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, Portland, and Providence among others. We have data for 7 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% 11/22/24
    30 Year Conventional Refi 6.23% 11/22/24
    15 Year Conventional Purchase 5.86% 11/22/24
    15 Year Conventional Refi 5.65% 11/22/24
    15 Year Cash-out Refi 5.65% 11/22/24
    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

    575

    Origination Dollar Volume (All Markets)

    $482,805,000

    Employee count

    207

    Awards

    Needham Bank 30 Year Conventional Loans bronze
    Show all (1) 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) 538 $462,320,000 $859,331 $3,401 4.11%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 18 $14,770,000 $820,556 $3,743 4.19%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $2,455,000 $272,778 $2,685 3.99%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,510,000 $377,500 $2,894 4.13%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $955,000 $318,333 $2,473 4.21%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $450,000 $225,000 $2,426 3.81%
    Laconia, NH (FHA|USDA|VA) 1 $345,000 $345,000 $2,668 3.99%
    Needham Bank's top markets include Boston, Barnstable Town, Worcester, Portland, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Maine (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 Needham Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    BankNewport
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348
    Bank Rhode Island
    Similarity Rank: 432
    QUINCY CREDIT UNION
    Similarity Rank: 435
    Middlesex Savings Bank
    Similarity Rank: 480

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 575 $482,805,000 $839,661 $3,388 4.11%

    For 2019, Needham Bank's most frequently originated type of loan was Conventional, with 575 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $219,785,000 $776,625 $3,679 4.13%
    Refi 280 $255,610,000 $912,893 $3,084 4.09%
    Home Improvement 7 $3,565,000 $509,286 $3,101 4.09%
    Other 5 $3,845,000 $769,000 $3,498 4.20%

    For 2019, Needham Bank's most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Refi, with 280 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 402 $350,380,000 $871,592 $3,358 4.21%
    30+ year 146 $116,570,000 $798,425 $3,619 3.89%
    15 Year 11 $2,925,000 $265,909 $2,184 3.43%
    20 Year 10 $4,390,000 $439,000 $2,427 3.68%
    Other 5 $3,895,000 $779,000 $2,409 5.13%
    5 Year 1 $4,645,000 $4,645,000 $0 4.20%

    For 2019, Needham Bank's most frequently cited loan duration was 30 Year, with 402 originations. The 2nd most popular length was 30+ year, with 146 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 459 $306,435,000 $667,614
    $3k-4k 2 $640,000 $320,000
    $5k+ 2 $1,000,000 $500,000
    $1k-2k 1 $705,000 $705,000
    $2k-3k 1 $345,000 $345,000

    Needham Bank's average total fees were $3,358, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 459 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 322 $199,800,000 $620,497
    4-5% 211 $191,175,000 $906,043
    5-6% 35 $45,375,000 $1,296,429
    6-7% 3 $24,965,000 $8,321,667
    7-8% 2 $20,600,000 $10,300,000
    <2.5% 1 $5,000 $5,000

    During 2019, Needham Bank's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 322 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 166 $82,310,000 $495,843 $3,173 4.11%
    $200k-400k 140 $43,650,000 $311,786 $2,684 4.07%
    $600k-1MM 123 $91,515,000 $744,024 $3,491 4.07%
    $1MM+ 104 $258,950,000 $2,489,904 $5,115 4.27%
    $100k-200k 38 $6,120,000 $161,053 $2,176 4.14%
    $100,000 or less 4 $260,000 $65,000 $1,987 3.13%

    2019 saw Needham Bank place emphasis on $400k-600k loans with 166 originations, totaling $82,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 150 $160,290,000 $1,068,600 $4,105 4.00%
    $150k-250k 138 $83,780,000 $607,101 $3,329 4.04%
    $100k-150k 105 $45,645,000 $434,714 $3,052 3.92%
    $75k-100k 43 $15,855,000 $368,721 $2,877 3.82%
    $50k-75k 36 $8,910,000 $247,500 $2,610 3.94%
    $50k or less 7 $1,355,000 $193,571 $2,185 4.05%

    Needham Bank lent most frequently to those with incomes in the $250k+ range, with 150 originations. The second most popular income band? $150k-250k, with 138 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 145 $96,925,000 $668,448 $3,315 3.97%
    30-36% 101 $62,955,000 $623,317 $3,472 3.92%
    <20% 52 $32,430,000 $623,654 $3,129 3.94%
    41% 22 $15,680,000 $712,727 $3,637 3.97%
    40% 22 $12,650,000 $575,000 $3,315 3.88%
    42% 22 $16,470,000 $748,636 $3,717 4.14%
    43% 22 $14,020,000 $637,273 $3,341 3.96%
    37% 19 $15,045,000 $791,842 $3,467 4.04%
    36% 18 $9,650,000 $536,111 $3,371 4.01%
    44% 17 $10,445,000 $614,412 $3,283 4.10%
    38% 13 $6,125,000 $471,154 $2,958 4.01%
    39% 11 $9,265,000 $842,273 $3,453 3.89%
    50-60% 7 $5,195,000 $742,143 $4,240 4.32%
    >60% 6 $6,890,000 $1,148,333 $4,810 4.19%
    47% 3 $1,285,000 $428,333 $3,154 3.79%
    46% 2 $1,960,000 $980,000 $3,912 4.13%
    45% 1 $355,000 $355,000 $3,291 3.75%

    Needham Bank lent most frequently to those with DTI ratios of 20-30%, with 145 originations. The next most common DTI ratio? 30-36%, with 101 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 367 $229,895,000 $626,417 $3,341 3.96%
    Not applicable 88 $164,230,000 $1,866,250 $0 4.91%
    Not provided 69 $55,785,000 $808,478 $3,680 3.98%
    Asian 22 $18,610,000 $845,909 $3,740 4.09%
    Black 20 $9,340,000 $467,000 $2,975 4.06%
    Asian Indian 7 $4,285,000 $612,143 $3,166 3.87%
    American Indian 1 $425,000 $425,000 $2,979 3.63%
    Chinese 1 $235,000 $235,000 $2,488 3.88%

    Approval Rates

    Total approvals of all applications
    93.24%

    Needham Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.09%

    Needham Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 575 $482,805,000 $839,661

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 23 $129,915,000 $5,648,478
    Single Family (1-4 Units):Site-Built 552 $352,890,000 $639,293

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $12,245,000 $349,857 $2,634 3.98%
    40-60% 92 $67,980,000 $738,913 $3,131 4.06%
    60-80% 263 $288,785,000 $1,098,042 $3,467 4.23%
    80-100% 177 $112,055,000 $633,079 $3,590 4.02%
    Over 100% 1 $995,000 $995,000 $4,931 3.88%
    Under 20% 6 $520,000 $86,667 $1,899 3.52%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Needham Bank 60 Centre St Dover, MA 2030 Full Service B&M $51,526
    Needham Bank 857 Main St Millis, MA 2054 Full Service B&M $35,357
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service Cyber Office $38,574
    Needham Bank 1063 Great Plain Avenue Needham, MA 2492 Full Service B&M $808,001
    Needham Bank 17 West Central St Natick, MA 1760 Full Service B&M $74,033
    Needham Bank 341 Washington Street Westwood, MA 2090 Full Service B&M $173,600
    Needham Bank 402 Washington Street Dedham, MA 2026 Full Service B&M $132,364
    Needham Bank 41 Front Street Ashland, MA 1721 Full Service B&M $37,168
    Needham Bank 458 Washington Street Wellesley, MA 2482 Full Service B&M $138,923
    Needham Bank 520 Main Street Medfield, MA 2052 Full Service B&M $143,756

    For 2019, Needham Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $97,332
    Net interest income $65,601
    Total noninterest income $4,892
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $503
    Trading account gains and fees $0
    Additional Noninterest Income $4,389
    Pre-tax net operating income $21,880
    Securities gains (or losses, -) $6
    Income before extraordinary items $16,001
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,001
    Minority interest net income $0
    Net income $16,001
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,996

    Needham Bank's gross interest income from loans was $97,332,000.
    Needham Bank's net interest income from loans was $65,601,000.
    Needham Bank's fee based income from loans was $503,000.
    Needham Bank's net income from loans was $16,001,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $31,731
    Provision for credit losses $1,525
    Total noninterest expense $47,088
    Salaries and employee benefits $29,870
    Premises and equipment expense $3,655
    Additional noninterest expense $13,563
    Applicable income taxes $5,885
    Net charge-offs $-23
    Cash dividends $0

    Needham Bank's interest expense for loans was $31,731,000.
    Needham Bank's payroll and benefits expense were $29,870,000.
    Needham Bank's property, plant and equipment expenses $3,655,000.

    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 $1,863,898
    Deposits held in domestic offices $1,863,898
    Deposits by Individuals, partnerships, and corporations $1,755,613
    Deposits by U.S. Government $22,489
    Deposits by States and political subdivisions in the U.S. $77,892
    Deposits by Commercial banks and other depository institutions in U.S. $7,904
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $73,494
    Demand deposits $14,595
    Nontransaction accounts $1,790,404
    Money market deposit accounts (MMDAs) $338,800
    Other savings deposits (excluding MMDAs) $388,530
    Total time deposits $1,063,074
    Total time and savings deposits $1,849,303
    Noninterest-bearing deposits $132,401
    Interest-bearing deposits $1,731,497
    Retail deposits $1,364,826
    IRAs and Keogh plan accounts $73,986
    Brokered deposits $154,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,453,186
    Cash & Balances due from depository institutions $102,288
    Interest-bearing balances $85,675
    Total securities $192,404
    Federal funds sold & reverse repurchase $16,725
    Net loans and leases $2,063,025
    Loan and leases loss allowance $15,162
    Trading account assets $0
    Bank premises and fixed assets $29,648
    Other real estate owned $910
    Goodwill and other intangibles $2,577
    All other assets $45,609

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,453,186
    Total Liabilities $2,160,865
    Total deposits $1,863,898
    Interest-bearing deposits $1,731,497
    Deposits held in domestic offices $1,863,898
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $277,327
    Subordinated debt $0
    All other liabilities $19,640

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,063,025
    Loan and leases loss allowance $15,162
    Total loans and leases (domestic) $2,078,187
    All real estate loans $1,981,436
    Real estate loans in domestic offices $1,981,436
    Construction and development loans $372,869
    Residential 1-4 family construction $260,748
    Other construction, all land development and other land $112,121
    Loans secured by nonfarm nonresidential properties $381,752
    Nonfarm nonresidential secured by owner-occupied properties $59,206
    Commercial real estate & other non-farm, non-residential $322,546
    Multifamily residential real estate $148,985
    1-4 family residential loans $1,077,451
    Farmland loans $379
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $76,472
    To non-U.S. addressees $0
    Loans to individuals $10,170
    Credit card loans $0
    Related Plans $3
    Consumer Auto Loans $0
    Other loans to individuals $10,167
    All other loans & leases $10,109
    Loans to foreign governments and official institutions $0
    Other loans $409
    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 $3,508
    Non 1-4 family restructured loans & leases $2,541
    Total loans and leases (foreign) $0

    Needham Bank had $2,063,025,000 of loans outstanding in 2019. $1,981,436,000 of loans were in real estate loans. $372,869,000 of loans were in development loans. $148,985,000 of loans were in multifamily mortgage loans. $1,077,451,000 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 177 $56,097 $316,932
    Nonfarm, nonresidential loans - <$100k 37 $908 $24,541
    Nonfarm, nonresidential loans - $100-250k 28 $3,460 $123,571
    Nonfarm, nonresidential loans - $250k-1MM 112 $51,729 $461,866
    Commercial & Industrial, US addressed loans - <$1MM 477 $28,704 $60,176
    Commercial & Industrial, US addressed loans - <$100k 335 $2,726 $8,137
    Commercial & Industrial, US addressed loans - $100-250k 60 $4,049 $67,483
    Commercial & Industrial, US addressed loans - $250k-1MM 82 $21,929 $267,427
    Farmland loans - <$1MM 1 $379 $379,000
    Farmland loans - $250k-1MM 1 $379 $379,000