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 Cash Out Refi, Refi, and Home Purchase loans. River Works has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Manchester among others. We have data for 5 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
134Origination Dollar Volume (All Markets)
$52,990,000Top 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) | 126 | $50,480,000 | $400,635 | $2,664 | 3.09% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $3,288 | 3.08% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $2,979 | 3.63% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,046 | 3.88% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $25 | 3.25% |
Their top states include:
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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 | 129 | $50,905,000 | $394,612 | $2,669 | 3.11% |
| HELOC | 5 | $2,085,000 | $417,000 | n/a | 3.00% |
For 2021, River Works's most frequently originated type of loan was Conventional, with 129 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
For 2021, River Works's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Refi, with 50 originations.
Loan Duration/Length
For 2021, River Works's most frequently cited loan duration was 30 Year, with 110 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
River Works's average total fees were $2,752, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 117 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 63 | $24,045,000 | $381,667 |
| 3-4% | 55 | $24,665,000 | $448,455 |
| <2.5% | 12 | $2,960,000 | $246,667 |
| 4-5% | 4 | $1,320,000 | $330,000 |
During 2021, River Works's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 63 originations.
Loan Sizing
2021 saw River Works place emphasis on $200k-400k loans with 63 originations, totaling $19,255,000 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 22 originations.
Applicant Debt to Income Ratio
River Works lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.32%
River Works has an average approval rate.
Pick Rate
Approvals leading to origination75.37%
River Works has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 134 | $52,990,000 | $395,448 |