Walpole Co-operative Bank Mortgage Rates, Fees & Info

Walpole, MA

LEI: 5493003ZQY78H3VXMF14

Tax ID: 04-1943030

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Walpole Co-operative Bank is a smaller bank specializing in Home Purchase and Refi loans. Walpole Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, and Worcester among others. We have data for 4 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 about average 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.27%	12/16/24
30 Year Conventional Refi	6.91%	12/16/24
30 Year Cash-out Refi	6.23%	12/16/24
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

Origination Dollar Volume (All Markets)

$65,395,000

Employee count

Awards

Walpole Co-operative Bank 30 Year Conventional Loans gold

Walpole Co-operative Bank 30 Year Conventional Loans bronze

Show all (2) awards

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)	62	$58,230,000	$939,194	$2,424	3.87%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	4	$4,820,000	$1,205,000	$3,889	3.41%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	6	$1,940,000	$323,333	$2,531	3.88%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$405,000	$405,000	$2,494	3.13%

Walpole Co-operative Bank's top markets include Boston, Barnstable Town, Providence, and Worcester among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

Rhode Island (FHA|USDA|VA)

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.

Sharon & Crescent United Credit Union
Similarity Rank: 335

LUSO-AMERICAN CREDIT UNION
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Middlesex Savings Bank
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Bridgewater Savings Bank
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East Boston Savings Bank
Similarity Rank: 755

Piscataqua Savings Bank
Similarity Rank: 789

Norwood Co-operative Bank
Similarity Rank: 820

QUINCY CREDIT UNION
Similarity Rank: 900

HARVARD UNIVERSITY EMPLOYEES
Similarity Rank: 1001

Walpole Co-operative Bank
Similarity Rank: 1052

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	73	$65,395,000	$895,822	$2,565	3.83%

For 2021, Walpole Co-operative Bank's most frequently originated type of loan was Conventional, with 73 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	33	$42,325,000	$1,282,576	$3,993	4.57%
Refi	22	$13,860,000	$630,000	$2,061	3.15%
Cash Out Refi	14	$7,900,000	$564,286	$2,798	3.21%
Home Improvement	2	$720,000	$360,000	$2,579	4.50%
Other	2	$590,000	$295,000	$2,313	2.88%

For 2021, Walpole Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Refi, with 22 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	32	$21,180,000	$661,875	$2,799	3.31%
Other	18	$20,190,000	$1,121,667	$0	5.14%
15 Year	10	$2,410,000	$241,000	$1,990	2.69%
30+ year	8	$16,960,000	$2,120,000	$0	3.48%
1 Year	3	$1,315,000	$438,333	$0	5.88%
20 Year	1	$335,000	$335,000	$2,134	3.00%
3 Year	1	$3,005,000	$3,005,000	$0	5.88%

For 2021, Walpole Co-operative Bank's most frequently cited loan duration was 30 Year, with 32 originations. The 2nd most popular length was Other, with 18 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	34	$14,390,000	$423,235

Walpole Co-operative Bank's average total fees were $2,799, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	40	$38,480,000	$962,000
5-6%	14	$19,120,000	$1,365,714
2.5-3%	13	$3,655,000	$281,154
<2.5%	3	$625,000	$208,333
4-5%	2	$1,860,000	$930,000
6-7%	1	$1,655,000	$1,655,000

During 2021, Walpole Co-operative Bank's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 40 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$1MM+	24	$46,370,000	$1,932,083	$4,544	4.52%
$200k-400k	19	$5,925,000	$311,842	$2,457	3.65%
$400k-600k	19	$9,385,000	$493,947	$2,762	3.48%
$100k-200k	7	$1,125,000	$160,714	$1,792	3.16%
$600k-1MM	3	$2,515,000	$838,333	$3,240	3.63%
$100,000 or less	1	$75,000	$75,000	$1,496	2.75%

2021 saw Walpole Co-operative Bank place emphasis on $1MM+ loans with 24 originations, totaling $46,370,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	13	$5,075,000	$390,385	$2,819	3.19%
$100k-150k	8	$2,770,000	$346,250	$2,350	3.00%
$75k-100k	8	$2,730,000	$341,250	$2,168	3.08%
$250k+	5	$4,255,000	$851,000	$3,309	3.40%
$50k-75k	3	$755,000	$251,667	$1,752	3.04%
$50k or less	1	$505,000	$505,000	$0	3.75%

Walpole Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $100k-150k, with 8 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	12	$4,140,000	$345,000	$2,570	3.01%
<20%	7	$1,765,000	$252,143	$2,074	2.88%
30-36%	5	$3,035,000	$607,000	$2,835	3.20%
40%	4	$1,550,000	$387,500	$2,365	2.97%
37%	1	$225,000	$225,000	$2,220	3.00%
36%	1	$395,000	$395,000	$1,337	2.88%
42%	1	$565,000	$565,000	$3,347	3.38%
45%	1	$1,505,000	$1,505,000	$4,624	3.38%
46%	1	$555,000	$555,000	$3,604	3.38%
47%	1	$525,000	$525,000	$2,816	3.25%
48%	1	$545,000	$545,000	$2,628	3.25%

Walpole Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? <20%, with 7 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	35	$49,305,000	$1,408,714	$0	4.56%
White	33	$13,905,000	$421,364	$2,554	3.04%
Not provided	5	$2,185,000	$437,000	$2,741	3.95%

Approval Rates

Total approvals of all applications
93.14%

Walpole Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
79.45%

Walpole Co-operative Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	73	$65,395,000	$895,822

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	73	$65,395,000	$895,822

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	11	$4,635,000	$421,364	$2,493	3.34%
40-60%	14	$10,190,000	$727,857	$2,201	3.46%
60-80%	44	$49,640,000	$1,128,182	$2,843	4.09%
Under 20%	4	$930,000	$232,500	$2,221	3.69%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Walpole Co-Operative Bank	982 Main St Walpole, MA 2081	Full Service B&M	$449,417

For 2021, Walpole Co-operative Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$20,649
Net interest income	$17,756
Total noninterest income	$500
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$27
Trading account gains and fees	$0
Additional Noninterest Income	$473
Pre-tax net operating income	$6,582
Securities gains (or losses, -)	$0
Income before extraordinary items	$4,719
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$4,719
Minority interest net income	$0
Net income	$4,719
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$4,719

Walpole Co-operative Bank's gross interest income from loans was $20,649,000.
Walpole Co-operative Bank's net interest income from loans was $17,756,000.
Walpole Co-operative Bank's fee based income from loans was $27,000.
Walpole Co-operative Bank's net income from loans was $4,719,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,893
Provision for credit losses	$210
Total noninterest expense	$11,464
Salaries and employee benefits	$6,576
Premises and equipment expense	$1,350
Additional noninterest expense	$3,538
Applicable income taxes	$1,863
Net charge-offs	$-56
Cash dividends	$0

Walpole Co-operative Bank's interest expense for loans was $2,893,000.
Walpole Co-operative Bank's payroll and benefits expense were $6,576,000.
Walpole Co-operative Bank's property, plant and equipment expenses $1,350,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	1.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$460,875
Deposits held in domestic offices	$460,875
Deposits by Individuals, partnerships, and corporations	$460,876
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$0
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$135,306
Demand deposits	$39,524
Nontransaction accounts	$325,570
Money market deposit accounts (MMDAs)	$66,028
Other savings deposits (excluding MMDAs)	$59,605
Total time deposits	$199,937
Total time and savings deposits	$421,352
Noninterest-bearing deposits	$29,860
Interest-bearing deposits	$431,015
Retail deposits	$388,251
IRAs and Keogh plan accounts	$30,445
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$568,443
Cash & Balances due from depository institutions	$36,071
Interest-bearing balances	$33,416
Total securities	$68,345
Federal funds sold & reverse repurchase	$0
Net loans and leases	$452,151
Loan and leases loss allowance	$6,754
Trading account assets	$0
Bank premises and fixed assets	$5,575
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$6,301

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$568,443
Total Liabilities	$464,160
Total deposits	$460,875
Interest-bearing deposits	$431,015
Deposits held in domestic offices	$460,875
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$710
Subordinated debt	$0
All other liabilities	$2,575

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$452,151
Loan and leases loss allowance	$6,754
Total loans and leases (domestic)	$458,905
All real estate loans	$446,386
Real estate loans in domestic offices	$446,386
Construction and development loans	$67,522
Residential 1-4 family construction	$65,856
Other construction, all land development and other land	$1,666
Loans secured by nonfarm nonresidential properties	$180,887
Nonfarm nonresidential secured by owner-occupied properties	$60,819
Commercial real estate & other non-farm, non-residential	$120,068
Multifamily residential real estate	$78,724
1-4 family residential loans	$119,253
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$12,710
To non-U.S. addressees	$0
Loans to individuals	$0
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$0
Other loans to individuals	$0
All other loans & leases	$2
Loans to foreign governments and official institutions	$0
Other loans	$2
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$90
Non 1-4 family restructured loans & leases	$90
Total loans and leases (foreign)	$0

Walpole Co-operative Bank had $452,151,000 of loans outstanding in 2021. $446,386,000 of loans were in real estate loans. $67,522,000 of loans were in development loans. $78,724,000 of loans were in multifamily mortgage loans. $119,253,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	146	$47,075	$322,432
Nonfarm, nonresidential loans - <$100k	15	$728	$48,533
Nonfarm, nonresidential loans - $100-250k	29	$3,566	$122,966
Nonfarm, nonresidential loans - $250k-1MM	102	$42,781	$419,422
Commercial & Industrial, US addressed loans - <$1MM	152	$11,875	$78,125
Commercial & Industrial, US addressed loans - <$100k	93	$2,987	$32,118
Commercial & Industrial, US addressed loans - $100-250k	30	$2,678	$89,267
Commercial & Industrial, US addressed loans - $250k-1MM	29	$6,210	$214,138