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 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
8Origination Dollar Volume (All Markets)
$1,350,000Top 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) | 7 | $1,215,000 | $173,571 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
Their top states include:
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
2021 saw Mass Bay Credit Union place emphasis on $200k-400k loans with 4 originations, totaling $1,100,000 in origination value.
Applicant Income
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 applications97.95%
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 |