Walpole Co-operative Bank Mortgage Rates, Fees & Info
Walpole, MALEI: 5493003ZQY78H3VXMF14
Tax ID: 04-1943030
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Mortgage Data
Review & Overview
Walpole Co-operative Bank is a smaller bank specializing in Home Purchase loans. Walpole Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Providence among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Walpole Co-operative Bank 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. Walpole Co-operative Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.91% | 11/17/24 |
| 30 Year Cash-out Refi | 6.23% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Walpole Co-operative Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
29Origination Dollar Volume (All Markets)
$39,105,000Relative Rate
Walpole Co-operative Bank's average 30 year fixed mortgage rate was
5.78%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.7%.
Relative Fees (Closing Costs)
Walpole Co-operative Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,438.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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) | 25 | $36,755,000 | $1,470,200 | $3,559 | 6.66% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,875,000 | $625,000 | $2,508 | 6.17% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,520 | 5.75% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Walpole Co-operative Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 29 | $39,105,000 | $1,348,448 | $3,438 | 6.58% |
For 2023, Walpole Co-operative Bank's most frequently originated type of loan was Conventional, with 29 originations.
Loan Reason
For 2023, Walpole Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Home Improvement, with 3 originations.
Loan Duration/Length
For 2023, Walpole Co-operative Bank's most frequently cited loan duration was 30 Year, with 12 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 9 | $5,145,000 | $571,667 |
Walpole Co-operative Bank's average total fees were $3,438, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 9 | $12,485,000 | $1,387,222 |
| 5-6% | 7 | $8,455,000 | $1,207,857 |
| 7-8% | 7 | $12,555,000 | $1,793,571 |
| 4-5% | 3 | $1,545,000 | $515,000 |
| Over 8% | 3 | $4,065,000 | $1,355,000 |
During 2023, Walpole Co-operative Bank's average interest rate for loans was 5.78%, while their most frequently originated rate bucket for loans was 6-7%, with 9 originations.
Loan Sizing
2023 saw Walpole Co-operative Bank place emphasis on $600k-1MM loans with 13 originations, totaling $9,685,000 in origination value.
Applicant Income
Walpole Co-operative Bank lent most frequently to those with incomes in the $250k+ range, with 6 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Walpole Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.62%
Walpole Co-operative Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.76%
Walpole Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 29 | $39,105,000 | $1,348,448 |