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 Cash Out Refi loans. Mass Bay Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Springfield, and Providence among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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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    Originations

    7

    Origination Dollar Volume (All Markets)

    $1,735,000

    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) 5 $1,355,000 $271,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
    Mass Bay Credit Union's top markets include Boston, Springfield, and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7 $1,735,000 $247,857 $0 0.00%

    For 2020, Mass Bay Credit Union's most frequently originated type of loan was Conventional, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 4 $1,330,000 $332,500 $0 0.00%
    Home Improvement 2 $70,000 $35,000 $0 0.00%
    Refi 1 $335,000 $335,000 $0 0.00%

    For 2020, Mass Bay Credit Union's most frequently cited loan purpose was Cash Out Refi, with 4 originations. The 2nd most popular reason was Home Improvement, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 7 $1,735,000 $247,857 $0 0.00%

    For 2020, Mass Bay Credit Union's most frequently cited loan duration was Other, with 7 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4 $1,210,000 $302,500 $0 0.00%
    $100,000 or less 2 $70,000 $35,000 $0 0.00%
    $400k-600k 1 $455,000 $455,000 $0 0.00%

    2020 saw Mass Bay Credit Union place emphasis on $200k-400k loans with 4 originations, totaling $1,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 3 $975,000 $325,000 $0 0.00%
    $100k-150k 2 $260,000 $130,000 $0 0.00%
    $150k-250k 1 $45,000 $45,000 $0 0.00%
    $50k-75k 1 $455,000 $455,000 $0 0.00%

    Mass Bay Credit Union lent most frequently to those with incomes in the $75k-100k range, with 3 originations. The second most popular income band? $100k-150k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 7 $1,735,000 $247,857 $0 0.00%

    Mass Bay Credit Union lent most frequently to those with DTI ratios of Exempt%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 4 $1,140,000 $285,000 $0 0.00%
    White 3 $595,000 $198,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.96%

    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
    85.71%

    Mass Bay Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 7 $1,735,000 $247,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 7 $1,735,000 $247,857