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 and Refi loans. Bank Of New England has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Concord, and Berlin among others. We have data for 4 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 an above average pick rate when compared to similar lenders.
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Originations
39Origination Dollar Volume (All Markets)
$56,595,000Top 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) | 33 | $53,385,000 | $1,617,727 | $0 | 6.29% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 4 | $1,910,000 | $477,500 | $0 | 6.19% |
| Concord, NH (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $0 | 5.75% |
| Berlin, NH (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 5.50% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $56,595,000 | $1,451,154 | $0 | 6.24% |
For 2019, Bank Of New England's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
For 2019, Bank Of New England's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
For 2019, Bank Of New England's most frequently cited loan duration was 10 Year, with 12 originations. The 2nd most popular length was 1 Year, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 18 | $23,780,000 | $1,321,111 |
| 5-6% | 12 | $6,890,000 | $574,167 |
| 7-8% | 5 | $16,885,000 | $3,377,000 |
| 4-5% | 4 | $9,040,000 | $2,260,000 |
During 2019, Bank Of New England's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 18 originations.
Loan Sizing
2019 saw Bank Of New England place emphasis on $600k-1MM loans with 12 originations, totaling $8,930,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1 | $305,000 | $305,000 | $0 | 7.50% |
Bank Of New England lent most frequently to those with incomes in the $100k-150k range, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 39 | $56,595,000 | $1,451,154 | $0 | 6.24% |
Approval Rates
Total approvals of all applications100.00%
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 origination97.44%
Bank Of New England has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 39 | $56,595,000 | $1,451,154 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 14 | $36,360,000 | $2,597,143 |
| Single Family (1-4 Units):Site-Built | 25 | $20,235,000 | $809,400 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 7.1% |
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Closing on a mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 14.3% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 6 | 42.9% |