Institution For Savings In Newburyport And Its Vicinity Mortgage Rates, Fees & Info

Newburyport, MA

LEI: 5493001QVY14BXG42N39

Tax ID: 04-1471660

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Institution For Savings In Newburyport And Its Vicinity is a small mortgage company specializing in Home Purchase and Refi loans. Institution For Savings In Newburyport And Its Vicinity has a high proportion of conventional loans. Their top markets include Boston, Worcester, Barnstable Town, Portland, and Vineyard Haven among others. Institution For Savings In Newburyport And Its Vicinity has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Institution For Savings In Newburyport And Its Vicinity is typically an average fee lendor.


Originations

1,638

Origination Dollar Volume (All Markets)

$1,155,590,000

Employee count

178

Awards

Institution for Savings in Newburyport and Its Vicinity 30 Year Conventional Loans silver Institution for Savings in Newburyport and Its Vicinity 30 Year Conventional Loans bronze Institution for Savings in Newburyport and Its Vicinity 30 Year Conventional Loans gold
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Relative Rate

Institution For Savings In Newburyport And Its Vicinity's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Institution For Savings In Newburyport And Its Vicinity's average total fees for a 30 year fixed rate mortgage are $5,258.

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) 1,559 $1,087,665,000 $697,668 $4,750 2.89%
WORCESTER, MA-CT (FHA|USDA|VA) 14 $25,280,000 $1,805,714 $7,277 3.25%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 25 $19,325,000 $773,000 $6,701 2.90%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 11 $7,015,000 $637,727 $6,938 2.81%
Outside of Metro Areas 11 $6,565,000 $596,818 $8,972 2.76%
Vineyard Haven, MA (FHA|USDA|VA) 6 $5,730,000 $955,000 $8,187 2.81%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,570,000 $392,500 $5,302 2.81%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 4 $1,220,000 $305,000 $4,707 2.93%
Laconia, NH (FHA|USDA|VA) 2 $690,000 $345,000 $5,669 2.81%
Concord, NH (FHA|USDA|VA) 2 $530,000 $265,000 $4,713 2.81%

Institution For Savings In Newburyport And Its Vicinity's top markets include Boston, Worcester, Barnstable Town, Portland, and Vineyard Haven among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,638 $1,155,590,000 $705,488 $4,853 2.89%

For the 2021 period, Institution For Savings In Newburyport And Its Vicinity's most frequently originated loan type of loans were Conventional, with 1,638 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 821 $739,115,000 $900,262 $6,110 2.85%
Refi 769 $400,775,000 $521,164 $3,602 2.92%
Home Improvement 24 $5,660,000 $235,833 $2,546 3.34%
Other 24 $10,040,000 $418,333 $4,051 3.17%

For the 2021, Institution For Savings In Newburyport And Its Vicinity's most frequently cited loan purpose of loans were Home Purchase, with 821 originations. The 2nd most popular reason of loans were Refi, with 769 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,283 $928,485,000 $723,683 $5,258 2.90%
20 Year 164 $66,130,000 $403,232 $3,009 2.79%
15 Year 100 $42,670,000 $426,700 $2,949 2.74%
10 Year 70 $101,470,000 $1,449,571 $2,509 3.07%
Other 10 $10,020,000 $1,002,000 $4,608 3.65%
30+ year 9 $6,755,000 $750,556 $13,094 2.95%
5 Year 2 $60,000 $30,000 $250 4.50%

For the 2021, Institution For Savings In Newburyport And Its Vicinity's most frequently cited loan length of loans were 30 Year, with 1,283 originations. The 2nd most popular length of loans were 20 Year, with 164 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 970 $473,110,000 $487,742
$1k-2k 333 $348,185,000 $1,045,601
$5k+ 163 $147,215,000 $903,160
$3k-4k 82 $62,050,000 $756,707
$2k-3k 29 $18,025,000 $621,552

$5,258 of loans were Institution For Savings In Newburyport And Its Vicinity's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 970 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,489 $995,835,000 $668,794
3-4% 90 $136,420,000 $1,515,778
<2.5% 37 $11,775,000 $318,243
4-5% 19 $11,435,000 $601,842
5-6% 3 $125,000 $41,667

During 2021, Institution For Savings In Newburyport And Its Vicinity's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,489 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$600k-1MM 484 $379,010,000 $783,079 $5,906 2.87%
$200k-400k 440 $130,160,000 $295,818 $2,889 2.90%
$1MM+ 341 $507,775,000 $1,489,076 $7,778 2.87%
$400k-600k 248 $120,230,000 $484,798 $3,663 2.92%
$100k-200k 118 $18,140,000 $153,729 $2,386 2.84%
$100,000 or less 7 $275,000 $39,286 $289 4.96%

2021 saw Institution For Savings In Newburyport And Its Vicinity place emphasis on $600k-1MM loans with 484 originations, totaling $379,010,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 606 $596,750,000 $984,736 $6,246 2.84%
$150k-250k 478 $294,380,000 $615,858 $4,893 2.87%
$100k-150k 294 $108,270,000 $368,265 $3,455 2.91%
$75k-100k 130 $37,000,000 $284,615 $2,937 2.93%
$50k-75k 73 $16,555,000 $226,781 $2,663 2.99%
$50k or less 13 $2,275,000 $175,000 $2,235 2.99%

Institution For Savings In Newburyport And Its Vicinity lent most frequently to those with incomes in the $250k+ range, with 606 originations. The second most popular income band? $150k-250k, with 478 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 567 $365,305,000 $644,277 $4,600 2.88%
30-36% 404 $282,530,000 $699,332 $5,354 2.87%
<20% 209 $124,235,000 $594,426 $4,264 2.85%
38% 84 $61,320,000 $730,000 $4,759 2.86%
37% 55 $35,595,000 $647,182 $5,233 2.95%
36% 54 $35,660,000 $660,370 $4,678 2.89%
39% 53 $37,095,000 $699,906 $6,100 2.87%
40% 49 $31,585,000 $644,592 $4,772 2.84%
41% 49 $31,995,000 $652,959 $4,592 2.96%
42% 35 $27,015,000 $771,857 $5,879 2.87%
43% 15 $8,145,000 $543,000 $4,646 2.86%
44% 11 $7,555,000 $686,818 $4,186 3.02%
45% 4 $2,140,000 $535,000 $3,445 2.93%
47% 3 $845,000 $281,667 $2,630 2.91%
50-60% 3 $2,995,000 $998,333 $4,803 3.00%
>60% 2 $1,340,000 $670,000 $3,862 2.75%
46% 2 $1,270,000 $635,000 $5,677 2.93%
49% 1 $225,000 $225,000 $2,658 2.99%

Institution For Savings In Newburyport And Its Vicinity lent most frequently to those with DTI ratios of 20-30%, with 567 originations. The next most common DTI ratio? 30-36%, with 404 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,250 $780,510,000 $624,408 $4,530 2.88%
Not provided 241 $163,085,000 $676,701 $5,593 2.87%
Asian 90 $99,710,000 $1,107,889 $7,240 2.80%
Not applicable 36 $97,770,000 $2,715,833 $0 3.71%
Black 12 $7,280,000 $606,667 $5,219 2.86%
American Indian 6 $4,010,000 $668,333 $4,034 2.89%
Asian Indian 3 $3,225,000 $1,075,000 $6,377 2.92%

Approval Rates

Total approvals of all applications
94.43%

Institution For Savings In Newburyport And Its Vicinity has an average approval rate.

Pick Rate

Approvals leading to origination
82.56%

Institution For Savings In Newburyport And Its Vicinity has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,638 $1,155,590,000 $705,488

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,638 $1,155,590,000 $705,488

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 195 $57,545,000 $295,103 $2,851 2.87%
40-60% 361 $184,495,000 $511,066 $3,607 2.90%
60-80% 678 $572,910,000 $845,000 $5,436 2.93%
80-100% 372 $335,280,000 $901,290 $6,291 2.81%
Under 20% 32 $5,360,000 $167,500 $2,089 3.25%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Institution For Savings In Newburyport and Its Vicinity 112 County Road Ipswich, MA 1938 Full Service B&M $72,545
Institution For Savings In Newburyport and Its Vicinity 150 Main Street Amesbury, MA 1913 Full Service B&M $43,480
Institution For Savings In Newburyport and Its Vicinity 161 South Main Street Middleton, MA 1949 Full Service B&M $335,899
Institution For Savings In Newburyport and Its Vicinity 2-8 Depot Square Ipswich, MA 1938 Full Service B&M $354,652
Institution For Savings In Newburyport and Its Vicinity 312 Haverhill Street Rowley, MA 1969 Full Service B&M $249,905
Institution For Savings In Newburyport and Its Vicinity 37 King Street Rockport, MA 1966 Full Service B&M $180,083
Institution For Savings In Newburyport and Its Vicinity 4 Colon Street Beverly, MA 1915 Full Service B&M $131,340
Institution For Savings In Newburyport and Its Vicinity 4 Parker St. Gloucester, MA 1930 Full Service B&M $179,431
Institution For Savings In Newburyport and Its Vicinity 5 Main Street Topsfield, MA 1983 Full Service B&M $163,477
Institution For Savings In Newburyport and Its Vicinity 545 Bay Road Hamilton, MA 1936 Full Service B&M $59,077
Institution For Savings In Newburyport and Its Vicinity 6 Paradise Rd Salem, MA 1970 Full Service B&M $220,597
Institution For Savings In Newburyport and Its Vicinity 7 Bridge Road Salisbury, MA 1952 Full Service B&M $204,813
Institution For Savings In Newburyport and Its Vicinity 7 Elm Street Boxford, MA 1921 Full Service B&M $38,954
Institution For Savings In Newburyport and Its Vicinity 93 State St Newburyport, MA 1950 Full Service B&M $631,985
Institution For Savings In Newburyport and Its Vicinity Storey Avenue And Woodmen Way Newburyport, MA 1950 Full Service B&M $438,807

For 2021, Institution For Savings In Newburyport And Its Vicinity had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $116,439
Net interest income $85,614
Total noninterest income $5,324
Gross Fiduciary activities income $0
Service charges on deposit accounts $341
Trading account gains and fees $0
Additional Noninterest Income $4,983
Pre-tax net operating income $34,812
Securities gains (or losses, -) $86,555
Income before extraordinary items $101,871
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $101,871
Minority interest net income $0
Net income $101,871
Sale, conversion, retirement of capital stock, net $0
Net operating income $29,164

Institution For Savings In Newburyport And Its Vicinity's gross interest income from loans was $116,439,000.
Institution For Savings In Newburyport And Its Vicinity's net interest income from loans was $85,614,000.
Institution For Savings In Newburyport And Its Vicinity's fee based income from loans was $341,000.
Institution For Savings In Newburyport And Its Vicinity's net income from loans was $101,871,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $30,825
Provision for credit losses $0
Total noninterest expense $56,126
Salaries and employee benefits $30,099
Premises and equipment expense $5,898
Additional noninterest expense $20,129
Applicable income taxes $19,496
Net charge-offs $26
Cash dividends $0

Institution For Savings In Newburyport And Its Vicinity's interest expense for loans was $30,825,000.
Institution For Savings In Newburyport And Its Vicinity's payroll and benefits expense were $30,099,000.
Institution For Savings In Newburyport And Its Vicinity's property, plant and equipment expenses $5,898,000.

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 $3,491,524
Deposits held in domestic offices $3,491,524
Deposits by Individuals, partnerships, and corporations $3,383,807
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $107,717
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 $517,157
Demand deposits $232,738
Nontransaction accounts $2,974,367
Money market deposit accounts (MMDAs) $707,876
Other savings deposits (excluding MMDAs) $834,255
Total time deposits $1,432,237
Total time and savings deposits $3,258,786
Noninterest-bearing deposits $231,148
Interest-bearing deposits $3,260,376
Retail deposits $2,745,897
IRAs and Keogh plan accounts $202,681
Brokered deposits $176,712
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $4,534,739
Cash & Balances due from depository institutions $407,702
Interest-bearing balances $396,144
Total securities $681,649
Federal funds sold & reverse repurchase $3,602
Net loans and leases $3,221,041
Loan and leases loss allowance $14,297
Trading account assets $0
Bank premises and fixed assets $40,288
Other real estate owned $0
Goodwill and other intangibles $10,905
All other assets $169,552

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $4,534,739
Total Liabilities $3,978,863
Total deposits $3,491,524
Interest-bearing deposits $3,260,376
Deposits held in domestic offices $3,491,524
% insured (estimated) $68
Federal funds purchased and repurchase agreements $7,414
Trading liabilities $0
Other borrowed funds $442,815
Subordinated debt $0
All other liabilities $37,110

Issued Loan Types

Type Value (in 000's)
Net loans and leases $3,221,041
Loan and leases loss allowance $14,297
Total loans and leases (domestic) $3,235,338
All real estate loans $3,220,270
Real estate loans in domestic offices $3,220,270
Construction and development loans $47,398
Residential 1-4 family construction $29,427
Other construction, all land development and other land $17,971
Loans secured by nonfarm nonresidential properties $351,393
Nonfarm nonresidential secured by owner-occupied properties $106,020
Commercial real estate & other non-farm, non-residential $245,373
Multifamily residential real estate $196,896
1-4 family residential loans $2,624,583
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $8,045
To non-U.S. addressees $0
Loans to individuals $7,023
Credit card loans $0
Related Plans $165
Consumer Auto Loans $0
Other loans to individuals $6,858
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $1,942
Non 1-4 family restructured loans & leases $1,813
Total loans and leases (foreign) $0

Institution for Savings in Newburyport and Its Vicinity had $3,221,041,000 of loans outstanding in 2021. $3,220,270,000 of loans were in real estate loans. $47,398,000 of loans were in development loans. $196,896,000 of loans were in multifamily mortgage loans. $2,624,583,000 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 211 $60,510 $286,777
Nonfarm, nonresidential loans - <$100k 23 $750 $32,609
Nonfarm, nonresidential loans - $100-250k 46 $4,564 $99,217
Nonfarm, nonresidential loans - $250k-1MM 142 $55,196 $388,704
Commercial & Industrial, US addressed loans - <$1MM 123 $6,570 $53,415
Commercial & Industrial, US addressed loans - <$100k 81 $1,168 $14,420
Commercial & Industrial, US addressed loans - $100-250k 20 $1,294 $64,700
Commercial & Industrial, US addressed loans - $250k-1MM 22 $4,108 $186,727