Norwood Co-operative Bank Mortgage Rates, Fees & Info
Norwood, MALEI: 54930034MXV88NNFY879
Tax ID: 27-2251017
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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, Providence, Worcester, 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.
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 | 6.36% | 4/18/24 |
| 30 Year Conventional Refi | 6.34% | 4/18/24 |
| 30 Year Cash-out Refi | 6.39% | 4/18/24 |
| 15 Year Conventional Purchase | 6.40% | 4/18/24 |
| 15 Year Conventional Refi | 5.89% | 4/18/24 |
| 15 Year Cash-out Refi | 5.89% | 4/18/24 |
| 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. | ||
Norwood Co-operative Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
172Origination Dollar Volume (All Markets)
$154,010,000Top 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) | 143 | $140,685,000 | $983,811 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 20 | $9,760,000 | $488,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 7 | $2,495,000 | $356,429 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $0 | 0.00% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 172 | $154,010,000 | $895,407 | $0 | 0.00% |
For 2023, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 172 originations.
Loan Reason
For 2023, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 95 originations. The 2nd most popular reason was Home Improvement, with 34 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 172 | $154,010,000 | $895,407 | $0 | 0.00% |
For 2023, Norwood Co-operative Bank's most frequently cited loan duration was Other, with 172 originations.
Loan Sizing
2023 saw Norwood Co-operative Bank place emphasis on $1MM+ loans with 38 originations, totaling $106,570,000 in origination value.
Applicant Income
Norwood Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 44 originations. The second most popular income band? $100k-150k, with 25 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 172 | $154,010,000 | $895,407 | $0 | 0.00% |
Norwood Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 172 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.73%
Norwood Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.88%
Norwood Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 172 | $154,010,000 | $895,407 |