Reading Co-operative Bank Mortgage Rates, Fees & Info
Reading, MALEI: 549300BNF48S5Z88UL34
Tax ID: 04-1760720
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Reading Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Reading Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, and Manchester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Reading Co-operative 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
269Origination Dollar Volume (All Markets)
$148,345,000Top 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) | 257 | $143,155,000 | $557,023 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 7 | $3,675,000 | $525,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $840,000 | $420,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 269 | $148,345,000 | $551,468 | $0 | 0.00% |
For 2022, Reading Co-operative Bank's most frequently originated type of loan was Conventional, with 269 originations.
Loan Reason
For 2022, Reading Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 132 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 269 | $148,345,000 | $551,468 | $0 | 0.00% |
For 2022, Reading Co-operative Bank's most frequently cited loan duration was Other, with 269 originations.
Loan Sizing
2022 saw Reading Co-operative Bank place emphasis on $400k-600k loans with 76 originations, totaling $37,330,000 in origination value.
Applicant Income
Reading Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 74 originations. The second most popular income band? $100k-150k, with 57 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 269 | $148,345,000 | $551,468 | $0 | 0.00% |
Reading Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 269 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.02%
Reading Co-operative 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 origination79.93%
Reading Co-operative Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 269 | $148,345,000 | $551,468 |