Mass Bay Credit Union Mortgage Rates, Fees & Info
Boston, MALEI: 5493003VEEM09F16U659
Tax ID: 04-1104060
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Mortgage Data
Review & Overview
Mass Bay Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Mass Bay Credit Union has a high proportion of conventional loans. Their top (well, only) market is Boston.Mass Bay Credit Union 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.
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Originations
8Origination Dollar Volume (All Markets)
$350,000Top 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) | 8 | $350,000 | $43,750 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $350,000 | $43,750 | $0 | 0.00% |
For 2019, Mass Bay Credit Union's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 7 | $245,000 | $35,000 | $0 | 0.00% |
| Refi | 1 | $105,000 | $105,000 | $0 | 0.00% |
For 2019, Mass Bay Credit Union's most frequently cited loan purpose was Home Improvement, with 7 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 8 | $350,000 | $43,750 | $0 | 0.00% |
For 2019, Mass Bay Credit Union's most frequently cited loan duration was Other, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $245,000 | $35,000 | $0 | 0.00% |
| $100k-200k | 1 | $105,000 | $105,000 | $0 | 0.00% |
2019 saw Mass Bay Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $245,000 in origination value.
Applicant Income
Mass Bay Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 8 | $350,000 | $43,750 | $0 | 0.00% |
Mass Bay Credit Union lent most frequently to those with DTI ratios of Exempt%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $215,000 | $43,000 | $0 | 0.00% |
| Black | 2 | $110,000 | $55,000 | $0 | 0.00% |
| Not provided | 1 | $25,000 | $25,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
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 origination75.00%
Mass Bay Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 8 | $350,000 | $43,750 |