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 Refi and Cash Out Refi loans. River Works has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Vineyard Haven, and Springfield among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)River Works 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. 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.66% | 12/4/24 |
| 30 Year Conventional Refi | 6.49% | 12/4/24 |
| 30 Year Cash-out Refi | 6.84% | 12/4/24 |
| 15 Year Conventional Purchase | 5.68% | 12/4/24 |
| 15 Year Conventional Refi | 5.68% | 12/4/24 |
| 15 Year Cash-out Refi | 5.68% | 12/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
136Origination Dollar Volume (All Markets)
$48,300,000Awards
RIVER WORKS - 2020
RIVER WORKS is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 129 | $46,295,000 | $358,876 | $2,487 | 3.01% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $2,729 | 3.79% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $2,673 | 3.25% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,336 | 4.50% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,969 | 3.50% |
| Concord, NH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,006 | 3.00% |
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 | 135 | $47,735,000 | $353,593 | $2,507 | 3.04% |
| HELOC | 1 | $565,000 | $565,000 | n/a | 3.00% |
For 2020, River Works's most frequently originated type of loan was Conventional, with 135 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2020, River Works's most frequently cited loan purpose was Refi, with 73 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.
Loan Duration/Length
For 2020, River Works's most frequently cited loan duration was 30 Year, with 99 originations. The 2nd most popular length was 15 Year, with 26 originations.
Origination Fees/Closing Costs
River Works's average total fees were $2,558, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 130 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 62 | $23,300,000 | $375,806 |
| 3-4% | 45 | $16,885,000 | $375,222 |
| <2.5% | 22 | $5,270,000 | $239,545 |
| 4-5% | 7 | $2,845,000 | $406,429 |
During 2020, River Works's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 62 originations.
Loan Sizing
2020 saw River Works place emphasis on $200k-400k loans with 82 originations, totaling $24,440,000 in origination value.
Applicant Income
River Works lent most frequently to those with incomes in the $100k-150k range, with 43 originations. The second most popular income band? $150k-250k, with 28 originations.
Applicant Debt to Income Ratio
River Works lent most frequently to those with DTI ratios of 30-36%, with 33 originations. The next most common DTI ratio? 20-30%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.68%
River Works has a below average approval rate.
Pick Rate
Approvals leading to origination80.88%
River Works has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 136 | $48,300,000 | $355,147 |