The Cooperative Bank Mortgage Rates, Fees & Info

Boston, MA

LEI: 5493007OJ7D42T6RE854

Tax ID: 04-1789020

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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 Cooperative Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. The Cooperative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Vineyard Haven, and Worcester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Cooperative 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.

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    Originations

    159

    Origination Dollar Volume (All Markets)

    $97,785,000

    Employee count

    64

    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) 152 $95,700,000 $629,605 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,505,000 $301,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    The Cooperative Bank's top markets include Boston, Barnstable Town, Vineyard Haven, and Worcester among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Cooperative Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    Middlesex Savings Bank
    Similarity Rank: 310
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 417
    QUINCY CREDIT UNION
    Similarity Rank: 435
    Members Plus Credit Union
    Similarity Rank: 505
    Sharon & Crescent United Credit Union
    Similarity Rank: 525
    Bristol County Savings Bank
    Similarity Rank: 544
    Milford Federal Bank
    Similarity Rank: 570
    St. Mary's Credit Union
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 159 $97,785,000 $615,000 $0 0.00%

    For 2019, The Cooperative Bank's most frequently originated type of loan was Conventional, with 159 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $36,590,000 $571,719 $0 0.00%
    Cash Out Refi 48 $24,060,000 $501,250 $0 0.00%
    Refi 34 $28,610,000 $841,471 $0 0.00%
    Home Improvement 10 $8,090,000 $809,000 $0 0.00%
    Other 3 $435,000 $145,000 $0 0.00%

    For 2019, The Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 159 $97,785,000 $615,000 $0 0.00%

    For 2019, The Cooperative Bank's most frequently cited loan duration was Other, with 159 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 52 $15,500,000 $298,077 $0 0.00%
    $400k-600k 46 $22,280,000 $484,348 $0 0.00%
    $600k-1MM 26 $20,440,000 $786,154 $0 0.00%
    $1MM+ 20 $37,700,000 $1,885,000 $0 0.00%
    $100k-200k 9 $1,455,000 $161,667 $0 0.00%
    $100,000 or less 6 $410,000 $68,333 $0 0.00%

    2019 saw The Cooperative Bank place emphasis on $200k-400k loans with 52 originations, totaling $15,500,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 37 $19,045,000 $514,730 $0 0.00%
    $100k-150k 31 $11,705,000 $377,581 $0 0.00%
    $250k+ 31 $21,445,000 $691,774 $0 0.00%
    $50k-75k 13 $3,395,000 $261,154 $0 0.00%
    $75k-100k 11 $3,615,000 $328,636 $0 0.00%
    $50k or less 4 $740,000 $185,000 $0 0.00%

    The Cooperative Bank lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 159 $97,785,000 $615,000 $0 0.00%

    The Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 159 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 118 $56,420,000 $478,136 $0 0.00%
    Not applicable 29 $34,845,000 $1,201,552 $0 0.00%
    Not provided 4 $2,520,000 $630,000 $0 0.00%
    Black 6 $2,030,000 $338,333 $0 0.00%
    Asian 1 $1,555,000 $1,555,000 $0 0.00%
    Asian Indian 1 $415,000 $415,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.38%

    The Cooperative 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
    84.91%

    The Cooperative Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 159 $97,785,000 $615,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $15,840,000 $2,640,000
    Single Family (1-4 Units):Site-Built 153 $81,945,000 $535,588

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Cooperative Bank 201 Main Street Charlestown, MA 2129 Full Service B&M $86,418
    The Cooperative Bank 36 Springs Street West Roxbury, MA 2132 Full Service B&M $96,463
    The Cooperative Bank 40 Belgrade Avenue Roslindale, MA 2131 Full Service B&M $158,578

    For 2019, The Cooperative Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,543
    Net interest income $12,998
    Total noninterest income $1,277
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $332
    Trading account gains and fees $0
    Additional Noninterest Income $945
    Pre-tax net operating income $2,630
    Securities gains (or losses, -) $23
    Income before extraordinary items $2,045
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,045
    Minority interest net income $0
    Net income $2,045
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,026

    The Cooperative Bank's gross interest income from loans was $17,543,000.
    The Cooperative Bank's net interest income from loans was $12,998,000.
    The Cooperative Bank's fee based income from loans was $332,000.
    The Cooperative Bank's net income from loans was $2,045,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,545
    Provision for credit losses $260
    Total noninterest expense $11,385
    Salaries and employee benefits $6,929
    Premises and equipment expense $1,264
    Additional noninterest expense $3,192
    Applicable income taxes $608
    Net charge-offs $22
    Cash dividends $0

    The Cooperative Bank's interest expense for loans was $4,545,000.
    The Cooperative Bank's payroll and benefits expense were $6,929,000.
    The Cooperative Bank's property, plant and equipment expenses $1,264,000.

    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 $354,731
    Deposits held in domestic offices $354,731
    Deposits by Individuals, partnerships, and corporations $336,033
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $18,698
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $111,073
    Demand deposits $73,975
    Nontransaction accounts $243,658
    Money market deposit accounts (MMDAs) $74,592
    Other savings deposits (excluding MMDAs) $47,402
    Total time deposits $121,664
    Total time and savings deposits $280,756
    Noninterest-bearing deposits $73,975
    Interest-bearing deposits $280,756
    Retail deposits $298,057
    IRAs and Keogh plan accounts $5,456
    Brokered deposits $25,018
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $438,269
    Cash & Balances due from depository institutions $14,156
    Interest-bearing balances $13,167
    Total securities $42,416
    Federal funds sold & reverse repurchase $328
    Net loans and leases $358,234
    Loan and leases loss allowance $3,006
    Trading account assets $0
    Bank premises and fixed assets $7,666
    Other real estate owned $0
    Goodwill and other intangibles $380
    All other assets $15,089

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $438,269
    Total Liabilities $395,120
    Total deposits $354,731
    Interest-bearing deposits $280,756
    Deposits held in domestic offices $354,731
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $37,800
    Subordinated debt $0
    All other liabilities $2,589

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $358,234
    Loan and leases loss allowance $3,006
    Total loans and leases (domestic) $361,240
    All real estate loans $348,541
    Real estate loans in domestic offices $348,541
    Construction and development loans $33,329
    Residential 1-4 family construction $21,161
    Other construction, all land development and other land $12,168
    Loans secured by nonfarm nonresidential properties $69,077
    Nonfarm nonresidential secured by owner-occupied properties $38,707
    Commercial real estate & other non-farm, non-residential $30,370
    Multifamily residential real estate $36,421
    1-4 family residential loans $208,643
    Farmland loans $1,071
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,163
    To non-U.S. addressees $0
    Loans to individuals $4,500
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $4,500
    All other loans & leases $37
    Loans to foreign governments and official institutions $0
    Other loans $37
    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 $1,228
    Non 1-4 family restructured loans & leases $11
    Total loans and leases (foreign) $0

    The Cooperative Bank had $358,234,000 of loans outstanding in 2019. $348,541,000 of loans were in real estate loans. $33,329,000 of loans were in development loans. $36,421,000 of loans were in multifamily mortgage loans. $208,643,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 121 $33,852 $279,769
    Nonfarm, nonresidential loans - <$100k 26 $211 $8,115
    Nonfarm, nonresidential loans - $100-250k 28 $3,562 $127,214
    Nonfarm, nonresidential loans - $250k-1MM 67 $30,079 $448,940
    Commercial & Industrial, US addressed loans - <$1MM 222 $4,785 $21,554
    Commercial & Industrial, US addressed loans - <$100k 197 $553 $2,807
    Commercial & Industrial, US addressed loans - $100-250k 11 $1,166 $106,000
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $3,066 $219,000