Norwood Co-operative Bank Mortgage Rates, Fees & Info
Norwood, MALEI: 54930034MXV88NNFY879
Tax ID: 27-2251017
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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 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% | 4/21/24 |
| 30 Year Conventional Refi | 6.34% | 4/21/24 |
| 30 Year Cash-out Refi | 6.39% | 4/21/24 |
| 15 Year Conventional Purchase | 6.40% | 4/21/24 |
| 15 Year Conventional Refi | 5.89% | 4/21/24 |
| 15 Year Cash-out Refi | 5.89% | 4/21/24 |
| 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
257Origination Dollar Volume (All Markets)
$110,195,000Employee count
52Top 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) | 220 | $99,210,000 | $450,955 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 23 | $6,615,000 | $287,609 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 10 | $3,020,000 | $302,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $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 | 257 | $110,195,000 | $428,774 | $0 | 0.00% |
For 2019, Norwood Co-operative Bank's most frequently originated type of loan was Conventional, with 257 originations.
Loan Reason
For 2019, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 106 originations. The 2nd most popular reason was Cash Out Refi, with 75 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 257 | $110,195,000 | $428,774 | $0 | 0.00% |
For 2019, Norwood Co-operative Bank's most frequently cited loan duration was Other, with 257 originations.
Loan Sizing
2019 saw Norwood Co-operative Bank place emphasis on $200k-400k loans with 86 originations, totaling $25,680,000 in origination value.
Applicant Income
Norwood Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 63 originations. The second most popular income band? $100k-150k, with 59 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 257 | $110,195,000 | $428,774 | $0 | 0.00% |
Norwood Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 257 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.90%
Norwood Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.44%
Norwood Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 257 | $110,195,000 | $428,774 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 10 | $17,260,000 | $1,726,000 |
| Single Family (1-4 Units):Site-Built | 247 | $92,935,000 | $376,255 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| NORTHWEST BANCSHARES INC | Other type of mortgage | Trouble during payment process | 1 | 100.0% |
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 | $454,274 |
For 2019, Norwood Co-operative Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $24,058 |
| Net interest income | $17,508 |
| Total noninterest income | $2,078 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $63 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,015 |
| Pre-tax net operating income | $6,168 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $4,593 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $4,593 |
| Minority interest net income | $0 |
| Net income | $4,593 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $4,593 |
Norwood Co-operative Bank's gross interest income from loans was $24,058,000.
Norwood Co-operative Bank's net interest income from loans was $17,508,000.
Norwood Co-operative Bank's fee based income from loans was $63,000.
Norwood Co-operative Bank's net income from loans was $4,593,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,550 |
| Provision for credit losses | $589 |
| Total noninterest expense | $12,829 |
| Salaries and employee benefits | $8,199 |
| Premises and equipment expense | $920 |
| Additional noninterest expense | $3,710 |
| Applicable income taxes | $1,575 |
| Net charge-offs | $0 |
| Cash dividends | $0 |
Norwood Co-operative Bank's interest expense for loans was $6,550,000.
Norwood Co-operative Bank's payroll and benefits expense were $8,199,000.
Norwood Co-operative Bank's property, plant and equipment expenses $920,000.
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 | $480,162 |
| Deposits held in domestic offices | $480,162 |
| Deposits by Individuals, partnerships, and corporations | $433,215 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $15,711 |
| Deposits by Commercial banks and other depository institutions in U.S. | $31,236 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $81,750 |
| Demand deposits | $81,750 |
| Nontransaction accounts | $398,412 |
| Money market deposit accounts (MMDAs) | $99,881 |
| Other savings deposits (excluding MMDAs) | $71,485 |
| Total time deposits | $227,046 |
| Total time and savings deposits | $398,412 |
| Noninterest-bearing deposits | $37,770 |
| Interest-bearing deposits | $442,392 |
| Retail deposits | $400,750 |
| IRAs and Keogh plan accounts | $27,330 |
| Brokered deposits | $31,086 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $588,779 |
| Cash & Balances due from depository institutions | $5,779 |
| Interest-bearing balances | $2,530 |
| Total securities | $59,824 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $491,305 |
| Loan and leases loss allowance | $3,891 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,022 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $685 |
| All other assets | $26,164 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $588,779 |
| Total Liabilities | $510,598 |
| Total deposits | $480,162 |
| Interest-bearing deposits | $442,392 |
| Deposits held in domestic offices | $480,162 |
| % insured (estimated) | $88 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $23,251 |
| Subordinated debt | $0 |
| All other liabilities | $7,185 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $491,305 |
| Loan and leases loss allowance | $3,891 |
| Total loans and leases (domestic) | $495,196 |
| All real estate loans | $482,927 |
| Real estate loans in domestic offices | $482,927 |
| Construction and development loans | $76,996 |
| Residential 1-4 family construction | $53,992 |
| Other construction, all land development and other land | $23,004 |
| Loans secured by nonfarm nonresidential properties | $132,948 |
| Nonfarm nonresidential secured by owner-occupied properties | $43,429 |
| Commercial real estate & other non-farm, non-residential | $89,519 |
| Multifamily residential real estate | $39,675 |
| 1-4 family residential loans | $233,308 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $12,632 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $137 |
| Credit card loans | $0 |
| Related Plans | $27 |
| Consumer Auto Loans | $14 |
| Other loans to individuals | $96 |
| 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 | $912 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Norwood Co-operative Bank had $491,305,000 of loans outstanding in 2019. $482,927,000 of loans were in real estate loans. $76,996,000 of loans were in development loans. $39,675,000 of loans were in multifamily mortgage loans. $233,308,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $14,000 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 | 87 | $31,906 | $366,736 |
| Nonfarm, nonresidential loans - <$100k | 4 | $201 | $50,250 |
| Nonfarm, nonresidential loans - $100-250k | 19 | $2,376 | $125,053 |
| Nonfarm, nonresidential loans - $250k-1MM | 64 | $29,329 | $458,266 |
| Commercial & Industrial, US addressed loans - <$1MM | 50 | $9,202 | $184,040 |
| Commercial & Industrial, US addressed loans - <$100k | 18 | $439 | $24,389 |
| Commercial & Industrial, US addressed loans - $100-250k | 13 | $1,757 | $135,154 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 19 | $7,006 | $368,737 |