River Works Mortgage Rates, Fees & Info
Lynn, MALEI: 54930067K4Z4NIZ4W068
Tax ID: 04-6061145
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.66% | 4/28/24 |
| 30 Year Conventional Refi | 6.49% | 4/28/24 |
| 30 Year Cash-out Refi | 6.84% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from River Works. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
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.
Work for RIVER WORKS?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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.
Similarity Rank: 258
Similarity Rank: 310
Similarity Rank: 525
Similarity Rank: 600
Similarity Rank: 696
Similarity Rank: 756
Similarity Rank: 772
Similarity Rank: 798
Similarity Rank: 830
Similarity Rank: 876
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 |