Mass Bay Credit Union Mortgage Rates, Fees & Info

Boston, MA

LEI: 5493003VEEM09F16U659

Tax ID: 04-1104060

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Mortgage Data

Review & Overview

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

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

8

Origination Dollar Volume (All Markets)

$1,350,000

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) 7 $1,215,000 $173,571 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Mass Bay Credit Union's top markets include Boston and Barnstable Town among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 8 $1,350,000 $168,750 $0 0.00%

    For 2021, 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
    Other 3 $115,000 $38,333 $0 0.00%
    Refi 3 $635,000 $211,667 $0 0.00%
    Cash Out Refi 2 $600,000 $300,000 $0 0.00%

    For 2021, Mass Bay Credit Union's most frequently cited loan purpose was Other, with 3 originations. The 2nd most popular reason was Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 8 $1,350,000 $168,750 $0 0.00%

    For 2021, 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
    $200k-400k 4 $1,100,000 $275,000 $0 0.00%
    $100,000 or less 3 $115,000 $38,333 $0 0.00%
    $100k-200k 1 $135,000 $135,000 $0 0.00%

    2021 saw Mass Bay Credit Union place emphasis on $200k-400k loans with 4 originations, totaling $1,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 3 $395,000 $131,667 $0 0.00%
    $100k-150k 2 $430,000 $215,000 $0 0.00%
    $150k-250k 2 $280,000 $140,000 $0 0.00%
    $250k+ 1 $245,000 $245,000 $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% 8 $1,350,000 $168,750 $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 4 $890,000 $222,500 $0 0.00%
    Not provided 3 $435,000 $145,000 $0 0.00%
    Black 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.95%

    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
    -62.50%

    Mass Bay Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 8 $1,350,000 $168,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    8 $1,350,000 $168,750