Country Bank For Savings Mortgage Rates, Fees & Info

Ware, MA

LEI: 5493005NN76XZ2NOFH19

Tax ID: 04-1946610

5 stars - out of 5 stars, based on 19 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Bank Data

    Review & Overview

    Country Bank For Savings is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Country Bank For Savings has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Springfield, Worcester, Hartford, Boston, and Barnstable Town among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Country Bank For Savings 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. Country Bank For Savings 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 6.42% 1/29/23
    30 Year Conventional Refi 6.38% 1/29/23
    30 Year Cash-out Refi 6.39% 1/29/23
    30 Year USDA Purchase 6.97% 1/29/23
    15 Year Conventional Purchase 6.03% 1/29/23
    15 Year Conventional Refi 6.25% 1/29/23
    15 Year Cash-out Refi 6.25% 1/29/23
    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

    371

    Origination Dollar Volume (All Markets)

    $110,275,000

    Employee count

    204

    Awards

    Country Bank for Savings 30 Year Conventional Loans silver Country Bank for Savings 30 Year Conventional Loans bronze
    Show all (2) awards

    Relative Rate

    Country Bank For Savings's average 30 year fixed mortgage rate was 2.99%.

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

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    Country Bank For Savings's average total fees/closing costs for a 30 year fixed rate mortgage were $4,907.

    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
    SPRINGFIELD, MA (FHA|USDA|VA) 220 $49,330,000 $224,227 $4,528 2.95%
    WORCESTER, MA-CT (FHA|USDA|VA) 128 $38,750,000 $302,734 $4,605 3.06%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 8 $10,230,000 $1,278,750 $3,236 3.47%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 9 $7,965,000 $885,000 $5,578 3.13%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $3,300,000 $1,650,000 $7,286 3.00%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $240,000 $120,000 $2,951 2.94%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.00%
    Torrington, CT (FHA|USDA|VA) 1 $225,000 $225,000 $13,394 2.88%
    Country Bank For Savings's top markets include Springfield, Worcester, Hartford, Boston, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Country Bank for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Middlesex Savings Bank
    Similarity Rank: 174
    POLISH NATIONAL
    Similarity Rank: 192
    Freedom Credit Union
    Similarity Rank: 266
    Northern Bank & Trust Company
    Similarity Rank: 288
    Bridgewater Savings Bank
    Similarity Rank: 329
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    Florence Bank
    Similarity Rank: 400
    Greenfield Savings Bank
    Similarity Rank: 522
    PeoplesBank
    Similarity Rank: 525
    Poli Mortgage Group, Inc.
    Similarity Rank: 592

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 370 $110,040,000 $297,405 $4,586 3.01%
    USDA 1 $235,000 $235,000 $6,754 3.00%

    For 2021, Country Bank For Savings's most frequently originated type of loan was Conventional, with 370 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 150 $58,490,000 $389,933 $5,429 3.10%
    Cash Out Refi 122 $29,710,000 $243,525 $4,341 2.98%
    Refi 88 $19,950,000 $226,705 $3,802 2.90%
    Other 8 $1,730,000 $216,250 $3,503 2.91%
    Home Improvement 3 $395,000 $131,667 $3,779 3.21%

    For 2021, Country Bank For Savings's most frequently cited loan purpose was Home Purchase, with 150 originations. The 2nd most popular reason was Cash Out Refi, with 122 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 243 $66,585,000 $274,012 $4,907 2.99%
    20 Year 49 $10,735,000 $219,082 $3,958 2.95%
    15 Year 44 $7,350,000 $167,045 $3,749 2.81%
    Other 21 $18,235,000 $868,333 $4,077 3.61%
    10 Year 14 $7,370,000 $526,429 $3,967 3.26%

    For 2021, Country Bank For Savings's most frequently cited loan duration was 30 Year, with 243 originations. The 2nd most popular length was 20 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 125 $30,665,000 $245,320
    $1k-2k 81 $17,445,000 $215,370
    $2k-3k 61 $16,175,000 $265,164
    $3k-4k 32 $8,580,000 $268,125
    $5k+ 24 $7,270,000 $302,917
    $4k-5k 19 $5,745,000 $302,368

    Country Bank For Savings's average total fees were $4,907, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 125 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 277 $68,605,000 $247,671
    3-4% 84 $34,130,000 $406,310
    4-5% 9 $7,025,000 $780,556
    <2.5% 1 $515,000 $515,000

    During 2021, Country Bank For Savings's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 277 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 177 $48,965,000 $276,638 $5,155 2.99%
    $100k-200k 117 $18,285,000 $156,282 $3,702 2.96%
    $400k-600k 31 $14,025,000 $452,419 $6,463 3.10%
    $100,000 or less 30 $2,460,000 $82,000 $2,718 2.88%
    $1MM+ 11 $22,995,000 $2,090,455 $7,324 3.73%
    $600k-1MM 5 $3,545,000 $709,000 $5,689 3.23%

    2021 saw Country Bank For Savings place emphasis on $200k-400k loans with 177 originations, totaling $48,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 92 $24,180,000 $262,826 $5,087 2.94%
    $50k-75k 76 $14,770,000 $194,342 $3,769 2.94%
    $75k-100k 71 $16,535,000 $232,887 $4,743 2.94%
    $50k or less 52 $7,250,000 $139,423 $3,333 2.95%
    $150k-250k 48 $16,350,000 $340,625 $5,779 2.92%
    $250k+ 8 $7,810,000 $976,250 $7,088 2.97%

    Country Bank For Savings lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $50k-75k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $20,205,000 $227,022 $4,597 2.93%
    30-36% 69 $18,205,000 $263,841 $4,358 2.95%
    <20% 32 $6,010,000 $187,813 $4,123 2.89%
    36% 18 $6,800,000 $377,778 $5,258 2.93%
    39% 17 $4,455,000 $262,059 $4,826 2.93%
    46% 13 $3,885,000 $298,846 $3,765 2.91%
    37% 13 $2,935,000 $225,769 $4,411 2.95%
    38% 13 $2,855,000 $219,615 $4,705 2.95%
    40% 12 $3,090,000 $257,500 $5,486 3.00%
    42% 11 $3,115,000 $283,182 $5,201 2.92%
    44% 11 $2,935,000 $266,818 $4,924 2.93%
    50-60% 9 $1,735,000 $192,778 $3,118 2.94%
    43% 9 $2,175,000 $241,667 $5,070 3.06%
    41% 8 $2,550,000 $318,750 $5,507 2.91%
    48% 7 $2,295,000 $327,857 $5,888 2.89%
    45% 6 $1,190,000 $198,333 $3,725 2.92%
    47% 5 $1,005,000 $201,000 $4,442 2.95%
    49% 4 $1,260,000 $315,000 $6,052 2.97%
    >60% 2 $280,000 $140,000 $2,899 3.06%

    Country Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 179 $43,905,000 $245,279 $4,514 2.94%
    White 163 $40,885,000 $250,828 $4,612 2.94%
    Not applicable 23 $23,295,000 $1,012,826 $0 4.06%
    Asian 2 $1,180,000 $590,000 $5,560 2.94%
    Black 4 $1,010,000 $252,500 $7,530 3.00%

    Approval Rates

    Total approvals of all applications
    93.21%

    Country Bank For Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.78%

    Country Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 371 $110,275,000 $297,237

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    371 $110,275,000 $297,237

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,915,000 $100,517 $2,750 2.88%
    40-60% 77 $14,675,000 $190,584 $3,550 2.91%
    60-80% 179 $67,565,000 $377,458 $5,178 3.09%
    80-100% 85 $25,015,000 $294,294 $5,132 2.98%
    Under 20% 1 $105,000 $105,000 $3,149 2.75%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    CountryPlace Acceptance Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.7%
    CountryPlace Acceptance Corporation Conventional home mortgage Trouble during payment process 1 7.7%
    CountryPlace Acceptance Corporation FHA mortgage Closing on a mortgage 8 61.5%
    CountryPlace Acceptance Corporation FHA mortgage Trouble during payment process 2 15.4%
    CountryPlace Acceptance Corporation Other type of mortgage Trouble during payment process 1 7.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Country Bank For Savings 1084 Main Street Leicester, MA 1524 Full Service B&M $82,010
    Country Bank For Savings 1485 North Main Street Palmer, MA 1069 Full Service B&M $139,819
    Country Bank For Savings 155 West Street Ware, MA 1082 Full Service B&M $111,635
    Country Bank For Savings 191 Sykes Street Palmer, MA 1069 Full Service B&M $73,413
    Country Bank For Savings 21 North Main Street Belchertown, MA 1007 Full Service B&M $104,275
    Country Bank For Savings 2379 Boston Road Wilbraham, MA 1095 Full Service B&M $179,480
    Country Bank For Savings 278 Park Avenue Worcester, MA 1609 Full Service B&M $44,707
    Country Bank For Savings 352 Palmer Road Ware, MA 1082 Full Service Retail $43,670
    Country Bank For Savings 37 Worcester Road Charlton, MA 1507 Full Service B&M $70,899
    Country Bank For Savings 64 Cherry Street Ludlow, MA 1056 Full Service Retail $127,383
    Country Bank For Savings 687 Pleasant Street Paxton, MA 1612 Full Service B&M $48,396
    Country Bank For Savings 75 Main St Ware, MA 1082 Full Service B&M $219,782
    Country Bank For Savings 8 West Main Street West Brookfield, MA 1585 Full Service B&M $86,636
    Country Bank For Savings 9 Main Street (South Side) Brimfield, MA 1010 Full Service B&M $45,178

    For 2021, Country Bank For Savings had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $56,318
    Net interest income $51,317
    Total noninterest income $10,699
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,669
    Trading account gains and fees $0
    Additional Noninterest Income $9,030
    Pre-tax net operating income $20,499
    Securities gains (or losses, -) $746
    Income before extraordinary items $15,721
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,721
    Minority interest net income $0
    Net income $15,721
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,131

    Country Bank For Savings's gross interest income from loans was $56,318,000.
    Country Bank For Savings's net interest income from loans was $51,317,000.
    Country Bank For Savings's fee based income from loans was $1,669,000.
    Country Bank For Savings's net income from loans was $15,721,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,001
    Provision for credit losses $500
    Total noninterest expense $41,017
    Salaries and employee benefits $22,518
    Premises and equipment expense $6,938
    Additional noninterest expense $11,561
    Applicable income taxes $5,524
    Net charge-offs $-151
    Cash dividends $0

    Country Bank For Savings's interest expense for loans was $5,001,000.
    Country Bank For Savings's payroll and benefits expense were $22,518,000.
    Country Bank For Savings's property, plant and equipment expenses $6,938,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 4.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    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 $1,362,932
    Deposits held in domestic offices $1,362,932
    Deposits by Individuals, partnerships, and corporations $1,277,189
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $85,743
    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 $385,918
    Demand deposits $341,492
    Nontransaction accounts $977,014
    Money market deposit accounts (MMDAs) $336,291
    Other savings deposits (excluding MMDAs) $380,920
    Total time deposits $259,801
    Total time and savings deposits $1,021,440
    Noninterest-bearing deposits $342,829
    Interest-bearing deposits $1,020,103
    Retail deposits $1,293,137
    IRAs and Keogh plan accounts $73,609
    Brokered deposits $10,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,703,294
    Cash & Balances due from depository institutions $257,454
    Interest-bearing balances $235,876
    Total securities $311,332
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,099,005
    Loan and leases loss allowance $14,675
    Trading account assets $0
    Bank premises and fixed assets $13,368
    Other real estate owned $9
    Goodwill and other intangibles $1,422
    All other assets $20,704

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,703,294
    Total Liabilities $1,427,614
    Total deposits $1,362,932
    Interest-bearing deposits $1,020,103
    Deposits held in domestic offices $1,362,932
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $50,000
    Subordinated debt $0
    All other liabilities $14,682

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,099,005
    Loan and leases loss allowance $14,675
    Total loans and leases (domestic) $1,113,680
    All real estate loans $1,068,419
    Real estate loans in domestic offices $1,068,419
    Construction and development loans $81,799
    Residential 1-4 family construction $21,825
    Other construction, all land development and other land $59,974
    Loans secured by nonfarm nonresidential properties $435,486
    Nonfarm nonresidential secured by owner-occupied properties $101,209
    Commercial real estate & other non-farm, non-residential $334,277
    Multifamily residential real estate $75,436
    1-4 family residential loans $475,698
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $35,829
    To non-U.S. addressees $0
    Loans to individuals $7,550
    Credit card loans $0
    Related Plans $1
    Consumer Auto Loans $3,530
    Other loans to individuals $4,019
    All other loans & leases $1,882
    Loans to foreign governments and official institutions $0
    Other loans $111
    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 $5,633
    Non 1-4 family restructured loans & leases $500
    Total loans and leases (foreign) $0

    Country Bank for Savings had $1,099,005,000 of loans outstanding in 2021. $1,068,419,000 of loans were in real estate loans. $81,799,000 of loans were in development loans. $75,436,000 of loans were in multifamily mortgage loans. $475,698,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,530,000 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 216 $46,472 $215,148
    Nonfarm, nonresidential loans - <$100k 27 $620 $22,963
    Nonfarm, nonresidential loans - $100-250k 70 $7,496 $107,086
    Nonfarm, nonresidential loans - $250k-1MM 119 $38,356 $322,319
    Commercial & Industrial, US addressed loans - <$1MM 372 $16,873 $45,358
    Commercial & Industrial, US addressed loans - <$100k 294 $5,413 $18,412
    Commercial & Industrial, US addressed loans - $100-250k 49 $4,229 $86,306
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $7,231 $249,345