Norwood Co-operative Bank Mortgage Rates, Fees & Info

Norwood, MA

LEI: 54930034MXV88NNFY879

Tax ID: 27-2251017

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Bank Data

Review & Overview

Norwood Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Norwood Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, and Worcester 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.36% 3/28/24
30 Year Conventional Refi 6.34% 3/28/24
30 Year Cash-out Refi 6.39% 3/28/24
15 Year Conventional Purchase 6.40% 3/28/24
15 Year Conventional Refi 5.89% 3/28/24
15 Year Cash-out Refi 5.89% 3/28/24
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.

Norwood Co-operative Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Norwood Co-operative Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

235

Origination Dollar Volume (All Markets)

$83,795,000

Employee count

52

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) 212 $76,670,000 $361,651 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $2,785,000 $253,182 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $2,330,000 $388,333 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 6 $2,010,000 $335,000 $0 0.00%
Norwood Co-operative Bank's top markets include Boston, Providence, Barnstable Town, and Worcester 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.

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 235 $83,795,000 $356,574 $0 0.00%

    For 2018, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 235 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 98 $49,360,000 $503,673 $0 0.00%
    Cash Out Refi 76 $26,980,000 $355,000 $0 0.00%
    Home Improvement 28 $1,620,000 $57,857 $0 0.00%
    Refi 20 $4,820,000 $241,000 $0 0.00%
    Other 13 $1,015,000 $78,077 $0 0.00%

    For 2018, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 235 $83,795,000 $356,574 $0 0.00%

    For 2018, Norwood Co-operative Bank's most frequently cited loan duration was Other, with 235 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 75 $23,055,000 $307,400 $0 0.00%
    $100,000 or less 58 $2,960,000 $51,034 $0 0.00%
    $400k-600k 45 $21,305,000 $473,444 $0 0.00%
    $100k-200k 34 $4,980,000 $146,471 $0 0.00%
    $1MM+ 13 $24,245,000 $1,865,000 $0 0.00%
    $600k-1MM 10 $7,250,000 $725,000 $0 0.00%

    2018 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 75 originations, totaling $23,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 65 $16,905,000 $260,077 $0 0.00%
    $150k-250k 63 $18,385,000 $291,825 $0 0.00%
    $75k-100k 24 $6,170,000 $257,083 $0 0.00%
    $50k or less 22 $2,490,000 $113,182 $0 0.00%
    $50k-75k 18 $3,450,000 $191,667 $0 0.00%
    $250k+ 16 $8,890,000 $555,625 $0 0.00%

    Norwood Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 65 originations. The second most popular income band? $150k-250k, with 63 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 235 $83,795,000 $356,574 $0 0.00%

    Norwood Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 235 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 170 $46,260,000 $272,118 $0 0.00%
    Not applicable 19 $24,925,000 $1,311,842 $0 0.00%
    Not provided 26 $5,170,000 $198,846 $0 0.00%
    Asian 13 $4,385,000 $337,308 $0 0.00%
    Black 4 $2,160,000 $540,000 $0 0.00%
    Asian Indian 2 $720,000 $360,000 $0 0.00%
    Other Asian 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.83%

    Norwood Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.36%

    Norwood Co-operative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 235 $83,795,000 $356,574

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $13,800,000 $2,300,000
    Single Family (1-4 Units):Site-Built 229 $69,995,000 $305,655

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Norwood Co-operative Bank 11 Central Street Norwood, MA 2062 Full Service B&M $413,304

    For 2018, Norwood Co-operative Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,254
    Net interest income $15,775
    Total noninterest income $1,630
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $70
    Trading account gains and fees $0
    Additional Noninterest Income $1,560
    Pre-tax net operating income $6,168
    Securities gains (or losses, -) $2,081
    Income before extraordinary items $5,761
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,761
    Minority interest net income $0
    Net income $5,761
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,117

    Norwood Co-operative Bank's gross interest income from loans was $20,254,000.
    Norwood Co-operative Bank's net interest income from loans was $15,775,000.
    Norwood Co-operative Bank's fee based income from loans was $70,000.
    Norwood Co-operative Bank's net income from loans was $5,761,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,479
    Provision for credit losses $123
    Total noninterest expense $11,114
    Salaries and employee benefits $6,965
    Premises and equipment expense $881
    Additional noninterest expense $3,268
    Applicable income taxes $2,488
    Net charge-offs $-44
    Cash dividends $0

    Norwood Co-operative Bank's interest expense for loans was $4,479,000.
    Norwood Co-operative Bank's payroll and benefits expense were $6,965,000.
    Norwood Co-operative Bank's property, plant and equipment expenses $881,000.

    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 $424,696
    Deposits held in domestic offices $424,696
    Deposits by Individuals, partnerships, and corporations $417,059
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,879
    Deposits by Commercial banks and other depository institutions in U.S. $758
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $77,617
    Demand deposits $77,617
    Nontransaction accounts $347,079
    Money market deposit accounts (MMDAs) $88,297
    Other savings deposits (excluding MMDAs) $75,975
    Total time deposits $182,807
    Total time and savings deposits $347,079
    Noninterest-bearing deposits $36,449
    Interest-bearing deposits $388,247
    Retail deposits $373,852
    IRAs and Keogh plan accounts $30,214
    Brokered deposits $20,500
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $536,259
    Cash & Balances due from depository institutions $6,603
    Interest-bearing balances $4,301
    Total securities $56,094
    Federal funds sold & reverse repurchase $0
    Net loans and leases $442,640
    Loan and leases loss allowance $3,301
    Trading account assets $0
    Bank premises and fixed assets $4,999
    Other real estate owned $0
    Goodwill and other intangibles $734
    All other assets $25,189

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $536,259
    Total Liabilities $461,873
    Total deposits $424,696
    Interest-bearing deposits $388,247
    Deposits held in domestic offices $424,696
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $32,584
    Subordinated debt $0
    All other liabilities $4,593

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $442,640
    Loan and leases loss allowance $3,301
    Total loans and leases (domestic) $445,941
    All real estate loans $436,472
    Real estate loans in domestic offices $436,472
    Construction and development loans $64,107
    Residential 1-4 family construction $40,194
    Other construction, all land development and other land $23,913
    Loans secured by nonfarm nonresidential properties $132,195
    Nonfarm nonresidential secured by owner-occupied properties $48,163
    Commercial real estate & other non-farm, non-residential $84,032
    Multifamily residential real estate $28,577
    1-4 family residential loans $211,593
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $9,686
    To non-U.S. addressees $0
    Loans to individuals $207
    Credit card loans $0
    Related Plans $62
    Consumer Auto Loans $36
    Other loans to individuals $109
    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 $5,303
    Non 1-4 family restructured loans & leases $3,875
    Total loans and leases (foreign) $0

    Norwood Co-operative Bank had $442,640,000 of loans outstanding in 2018. $436,472,000 of loans were in real estate loans. $64,107,000 of loans were in development loans. $28,577,000 of loans were in multifamily mortgage loans. $211,593,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $36,000 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 93 $31,437 $338,032
    Nonfarm, nonresidential loans - <$100k 5 $227 $45,400
    Nonfarm, nonresidential loans - $100-250k 20 $2,259 $112,950
    Nonfarm, nonresidential loans - $250k-1MM 68 $28,951 $425,750
    Commercial & Industrial, US addressed loans - <$1MM 48 $7,494 $156,125
    Commercial & Industrial, US addressed loans - <$100k 17 $472 $27,765
    Commercial & Industrial, US addressed loans - $100-250k 12 $1,239 $103,250
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $5,783 $304,368