Mass Bay Credit Union Mortgage Rates, Fees & Info
Boston, MALEI: 5493003VEEM09F16U659
Tax ID: 04-1104060
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Mass Bay Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Mass Bay Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Barnstable Town, and Manchester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Mass Bay Credit Union 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.
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Originations
314Origination Dollar Volume (All Markets)
$58,400,000Top 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) | 281 | $53,745,000 | $191,263 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 13 | $1,985,000 | $152,692 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 9 | $1,035,000 | $115,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $105,000 | $105,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 314 | $58,400,000 | $185,987 | $0 | 0.00% |
For 2023, Mass Bay Credit Union's most frequently originated type of loan was Conventional, with 314 originations.
Loan Reason
For 2023, Mass Bay Credit Union's most frequently cited loan purpose was Home Improvement, with 149 originations. The 2nd most popular reason was Other, with 80 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 314 | $58,400,000 | $185,987 | $0 | 0.00% |
For 2023, Mass Bay Credit Union's most frequently cited loan duration was Other, with 314 originations.
Loan Sizing
2023 saw Mass Bay Credit Union place emphasis on $100,000 or less loans with 103 originations, totaling $6,295,000 in origination value.
Applicant Income
Mass Bay Credit Union lent most frequently to those with incomes in the $150k-250k range, with 123 originations. The second most popular income band? $100k-150k, with 81 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 314 | $58,400,000 | $185,987 | $0 | 0.00% |
Mass Bay Credit Union lent most frequently to those with DTI ratios of Exempt%, with 314 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications75.57%
Mass Bay Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination71.34%
Mass Bay Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 314 | $58,400,000 | $185,987 |