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

Willimantic, CT

LEI: 549300C603G213OGT314

Tax ID: 06-0591470

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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 Refi loans. Savings Institute Bank And Trust Company has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Norwich, Worcester, Hartford, and Boston among others. We have data for 7 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

    151

    Origination Dollar Volume (All Markets)

    $41,915,000

    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) 43 $23,845,000 $554,535 $4,750 4.54%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 32 $6,730,000 $210,313 $4,911 4.27%
    WORCESTER, MA-CT (FHA|USDA|VA) 47 $5,305,000 $112,872 $4,145 4.46%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 24 $5,130,000 $213,750 $4,585 4.55%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $535,000 $535,000 $6,263 4.88%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $220,000 $110,000 $6,345 4.63%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $150,000 $75,000 $2,429 4.69%
    Savings Institute Bank And Trust Company's top markets include Providence, Norwich, Worcester, Hartford, and Boston among others.

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

    SOMERSET
    Similarity Rank: 26
    The Torrington Savings Bank
    Similarity Rank: 45
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    POLISH NATIONAL
    Similarity Rank: 104
    SIKORSKY FINANCIAL
    Similarity Rank: 115
    Rhode Island Credit Union
    Similarity Rank: 116
    Sharon & Crescent United Credit Union
    Similarity Rank: 120
    Stafford Savings Bank
    Similarity Rank: 124
    Middlesex Savings Bank
    Similarity Rank: 145
    CorePlus Federal Credit Union
    Similarity Rank: 154

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 131 $38,165,000 $291,336 $4,114 4.49%
    FHA 16 $3,030,000 $189,375 $6,907 4.29%
    USDA 4 $720,000 $180,000 $5,296 4.19%

    For 2019, Savings Institute Bank And Trust Company's most frequently originated type of loan was Conventional, with 131 originations. Their 2nd most popular type was FHA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 75 $21,825,000 $291,000 $4,789 4.54%
    Cash Out Refi 29 $6,675,000 $230,172 $4,096 4.45%
    Other 21 $795,000 $37,857 $0 3.99%
    Refi 19 $12,385,000 $651,842 $0 4.79%
    Home Improvement 7 $235,000 $33,571 $0 4.23%

    For 2019, Savings Institute Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 87 $19,405,000 $223,046 $4,699 4.56%
    5 Year 20 $660,000 $33,000 $0 3.58%
    10 Year 16 $740,000 $46,250 $0 4.75%
    15 Year 13 $2,485,000 $191,154 $3,845 4.44%
    Other 9 $16,295,000 $1,810,556 $3,203 5.05%
    20 Year 6 $2,330,000 $388,333 $4,424 4.44%

    For 2019, Savings Institute Bank And Trust Company's most frequently cited loan duration was 30 Year, with 87 originations. The 2nd most popular length was 5 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 76 $11,880,000 $156,316
    $1k-2k 41 $7,735,000 $188,659
    $2k-3k 15 $2,795,000 $186,333
    $3k-4k 6 $1,630,000 $271,667
    $5k+ 3 $1,435,000 $478,333
    $4k-5k 2 $380,000 $190,000

    Savings Institute Bank And Trust Company's average total fees were $4,699, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 96 $34,660,000 $361,042
    3-4% 36 $4,180,000 $116,111
    5-6% 17 $2,775,000 $163,235
    6-7% 2 $300,000 $150,000

    During 2019, Savings Institute Bank And Trust Company's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 54 $8,150,000 $150,926 $4,289 4.57%
    $100,000 or less 46 $2,080,000 $45,217 $3,101 4.31%
    $200k-400k 37 $9,735,000 $263,108 $5,179 4.52%
    $400k-600k 7 $3,455,000 $493,571 $4,263 4.32%
    $1MM+ 4 $16,320,000 $4,080,000 $7,260 4.44%
    $600k-1MM 3 $2,175,000 $725,000 $7,101 4.63%

    2019 saw Savings Institute Bank And Trust Company place emphasis on $100k-200k loans with 54 originations, totaling $8,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $6,490,000 $170,789 $4,349 4.42%
    $50k-75k 29 $3,855,000 $132,931 $4,374 4.51%
    $75k-100k 26 $4,550,000 $175,000 $5,021 4.36%
    $50k or less 25 $2,175,000 $87,000 $4,294 4.43%
    $150k-250k 14 $3,770,000 $269,286 $5,123 4.31%
    $250k+ 10 $5,000,000 $500,000 $4,817 4.61%

    Savings Institute Bank And Trust Company lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $50k-75k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $6,485,000 $175,270 $4,359 4.35%
    30-36% 36 $6,910,000 $191,944 $4,425 4.45%
    <20% 12 $1,730,000 $144,167 $3,901 4.22%
    42% 7 $2,195,000 $313,571 $4,135 4.39%
    37% 7 $715,000 $102,143 $4,584 4.43%
    41% 7 $815,000 $116,429 $5,908 4.29%
    43% 6 $1,240,000 $206,667 $6,461 4.15%
    39% 5 $1,035,000 $207,000 $3,745 4.50%
    38% 4 $160,000 $40,000 $2,830 4.84%
    36% 3 $1,205,000 $401,667 $6,730 4.29%
    47% 3 $585,000 $195,000 $3,542 4.63%
    48% 3 $455,000 $151,667 $4,503 4.83%
    49% 3 $815,000 $271,667 $3,963 4.88%
    40% 3 $315,000 $105,000 $3,716 4.83%
    44% 2 $520,000 $260,000 $11,266 4.81%
    46% 2 $450,000 $225,000 $5,839 4.56%
    50-60% 1 $95,000 $95,000 $2,429 5.00%
    45% 1 $115,000 $115,000 $3,680 4.50%

    Savings Institute Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 122 $20,250,000 $165,984 $4,573 4.39%
    Not applicable 7 $11,645,000 $1,663,571 $0 5.28%
    Not provided 15 $8,555,000 $570,333 $4,481 4.61%
    Asian Indian 2 $420,000 $210,000 $5,344 4.69%
    Black 1 $345,000 $345,000 $3,512 4.75%
    Asian 1 $205,000 $205,000 $7,079 5.13%
    Chinese 1 $195,000 $195,000 $4,066 5.50%
    Native Hawaiian or Islander 1 $175,000 $175,000 $3,741 4.63%
    Other Pacific Islander 1 $125,000 $125,000 $6,310 3.63%

    Approval Rates

    Total approvals of all applications
    84.88%

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

    Pick Rate

    Approvals leading to origination
    82.12%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 151 $41,915,000 $277,583

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $15,340,000 $3,835,000
    Single Family (1-4 Units):Site-Built 147 $26,575,000 $180,782

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,535,000 $139,545 $4,689 4.42%
    40-60% 9 $2,125,000 $236,111 $4,097 4.78%
    60-80% 34 $16,480,000 $484,706 $4,365 4.56%
    80-100% 57 $12,375,000 $217,105 $4,815 4.46%
    Under 20% 33 $1,345,000 $40,758 $3,466 4.13%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SFMC L.P. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%