The Savings Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 5493006Q43B8FBFUVL12

Tax ID: 04-1939290

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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, Cash Out Refi, and Refi loans. The Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Manchester, and Springfield 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.

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    Originations

    215

    Origination Dollar Volume (All Markets)

    $80,245,000

    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) 209 $78,385,000 $375,048 $0 0.00%
    Outside of Metro Areas 2 $710,000 $355,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $500,000 $250,000 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    The Savings Bank's top markets include Boston, Worcester, Manchester, and Springfield 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 215 $80,245,000 $373,233 $0 0.00%

    For 2019, The Savings Bank's most frequently originated type of loan was Conventional, with 215 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 92 $36,630,000 $398,152 $0 0.00%
    Cash Out Refi 64 $24,200,000 $378,125 $0 0.00%
    Refi 48 $17,650,000 $367,708 $0 0.00%
    Home Improvement 9 $1,645,000 $182,778 $0 0.00%
    Other 2 $120,000 $60,000 $0 0.00%

    For 2019, The Savings Bank's most frequently cited loan purpose was Home Purchase, with 92 originations. The 2nd most popular reason was Cash Out Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 215 $80,245,000 $373,233 $0 0.00%

    For 2019, The Savings Bank's most frequently cited loan duration was Other, with 215 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 101 $30,585,000 $302,822 $0 0.00%
    $400k-600k 72 $33,820,000 $469,722 $0 0.00%
    $100k-200k 20 $3,130,000 $156,500 $0 0.00%
    $600k-1MM 16 $11,430,000 $714,375 $0 0.00%
    $100,000 or less 5 $275,000 $55,000 $0 0.00%
    $1MM+ 1 $1,005,000 $1,005,000 $0 0.00%

    2019 saw The Savings Bank place emphasis on $200k-400k loans with 101 originations, totaling $30,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $20,310,000 $350,172 $0 0.00%
    $150k-250k 52 $23,710,000 $455,962 $0 0.00%
    $75k-100k 36 $11,760,000 $326,667 $0 0.00%
    $50k-75k 24 $6,020,000 $250,833 $0 0.00%
    $250k+ 16 $6,910,000 $431,875 $0 0.00%
    $50k or less 4 $840,000 $210,000 $0 0.00%

    The Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 215 $80,245,000 $373,233 $0 0.00%

    The Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 215 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 181 $65,535,000 $362,072 $0 0.00%
    Not applicable 22 $9,790,000 $445,000 $0 0.00%
    Not provided 7 $2,925,000 $417,857 $0 0.00%
    Asian 3 $935,000 $311,667 $0 0.00%
    Black 1 $615,000 $615,000 $0 0.00%
    Other Asian 1 $445,000 $445,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.37%

    The Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.37%

    The Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 215 $80,245,000 $373,233

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $4,555,000 $414,091
    Single Family (1-4 Units):Site-Built 204 $75,690,000 $371,029

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    TCF NATIONAL BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 17.6%
    TCF NATIONAL BANK Conventional home mortgage Struggling to pay mortgage 6 35.3%
    TCF NATIONAL BANK Conventional home mortgage Trouble during payment process 2 11.8%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 5.9%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 5.9%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 17.6%
    TCF NATIONAL BANK Other type of mortgage Trouble during payment process 1 5.9%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Savings Bank 1105 Summer Street Lynnfield, MA 1940 Full Service B&M $32,835
    The Savings Bank 17 Burnham Road Methuen, MA 1844 Full Service B&M $18,821
    The Savings Bank 357 Main Street Wakefield, MA 1880 Full Service B&M $237,187
    The Savings Bank 584 Main Street Lynnfield, MA 1940 Full Service B&M $38,704
    The Savings Bank 599 North Avenue Wakefield, MA 1880 Full Service B&M $70,598
    The Savings Bank 6 Washington Street North Reading, MA 1864 Full Service B&M $14,535
    The Savings Bank 60 Farm St Wakefield, MA 1880 Limited, Mobile/Seasonal Office $2,995
    The Savings Bank 84 Main Street Andover, MA 1810 Full Service B&M $43,424
    The Savings Bank 907 Main Street Wakefield, MA 1880 Full Service B&M $60,654

    For 2019, The Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,705
    Net interest income $17,706
    Total noninterest income $5,126
    Gross Fiduciary activities income $3,196
    Service charges on deposit accounts $495
    Trading account gains and fees $0
    Additional Noninterest Income $1,435
    Pre-tax net operating income $3,550
    Securities gains (or losses, -) $2,539
    Income before extraordinary items $4,714
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,714
    Minority interest net income $0
    Net income $4,714
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,708

    The Savings Bank's gross interest income from loans was $22,705,000.
    The Savings Bank's net interest income from loans was $17,706,000.
    The Savings Bank's fee based income from loans was $495,000.
    The Savings Bank's net income from loans was $4,714,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,999
    Provision for credit losses $-124
    Total noninterest expense $19,406
    Salaries and employee benefits $10,989
    Premises and equipment expense $2,616
    Additional noninterest expense $5,801
    Applicable income taxes $1,375
    Net charge-offs $18
    Cash dividends $0

    The Savings Bank's interest expense for loans was $4,999,000.
    The Savings Bank's payroll and benefits expense were $10,989,000.
    The Savings Bank's property, plant and equipment expenses $2,616,000.

    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 $524,324
    Deposits held in domestic offices $524,324
    Deposits by Individuals, partnerships, and corporations $500,505
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $23,566
    Deposits by Commercial banks and other depository institutions in U.S. $253
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $36,641
    Demand deposits $19,595
    Nontransaction accounts $487,683
    Money market deposit accounts (MMDAs) $63,031
    Other savings deposits (excluding MMDAs) $231,712
    Total time deposits $192,940
    Total time and savings deposits $504,729
    Noninterest-bearing deposits $101,323
    Interest-bearing deposits $423,001
    Retail deposits $449,579
    IRAs and Keogh plan accounts $26,621
    Brokered deposits $6,204
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $613,652
    Cash & Balances due from depository institutions $29,674
    Interest-bearing balances $24,961
    Total securities $61,382
    Federal funds sold & reverse repurchase $0
    Net loans and leases $487,591
    Loan and leases loss allowance $3,510
    Trading account assets $0
    Bank premises and fixed assets $9,075
    Other real estate owned $0
    Goodwill and other intangibles $3,014
    All other assets $22,916

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $613,652
    Total Liabilities $535,225
    Total deposits $524,324
    Interest-bearing deposits $423,001
    Deposits held in domestic offices $524,324
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7,000
    Subordinated debt $0
    All other liabilities $3,901

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $487,591
    Loan and leases loss allowance $3,510
    Total loans and leases (domestic) $491,101
    All real estate loans $482,691
    Real estate loans in domestic offices $482,691
    Construction and development loans $7,576
    Residential 1-4 family construction $4,771
    Other construction, all land development and other land $2,805
    Loans secured by nonfarm nonresidential properties $75,505
    Nonfarm nonresidential secured by owner-occupied properties $2,395
    Commercial real estate & other non-farm, non-residential $73,110
    Multifamily residential real estate $54,803
    1-4 family residential loans $344,807
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $7,662
    To non-U.S. addressees $0
    Loans to individuals $624
    Credit card loans $0
    Related Plans $129
    Consumer Auto Loans $336
    Other loans to individuals $159
    All other loans & leases $124
    Loans to foreign governments and official institutions $0
    Other loans $124
    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 $487,591,000 of loans outstanding in 2019. $482,691,000 of loans were in real estate loans. $7,576,000 of loans were in development loans. $54,803,000 of loans were in multifamily mortgage loans. $344,807,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $336,000 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 119 $33,264 $279,529
    Nonfarm, nonresidential loans - <$100k 14 $634 $45,286
    Nonfarm, nonresidential loans - $100-250k 28 $3,295 $117,679
    Nonfarm, nonresidential loans - $250k-1MM 77 $29,335 $380,974
    Commercial & Industrial, US addressed loans - <$1MM 175 $5,756 $32,891
    Commercial & Industrial, US addressed loans - <$100k 124 $1,424 $11,484
    Commercial & Industrial, US addressed loans - $100-250k 32 $1,967 $61,469
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $2,365 $124,474