Milford Federal Bank Mortgage Rates, Fees & Info

Milford, MA

LEI: 549300686RMBOL8Y1T93

Tax ID: 04-1620675

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Milford Federal Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Milford Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Providence, and Barnstable Town among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Milford Federal Bank 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. Milford Federal Bank 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.13% 4/18/24
    30 Year Conventional Refi 6.40% 4/18/24
    30 Year Cash-out Refi 6.29% 4/18/24
    15 Year Conventional Purchase 5.20% 4/18/24
    15 Year Conventional Refi 5.69% 4/18/24
    15 Year Cash-out Refi 5.69% 4/18/24
    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.

    Milford Federal Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Milford Federal Bank. 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

    445

    Origination Dollar Volume (All Markets)

    $88,195,000

    Employee count

    86 Show all (5) awards

    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
    WORCESTER, MA-CT (FHA|USDA|VA) 280 $49,540,000 $176,929 $1,943 4.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 76 $20,240,000 $266,316 $2,112 3.98%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 76 $15,140,000 $199,211 $2,681 4.02%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 12 $2,820,000 $235,000 $2,551 3.92%
    Outside of Metro Areas 1 $455,000 $455,000 $3,135 3.13%
    Milford Federal Bank's top markets include Worcester, Boston, Providence, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 84
    SOMERSET
    Similarity Rank: 99
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Martha's Vineyard Savings Bank
    Similarity Rank: 128
    Triangle Credit Union
    Similarity Rank: 147

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 445 $88,195,000 $198,191 $2,116 4.05%

    For 2018, Milford Federal Bank's most frequently originated type of loan was Conventional, with 445 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 180 $53,030,000 $294,611 $3,205 4.02%
    Cash Out Refi 122 $21,730,000 $178,115 $1,963 4.10%
    Home Improvement 54 $2,640,000 $48,889 $302 4.11%
    Other 48 $3,160,000 $65,833 $621 3.99%
    Refi 41 $7,635,000 $186,220 $1,949 4.00%

    For 2018, Milford Federal Bank's most frequently cited loan purpose was Home Purchase, with 180 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 236 $65,620,000 $278,051 $3,254 4.01%
    10 Year 72 $5,680,000 $78,889 $685 3.79%
    15 Year 67 $8,395,000 $125,299 $1,051 4.18%
    20 Year 44 $6,470,000 $147,045 $895 4.72%
    5 Year 19 $565,000 $29,737 $61 3.38%
    Other 7 $1,465,000 $209,286 $656 4.26%

    For 2018, Milford Federal Bank's most frequently cited loan duration was 30 Year, with 236 originations. The 2nd most popular length was 10 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 355 $63,215,000 $178,070
    $1k-2k 42 $9,080,000 $216,190
    $2k-3k 20 $5,650,000 $282,500
    $3k-4k 11 $2,385,000 $216,818
    $4k-5k 5 $1,845,000 $369,000
    $5k+ 5 $2,395,000 $479,000

    Milford Federal Bank's average total fees were $3,254, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 355 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 207 $41,995,000 $202,874
    3-4% 206 $40,260,000 $195,437
    2.5-3% 18 $3,510,000 $195,000
    5-6% 13 $2,035,000 $156,538
    <2.5% 1 $395,000 $395,000

    During 2018, Milford Federal Bank's average interest rate for loans was 4.01%, while their most frequently originated rate bucket for loans was 4-5%, with 207 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 146 $41,180,000 $282,055 $3,230 3.99%
    $100,000 or less 136 $6,150,000 $45,221 $266 4.15%
    $100k-200k 123 $19,045,000 $154,837 $2,232 4.03%
    $400k-600k 32 $15,370,000 $480,313 $4,196 4.00%
    $600k-1MM 7 $5,005,000 $715,000 $4,387 3.88%
    $1MM+ 1 $1,445,000 $1,445,000 $0 4.50%

    2018 saw Milford Federal Bank place emphasis on $200k-400k loans with 146 originations, totaling $41,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 117 $26,365,000 $225,342 $2,410 4.06%
    $50k-75k 90 $12,440,000 $138,222 $1,751 4.06%
    $150k-250k 88 $22,200,000 $252,273 $2,368 3.94%
    $75k-100k 72 $12,450,000 $172,917 $2,094 3.99%
    $50k or less 47 $4,005,000 $85,213 $1,362 4.40%
    $250k+ 17 $7,575,000 $445,588 $2,918 3.91%

    Milford Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $50k-75k, with 90 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 106 $19,300,000 $182,075 $1,950 4.03%
    30-36% 96 $19,220,000 $200,208 $2,363 4.05%
    <20% 30 $3,800,000 $126,667 $1,448 3.95%
    42% 26 $5,180,000 $199,231 $2,589 4.04%
    43% 24 $5,410,000 $225,417 $2,442 4.16%
    37% 19 $3,105,000 $163,421 $1,657 4.00%
    41% 17 $2,755,000 $162,059 $1,337 4.17%
    39% 16 $3,750,000 $234,375 $2,394 3.75%
    36% 15 $3,015,000 $201,000 $2,155 3.97%
    50-60% 13 $1,855,000 $142,692 $1,701 4.41%
    38% 12 $1,550,000 $129,167 $1,344 4.05%
    49% 12 $2,820,000 $235,000 $2,958 4.30%
    44% 11 $3,145,000 $285,909 $2,422 3.86%
    40% 11 $2,925,000 $265,909 $2,527 4.10%
    47% 10 $2,020,000 $202,000 $2,640 4.12%
    45% 9 $2,325,000 $258,333 $2,466 3.98%
    46% 6 $850,000 $141,667 $1,367 4.00%
    48% 4 $1,260,000 $315,000 $2,908 3.65%
    >60% 1 $285,000 $285,000 $2,352 3.75%

    Milford Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 106 originations. The next most common DTI ratio? 30-36%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 366 $67,060,000 $183,224 $2,073 4.06%
    Not provided 52 $11,180,000 $215,000 $2,090 4.02%
    Asian 11 $3,785,000 $344,091 $2,867 3.70%
    Asian Indian 7 $2,745,000 $392,143 $3,050 3.68%
    Other Asian 1 $1,445,000 $1,445,000 $0 4.50%
    Not applicable 4 $1,190,000 $297,500 $0 4.44%
    Black 4 $790,000 $197,500 $2,612 4.20%

    Approval Rates

    Total approvals of all applications
    89.40%

    Milford Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.66%

    Milford Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 445 $88,195,000 $198,191

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $1,445,000 $289,000
    Single Family (1-4 Units):Site-Built 440 $86,750,000 $197,159

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 61 $7,225,000 $118,443 $977 4.02%
    40-60% 64 $12,230,000 $191,094 $2,150 4.07%
    60-80% 113 $32,295,000 $285,796 $3,521 4.07%
    80-100% 104 $32,730,000 $314,712 $3,283 3.98%
    Under 20% 103 $3,715,000 $36,068 $131 4.10%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MLB Residential Lending, LLC FHA mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Milford Federal Bank 1271 Providence Road Whitinsville, MA 1588 Full Service B&M $30,770
    Milford Federal Bank 1950 Diamond Hill Road Woonsocket, RI 2895 Full Service B&M $34,770
    Milford Federal Bank 246 Main St Milford, MA 1757 Full Service B&M $207,048
    Milford Federal Bank 91 Medway Road Milford, MA 1757 Full Service B&M $49,065

    For 2018, Milford Federal Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,651
    Net interest income $10,856
    Total noninterest income $2,914
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $520
    Trading account gains and fees $0
    Additional Noninterest Income $2,394
    Pre-tax net operating income $1,694
    Securities gains (or losses, -) $-27
    Income before extraordinary items $1,227
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,227
    Minority interest net income $0
    Net income $1,227
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,248

    Milford Federal Bank's gross interest income from loans was $12,651,000.
    Milford Federal Bank's net interest income from loans was $10,856,000.
    Milford Federal Bank's fee based income from loans was $520,000.
    Milford Federal Bank's net income from loans was $1,227,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,795
    Provision for credit losses $75
    Total noninterest expense $12,001
    Salaries and employee benefits $7,245
    Premises and equipment expense $1,435
    Additional noninterest expense $3,321
    Applicable income taxes $440
    Net charge-offs $44
    Cash dividends $0

    Milford Federal Bank's interest expense for loans was $1,795,000.
    Milford Federal Bank's payroll and benefits expense were $7,245,000.
    Milford Federal Bank's property, plant and equipment expenses $1,435,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    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 $314,943
    Deposits held in domestic offices $314,943
    Deposits by Individuals, partnerships, and corporations $314,943
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $70,762
    Demand deposits $22,884
    Nontransaction accounts $244,181
    Money market deposit accounts (MMDAs) $49,695
    Other savings deposits (excluding MMDAs) $83,697
    Total time deposits $110,788
    Total time and savings deposits $292,059
    Noninterest-bearing deposits $21,916
    Interest-bearing deposits $293,027
    Retail deposits $302,792
    IRAs and Keogh plan accounts $20,960
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $390,157
    Cash & Balances due from depository institutions $11,276
    Interest-bearing balances $9,779
    Total securities $10,040
    Federal funds sold & reverse repurchase $0
    Net loans and leases $345,795
    Loan and leases loss allowance $1,594
    Trading account assets $0
    Bank premises and fixed assets $9,537
    Other real estate owned $847
    Goodwill and other intangibles $3,130
    All other assets $9,532

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $390,157
    Total Liabilities $342,217
    Total deposits $314,943
    Interest-bearing deposits $293,027
    Deposits held in domestic offices $314,943
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,563
    Subordinated debt $0
    All other liabilities $1,711

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $345,795
    Loan and leases loss allowance $1,594
    Total loans and leases (domestic) $347,389
    All real estate loans $344,685
    Real estate loans in domestic offices $344,685
    Construction and development loans $1,976
    Residential 1-4 family construction $1,784
    Other construction, all land development and other land $192
    Loans secured by nonfarm nonresidential properties $9,729
    Nonfarm nonresidential secured by owner-occupied properties $5,213
    Commercial real estate & other non-farm, non-residential $4,516
    Multifamily residential real estate $4,046
    1-4 family residential loans $328,934
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $583
    To non-U.S. addressees $0
    Loans to individuals $2,121
    Credit card loans $0
    Related Plans $68
    Consumer Auto Loans $229
    Other loans to individuals $1,824
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $149
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Milford Federal Bank had $345,795,000 of loans outstanding in 2018. $344,685,000 of loans were in real estate loans. $1,976,000 of loans were in development loans. $4,046,000 of loans were in multifamily mortgage loans. $328,934,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $229,000 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 25 $7,140 $285,600
    Nonfarm, nonresidential loans - $100-250k 7 $920 $131,429
    Nonfarm, nonresidential loans - $250k-1MM 18 $6,220 $345,556
    Commercial & Industrial, US addressed loans - <$1MM 19 $583 $30,684
    Commercial & Industrial, US addressed loans - <$100k 16 $205 $12,813
    Commercial & Industrial, US addressed loans - $100-250k 3 $378 $126,000