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

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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 Cash Out Refi, Refi, and Home Purchase loans. The Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Portland, Barnstable Town, and Manchester among others. We have data for 7 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 an above 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

    335

    Origination Dollar Volume (All Markets)

    $151,025,000

    Employee count

    106

    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) 327 $148,985,000 $455,612 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $705,000 $235,000 $0 0.00%
    Outside of Metro Areas 1 $435,000 $435,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    The Savings Bank's top markets include Boston, Worcester, Portland, Barnstable Town, and Manchester among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 335 $151,025,000 $450,821 $0 0.00%

    For 2021, The Savings Bank's most frequently originated type of loan was Conventional, with 335 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 148 $62,750,000 $423,986 $0 0.00%
    Refi 114 $45,680,000 $400,702 $0 0.00%
    Home Purchase 70 $40,560,000 $579,429 $0 0.00%
    Home Improvement 3 $2,035,000 $678,333 $0 0.00%

    For 2021, The Savings Bank's most frequently cited loan purpose was Cash Out Refi, with 148 originations. The 2nd most popular reason was Refi, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 335 $151,025,000 $450,821 $0 0.00%

    For 2021, The Savings Bank's most frequently cited loan duration was Other, with 335 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 154 $46,550,000 $302,273 $0 0.00%
    $400k-600k 109 $52,545,000 $482,064 $0 0.00%
    $600k-1MM 28 $21,000,000 $750,000 $0 0.00%
    $100k-200k 25 $4,065,000 $162,600 $0 0.00%
    $1MM+ 15 $26,555,000 $1,770,333 $0 0.00%
    $100,000 or less 4 $310,000 $77,500 $0 0.00%

    2021 saw The Savings Bank place emphasis on $200k-400k loans with 154 originations, totaling $46,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 112 $48,210,000 $430,446 $0 0.00%
    $100k-150k 74 $27,130,000 $366,622 $0 0.00%
    $75k-100k 48 $15,620,000 $325,417 $0 0.00%
    $250k+ 27 $14,645,000 $542,407 $0 0.00%
    $50k-75k 26 $5,830,000 $224,231 $0 0.00%
    $50k or less 3 $625,000 $208,333 $0 0.00%

    The Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 112 originations. The second most popular income band? $100k-150k, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 335 $151,025,000 $450,821 $0 0.00%

    The Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 335 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 251 $96,995,000 $386,434 $0 0.00%
    Not applicable 44 $38,120,000 $866,364 $0 0.00%
    Not provided 32 $12,870,000 $402,188 $0 0.00%
    Asian 5 $1,985,000 $397,000 $0 0.00%
    Black 3 $1,055,000 $351,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.63%

    The Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.54%

    The Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 335 $151,025,000 $450,821

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    335 $151,025,000 $450,821

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    TCF NATIONAL BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 11.9%
    TCF NATIONAL BANK Conventional home mortgage Closing on a mortgage 3 7.1%
    TCF NATIONAL BANK Conventional home mortgage Trouble during payment process 16 38.1%
    TCF NATIONAL BANK FHA mortgage Trouble during payment process 1 2.4%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 4.8%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 2 4.8%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.4%
    TCF NATIONAL BANK Home equity loan or line of credit (HELOC) Trouble during payment process 9 21.4%
    TCF NATIONAL BANK Other type of mortgage Trouble during payment process 3 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Savings Bank 1105 Summer Street Lynnfield, MA 1940 Full Service B&M $53,539
    The Savings Bank 17 Burnham Road Methuen, MA 1844 Full Service B&M $26,369
    The Savings Bank 357 Main St Wakefield, MA 1880 Full Service B&M $243,863
    The Savings Bank 584 Main Street Lynnfield, MA 1940 Full Service B&M $43,909
    The Savings Bank 599 North Avenue Wakefield, MA 1880 Full Service B&M $90,945
    The Savings Bank 6 Washington Street North Reading, MA 1864 Full Service B&M $17,622
    The Savings Bank 60 Farm St Wakefield, MA 1880 Limited, Mobile/Seasonal Office $3,497
    The Savings Bank 84 Main Street Andover, MA 1810 Full Service B&M $51,412
    The Savings Bank 907 Main Street Wakefield, MA 1880 Full Service B&M $74,301

    For 2021, The Savings Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,042
    Net interest income $18,407
    Total noninterest income $5,315
    Gross Fiduciary activities income $3,595
    Service charges on deposit accounts $401
    Trading account gains and fees $0
    Additional Noninterest Income $1,319
    Pre-tax net operating income $3,143
    Securities gains (or losses, -) $1,550
    Income before extraordinary items $3,668
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,668
    Minority interest net income $0
    Net income $3,668
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,443

    The Savings Bank's gross interest income from loans was $20,042,000.
    The Savings Bank's net interest income from loans was $18,407,000.
    The Savings Bank's fee based income from loans was $401,000.
    The Savings Bank's net income from loans was $3,668,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,635
    Provision for credit losses $180
    Total noninterest expense $20,399
    Salaries and employee benefits $12,097
    Premises and equipment expense $2,629
    Additional noninterest expense $5,673
    Applicable income taxes $1,025
    Net charge-offs $6
    Cash dividends $0

    The Savings Bank's interest expense for loans was $1,635,000.
    The Savings Bank's payroll and benefits expense were $12,097,000.
    The Savings Bank's property, plant and equipment expenses $2,629,000.

    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 $634,940
    Deposits held in domestic offices $634,940
    Deposits by Individuals, partnerships, and corporations $612,266
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $22,674
    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 $44,033
    Demand deposits $30,181
    Nontransaction accounts $590,907
    Money market deposit accounts (MMDAs) $104,475
    Other savings deposits (excluding MMDAs) $333,398
    Total time deposits $153,034
    Total time and savings deposits $604,759
    Noninterest-bearing deposits $163,326
    Interest-bearing deposits $471,614
    Retail deposits $576,412
    IRAs and Keogh plan accounts $24,716
    Brokered deposits $1,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $722,476
    Cash & Balances due from depository institutions $101,007
    Interest-bearing balances $96,441
    Total securities $115,990
    Federal funds sold & reverse repurchase $0
    Net loans and leases $470,474
    Loan and leases loss allowance $4,525
    Trading account assets $0
    Bank premises and fixed assets $8,332
    Other real estate owned $0
    Goodwill and other intangibles $3,014
    All other assets $23,659

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $722,476
    Total Liabilities $639,194
    Total deposits $634,940
    Interest-bearing deposits $471,614
    Deposits held in domestic offices $634,940
    % insured (estimated) $77
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $4,254

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $470,474
    Loan and leases loss allowance $4,525
    Total loans and leases (domestic) $474,999
    All real estate loans $466,486
    Real estate loans in domestic offices $466,486
    Construction and development loans $18,626
    Residential 1-4 family construction $9,164
    Other construction, all land development and other land $9,462
    Loans secured by nonfarm nonresidential properties $71,152
    Nonfarm nonresidential secured by owner-occupied properties $4,645
    Commercial real estate & other non-farm, non-residential $66,507
    Multifamily residential real estate $52,409
    1-4 family residential loans $324,299
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,032
    To non-U.S. addressees $0
    Loans to individuals $338
    Credit card loans $0
    Related Plans $112
    Consumer Auto Loans $124
    Other loans to individuals $102
    All other loans & leases $143
    Loans to foreign governments and official institutions $0
    Other loans $143
    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 $470,474,000 of loans outstanding in 2021. $466,486,000 of loans were in real estate loans. $18,626,000 of loans were in development loans. $52,409,000 of loans were in multifamily mortgage loans. $324,299,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $124,000 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 117 $33,159 $283,410
    Nonfarm, nonresidential loans - <$100k 14 $413 $29,500
    Nonfarm, nonresidential loans - $100-250k 28 $3,884 $138,714
    Nonfarm, nonresidential loans - $250k-1MM 75 $28,862 $384,827
    Commercial & Industrial, US addressed loans - <$1MM 187 $8,031 $42,947
    Commercial & Industrial, US addressed loans - <$100k 133 $1,744 $13,113
    Commercial & Industrial, US addressed loans - $100-250k 35 $3,276 $93,600
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $3,011 $158,474