Bank Of New England Mortgage Rates, Fees & Info
Salem, NHLEI: 549300BC43J54DC3MQ83
Tax ID: 02-0480862
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Mortgage Data
Review & Overview
Bank Of New England is a smaller bank specializing in Home Purchase loans. Bank Of New England has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Lebanon, Manchester, Barnstable Town, and Key West among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Of New England 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
35Origination Dollar Volume (All Markets)
$79,785,000Top 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) | 23 | $68,265,000 | $2,968,043 | $0 | 6.23% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $4,535,000 | $4,535,000 | $0 | 5.50% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 8 | $3,480,000 | $435,000 | $0 | 5.73% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $1,395,000 | $1,395,000 | $0 | 6.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $1,205,000 | $1,205,000 | $0 | 6.00% |
| Concord, NH (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $79,785,000 | $2,279,571 | $0 | 6.05% |
For 2018, Bank Of New England's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
For 2018, Bank Of New England's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
For 2018, Bank Of New England's most frequently cited loan duration was 10 Year, with 11 originations. The 2nd most popular length was Other, with 10 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 18 | $34,840,000 | $1,935,556 |
| 6-7% | 10 | $5,730,000 | $573,000 |
| 4-5% | 4 | $37,680,000 | $9,420,000 |
| 7-8% | 3 | $1,535,000 | $511,667 |
During 2018, Bank Of New England's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.
Loan Sizing
2018 saw Bank Of New England place emphasis on $1MM+ loans with 14 originations, totaling $70,670,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 1 | $325,000 | $325,000 | $0 | 6.50% |
Bank Of New England lent most frequently to those with incomes in the $250k+ range, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 34 | $79,460,000 | $2,337,059 | $0 | 6.04% |
| Asian | 1 | $325,000 | $325,000 | $0 | 6.50% |
Approval Rates
Total approvals of all applications97.62%
Bank Of New England has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.86%
Bank Of New England has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 35 | $79,785,000 | $2,279,571 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | FHA mortgage | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Closing on a mortgage | 2 | 7.4% |
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 2 | 7.4% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 3 | 11.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 18.5% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 3.7% |