Mountainone Bank Mortgage Rates, Fees & Info
North Adams, MALEI: 5493002578XYSRFY2C51
Tax ID: 04-3413060
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Bank Data
Review & Overview
Mountainone Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Mountainone Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Boston, Pittsfield, Providence, Bennington, and Worcester among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Mountainone 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. Mountainone 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.13% | 4/28/24 |
| 30 Year Conventional Refi | 6.17% | 4/28/24 |
| 30 Year Cash-out Refi | 6.34% | 4/28/24 |
| 30 Year FHA Purchase | 7.24% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 6.12% | 4/28/24 |
| 15 Year Conventional Refi | 5.96% | 4/28/24 |
| 15 Year Cash-out Refi | 5.96% | 4/28/24 |
| 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. | ||
Mountainone Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
215Origination Dollar Volume (All Markets)
$115,075,000Employee count
155Top 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) | 116 | $83,130,000 | $716,638 | $4,032 | 3.36% |
| PITTSFIELD, MA (FHA|USDA|VA) | 72 | $19,680,000 | $273,333 | $3,504 | 2.92% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 10 | $7,590,000 | $759,000 | $5,471 | 3.56% |
| Bennington, VT (FHA|USDA|VA) | 7 | $1,715,000 | $245,000 | $3,843 | 3.11% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $1,340,000 | $335,000 | $5,289 | 3.25% |
| Keene, NH (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,775 | 3.13% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,869 | 3.63% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,784 | 3.25% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $3,862 | 3.94% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,346 | 2.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against MountainOne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 212 | $114,100,000 | $538,208 | $3,823 | 3.22% |
| VA | 2 | $730,000 | $365,000 | $6,562 | 2.88% |
| FHA | 1 | $245,000 | $245,000 | $7,918 | 3.25% |
For 2021, Mountainone Bank's most frequently originated type of loan was Conventional, with 212 originations. Their 2nd most popular type was VA, with 2 originations.
Loan Reason
For 2021, Mountainone Bank's most frequently cited loan purpose was Home Purchase, with 85 originations. The 2nd most popular reason was Refi, with 64 originations.
Loan Duration/Length
For 2021, Mountainone Bank's most frequently cited loan duration was 30 Year, with 133 originations. The 2nd most popular length was 15 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 156 | $54,980,000 | $352,436 |
| $<1k | 11 | $1,335,000 | $121,364 |
| $2k-3k | 2 | $510,000 | $255,000 |
Mountainone Bank's average total fees were $4,127, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 156 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 84 | $44,830,000 | $533,690 |
| 2.5-3% | 80 | $38,180,000 | $477,250 |
| 4-5% | 28 | $28,340,000 | $1,012,143 |
| <2.5% | 22 | $3,510,000 | $159,545 |
| 5-6% | 1 | $215,000 | $215,000 |
During 2021, Mountainone Bank's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 3-4%, with 84 originations.
Loan Sizing
2021 saw Mountainone Bank place emphasis on $200k-400k loans with 88 originations, totaling $26,850,000 in origination value.
Applicant Income
Mountainone Bank lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $150k-250k, with 38 originations.
Applicant Debt to Income Ratio
Mountainone Bank lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 34 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.07%
Mountainone Bank has an average approval rate.
Pick Rate
Approvals leading to origination80.93%
Mountainone Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 215 | $115,075,000 | $535,233 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MOUNTAIN WEST FINANCIAL, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| MOUNTAIN WEST FINANCIAL, INC. | Conventional home mortgage | Trouble during payment process | 4 | 80.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Mountainone Bank | 111 Silver Lake Boulevard Pittsfield, MA 1201 | Full Service B&M | $37,626 |
| Mountainone Bank | 279 Union Street Rockland, MA 2370 | Full Service B&M | $153,900 |
| Mountainone Bank | 54 Front Street Scituate, MA 2066 | Full Service B&M | $60,775 |
| Mountainone Bank | 77 Granite Street Quincy, MA 2169 | Full Service B&M | $114,402 |
| Mountainone Bank | 795 Main Street Williamstown, MA 1267 | Full Service B&M | $167,521 |
| Mountainone Bank | 93 Main St North Adams, MA 1247 | Full Service B&M | $203,710 |
| Mountainone Bank | 93 Main Street North Adams, MA 1247 | Full Service Cyber Office | $1,716 |
For 2021, Mountainone Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $30,810 |
| Net interest income | $27,828 |
| Total noninterest income | $17,296 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $514 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $16,782 |
| Pre-tax net operating income | $15,927 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $11,703 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $11,703 |
| Minority interest net income | $0 |
| Net income | $11,703 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $11,703 |
Mountainone Bank's gross interest income from loans was $30,810,000.
Mountainone Bank's net interest income from loans was $27,828,000.
Mountainone Bank's fee based income from loans was $514,000.
Mountainone Bank's net income from loans was $11,703,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,982 |
| Provision for credit losses | $-2,150 |
| Total noninterest expense | $31,347 |
| Salaries and employee benefits | $19,910 |
| Premises and equipment expense | $2,877 |
| Additional noninterest expense | $8,560 |
| Applicable income taxes | $4,224 |
| Net charge-offs | $703 |
| Cash dividends | $0 |
Mountainone Bank's interest expense for loans was $2,982,000.
Mountainone Bank's payroll and benefits expense were $19,910,000.
Mountainone Bank's property, plant and equipment expenses $2,877,000.
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 | 1.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $731,865 |
| Deposits held in domestic offices | $731,865 |
| Deposits by Individuals, partnerships, and corporations | $698,475 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $33,390 |
| 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 | $263,822 |
| Demand deposits | $177,560 |
| Nontransaction accounts | $468,043 |
| Money market deposit accounts (MMDAs) | $281,174 |
| Other savings deposits (excluding MMDAs) | $48,288 |
| Total time deposits | $138,581 |
| Total time and savings deposits | $554,305 |
| Noninterest-bearing deposits | $177,560 |
| Interest-bearing deposits | $554,305 |
| Retail deposits | $630,639 |
| IRAs and Keogh plan accounts | $15,006 |
| Brokered deposits | $30,500 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $884,758 |
| Cash & Balances due from depository institutions | $87,415 |
| Interest-bearing balances | $77,255 |
| Total securities | $100,024 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $627,140 |
| Loan and leases loss allowance | $13,923 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,528 |
| Other real estate owned | $70 |
| Goodwill and other intangibles | $3,217 |
| All other assets | $52,364 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $884,758 |
| Total Liabilities | $755,917 |
| Total deposits | $731,865 |
| Interest-bearing deposits | $554,305 |
| Deposits held in domestic offices | $731,865 |
| % insured (estimated) | $59 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $7,700 |
| Subordinated debt | $0 |
| All other liabilities | $16,352 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $627,140 |
| Loan and leases loss allowance | $13,923 |
| Total loans and leases (domestic) | $641,063 |
| All real estate loans | $521,192 |
| Real estate loans in domestic offices | $521,192 |
| Construction and development loans | $86,252 |
| Residential 1-4 family construction | $16,495 |
| Other construction, all land development and other land | $69,757 |
| Loans secured by nonfarm nonresidential properties | $169,354 |
| Nonfarm nonresidential secured by owner-occupied properties | $68,935 |
| Commercial real estate & other non-farm, non-residential | $100,419 |
| Multifamily residential real estate | $54,385 |
| 1-4 family residential loans | $211,201 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $111,025 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,846 |
| Credit card loans | $0 |
| Related Plans | $74 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $8,772 |
| 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 | $2,982 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
MountainOne Bank had $627,140,000 of loans outstanding in 2021. $521,192,000 of loans were in real estate loans. $86,252,000 of loans were in development loans. $54,385,000 of loans were in multifamily mortgage loans. $211,201,000 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 | 125 | $32,014 | $256,112 |
| Nonfarm, nonresidential loans - <$100k | 12 | $476 | $39,667 |
| Nonfarm, nonresidential loans - $100-250k | 38 | $4,968 | $130,737 |
| Nonfarm, nonresidential loans - $250k-1MM | 75 | $26,570 | $354,267 |
| Commercial & Industrial, US addressed loans - <$1MM | 440 | $55,987 | $127,243 |
| Commercial & Industrial, US addressed loans - <$100k | 198 | $4,699 | $23,732 |
| Commercial & Industrial, US addressed loans - $100-250k | 125 | $13,683 | $109,464 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 117 | $37,605 | $321,410 |