Fidelity Co-operative Bank Mortgage Rates, Fees & Info

Leominster, MA

LEI: 5493004LN4GS7BNXIO13

Tax ID: 20-5791745

5 stars

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

Review & Overview

Fidelity Co-operative Bank is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Fidelity Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Springfield, Barnstable Town, and Keene among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fidelity Co-operative Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fidelity Co-operative Bank is typically an average 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	6.60%	3/19/23
30 Year Conventional Refi	6.62%	3/19/23
30 Year Cash-out Refi	6.69%	3/19/23
30 Year FHA Purchase	6.27%	3/19/23
30 Year FHA Refi	6.27%	3/19/23
30 Year VA Refi	6.45%	3/19/23
15 Year Conventional Purchase	5.67%	3/19/23
15 Year Conventional Refi	6.05%	3/19/23
15 Year Cash-out Refi	6.05%	3/19/23
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.

Originations

567

Origination Dollar Volume (All Markets)

$172,825,000

Employee count

149

Awards

Fidelity Co-operative Bank 30 Year Conventional Loans bronze

Fidelity Co-operative Bank 30 Year Conventional Loans silver

Show all (2) awards

Relative Rate

Fidelity Co-operative Bank's average 30 year fixed mortgage rate was 3.23%.

The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

This yields a difference of 0.08%.

Relative Fees (Closing Costs)

Fidelity Co-operative Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,145.

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 $4,750.

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
WORCESTER, MA-CT (FHA\|USDA\|VA)	372	$99,670,000	$267,930	$2,646	3.09%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	158	$62,320,000	$394,430	$2,970	3.04%
SPRINGFIELD, MA (FHA\|USDA\|VA)	11	$3,355,000	$305,000	$3,369	3.26%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	6	$1,780,000	$296,667	$2,593	2.73%
Keene, NH (FHA\|USDA\|VA)	7	$1,645,000	$235,000	$3,129	2.96%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	4	$1,100,000	$275,000	$2,570	3.00%
Laconia, NH (FHA\|USDA\|VA)	1	$545,000	$545,000	$3,390	3.38%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	2	$530,000	$265,000	$3,170	3.31%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$505,000	$505,000	$5,407	2.88%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$505,000	$505,000	$3,465	2.25%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	2	$470,000	$235,000	$2,818	3.38%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$4,549	3.25%
Outside of Metro Areas	1	$195,000	$195,000	$3,428	3.25%

Fidelity Co-operative Bank's top markets include Worcester, Boston, Springfield, Barnstable Town, and Keene among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Fidelity 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	566	$172,370,000	$304,541	$2,763	3.08%
VA	1	$455,000	$455,000	$8,165	2.75%

For 2021, Fidelity Co-operative Bank's most frequently originated type of loan was Conventional, with 566 originations. Their 2nd most popular type was VA, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	207	$65,305,000	$315,483	$2,692	2.90%
Cash Out Refi	198	$54,040,000	$272,929	$2,775	3.12%
Home Purchase	143	$46,165,000	$322,832	$3,249	3.07%
Home Improvement	12	$7,040,000	$586,667	$224	4.61%
Other	7	$275,000	$39,286	$0	4.81%

For 2021, Fidelity Co-operative Bank's most frequently cited loan purpose was Refi, with 207 originations. The 2nd most popular reason was Cash Out Refi, with 198 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	324	$105,150,000	$324,537	$3,145	3.23%
15 Year	122	$24,460,000	$200,492	$2,296	2.65%
20 Year	47	$10,835,000	$230,532	$2,406	3.11%
10 Year	42	$24,490,000	$583,095	$2,014	2.88%
Other	26	$6,490,000	$249,615	$2,523	3.14%
5 Year	5	$1,165,000	$233,000	$0	4.15%
1 Year	1	$235,000	$235,000	$0	4.75%

For 2021, Fidelity Co-operative Bank's most frequently cited loan duration was 30 Year, with 324 originations. The 2nd most popular length was 15 Year, with 122 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	422	$117,490,000	$278,412
$1k-2k	79	$18,915,000	$239,430
$2k-3k	21	$5,775,000	$275,000
$3k-4k	5	$1,185,000	$237,000
$4k-5k	5	$1,785,000	$357,000
$5k+	5	$1,715,000	$343,000

Fidelity Co-operative Bank's average total fees were $3,145, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 422 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	241	$86,635,000	$359,481
2.5-3%	193	$56,025,000	$290,285
<2.5%	100	$18,850,000	$188,500
4-5%	28	$10,720,000	$382,857
5-6%	4	$290,000	$72,500

During 2021, Fidelity Co-operative Bank's average interest rate for loans was 3.23%, while their most frequently originated rate bucket for loans was 3-4%, with 241 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	247	$68,775,000	$278,441	$2,935	3.14%
$100k-200k	167	$25,655,000	$153,623	$2,490	2.96%
$400k-600k	72	$34,440,000	$478,333	$3,631	3.06%
$100,000 or less	48	$2,410,000	$50,208	$968	3.14%
$600k-1MM	25	$18,055,000	$722,200	$3,716	3.07%
$1MM+	8	$23,490,000	$2,936,250	$4,877	3.40%

2021 saw Fidelity Co-operative Bank place emphasis on $200k-400k loans with 247 originations, totaling $68,775,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	148	$40,730,000	$275,203	$3,045	3.07%
$50k-75k	112	$21,070,000	$188,125	$2,456	3.03%
$150k-250k	97	$34,625,000	$356,959	$2,952	3.11%
$75k-100k	97	$21,885,000	$225,619	$2,623	3.14%
$50k or less	49	$7,265,000	$148,265	$2,105	2.99%
$250k+	48	$27,260,000	$567,917	$3,367	2.91%

Fidelity Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $50k-75k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	159	$43,785,000	$275,377	$2,724	3.03%
30-36%	93	$26,355,000	$283,387	$2,906	3.17%
<20%	47	$12,935,000	$275,213	$2,746	2.87%
41%	27	$7,095,000	$262,778	$2,808	2.99%
38%	26	$6,500,000	$250,000	$2,799	2.91%
40%	25	$7,825,000	$313,000	$2,568	3.25%
42%	24	$6,300,000	$262,500	$2,531	3.11%
44%	22	$6,250,000	$284,091	$3,004	2.95%
43%	21	$6,435,000	$306,429	$3,142	3.10%
47%	19	$4,965,000	$261,316	$2,735	3.11%
39%	16	$4,480,000	$280,000	$2,333	3.17%
37%	15	$4,265,000	$284,333	$2,563	2.98%
36%	13	$2,925,000	$225,000	$3,044	3.07%
49%	12	$2,560,000	$213,333	$2,242	2.72%
48%	11	$2,435,000	$221,364	$2,580	2.99%
45%	10	$2,510,000	$251,000	$3,168	3.65%
46%	8	$1,920,000	$240,000	$2,943	3.03%
>60%	4	$2,230,000	$557,500	$3,909	3.44%
50-60%	3	$1,055,000	$351,667	$3,049	2.88%

Fidelity Co-operative Bank lent most frequently to those with DTI ratios of 20-30%, with 159 originations. The next most common DTI ratio? 30-36%, with 93 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	479	$132,125,000	$275,835	$2,783	3.09%
Not applicable	10	$19,210,000	$1,921,000	$0	4.14%
Not provided	61	$15,385,000	$252,213	$2,675	2.87%
Asian	15	$5,475,000	$365,000	$2,904	2.88%
Black	1	$335,000	$335,000	$2,932	3.00%
American Indian	1	$295,000	$295,000	$2,475	3.25%

Approval Rates

Total approvals of all applications
89.35%

Fidelity Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
84.13%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	567	$172,825,000	$304,806

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	567	$172,825,000	$304,806

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	74	$13,520,000	$182,703	$2,338	3.00%
40-60%	165	$39,185,000	$237,485	$2,597	2.93%
60-80%	207	$85,005,000	$410,652	$3,055	3.20%
80-100%	88	$33,290,000	$378,295	$3,577	3.15%
Under 20%	33	$1,825,000	$55,303	$665	2.98%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Fidelity National Financial, Inc	VA mortgage	Closing on a mortgage	1	4.5%
Fidelity National Financial, Inc	Other type of mortgage	Closing on a mortgage	1	4.5%
Fidelity National Financial, Inc	Other type of mortgage	Struggling to pay mortgage	2	9.1%
Fidelity National Financial, Inc	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	2	9.1%
Fidelity National Financial, Inc	Conventional home mortgage	Closing on a mortgage	11	50.0%
Fidelity National Financial, Inc	Conventional home mortgage	Struggling to pay mortgage	1	4.5%
Fidelity National Financial, Inc	Conventional home mortgage	Trouble during payment process	2	9.1%
Fidelity National Financial, Inc	FHA mortgage	Closing on a mortgage	2	9.1%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Fidelity Co-Operative Bank	1 School Square Winchendon, MA 1475	Full Service B&M	$35,154
Fidelity Co-Operative Bank	56 Common St Barre, MA 1005	Full Service B&M	$72,323
Fidelity Co-Operative Bank	6 City Hall Avenue Gardner, MA 1440	Full Service B&M	$108,604
Fidelity Co-Operative Bank	713 Pleasant Street Paxton, MA 1612	Full Service B&M	$38,971
Fidelity Co-Operative Bank	75 Main St Leominster, MA 1453	Full Service B&M	$100,914
Fidelity Co-Operative Bank	9 Leominster Connector Leominster, MA 1453	Full Service Cyber Office	$1,066
Fidelity Co-Operative Bank	9 Leominster Connector Leominster, MA 1453	Full Service B&M	$218,337
Fidelity Co-Operative Bank	129 Chestnut Street Needham, MA 2492	Full Service B&M	$43,802
Fidelity Co-Operative Bank	130 Whalon Street Fitchburg, MA 1420	Full Service B&M	$83,029
Fidelity Co-Operative Bank	149 Great Road Stow, MA 1775	Full Service B&M	$19,740
Fidelity Co-Operative Bank	153 Front Street Worcester, MA 1608	Full Service B&M	$28,997
Fidelity Co-Operative Bank	16 South Main Street Millbury, MA 1527	Full Service B&M	$62,532
Fidelity Co-Operative Bank	206 Worcester Road Princeton, MA 1541	Full Service B&M	$25,992
Fidelity Co-Operative Bank	21 Main Street Shirley, MA 1464	Full Service B&M	$75,886
Fidelity Co-Operative Bank	465 Shrewsbury Street Worcester, MA 1604	Full Service B&M	$148,198

For 2021, Fidelity Co-operative Bank had 15 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$41,674
Net interest income	$39,242
Total noninterest income	$5,775
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$917
Trading account gains and fees	$0
Additional Noninterest Income	$4,858
Pre-tax net operating income	$14,435
Securities gains (or losses, -)	$2,375
Income before extraordinary items	$12,667
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$12,667
Minority interest net income	$0
Net income	$12,667
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$10,790

Fidelity Co-operative Bank's gross interest income from loans was $41,674,000.
Fidelity Co-operative Bank's net interest income from loans was $39,242,000.
Fidelity Co-operative Bank's fee based income from loans was $917,000.
Fidelity Co-operative Bank's net income from loans was $12,667,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,432
Provision for credit losses	$1
Total noninterest expense	$30,581
Salaries and employee benefits	$18,967
Premises and equipment expense	$3,166
Additional noninterest expense	$8,448
Applicable income taxes	$4,143
Net charge-offs	$-20
Cash dividends	$0

Fidelity Co-operative Bank's interest expense for loans was $2,432,000.
Fidelity Co-operative Bank's payroll and benefits expense were $18,967,000.
Fidelity Co-operative Bank's property, plant and equipment expenses $3,166,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
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	$1,072,189
Deposits held in domestic offices	$1,072,189
Deposits by Individuals, partnerships, and corporations	$911,549
Deposits by U.S. Government	$1
Deposits by States and political subdivisions in the U.S.	$140,106
Deposits by Commercial banks and other depository institutions in U.S.	$20,533
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$80,592
Demand deposits	$69,605
Nontransaction accounts	$991,597
Money market deposit accounts (MMDAs)	$234,497
Other savings deposits (excluding MMDAs)	$541,312
Total time deposits	$215,788
Total time and savings deposits	$1,002,584
Noninterest-bearing deposits	$258,837
Interest-bearing deposits	$813,352
Retail deposits	$971,183
IRAs and Keogh plan accounts	$23,892
Brokered deposits	$75,732
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,223,513
Cash & Balances due from depository institutions	$18,075
Interest-bearing balances	$9,103
Total securities	$244,219
Federal funds sold & reverse repurchase	$0
Net loans and leases	$901,651
Loan and leases loss allowance	$11,171
Trading account assets	$0
Bank premises and fixed assets	$20,443
Other real estate owned	$0
Goodwill and other intangibles	$2,855
All other assets	$36,270

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,223,513
Total Liabilities	$1,100,280
Total deposits	$1,072,189
Interest-bearing deposits	$813,352
Deposits held in domestic offices	$1,072,189
% insured (estimated)	$71
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$18,479
Subordinated debt	$0
All other liabilities	$9,612

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$901,651
Loan and leases loss allowance	$11,171
Total loans and leases (domestic)	$912,822
All real estate loans	$736,426
Real estate loans in domestic offices	$736,426
Construction and development loans	$37,769
Residential 1-4 family construction	$4,371
Other construction, all land development and other land	$33,398
Loans secured by nonfarm nonresidential properties	$274,594
Nonfarm nonresidential secured by owner-occupied properties	$90,073
Commercial real estate & other non-farm, non-residential	$184,521
Multifamily residential real estate	$36,136
1-4 family residential loans	$387,730
Farmland loans	$197
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$174,138
To non-U.S. addressees	$0
Loans to individuals	$1,839
Credit card loans	$0
Related Plans	$21
Consumer Auto Loans	$308
Other loans to individuals	$1,510
All other loans & leases	$419
Loans to foreign governments and official institutions	$0
Other loans	$419
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	$9,120
Non 1-4 family restructured loans & leases	$5,647
Total loans and leases (foreign)	$0

Fidelity Co-operative Bank had $901,651,000 of loans outstanding in 2021. $736,426,000 of loans were in real estate loans. $37,769,000 of loans were in development loans. $36,136,000 of loans were in multifamily mortgage loans. $387,730,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $308,000 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	164	$43,034	$262,402
Nonfarm, nonresidential loans - <$100k	19	$1,057	$55,632
Nonfarm, nonresidential loans - $100-250k	55	$7,488	$136,145
Nonfarm, nonresidential loans - $250k-1MM	90	$34,489	$383,211
Commercial & Industrial, US addressed loans - <$1MM	653	$96,513	$147,799
Commercial & Industrial, US addressed loans - <$100k	291	$12,240	$42,062
Commercial & Industrial, US addressed loans - $100-250k	175	$23,271	$132,977
Commercial & Industrial, US addressed loans - $250k-1MM	187	$61,002	$326,214
Farmland loans - <$1MM	1	$197	$197,000
Farmland loans - $250k-1MM	1	$197	$197,000