Mass Bay Credit Union Mortgage Rates, Fees & Info

Boston, MA

LEI: 5493003VEEM09F16U659

Tax ID: 04-1104060

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mass Bay Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Mass Bay Credit Union has a high proportion of conventional loans. Their top two markets are Boston and Springfield .

    Mass Bay Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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    Originations

    13

    Origination Dollar Volume (All Markets)

    $725,000

    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) 12 $640,000 $53,333 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Mass Bay Credit Union's top markets include Boston and Springfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 13 $725,000 $55,769 $0 0.00%

    For 2018, Mass Bay Credit Union's most frequently originated type of loan was Conventional, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 9 $495,000 $55,000 $0 0.00%
    Cash Out Refi 4 $230,000 $57,500 $0 0.00%

    For 2018, Mass Bay Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 13 $725,000 $55,769 $0 0.00%

    For 2018, Mass Bay Credit Union's most frequently cited loan duration was Other, with 13 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 12 $620,000 $51,667 $0 0.00%
    $100k-200k 1 $105,000 $105,000 $0 0.00%

    2018 saw Mass Bay Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 5 $215,000 $43,000 $0 0.00%
    $150k-250k 3 $235,000 $78,333 $0 0.00%
    $50k-75k 2 $70,000 $35,000 $0 0.00%
    $250k+ 1 $85,000 $85,000 $0 0.00%
    $50k or less 1 $65,000 $65,000 $0 0.00%
    $75k-100k 1 $55,000 $55,000 $0 0.00%

    Mass Bay Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $150k-250k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 13 $725,000 $55,769 $0 0.00%

    Mass Bay Credit Union lent most frequently to those with DTI ratios of Exempt%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8 $390,000 $48,750 $0 0.00%
    Not provided 5 $335,000 $67,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.62%

    Mass Bay Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    92.31%

    Mass Bay Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 13 $725,000 $55,769

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 13 $725,000 $55,769