 $586,338
    3-4% 159 $88,985,000 $559,654
    5-6% 46 $42,180,000 $916,957
    2.5-3% 16 $12,800,000 $800,000
    6-7% 1 $12,725,000 $12,725,000

    During 2018, Needham Bank's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 299 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 159 $76,695,000 $482,358 $3,229 4.21%
    $200k-400k 158 $49,330,000 $312,215 $2,769 4.25%
    $600k-1MM 89 $68,855,000 $773,652 $3,953 4.43%
    $1MM+ 80 $132,170,000 $1,652,125 $5,572 4.46%
    $100k-200k 30 $4,540,000 $151,333 $2,297 4.43%
    $100,000 or less 5 $415,000 $83,000 $2,168 4.45%

    2018 saw Needham Bank place emphasis on $400k-600k loans with 159 originations, totaling $76,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 141 $132,475,000 $939,539 $4,344 4.15%
    $150k-250k 129 $68,175,000 $528,488 $3,398 4.27%
    $100k-150k 104 $40,490,000 $389,327 $2,978 4.20%
    $75k-100k 49 $15,695,000 $320,306 $2,751 4.24%
    $50k-75k 33 $8,675,000 $262,879 $2,610 4.31%
    $50k or less 8 $1,640,000 $205,000 $2,426 4.09%

    Needham Bank lent most frequently to those with incomes in the $250k+ range, with 141 originations. The second most popular income band? $150k-250k, with 129 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 130 $74,450,000 $572,692 $3,412 4.27%
    30-36% 98 $51,700,000 $527,551 $3,485 4.25%
    <20% 44 $25,970,000 $590,227 $3,325 4.05%
    43% 23 $12,805,000 $556,739 $3,181 4.24%
    40% 23 $13,325,000 $579,348 $3,565 4.15%
    39% 21 $10,605,000 $505,000 $3,176 4.18%
    37% 21 $14,975,000 $713,095 $3,890 4.08%
    44% 20 $11,520,000 $576,000 $3,361 4.17%
    38% 18 $10,290,000 $571,667 $3,335 4.40%
    42% 16 $7,770,000 $485,625 $3,928 4.04%
    36% 15 $7,045,000 $469,667 $3,406 4.28%
    41% 13 $10,785,000 $829,615 $3,762 4.40%
    49% 7 $3,655,000 $522,143 $3,208 3.88%
    47% 6 $2,690,000 $448,333 $3,178 4.23%
    46% 5 $4,605,000 $921,000 $4,242 4.45%
    45% 4 $2,020,000 $505,000 $3,220 4.06%
    48% 2 $1,090,000 $545,000 $3,420 4.19%
    50-60% 1 $1,765,000 $1,765,000 $6,980 4.50%
    >60% 1 $1,535,000 $1,535,000 $6,622 4.50%

    Needham Bank lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? 30-36%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 353 $195,595,000 $554,093 $3,367 4.18%
    Not applicable 53 $63,405,000 $1,196,321 $0 5.18%
    Not provided 68 $47,070,000 $692,206 $3,860 4.29%
    Asian 23 $14,025,000 $609,783 $3,504 4.28%
    Black 17 $7,905,000 $465,000 $4,018 4.32%
    Asian Indian 6 $2,740,000 $456,667 $3,032 4.42%
    Other Asian 1 $1,265,000 $1,265,000 $4,189 5.00%

    Approval Rates

    Total approvals of all applications
    94.57%

    Needham Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.91%

    Needham Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 521 $332,005,000 $637,246

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $28,905,000 $2,627,727
    Single Family (1-4 Units):Site-Built 510 $303,100,000 $594,314

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $11,215,000 $320,429 $2,550 3.97%
    40-60% 66 $35,330,000 $535,303 $2,963 4.37%
    60-80% 184 $129,060,000 $701,413 $3,492 4.42%
    80-100% 226 $149,610,000 $661,991 $3,694 4.27%
    Over 100% 3 $5,435,000 $1,811,667 $6,919 4.13%
    Under 20% 7 $1,355,000 $193,571 $2,158 3.96%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service Cyber Office $39,786
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service B&M $741,920
    Needham Bank 17 West Central St Natick, MA 1760 Full Service B&M $24,808
    Needham Bank 341 Washington Street Westwood, MA 2090 Full Service B&M $150,233
    Needham Bank 402 Washington Street Dedham, MA 2026 Full Service B&M $121,937
    Needham Bank 41 Front Street Ashland, MA 1721 Full Service B&M $34,939
    Needham Bank 458 Washington Street Wellesley, MA 2482 Full Service B&M $146,765
    Needham Bank 520 Main Street Medfield, MA 2052 Full Service B&M $134,275
    Needham Bank 60 Centre St Dover, MA 2030 Full Service B&M $44,787
    Needham Bank 857 Main St Millis, MA 2054 Full Service B&M $30,268

    For 2018, Needham Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $83,418
    Net interest income $62,249
    Total noninterest income $775
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $350
    Trading account gains and fees $0
    Additional Noninterest Income $425
    Pre-tax net operating income $18,833
    Securities gains (or losses, -) $0
    Income before extraordinary items $14,094
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,094
    Minority interest net income $0
    Net income $14,094
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,094

    Needham Bank's gross interest income from loans was $83,418,000.
    Needham Bank's net interest income from loans was $62,249,000.
    Needham Bank's fee based income from loans was $350,000.
    Needham Bank's net income from loans was $14,094,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $21,169
    Provision for credit losses $0
    Total noninterest expense $44,191
    Salaries and employee benefits $27,046
    Premises and equipment expense $3,492
    Additional noninterest expense $13,653
    Applicable income taxes $4,739
    Net charge-offs $-205
    Cash dividends $0

    Needham Bank's interest expense for loans was $21,169,000.
    Needham Bank's payroll and benefits expense were $27,046,000.
    Needham Bank's property, plant and equipment expenses $3,492,000.

    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 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,503,665
    Deposits held in domestic offices $1,503,665
    Deposits by Individuals, partnerships, and corporations $1,436,252
    Deposits by U.S. Government $628
    Deposits by States and political subdivisions in the U.S. $57,249
    Deposits by Commercial banks and other depository institutions in U.S. $9,536
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $58,036
    Demand deposits $6,344
    Nontransaction accounts $1,445,629
    Money market deposit accounts (MMDAs) $307,973
    Other savings deposits (excluding MMDAs) $369,274
    Total time deposits $768,382
    Total time and savings deposits $1,497,321
    Noninterest-bearing deposits $106,662
    Interest-bearing deposits $1,397,003
    Retail deposits $1,189,465
    IRAs and Keogh plan accounts $71,548
    Brokered deposits $93,218
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,174,256
    Cash & Balances due from depository institutions $20,145
    Interest-bearing balances $7,272
    Total securities $211,565
    Federal funds sold & reverse repurchase $4,914
    Net loans and leases $1,855,016
    Loan and leases loss allowance $13,614
    Trading account assets $0
    Bank premises and fixed assets $30,183
    Other real estate owned $1,480
    Goodwill and other intangibles $2,329
    All other assets $48,624

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,174,256
    Total Liabilities $1,900,452
    Total deposits $1,503,665
    Interest-bearing deposits $1,397,003
    Deposits held in domestic offices $1,503,665
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $385,475
    Subordinated debt $0
    All other liabilities $11,312

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,855,016
    Loan and leases loss allowance $13,614
    Total loans and leases (domestic) $1,868,630
    All real estate loans $1,786,557
    Real estate loans in domestic offices $1,786,557
    Construction and development loans $259,746
    Residential 1-4 family construction $174,406
    Other construction, all land development and other land $85,340
    Loans secured by nonfarm nonresidential properties $311,201
    Nonfarm nonresidential secured by owner-occupied properties $53,780
    Commercial real estate & other non-farm, non-residential $257,421
    Multifamily residential real estate $159,375
    1-4 family residential loans $1,056,235
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $65,366
    To non-U.S. addressees $0
    Loans to individuals $7,041
    Credit card loans $0
    Related Plans $4
    Consumer Auto Loans $0
    Other loans to individuals $7,037
    All other loans & leases $9,666
    Loans to foreign governments and official institutions $0
    Other loans $193
    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 $1,191
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Needham Bank had $1,855,016,000 of loans outstanding in 2018. $1,786,557,000 of loans were in real estate loans. $259,746,000 of loans were in development loans. $159,375,000 of loans were in multifamily mortgage loans. $1,056,235,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 142 $51,215 $360,669
    Nonfarm, nonresidential loans - <$100k 12 $1,035 $86,250
    Nonfarm, nonresidential loans - $100-250k 27 $3,301 $122,259
    Nonfarm, nonresidential loans - $250k-1MM 103 $46,879 $455,136
    Commercial & Industrial, US addressed loans - <$1MM 250 $22,123 $88,492
    Commercial & Industrial, US addressed loans - <$100k 146 $2,375 $16,267
    Commercial & Industrial, US addressed loans - $100-250k 45 $4,538 $100,844
    Commercial & Industrial, US addressed loans - $250k-1MM 59 $15,210 $257,797