Norwood Co-operative Bank Mortgage Rates, Fees & Info

Norwood, MA

LEI: 54930034MXV88NNFY879

Tax ID: 27-2251017

5 stars - out of 5 stars, based on 14 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    Norwood Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. Norwood Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, and Barnstable Town among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Norwood Co-operative 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. Norwood Co-operative Bank is typically an average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.36% 3/31/23
    30 Year Conventional Refi 6.34% 3/31/23
    30 Year Cash-out Refi 6.39% 3/31/23
    15 Year Conventional Purchase 6.40% 3/31/23
    15 Year Conventional Refi 5.89% 3/31/23
    15 Year Cash-out Refi 5.89% 3/31/23
    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.


    Originations

    206

    Origination Dollar Volume (All Markets)

    $130,830,000

    Awards

    Norwood Co-operative Bank 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Norwood Co-operative Bank's average 30 year fixed mortgage rate was 4.31%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.45%.

    Relative Fees (Closing Costs)

    Norwood Co-operative Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,983.

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

    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) 184 $119,460,000 $649,239 $3,091 4.51%
    WORCESTER, MA-CT (FHA|USDA|VA) 9 $4,945,000 $549,444 $1,335 4.86%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $3,955,000 $565,000 $9,189 4.16%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $2,470,000 $411,667 $3,836 4.29%
    Norwood Co-operative Bank's top markets include Boston, Worcester, Providence, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

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

    Sharon & Crescent United Credit Union
    Similarity Rank: 268
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Piscataqua Savings Bank
    Similarity Rank: 526
    Middlesex Savings Bank
    Similarity Rank: 560
    Bridgewater Savings Bank
    Similarity Rank: 576
    Walpole Co-operative Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    Bristol County Savings Bank
    Similarity Rank: 945
    North Easton Savings Bank
    Similarity Rank: 956

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 206 $130,830,000 $635,097 $3,351 4.51%

    For 2022, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 206 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 106 $79,200,000 $747,170 $5,309 4.68%
    Refi 36 $31,250,000 $868,056 $2,527 4.11%
    Home Improvement 35 $9,605,000 $274,429 $124 4.91%
    Cash Out Refi 25 $10,175,000 $407,000 $3,179 3.77%
    Other 4 $600,000 $150,000 $746 4.44%

    For 2022, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 109 $69,805,000 $640,413 $4,983 4.31%
    15 Year 36 $5,200,000 $144,444 $1,133 4.35%
    Other 14 $22,030,000 $1,573,571 $0 5.59%
    30+ year 14 $15,210,000 $1,086,429 $12,589 4.61%
    10 Year 14 $7,310,000 $522,143 $240 4.32%
    1 Year 13 $10,195,000 $784,231 $0 5.81%
    5 Year 3 $85,000 $28,333 $8 4.25%
    20 Year 3 $995,000 $331,667 $2,652 3.29%

    For 2022, Norwood Co-operative Bank's most frequently cited loan duration was 30 Year, with 109 originations. The 2nd most popular length was 15 Year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 103 $31,665,000 $307,427
    $5k+ 12 $7,500,000 $625,000
    $1k-2k 3 $915,000 $305,000
    $2k-3k 2 $820,000 $410,000
    $3k-4k 1 $385,000 $385,000

    Norwood Co-operative Bank's average total fees were $4,983, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 80 $52,130,000 $651,625
    3-4% 61 $38,665,000 $633,852
    5-6% 46 $27,510,000 $598,043
    2.5-3% 7 $3,295,000 $470,714
    6-7% 5 $6,805,000 $1,361,000
    <2.5% 4 $820,000 $205,000
    7-8% 3 $1,605,000 $535,000

    During 2022, Norwood Co-operative Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 80 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 42 $12,630,000 $300,714 $3,276 4.20%
    $1MM+ 39 $68,605,000 $1,759,103 $4,692 4.86%
    $400k-600k 36 $17,640,000 $490,000 $4,685 4.33%
    $600k-1MM 36 $27,080,000 $752,222 $8,847 4.64%
    $100,000 or less 31 $1,645,000 $53,065 $94 4.72%
    $100k-200k 22 $3,230,000 $146,818 $1,536 4.22%

    2022 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 42 originations, totaling $12,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 42 $14,760,000 $351,429 $3,777 4.33%
    $100k-150k 28 $8,750,000 $312,500 $3,274 4.11%
    $250k+ 19 $11,085,000 $583,421 $4,559 4.01%
    $75k-100k 19 $4,645,000 $244,474 $2,553 4.19%
    $50k-75k 8 $1,650,000 $206,250 $1,917 3.92%
    $50k or less 3 $175,000 $58,333 $769 4.54%

    Norwood Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 42 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 28 $8,000,000 $285,714 $3,055 4.27%
    20-30% 18 $4,040,000 $224,444 $2,187 3.95%
    40% 8 $2,440,000 $305,000 $3,806 4.56%
    37% 7 $3,035,000 $433,571 $5,908 3.96%
    42% 7 $2,745,000 $392,143 $4,508 4.11%
    41% 6 $2,710,000 $451,667 $5,530 4.10%
    44% 6 $3,370,000 $561,667 $4,818 3.42%
    47% 6 $2,060,000 $343,333 $2,587 3.96%
    49% 5 $1,775,000 $355,000 $4,676 4.55%
    38% 5 $1,795,000 $359,000 $3,772 4.85%
    43% 5 $2,065,000 $413,000 $2,244 4.40%
    45% 4 $1,950,000 $487,500 $2,578 4.38%
    36% 4 $1,230,000 $307,500 $2,066 4.19%
    <20% 4 $1,500,000 $375,000 $2,120 4.28%
    39% 3 $1,545,000 $515,000 $2,819 3.75%
    48% 2 $480,000 $240,000 $2,725 4.38%
    46% 1 $325,000 $325,000 $2,795 4.75%

    Norwood Co-operative Bank lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 74 $81,890,000 $1,106,622 $0 5.03%
    White 91 $34,775,000 $382,143 $2,776 4.21%
    Not provided 29 $9,655,000 $332,931 $4,563 4.14%
    Asian 7 $2,525,000 $360,714 $2,271 4.50%
    Black 4 $1,900,000 $475,000 $11,362 3.94%
    Asian Indian 1 $85,000 $85,000 $75 5.00%

    Approval Rates

    Total approvals of all applications
    94.26%

    Norwood Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.44%

    Norwood Co-operative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 206 $130,830,000 $635,097

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    206 $130,830,000 $635,097

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $3,800,000 $211,111 $1,980 4.02%
    40-60% 36 $21,410,000 $594,722 $3,386 4.68%
    60-80% 86 $86,520,000 $1,006,047 $4,877 4.52%
    80-100% 23 $11,605,000 $504,565 $6,908 4.09%
    Under 20% 43 $7,495,000 $174,302 $168 4.75%