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

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, Barnstable Town, Providence, 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. Norwood Co-operative Bank is typically a low 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%	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

276

Origination Dollar Volume (All Markets)

$159,780,000

Employee count

Awards

Norwood Co-operative Bank 30 Year Conventional Loans bronze

Show all (1) awards

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)	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.

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: 335

LUSO-AMERICAN CREDIT UNION
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Middlesex Savings Bank
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Bridgewater Savings Bank
Similarity Rank: 672

East Boston Savings Bank
Similarity Rank: 755

Piscataqua Savings Bank
Similarity Rank: 789

Norwood Co-operative Bank
Similarity Rank: 820

QUINCY CREDIT UNION
Similarity Rank: 900

HARVARD UNIVERSITY EMPLOYEES
Similarity Rank: 1001

Walpole Co-operative Bank
Similarity Rank: 1052

Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Norwood Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 96 originations. The 2nd most popular reason was 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 2021, Norwood Co-operative Bank's most frequently cited loan duration was 30 Year, with 154 originations. The 2nd most popular length was 15 Year, with 52 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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	14	$5,090,000	$363,571
$5k+	6	$3,840,000	$640,000
$4k-5k	2	$700,000	$350,000

Norwood Co-operative Bank's average total fees were $3,652, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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
93.28%

Norwood Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.13%

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