River Works Mortgage Rates, Fees & Info
Lynn, MALEI: 54930067K4Z4NIZ4W068
Tax ID: 04-6061145
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Mortgage Data
Review & Overview
River Works is a smaller mortgage company specializing in Home Purchase loans. River Works has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Laconia among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)River Works 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. River Works 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 | 6.66% | 12/3/24 |
| 30 Year Conventional Refi | 6.49% | 12/3/24 |
| 30 Year Cash-out Refi | 6.84% | 12/3/24 |
| 15 Year Conventional Purchase | 5.68% | 12/3/24 |
| 15 Year Conventional Refi | 5.68% | 12/3/24 |
| 15 Year Cash-out Refi | 5.68% | 12/3/24 |
| 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. | ||
River Works Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
30Origination Dollar Volume (All Markets)
$13,580,000Awards
RIVER WORKS - 2023
RIVER WORKS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
River Works's average 30 year fixed mortgage rate was
6.19%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.29%.
Relative Fees (Closing Costs)
River Works's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,638.
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) | 27 | $12,855,000 | $476,111 | $3,879 | 6.07% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,038 | 6.25% |
| Laconia, NH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,273 | 6.75% |
| Outside of Metro Areas | 1 | $175,000 | $175,000 | $1,028 | 6.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against RIVER WORKS 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 | 30 | $13,580,000 | $452,667 | $3,682 | 6.10% |
For 2023, River Works's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
For 2023, River Works's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 25 | $11,615,000 | $464,600 | $3,638 | 6.19% |
| 30+ year | 5 | $1,965,000 | $393,000 | $3,936 | 5.68% |
For 2023, River Works's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 30+ year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 24 | $11,020,000 | $459,167 |
River Works's average total fees were $3,638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 16 | $6,810,000 | $425,625 |
| 5-6% | 14 | $6,770,000 | $483,571 |
During 2023, River Works's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was 6-7%, with 16 originations.
Loan Sizing
2023 saw River Works place emphasis on $200k-400k loans with 14 originations, totaling $4,240,000 in origination value.
Applicant Income
River Works lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $150k-250k, with 6 originations.
Applicant Debt to Income Ratio
River Works lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 41%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.50%
River Works has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination73.33%
River Works has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $13,580,000 | $452,667 |