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 Refi, Cash Out Refi, and Home Purchase loans. The Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Worcester, and Manchester among others. We have data for 4 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

    318

    Origination Dollar Volume (All Markets)

    $126,720,000

    Employee count

    103

    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) 308 $123,930,000 $402,370 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,255,000 $418,333 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 5 $1,185,000 $237,000 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
    The Savings Bank's top markets include Boston, Barnstable Town, Worcester, and Manchester 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 318 $126,720,000 $398,491 $0 0.00%

    For 2020, The Savings Bank's most frequently originated type of loan was Conventional, with 318 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 144 $54,430,000 $377,986 $0 0.00%
    Cash Out Refi 119 $44,905,000 $377,353 $0 0.00%
    Home Purchase 52 $26,280,000 $505,385 $0 0.00%
    Other 2 $1,040,000 $520,000 $0 0.00%
    Home Improvement 1 $65,000 $65,000 $0 0.00%

    For 2020, The Savings Bank's most frequently cited loan purpose was Refi, with 144 originations. The 2nd most popular reason was Cash Out Refi, with 119 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 318 $126,720,000 $398,491 $0 0.00%

    For 2020, The Savings Bank's most frequently cited loan duration was Other, with 318 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 167 $50,505,000 $302,425 $0 0.00%
    $400k-600k 89 $42,705,000 $479,831 $0 0.00%
    $100k-200k 30 $4,960,000 $165,333 $0 0.00%
    $600k-1MM 21 $14,915,000 $710,238 $0 0.00%
    $100,000 or less 6 $480,000 $80,000 $0 0.00%
    $1MM+ 5 $13,155,000 $2,631,000 $0 0.00%

    2020 saw The Savings Bank place emphasis on $200k-400k loans with 167 originations, totaling $50,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 110 $43,930,000 $399,364 $0 0.00%
    $100k-150k 78 $27,170,000 $348,333 $0 0.00%
    $75k-100k 43 $12,255,000 $285,000 $0 0.00%
    $250k+ 36 $18,860,000 $523,889 $0 0.00%
    $50k-75k 32 $7,990,000 $249,688 $0 0.00%
    $50k or less 5 $775,000 $155,000 $0 0.00%

    The Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 110 originations. The second most popular income band? $100k-150k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 318 $126,720,000 $398,491 $0 0.00%

    The Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 318 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 263 $96,935,000 $368,574 $0 0.00%
    Not applicable 13 $14,955,000 $1,150,385 $0 0.00%
    Not provided 28 $10,390,000 $371,071 $0 0.00%
    Asian 6 $1,640,000 $273,333 $0 0.00%
    Asian Indian 4 $1,410,000 $352,500 $0 0.00%
    Black 4 $1,390,000 $347,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.46%

    The Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.85%

    The Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 318 $126,720,000 $398,491

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $12,340,000 $2,056,667
    Single Family (1-4 Units):Site-Built 312 $114,380,000 $366,603

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TCF NATIONAL BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 6.6%
    TCF NATIONAL BANK Conventional home mortgage Closing on a mortgage 5 5.5%
    TCF NATIONAL BANK Conventional home mortgage Incorrect information on your report 1 1.1%
    TCF NATIONAL BANK Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 1.1%
    TCF NATIONAL BANK Conventional home mortgage Struggling to pay mortgage 4 4.4%
    TCF NATIONAL BANK Conventional home mortgage Trouble during payment process 33 36.3%
    TCF NATIONAL BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.1%
    TCF NATIONAL BANK FHA mortgage Closing on a mortgage 1 1.1%
    TCF NATIONAL BANK FHA mortgage Trouble during payment process 2 2.2%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 3.3%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 3 3.3%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 2 2.2%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 2.2%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Trouble during payment process 22 24.2%
    TCF NATIONAL BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.1%
    TCF NATIONAL BANK Other type of mortgage Closing on a mortgage 1 1.1%
    TCF NATIONAL BANK Other type of mortgage Trouble during payment process 3 3.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Savings Bank 1105 Summer Street Lynnfield, MA 1940 Full Service B&M $47,132
    The Savings Bank 17 Burnham Road Methuen, MA 1844 Full Service B&M $23,782
    The Savings Bank 357 Main Street Wakefield, MA 1880 Full Service B&M $231,618
    The Savings Bank 584 Main Street Lynnfield, MA 1940 Full Service B&M $43,786
    The Savings Bank 599 North Avenue Wakefield, MA 1880 Full Service B&M $83,231
    The Savings Bank 6 Washington Street North Reading, MA 1864 Full Service B&M $19,002
    The Savings Bank 60 Farm St Wakefield, MA 1880 Limited, Mobile/Seasonal Office $3,183
    The Savings Bank 84 Main Street Andover, MA 1810 Full Service B&M $47,162
    The Savings Bank 907 Main Street Wakefield, MA 1880 Full Service B&M $66,833

    For 2020, The Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $21,269
    Net interest income $17,676
    Total noninterest income $5,985
    Gross Fiduciary activities income $3,127
    Service charges on deposit accounts $372
    Trading account gains and fees $0
    Additional Noninterest Income $2,486
    Pre-tax net operating income $3,085
    Securities gains (or losses, -) $-476
    Income before extraordinary items $2,040
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,040
    Minority interest net income $0
    Net income $2,040
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,416

    The Savings Bank's gross interest income from loans was $21,269,000.
    The Savings Bank's net interest income from loans was $17,676,000.
    The Savings Bank's fee based income from loans was $372,000.
    The Savings Bank's net income from loans was $2,040,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,593
    Provision for credit losses $852
    Total noninterest expense $19,724
    Salaries and employee benefits $11,546
    Premises and equipment expense $2,696
    Additional noninterest expense $5,482
    Applicable income taxes $569
    Net charge-offs $11
    Cash dividends $0

    The Savings Bank's interest expense for loans was $3,593,000.
    The Savings Bank's payroll and benefits expense were $11,546,000.
    The Savings Bank's property, plant and equipment expenses $2,696,000.

    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 1.0%
    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 $573,520
    Deposits held in domestic offices $573,520
    Deposits by Individuals, partnerships, and corporations $550,723
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $22,797
    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 $40,278
    Demand deposits $24,290
    Nontransaction accounts $533,242
    Money market deposit accounts (MMDAs) $75,746
    Other savings deposits (excluding MMDAs) $283,113
    Total time deposits $174,383
    Total time and savings deposits $549,230
    Noninterest-bearing deposits $127,787
    Interest-bearing deposits $445,733
    Retail deposits $506,053
    IRAs and Keogh plan accounts $26,452
    Brokered deposits $2,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $658,357
    Cash & Balances due from depository institutions $110,856
    Interest-bearing balances $106,146
    Total securities $46,315
    Federal funds sold & reverse repurchase $0
    Net loans and leases $466,274
    Loan and leases loss allowance $4,351
    Trading account assets $0
    Bank premises and fixed assets $8,686
    Other real estate owned $0
    Goodwill and other intangibles $3,014
    All other assets $23,212

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $658,357
    Total Liabilities $577,394
    Total deposits $573,520
    Interest-bearing deposits $445,733
    Deposits held in domestic offices $573,520
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,874

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $466,274
    Loan and leases loss allowance $4,351
    Total loans and leases (domestic) $470,625
    All real estate loans $451,520
    Real estate loans in domestic offices $451,520
    Construction and development loans $7,759
    Residential 1-4 family construction $2,831
    Other construction, all land development and other land $4,928
    Loans secured by nonfarm nonresidential properties $76,479
    Nonfarm nonresidential secured by owner-occupied properties $3,457
    Commercial real estate & other non-farm, non-residential $73,022
    Multifamily residential real estate $53,449
    1-4 family residential loans $313,833
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $18,064
    To non-U.S. addressees $0
    Loans to individuals $403
    Credit card loans $0
    Related Plans $94
    Consumer Auto Loans $228
    Other loans to individuals $81
    All other loans & leases $638
    Loans to foreign governments and official institutions $0
    Other loans $638
    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 $466,274,000 of loans outstanding in 2020. $451,520,000 of loans were in real estate loans. $7,759,000 of loans were in development loans. $53,449,000 of loans were in multifamily mortgage loans. $313,833,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $228,000 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 124 $34,686 $279,726
    Nonfarm, nonresidential loans - <$100k 16 $559 $34,938
    Nonfarm, nonresidential loans - $100-250k 32 $4,287 $133,969
    Nonfarm, nonresidential loans - $250k-1MM 76 $29,840 $392,632
    Commercial & Industrial, US addressed loans - <$1MM 328 $15,895 $48,460
    Commercial & Industrial, US addressed loans - <$100k 251 $5,259 $20,952
    Commercial & Industrial, US addressed loans - $100-250k 48 $4,824 $100,500
    Commercial & Industrial, US addressed loans - $250k-1MM 29 $5,812 $200,414