The Savings Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 5493006Q43B8FBFUVL12

Tax ID: 04-1939290

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

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    The Savings Bank is a smaller bank specializing in Home Purchase loans. The Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, Springfield, and Laconia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Savings Bank 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.

    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.


    Originations

    203

    Origination Dollar Volume (All Markets)

    $84,625,000

    Employee count

    111

    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) 193 $81,825,000 $423,964 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $1,910,000 $318,333 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $510,000 $255,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Laconia, NH (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    The Savings Bank's top markets include Boston, Worcester, Manchester, Springfield, and Laconia among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 203 $84,625,000 $416,872 $0 0.00%

    For 2018, The Savings Bank's most frequently originated type of loan was Conventional, with 203 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 134 $50,520,000 $377,015 $0 0.00%
    Cash Out Refi 40 $13,970,000 $349,250 $0 0.00%
    Refi 23 $15,925,000 $692,391 $0 0.00%
    Other 4 $1,340,000 $335,000 $0 0.00%
    Home Improvement 2 $2,870,000 $1,435,000 $0 0.00%

    For 2018, The Savings Bank's most frequently cited loan purpose was Home Purchase, with 134 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 203 $84,625,000 $416,872 $0 0.00%

    For 2018, The Savings Bank's most frequently cited loan duration was Other, with 203 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 100 $30,600,000 $306,000 $0 0.00%
    $400k-600k 56 $26,360,000 $470,714 $0 0.00%
    $100k-200k 22 $3,520,000 $160,000 $0 0.00%
    $600k-1MM 12 $8,530,000 $710,833 $0 0.00%
    $1MM+ 8 $15,260,000 $1,907,500 $0 0.00%
    $100,000 or less 5 $355,000 $71,000 $0 0.00%

    2018 saw The Savings Bank place emphasis on $200k-400k loans with 100 originations, totaling $30,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 47 $15,795,000 $336,064 $0 0.00%
    $150k-250k 47 $19,355,000 $411,809 $0 0.00%
    $75k-100k 29 $9,045,000 $311,897 $0 0.00%
    $250k+ 22 $10,880,000 $494,545 $0 0.00%
    $50k-75k 17 $4,165,000 $245,000 $0 0.00%
    $50k or less 8 $1,170,000 $146,250 $0 0.00%

    The Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $150k-250k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 203 $84,625,000 $416,872 $0 0.00%

    The Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 203 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 157 $56,585,000 $360,414 $0 0.00%
    Not applicable 30 $21,250,000 $708,333 $0 0.00%
    Asian 7 $3,705,000 $529,286 $0 0.00%
    Not provided 6 $2,320,000 $386,667 $0 0.00%
    Black 2 $440,000 $220,000 $0 0.00%
    Other Asian 1 $325,000 $325,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.90%

    The Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.27%

    The Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 203 $84,625,000 $416,872

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $17,335,000 $1,019,706
    Single Family (1-4 Units):Site-Built 186 $67,290,000 $361,774

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    TCF NATIONAL BANK Conventional home mortgage Struggling to pay mortgage 1 10.0%
    TCF NATIONAL BANK Conventional home mortgage Trouble during payment process 2 20.0%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    TCF NATIONAL BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    TCF NATIONAL BANK Other type of mortgage Struggling to pay mortgage 1 10.0%
    TCF NATIONAL BANK Other type of mortgage Trouble during payment process 4 40.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Savings Bank 1105 Summer Street Lynnfield, MA 1940 Full Service B&M $32,365
    The Savings Bank 17 Burnham Road Methuen, MA 1844 Full Service B&M $18,413
    The Savings Bank 357 Main Street Wakefield, MA 1880 Full Service B&M $210,034
    The Savings Bank 584 Main Street Lynnfield, MA 1940 Full Service B&M $38,943
    The Savings Bank 599 North Avenue Wakefield, MA 1880 Full Service B&M $68,714
    The Savings Bank 6 Washington Street North Reading, MA 1864 Full Service B&M $10,586
    The Savings Bank 60 Farm St Wakefield, MA 1880 Limited, Mobile/Seasonal Office $2,543
    The Savings Bank 84 Main Street Andover, MA 1810 Full Service B&M $39,008
    The Savings Bank 907 Main Street Wakefield, MA 1880 Full Service B&M $60,832

    For 2018, The Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,819
    Net interest income $17,429
    Total noninterest income $5,011
    Gross Fiduciary activities income $3,194
    Service charges on deposit accounts $500
    Trading account gains and fees $0
    Additional Noninterest Income $1,317
    Pre-tax net operating income $3,353
    Securities gains (or losses, -) $482
    Income before extraordinary items $2,958
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,958
    Minority interest net income $0
    Net income $2,958
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,577

    The Savings Bank's gross interest income from loans was $20,819,000.
    The Savings Bank's net interest income from loans was $17,429,000.
    The Savings Bank's fee based income from loans was $500,000.
    The Savings Bank's net income from loans was $2,958,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,390
    Provision for credit losses $183
    Total noninterest expense $18,904
    Salaries and employee benefits $10,976
    Premises and equipment expense $2,575
    Additional noninterest expense $5,353
    Applicable income taxes $877
    Net charge-offs $11
    Cash dividends $0

    The Savings Bank's interest expense for loans was $3,390,000.
    The Savings Bank's payroll and benefits expense were $10,976,000.
    The Savings Bank's property, plant and equipment expenses $2,575,000.

    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 $490,084
    Deposits held in domestic offices $490,084
    Deposits by Individuals, partnerships, and corporations $459,321
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $26,493
    Deposits by Commercial banks and other depository institutions in U.S. $4,270
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $32,217
    Demand deposits $20,399
    Nontransaction accounts $457,867
    Money market deposit accounts (MMDAs) $64,864
    Other savings deposits (excluding MMDAs) $233,191
    Total time deposits $159,812
    Total time and savings deposits $469,685
    Noninterest-bearing deposits $103,086
    Interest-bearing deposits $386,998
    Retail deposits $431,149
    IRAs and Keogh plan accounts $25,186
    Brokered deposits $8,452
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $603,861
    Cash & Balances due from depository institutions $7,385
    Interest-bearing balances $3,107
    Total securities $59,618
    Federal funds sold & reverse repurchase $4,141
    Net loans and leases $497,315
    Loan and leases loss allowance $3,652
    Trading account assets $0
    Bank premises and fixed assets $9,491
    Other real estate owned $270
    Goodwill and other intangibles $3,014
    All other assets $22,627

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $603,861
    Total Liabilities $530,875
    Total deposits $490,084
    Interest-bearing deposits $386,998
    Deposits held in domestic offices $490,084
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $37,250
    Subordinated debt $0
    All other liabilities $3,541

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $497,315
    Loan and leases loss allowance $3,652
    Total loans and leases (domestic) $500,967
    All real estate loans $492,041
    Real estate loans in domestic offices $492,041
    Construction and development loans $12,725
    Residential 1-4 family construction $8,738
    Other construction, all land development and other land $3,987
    Loans secured by nonfarm nonresidential properties $76,712
    Nonfarm nonresidential secured by owner-occupied properties $2,186
    Commercial real estate & other non-farm, non-residential $74,526
    Multifamily residential real estate $53,756
    1-4 family residential loans $348,848
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,105
    To non-U.S. addressees $0
    Loans to individuals $741
    Credit card loans $0
    Related Plans $146
    Consumer Auto Loans $416
    Other loans to individuals $179
    All other loans & leases $81
    Loans to foreign governments and official institutions $0
    Other loans $81
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Savings Bank had $497,315,000 of loans outstanding in 2018. $492,041,000 of loans were in real estate loans. $12,725,000 of loans were in development loans. $53,756,000 of loans were in multifamily mortgage loans. $348,848,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $416,000 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 120 $36,192 $301,600
    Nonfarm, nonresidential loans - <$100k 13 $593 $45,615
    Nonfarm, nonresidential loans - $100-250k 30 $3,621 $120,700
    Nonfarm, nonresidential loans - $250k-1MM 77 $31,978 $415,299
    Commercial & Industrial, US addressed loans - <$1MM 171 $6,734 $39,380
    Commercial & Industrial, US addressed loans - <$100k 115 $1,487 $12,930
    Commercial & Industrial, US addressed loans - $100-250k 34 $2,101 $61,794
    Commercial & Industrial, US addressed loans - $250k-1MM 22 $3,146 $143,000