Monson Savings Bank Mortgage Rates, Fees & Info

Monson, MA

LEI: 5493007H0KZ81N1H6352

Tax ID: 56-2545442

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Mortgage Data

Review & Overview

Monson Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Monson Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Worcester, Vineyard Haven, and Barnstable Town among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Monson 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.

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Originations

300

Origination Dollar Volume (All Markets)

$107,840,000

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
SPRINGFIELD, MA (FHA|USDA|VA) 223 $77,575,000 $347,870 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 27 $7,515,000 $278,333 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 11 $4,365,000 $396,818 $0 0.00%
Vineyard Haven, MA (FHA|USDA|VA) 2 $3,240,000 $1,620,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $2,935,000 $419,286 $0 0.00%
Outside of Metro Areas 3 $2,735,000 $911,667 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $2,010,000 $502,500 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $1,820,000 $910,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $1,275,000 $425,000 $0 0.00%
Torrington, CT (FHA|USDA|VA) 2 $790,000 $395,000 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $385,000 $385,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 6 $290,000 $48,333 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Monson Savings Bank's top markets include Springfield, Hartford, Worcester, Vineyard Haven, and Barnstable Town among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 300 $107,840,000 $359,467 $0 0.00%

    For 2022, Monson Savings Bank's most frequently originated type of loan was Conventional, with 300 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 170 $64,490,000 $379,353 $0 0.00%
    Cash Out Refi 87 $32,075,000 $368,678 $0 0.00%
    Refi 33 $11,025,000 $334,091 $0 0.00%
    Home Improvement 10 $250,000 $25,000 $0 0.00%

    For 2022, Monson Savings Bank's most frequently cited loan purpose was Home Purchase, with 170 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 300 $107,840,000 $359,467 $0 0.00%

    For 2022, Monson Savings Bank's most frequently cited loan duration was Other, with 300 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 136 $37,790,000 $277,868 $0 0.00%
    $100k-200k 68 $10,590,000 $155,735 $0 0.00%
    $400k-600k 47 $21,715,000 $462,021 $0 0.00%
    $100,000 or less 23 $1,035,000 $45,000 $0 0.00%
    $600k-1MM 16 $11,440,000 $715,000 $0 0.00%
    $1MM+ 10 $25,270,000 $2,527,000 $0 0.00%

    2022 saw Monson Savings Bank place emphasis on $200k-400k loans with 136 originations, totaling $37,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 68 $18,940,000 $278,529 $0 0.00%
    $150k-250k 58 $20,270,000 $349,483 $0 0.00%
    $75k-100k 48 $11,010,000 $229,375 $0 0.00%
    $50k-75k 40 $7,420,000 $185,500 $0 0.00%
    $250k+ 36 $16,640,000 $462,222 $0 0.00%
    $50k or less 21 $2,275,000 $108,333 $0 0.00%

    Monson Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 68 originations. The second most popular income band? $150k-250k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 300 $107,840,000 $359,467 $0 0.00%

    Monson Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 300 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 255 $72,085,000 $282,686 $0 0.00%
    Not applicable 25 $30,105,000 $1,204,200 $0 0.00%
    Not provided 14 $4,250,000 $303,571 $0 0.00%
    Black 4 $820,000 $205,000 $0 0.00%
    Asian 1 $305,000 $305,000 $0 0.00%
    American Indian 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.04%

    Monson Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.67%

    Monson Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 300 $107,840,000 $359,467

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    300 $107,840,000 $359,467