Norwood Co-operative Bank Mortgage Rates, Fees & Info

Norwood, MA

LEI: 54930034MXV88NNFY879

Tax ID: 27-2251017

5 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include Boston, Barnstable Town, Providence, and Worcester among others. Norwood Co-operative Bank 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. Norwood Co-operative Bank is typically an average fee lendor.


Originations

276

Origination Dollar Volume (All Markets)

$159,780,000

Employee count

50

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 rate mortgage of loans were 3.11%.

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

This yields a difference of -0.04%.

Relative Fees

Norwood Co-operative Bank's average total fees for a 30 year fixed rate mortgage are $3,652.

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) 239 $141,145,000 $590,565 $3,291 3.14%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 15 $9,675,000 $645,000 $4,411 3.08%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 15 $4,945,000 $329,667 $4,906 3.02%
WORCESTER, MA-CT (FHA|USDA|VA) 7 $4,015,000 $573,571 $3,686 2.86%

Norwood Co-operative Bank's top markets include Boston, Barnstable Town, Providence, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 276 $159,780,000 $578,913 $3,469 3.12%

For the 2021 period, Norwood Co-operative Bank's most frequently originated loan type of loans were Conventional, with 276 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 96 $67,800,000 $706,250 $4,024 3.47%
Refi 92 $59,740,000 $649,348 $3,020 2.98%
Cash Out Refi 74 $26,980,000 $364,595 $3,522 2.82%
Home Improvement 12 $4,730,000 $394,167 $3,154 3.32%
Other 2 $530,000 $265,000 $1,552 3.44%

For the 2021, Norwood Co-operative Bank's most frequently cited loan purpose of loans were Home Purchase, with 96 originations. The 2nd most popular reason of loans were Refi, with 92 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 154 $83,090,000 $539,545 $3,652 3.11%
15 Year 52 $12,520,000 $240,769 $2,974 2.42%
Other 21 $22,255,000 $1,059,762 $3,158 4.07%
20 Year 15 $4,665,000 $311,000 $3,291 2.71%
30+ year 15 $20,045,000 $1,336,333 $12,813 3.68%
1 Year 10 $12,970,000 $1,297,000 $0 5.00%
10 Year 9 $4,235,000 $470,556 $918 3.00%

For the 2021, Norwood Co-operative Bank's most frequently cited loan length of loans were 30 Year, with 154 originations. The 2nd most popular length of loans were 15 Year, with 52 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 125 $48,535,000 $388,280
$1k-2k 44 $13,240,000 $300,909
$2k-3k 22 $7,380,000 $335,455
$3k-4k 16 $5,790,000 $361,875
$5k+ 6 $3,840,000 $640,000

$3,652 of loans were Norwood Co-operative Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 125 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 109 $43,745,000 $401,330
3-4% 85 $70,105,000 $824,765
<2.5% 56 $14,300,000 $255,357
4-5% 26 $31,630,000 $1,216,538

During 2021, Norwood Co-operative Bank's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 109 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 94 $28,970,000 $308,191 $3,545 2.82%
$400k-600k 65 $31,555,000 $485,462 $3,906 3.03%
$1MM+ 40 $72,490,000 $1,812,250 $7,489 4.10%
$100k-200k 39 $6,025,000 $154,487 $2,467 2.72%
$600k-1MM 27 $20,125,000 $745,370 $4,376 3.52%
$100,000 or less 11 $615,000 $55,909 $761 3.14%

2021 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 94 originations, totaling $28,970,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 69 $27,055,000 $392,101 $3,480 2.86%
$100k-150k 51 $18,465,000 $362,059 $3,652 2.81%
$75k-100k 38 $10,620,000 $279,474 $3,252 2.79%
$250k+ 26 $17,270,000 $664,231 $4,655 3.08%
$50k-75k 17 $3,375,000 $198,529 $2,591 2.64%
$50k or less 8 $1,070,000 $133,750 $2,315 2.42%

Norwood Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 69 originations. The second most popular income band? $100k-150k, with 51 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 60 $22,740,000 $379,000 $3,930 2.82%
30-36% 41 $15,425,000 $376,220 $3,398 2.81%
<20% 26 $7,440,000 $286,154 $3,241 2.82%
43% 12 $5,130,000 $427,500 $3,055 2.82%
36% 10 $4,190,000 $419,000 $3,420 2.79%
37% 8 $3,990,000 $498,750 $4,784 2.91%
41% 8 $2,540,000 $317,500 $3,111 3.03%
39% 7 $2,155,000 $307,857 $2,649 3.23%
42% 6 $2,080,000 $346,667 $3,413 2.63%
38% 6 $1,720,000 $286,667 $2,662 2.73%
46% 5 $1,175,000 $235,000 $3,492 2.68%
48% 5 $2,465,000 $493,000 $2,875 2.78%
50-60% 4 $1,090,000 $272,500 $2,003 3.06%
45% 4 $1,130,000 $282,500 $2,446 2.69%
44% 3 $675,000 $225,000 $2,418 2.67%
40% 3 $1,415,000 $471,667 $2,848 3.00%
47% 2 $820,000 $410,000 $6,400 2.50%
49% 2 $2,570,000 $1,285,000 $6,099 2.94%
>60% 1 $35,000 $35,000 $81 0.00%

Norwood Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 41 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 60 $79,830,000 $1,330,500 $0 4.17%
White 168 $60,650,000 $361,012 $3,296 2.83%
Not provided 40 $16,320,000 $408,000 $3,933 2.86%
Black 3 $1,775,000 $591,667 $7,703 2.83%
Asian 5 $1,205,000 $241,000 $2,936 2.70%

Approval Rates

Total approvals of all applications
92.63%

Norwood Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.73%

Norwood Co-operative Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 276 $159,780,000 $578,913

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
276 $159,780,000 $578,913

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 43 $11,865,000 $275,930 $2,947 2.73%
40-60% 68 $28,730,000 $422,500 $3,525 2.90%
60-80% 125 $105,525,000 $844,200 $3,767 3.41%
80-100% 24 $12,000,000 $500,000 $4,676 2.93%
Under 20% 16 $1,660,000 $103,750 $946 3.21%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Norwood Co-Operative Bank 11 Central St Norwood, MA 2062 Full Service B&M $567,829

For 2021, Norwood Co-operative Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $22,934
Net interest income $20,266
Total noninterest income $2,487
Gross Fiduciary activities income $0
Service charges on deposit accounts $42
Trading account gains and fees $0
Additional Noninterest Income $2,445
Pre-tax net operating income $10,038
Securities gains (or losses, -) $124
Income before extraordinary items $7,447
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,447
Minority interest net income $0
Net income $7,447
Sale, conversion, retirement of capital stock, net $0
Net operating income $7,349

Norwood Co-operative Bank's gross interest income from loans was $22,934,000.
Norwood Co-operative Bank's net interest income from loans was $20,266,000.
Norwood Co-operative Bank's fee based income from loans was $42,000.
Norwood Co-operative Bank's net income from loans was $7,447,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,668
Provision for credit losses $120
Total noninterest expense $12,595
Salaries and employee benefits $7,951
Premises and equipment expense $908
Additional noninterest expense $3,736
Applicable income taxes $2,715
Net charge-offs $-2
Cash dividends $0

Norwood Co-operative Bank's interest expense for loans was $2,668,000.
Norwood Co-operative Bank's payroll and benefits expense were $7,951,000.
Norwood Co-operative Bank's property, plant and equipment expenses $908,000.

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 1.0%
1-4 family residential loans 0.0%
HELOC loans 1.0%
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 $589,551
Deposits held in domestic offices $589,551
Deposits by Individuals, partnerships, and corporations $555,678
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $32,629
Deposits by Commercial banks and other depository institutions in U.S. $1,244
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $142,899
Demand deposits $142,899
Nontransaction accounts $446,652
Money market deposit accounts (MMDAs) $199,535
Other savings deposits (excluding MMDAs) $106,704
Total time deposits $140,413
Total time and savings deposits $446,652
Noninterest-bearing deposits $78,842
Interest-bearing deposits $510,709
Retail deposits $558,649
IRAs and Keogh plan accounts $20,967
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $707,771
Cash & Balances due from depository institutions $135,180
Interest-bearing balances $132,724
Total securities $46,771
Federal funds sold & reverse repurchase $0
Net loans and leases $498,837
Loan and leases loss allowance $5,368
Trading account assets $0
Bank premises and fixed assets $4,598
Other real estate owned $0
Goodwill and other intangibles $839
All other assets $21,546

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $707,771
Total Liabilities $614,563
Total deposits $589,551
Interest-bearing deposits $510,709
Deposits held in domestic offices $589,551
% insured (estimated) $70
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $15,837
Subordinated debt $0
All other liabilities $9,175

Issued Loan Types

Type Value (in 000's)
Net loans and leases $498,837
Loan and leases loss allowance $5,368
Total loans and leases (domestic) $504,205
All real estate loans $485,646
Real estate loans in domestic offices $485,646
Construction and development loans $95,363
Residential 1-4 family construction $58,716
Other construction, all land development and other land $36,647
Loans secured by nonfarm nonresidential properties $142,745
Nonfarm nonresidential secured by owner-occupied properties $50,445
Commercial real estate & other non-farm, non-residential $92,300
Multifamily residential real estate $48,686
1-4 family residential loans $198,852
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $19,517
To non-U.S. addressees $0
Loans to individuals $89
Credit card loans $0
Related Plans $24
Consumer Auto Loans $0
Other loans to individuals $65
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 $461
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Norwood Co-operative Bank had $498,837,000 of loans outstanding in 2021. $485,646,000 of loans were in real estate loans. $95,363,000 of loans were in development loans. $48,686,000 of loans were in multifamily mortgage loans. $198,852,000 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 79 $31,571 $399,633
Nonfarm, nonresidential loans - <$100k 3 $137 $45,667
Nonfarm, nonresidential loans - $100-250k 15 $2,028 $135,200
Nonfarm, nonresidential loans - $250k-1MM 61 $29,406 $482,066
Commercial & Industrial, US addressed loans - <$1MM 77 $10,505 $136,429
Commercial & Industrial, US addressed loans - <$100k 42 $1,754 $41,762
Commercial & Industrial, US addressed loans - $100-250k 22 $3,517 $159,864
Commercial & Industrial, US addressed loans - $250k-1MM 13 $5,234 $402,615