Savings Institute Bank And Trust Company Mortgage Rates, Fees & Info

Willimantic, CT

LEI: 549300C603G213OGT314

Tax ID: 06-0591470

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Review & Overview

    Savings Institute Bank And Trust Company is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Savings Institute Bank And Trust Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Worcester, Norwich, Hartford, and Springfield among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Savings Institute Bank And Trust Company has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Savings Institute Bank And Trust Company is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    Originations

    466

    Origination Dollar Volume (All Markets)

    $119,680,000
    Show all (5) awards

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 100 $42,400,000 $424,000 $4,056 4.66%
    WORCESTER, MA-CT (FHA|USDA|VA) 146 $24,150,000 $165,411 $4,223 4.30%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 113 $24,085,000 $213,142 $4,002 4.41%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 83 $18,935,000 $228,133 $4,061 4.39%
    SPRINGFIELD, MA (FHA|USDA|VA) 16 $5,890,000 $368,125 $3,937 5.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $2,280,000 $1,140,000 $3,018 4.64%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $6,243 4.75%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $745,000 $248,333 $5,392 4.42%
    Torrington, CT (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $45,000 $45,000 $2,665 4.13%
    Savings Institute Bank And Trust Company's top markets include Providence, Worcester, Norwich, Hartford, and Springfield among others.

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

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    POLISH NATIONAL
    Similarity Rank: 60
    Middlesex Savings Bank
    Similarity Rank: 65
    Bank of Easton
    Similarity Rank: 66
    Stafford Savings Bank
    Similarity Rank: 68
    SOMERSET
    Similarity Rank: 99
    PeoplesBank
    Similarity Rank: 104
    Thomaston Savings Bank
    Similarity Rank: 112

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 411 $108,665,000 $264,392 $3,708 4.50%
    FHA 30 $5,120,000 $170,667 $6,751 4.10%
    VA 16 $4,060,000 $253,750 $6,358 4.09%
    USDA 8 $1,680,000 $210,000 $7,048 3.95%
    HELOC 1 $155,000 $155,000 n/a 4.75%

    For 2018, Savings Institute Bank And Trust Company's most frequently originated type of loan was Conventional, with 411 originations. Their 2nd most popular type was FHA, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 266 $67,910,000 $255,301 $4,382 4.46%
    Cash Out Refi 126 $28,170,000 $223,571 $3,543 4.46%
    Refi 29 $20,405,000 $703,621 $0 4.84%
    Other 23 $1,485,000 $64,565 $0 3.99%
    Home Improvement 19 $1,095,000 $57,632 $0 4.13%
    NA 3 $615,000 $205,000 $0 5.47%

    For 2018, Savings Institute Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 266 originations. The 2nd most popular reason was Cash Out Refi, with 126 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 325 $80,815,000 $248,662 $4,242 4.45%
    10 Year 52 $21,300,000 $409,615 $2,874 4.49%
    15 Year 44 $6,000,000 $136,364 $3,425 4.60%
    5 Year 19 $715,000 $37,632 $0 3.28%
    Other 14 $8,270,000 $590,714 $2,976 5.23%
    20 Year 11 $2,425,000 $220,455 $3,475 4.85%
    1 Year 1 $155,000 $155,000 $0 4.75%

    For 2018, Savings Institute Bank And Trust Company's most frequently cited loan duration was 30 Year, with 325 originations. The 2nd most popular length was 10 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 265 $58,675,000 $221,415
    $1k-2k 86 $16,320,000 $189,767
    $2k-3k 52 $10,710,000 $205,962
    $3k-4k 22 $5,370,000 $244,091
    $4k-5k 9 $2,125,000 $236,111
    $5k+ 3 $885,000 $295,000

    Savings Institute Bank And Trust Company's average total fees were $4,242, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 265 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 268 $62,730,000 $234,067
    3-4% 119 $37,075,000 $311,555
    5-6% 69 $17,585,000 $254,855
    6-7% 8 $1,930,000 $241,250
    2.5-3% 2 $360,000 $180,000

    During 2018, Savings Institute Bank And Trust Company's average interest rate for loans was 4.45%, while their most frequently originated rate bucket for loans was 4-5%, with 268 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 171 $25,775,000 $150,731 $4,009 4.45%
    $200k-400k 151 $39,295,000 $260,232 $4,432 4.43%
    $100,000 or less 88 $5,010,000 $56,932 $2,764 4.40%
    $400k-600k 37 $17,625,000 $476,351 $4,219 4.55%
    $600k-1MM 10 $6,950,000 $695,000 $4,180 4.64%
    $1MM+ 9 $25,025,000 $2,780,556 $6,185 4.69%

    2018 saw Savings Institute Bank And Trust Company place emphasis on $100k-200k loans with 171 originations, totaling $25,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 108 $16,830,000 $155,833 $4,138 4.38%
    $100k-150k 86 $19,650,000 $228,488 $4,078 4.50%
    $75k-100k 73 $12,835,000 $175,822 $4,272 4.24%
    $50k or less 72 $9,170,000 $127,361 $3,812 4.42%
    $150k-250k 54 $16,730,000 $309,815 $3,810 4.51%
    $250k+ 34 $16,250,000 $477,941 $4,642 4.55%

    Savings Institute Bank And Trust Company lent most frequently to those with incomes in the $50k-75k range, with 108 originations. The second most popular income band? $100k-150k, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 107 $26,495,000 $247,617 $3,907 4.39%
    20-30% 83 $17,425,000 $209,940 $4,070 4.40%
    <20% 32 $5,170,000 $161,563 $3,657 4.31%
    42% 24 $4,960,000 $206,667 $4,141 4.16%
    37% 22 $4,420,000 $200,909 $4,172 4.23%
    38% 21 $4,035,000 $192,143 $4,901 4.52%
    39% 19 $3,995,000 $210,263 $4,090 4.36%
    41% 19 $5,695,000 $299,737 $3,859 4.49%
    43% 14 $2,700,000 $192,857 $4,041 4.26%
    44% 10 $2,060,000 $206,000 $4,962 4.46%
    40% 10 $1,630,000 $163,000 $3,215 4.41%
    36% 10 $2,000,000 $200,000 $3,684 4.44%
    48% 10 $2,510,000 $251,000 $5,646 4.10%
    45% 9 $2,065,000 $229,444 $4,460 4.56%
    49% 8 $1,540,000 $192,500 $4,085 4.78%
    50-60% 8 $1,520,000 $190,000 $4,204 4.77%
    46% 7 $1,655,000 $236,429 $4,266 4.57%
    47% 5 $675,000 $135,000 $3,877 4.83%
    >60% 2 $90,000 $45,000 $2,773 4.18%

    Savings Institute Bank And Trust Company lent most frequently to those with DTI ratios of 30-36%, with 107 originations. The next most common DTI ratio? 20-30%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 403 $84,645,000 $210,037 $4,097 4.40%
    Not applicable 19 $23,845,000 $1,255,000 $0 5.39%
    Not provided 29 $7,955,000 $274,310 $4,121 4.55%
    Asian 6 $1,230,000 $205,000 $3,921 4.50%
    Asian Indian 2 $870,000 $435,000 $7,014 4.13%
    Other Asian 1 $275,000 $275,000 $2,809 4.63%
    Chinese 2 $270,000 $135,000 $3,469 4.81%
    American Indian 1 $215,000 $215,000 $3,082 4.13%
    Black 2 $210,000 $105,000 $2,730 4.00%
    Native Hawaiian or Islander 1 $165,000 $165,000 $0 6.50%

    Approval Rates

    Total approvals of all applications
    89.05%

    Savings Institute Bank And Trust Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.19%

    Savings Institute Bank And Trust Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 466 $119,680,000 $256,824

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $19,825,000 $1,802,273
    Single Family (1-4 Units):Site-Built 455 $99,855,000 $219,462

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $3,640,000 $113,750 $2,905 4.55%
    40-60% 64 $14,630,000 $228,594 $3,555 4.61%
    60-80% 141 $37,235,000 $264,078 $3,625 4.61%
    80-100% 178 $41,910,000 $235,449 $4,593 4.31%
    Over 100% 6 $1,400,000 $233,333 $7,900 4.17%
    Under 20% 37 $14,985,000 $405,000 $2,807 3.99%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SFMC L.P. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%