Harborone Bank Mortgage Rates, Fees & Info
Brockton, MA
LEI: 549300E0KRXI8PZWAO17
Tax ID: 04-1123040
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Mortgage Data
Bank Data
Overview
Harborone Bank is a
smaller
bank
specializing in
Home Improvement, Refi, and Home Purchase loans.
Harborone Bank has a high proportion of conventional loans.
Their top markets include Boston, Providence, Barnstable Town, Worcester, and Burlington among others. Harborone Bank has
a below average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
751
Origination Dollar Volume (All Markets)
$146,925,000
Employee count
620
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
404
|
$90,760,000 |
$224,653 |
$0 |
2.90% |
|
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
310
|
$49,620,000 |
$160,065 |
$0 |
2.96% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
8
|
$1,690,000 |
$211,250 |
$0 |
2.93% |
|
WORCESTER, MA-CT (FHA|USDA|VA)
|
10
|
$1,210,000 |
$121,000 |
$0 |
2.97% |
|
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA)
|
2
|
$800,000 |
$400,000 |
$0 |
2.74% |
|
Vineyard Haven, MA (FHA|USDA|VA)
|
1
|
$755,000 |
$755,000 |
$0 |
2.99% |
|
SPRINGFIELD, MA (FHA|USDA|VA)
|
4
|
$750,000 |
$187,500 |
$0 |
3.18% |
|
MANCHESTER-NASHUA, NH (FHA|USDA|VA)
|
6
|
$600,000 |
$100,000 |
$0 |
2.83% |
|
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)
|
1
|
$235,000 |
$235,000 |
$0 |
2.74% |
|
Outside of Metro Areas
|
1 |
$205,000 |
$205,000 |
$0 |
2.74% |
|
Lebanon, NH-VT (FHA|USDA|VA)
|
1
|
$125,000 |
$125,000 |
$0 |
2.74% |
|
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)
|
1
|
$105,000 |
$105,000 |
$0 |
2.74% |
|
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)
|
1
|
$35,000 |
$35,000 |
$0 |
2.74% |
|
Concord, NH (FHA|USDA|VA)
|
1
|
$35,000 |
$35,000 |
$0 |
2.74% |
Harborone Bank's top markets include Boston, Providence, Barnstable Town, Worcester, and Burlington among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
751 |
$146,925,000 |
$195,639 |
$0 |
2.92% |
For the 2021 period, Harborone Bank's most frequently
originated loan type
of loans were Conventional, with 751 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Improvement |
370 |
$43,470,000 |
$117,486 |
$0 |
2.81% |
| Other |
173 |
$25,455,000 |
$147,139 |
$0 |
2.83% |
| Refi |
173 |
$45,305,000 |
$261,879 |
$0 |
3.23% |
| Home Purchase |
35 |
$32,695,000 |
$934,143 |
$0 |
3.10% |
For the 2021, Harborone Bank's most frequently cited loan
purpose
of loans were Home Improvement, with 370
originations.
The 2nd most popular reason of loans were Other,
with 173 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Other |
729 |
$128,755,000 |
$176,619 |
$0 |
2.90% |
| 10 Year |
18 |
$13,140,000 |
$730,000 |
$0 |
3.93% |
| 5 Year |
3 |
$3,715,000 |
$1,238,333 |
$0 |
3.25% |
| 3 Year |
1 |
$1,315,000 |
$1,315,000 |
$0 |
3.75% |
For the 2021, Harborone Bank's most frequently cited loan
length
of loans were Other, with 729 originations.
The 2nd most popular length of loans were 10 Year,
with 18 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
589 |
$86,275,000 |
$146,477 |
| 3-4% |
152 |
$56,150,000 |
$369,408 |
| 4-5% |
10 |
$4,500,000 |
$450,000 |
During 2021, Harborone Bank's average interest
rate of loans were 0.00%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 589 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100,000 or less |
294 |
$16,330,000 |
$55,544 |
$0 |
2.91% |
| $100k-200k |
277 |
$34,515,000 |
$124,603 |
$0 |
2.90% |
| $200k-400k |
121 |
$32,055,000 |
$264,917 |
$0 |
2.89% |
| $400k-600k |
31 |
$14,075,000 |
$454,032 |
$0 |
2.88% |
| $600k-1MM |
18 |
$13,030,000 |
$723,889 |
$0 |
3.34% |
| $1MM+ |
10 |
$36,920,000 |
$3,692,000 |
$0 |
3.58% |
2021 saw Harborone Bank place emphasis on
$100,000 or less loans
with 294 originations, totaling
$16,330,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $150k-250k |
184 |
$24,810,000 |
$134,837 |
$0 |
2.86% |
| $100k-150k |
171 |
$20,375,000 |
$119,152 |
$0 |
2.90% |
| $75k-100k |
123 |
$12,955,000 |
$105,325 |
$0 |
2.93% |
| $250k+ |
114 |
$30,080,000 |
$263,860 |
$0 |
2.88% |
| $50k-75k |
86 |
$9,620,000 |
$111,860 |
$0 |
2.90% |
| $50k or less |
37 |
$3,065,000 |
$82,838 |
$0 |
3.03% |
Harborone Bank lent most frequently to those with incomes in the
$150k-250k range, with
184 originations.
The second most popular income band? $100k-150k,
with 171 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
200 |
$25,670,000 |
$128,350 |
$0 |
2.90% |
| 30-36% |
140 |
$18,740,000 |
$133,857 |
$0 |
2.87% |
| <20% |
80 |
$13,490,000 |
$168,625 |
$0 |
2.89% |
| 45% |
51 |
$7,625,000 |
$149,510 |
$0 |
2.87% |
| 44% |
46 |
$7,570,000 |
$164,565 |
$0 |
2.98% |
| 42% |
28 |
$3,830,000 |
$136,786 |
$0 |
2.79% |
| 38% |
28 |
$4,930,000 |
$176,071 |
$0 |
2.96% |
| 43% |
28 |
$3,490,000 |
$124,643 |
$0 |
2.86% |
| 39% |
26 |
$3,090,000 |
$118,846 |
$0 |
2.83% |
| 36% |
20 |
$2,430,000 |
$121,500 |
$0 |
2.99% |
| 40% |
18 |
$2,010,000 |
$111,667 |
$0 |
2.90% |
| 37% |
18 |
$2,230,000 |
$123,889 |
$0 |
2.92% |
| 41% |
16 |
$2,010,000 |
$125,625 |
$0 |
2.82% |
| 49% |
8 |
$900,000 |
$112,500 |
$0 |
3.08% |
| 50-60% |
7 |
$1,845,000 |
$263,571 |
$0 |
2.81% |
| 46% |
4 |
$480,000 |
$120,000 |
$0 |
2.99% |
| 47% |
3 |
$595,000 |
$198,333 |
$0 |
2.74% |
| 48% |
3 |
$745,000 |
$248,333 |
$0 |
2.82% |
| >60% |
1 |
$105,000 |
$105,000 |
$0 |
2.74% |
Harborone Bank lent most frequently to those with DTI ratios
of 20-30%, with
200 originations.
The next most common DTI ratio? 30-36%,
with 140 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
605 |
$87,305,000 |
$144,306 |
$0 |
2.90% |
| Not applicable |
25 |
$44,825,000 |
$1,793,000 |
$0 |
3.81% |
| Not provided |
52 |
$7,490,000 |
$144,038 |
$0 |
2.81% |
| Black |
50 |
$5,610,000 |
$112,200 |
$0 |
2.89% |
| Asian |
9 |
$865,000 |
$96,111 |
$0 |
2.74% |
| Other Asian |
5 |
$435,000 |
$87,000 |
$0 |
3.14% |
| Native Hawaiian |
2 |
$200,000 |
$100,000 |
$0 |
2.74% |
| Chinese |
1 |
$105,000 |
$105,000 |
$0 |
2.74% |
| Other Pacific Islander |
2 |
$90,000 |
$45,000 |
$0 |
2.74% |
Approval Rates
Total approvals of all applications
68.57%
Harborone Bank has a low approval rate. They may have poor
market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination
85.90%
Harborone Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
751 |
$146,925,000 |
$195,639 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
751 |
$146,925,000 |
$195,639 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
250 |
$41,340,000 |
$165,360 |
$0 |
2.90% |
| 40-60% |
80 |
$24,100,000 |
$301,250 |
$0 |
2.95% |
| 60-80% |
54 |
$49,380,000 |
$914,444 |
$0 |
3.13% |
| 80-100% |
9 |
$3,445,000 |
$382,778 |
$0 |
3.19% |
| Under 20% |
358 |
$28,660,000 |
$80,056 |
$0 |
2.90% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| HARBORONE MORTGAGE, LLC |
Conventional home mortgage |
Closing on a mortgage |
1 |
33.3% |
| HARBORONE MORTGAGE, LLC |
Other type of mortgage |
Trouble during payment process |
1 |
33.3% |
| HARBORONE MORTGAGE, LLC |
VA mortgage |
Trouble during payment process |
1 |
33.3% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Harborone Bank |
1 Credit Union Way Randolph, MA 2368 |
Full Service B&M
|
$158,507 |
| Harborone Bank |
101 Dudley St Providence, RI 2905 |
Full Service B&M
|
$15,144 |
| Harborone Bank |
1155 Reservoir Ave Cranston, RI 2920 |
Full Service B&M
|
$80,955 |
| Harborone Bank |
131 Copeland Drive Mansfield, MA 2048 |
Full Service B&M
|
$89,750 |
| Harborone Bank |
14 West Broadway Boston, MA 2127 |
Full Service B&M
|
$307 |
| Harborone Bank |
1601 Main Street Brockton, MA 2301 |
Full Service B&M
|
$159,250 |
| Harborone Bank |
180 Washington Street Providence, RI 2903 |
Full Service B&M
|
$71,767 |
| Harborone Bank |
200 Comstick Parkway Cranston, RI 2910 |
Full Service B&M
|
$54,912 |
| Harborone Bank |
2089 Warwick Ave Warwick, RI 2889 |
Full Service B&M
|
$137,109 |
| Harborone Bank |
2830 Pawtucket Ave Riverside, RI 2915 |
Full Service B&M
|
$63,478 |
| Harborone Bank |
295 Bedford Street Bridgewater, MA 2324 |
Full Service B&M
|
$198,661 |
| Harborone Bank |
3830 Post Rd Warwick, RI 2886 |
Full Service B&M
|
$89,295 |
| Harborone Bank |
43 Commerce Way Plymouth, MA 2360 |
Full Service B&M
|
$214,137 |
| Harborone Bank |
443 Belmont Street Brockton, MA 2301 |
Full Service B&M
|
$241,192 |
| Harborone Bank |
470 Washington Street Stoughton, MA 2072 |
Full Service B&M
|
$33,250 |
| Harborone Bank |
472 Foundry Street North Easton, MA 2356 |
Full Service B&M
|
$269,730 |
| Harborone Bank |
500 South Street West Raynham, MA 2767 |
Full Service B&M
|
$119,054 |
| Harborone Bank |
5750 Post Rd East Greenwich, RI 2818 |
Full Service B&M
|
$59,251 |
| Harborone Bank |
607 Pleasant Street Attleboro, MA 2703 |
Full Service B&M
|
$141,384 |
| Harborone Bank |
618 George Washington Highway Lincoln, RI 2865 |
Full Service B&M
|
$84,142 |
| Harborone Bank |
64 Broad Street Boston, MA 2109 |
Full Service B&M
|
$69,616 |
| Harborone Bank |
660 Bedford Street Abington, MA 2351 |
Full Service B&M
|
$167,251 |
| Harborone Bank |
68 East Grove Street Middleboro, MA 2346 |
Full Service B&M
|
$122,504 |
| Harborone Bank |
68 Legion Pkwy Brockton, MA 2301 |
Full Service B&M
|
$130,777 |
| Harborone Bank |
770 Oak Street Brockton, MA 2301 |
Full Service Cyber Office
|
$675,697 |
| Harborone Bank |
820 North Main Street Brockton, MA 2301 |
Full Service B&M
|
$136,417 |
| Harborone Bank |
95 Washington Street Canton, MA 2021 |
Full Service B&M
|
$196,425 |
| Harborone Bank |
One Chestnut Place Quincy, MA 2169 |
Full Service B&M
|
$8,155 |
| Harborone Bank |
One Coastway Blvd Warwick, RI 2886 |
Full Service Cyber Office
|
$0 |
| Harborone Bank |
One Coastway Boulevard Warwick, RI 2886 |
Limited, Administrative
|
$0 |
For 2021, Harborone Bank had 30 branches.
Yearly Performance Overview
Bank Income
Harborone Bank's gross interest income from loans was $143,928,000.
Harborone Bank's net interest income from loans was $133,288,000.
Harborone Bank's fee based income from loans was $6,283,000.
Harborone Bank's net income from loans was $61,126,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$10,640 |
| Provision for credit losses |
$-7,258 |
| Total noninterest expense |
$159,234 |
| Salaries and employee benefits |
$102,599 |
| Premises and equipment expense |
$15,873 |
| Additional noninterest expense |
$40,762 |
| Applicable income taxes |
$22,502 |
| Net charge-offs |
$2,760 |
| Cash dividends |
$90,000 |
Harborone Bank's interest expense for loans was $10,640,000.
Harborone Bank's payroll and benefits expense were $102,599,000.
Harborone Bank's property, plant and equipment expenses $15,873,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$3,737,214 |
| Deposits held in domestic offices |
$3,737,214 |
| Deposits by Individuals, partnerships, and corporations |
$3,410,342 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$325,630 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$1,242 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$294,655 |
| Demand deposits |
$239,927 |
| Nontransaction accounts |
$3,442,559 |
| Money market deposit accounts (MMDAs) |
$862,620 |
| Other savings deposits (excluding MMDAs) |
$1,952,022 |
| Total time deposits |
$627,917 |
| Total time and savings deposits |
$3,497,287 |
| Noninterest-bearing deposits |
$739,839 |
| Interest-bearing deposits |
$2,997,375 |
| Retail deposits |
$3,528,788 |
| IRAs and Keogh plan accounts |
$114,101 |
| Brokered deposits |
$100,000 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$4,471,982 |
| Cash & Balances due from depository institutions |
$111,204 |
| Interest-bearing balances |
$74,476 |
| Total securities |
$394,036 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$3,607,998 |
| Loan and leases loss allowance |
$45,377 |
| Trading account assets |
$18,874 |
| Bank premises and fixed assets |
$77,795 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$111,257 |
| All other assets |
$150,818 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$4,471,982 |
| Total Liabilities |
$3,916,287 |
| Total deposits |
$3,737,214 |
| Interest-bearing deposits |
$2,997,375 |
| Deposits held in domestic offices |
$3,737,214 |
| % insured (estimated) |
$76 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$19,214 |
| Other borrowed funds |
$55,711 |
| Subordinated debt |
$0 |
| All other liabilities |
$104,148 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$3,607,998 |
| Loan and leases loss allowance |
$45,377 |
| Total loans and leases (domestic) |
$3,653,375 |
| All real estate loans |
$3,141,216 |
| Real estate loans in domestic offices |
$3,141,216 |
| Construction and development loans |
$124,365 |
| Residential 1-4 family construction |
$34,832 |
| Other construction, all land development and other land |
$89,533 |
| Loans secured by nonfarm nonresidential properties |
$1,515,636 |
| Nonfarm nonresidential secured by owner-occupied properties |
$299,195 |
| Commercial real estate & other non-farm, non-residential |
$1,216,441 |
| Multifamily residential real estate |
$243,538 |
| 1-4 family residential loans |
$1,257,528 |
| Farmland loans |
$149 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$30 |
| Commercial and industrial loans |
$342,906 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$130,478 |
| Credit card loans |
$0 |
| Related Plans |
$1,064 |
| Consumer Auto Loans |
$122,907 |
| Other loans to individuals |
$6,507 |
| All other loans & leases |
$38,745 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$1,179 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$0 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$9,134 |
| Non 1-4 family restructured loans & leases |
$149 |
| Total loans and leases (foreign) |
$0 |
HarborOne Bank had $3,607,998,000 of loans outstanding in 2021. $3,141,216,000 of loans were in real estate loans.
$124,365,000 of loans were in development loans. $243,538,000 of loans were in multifamily mortgage loans.
$1,257,528,000 of loans were in 1-4 family mortgage loans. $30,000 of loans were in farm loans. $0
of loans were in credit card loans. $122,907,000 of loans were in the auto loan category.
Small Business Loans
| Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
| Nonfarm, nonresidential loans - <$1MM |
465 |
$129,706 |
$278,938 |
| Nonfarm, nonresidential loans - <$100k |
29 |
$1,697 |
$58,517 |
| Nonfarm, nonresidential loans - $100-250k |
150 |
$19,527 |
$130,180 |
| Nonfarm, nonresidential loans - $250k-1MM |
286 |
$108,482 |
$379,308 |
| Commercial & Industrial, US addressed loans - <$1MM |
1,202 |
$91,755 |
$76,335 |
| Commercial & Industrial, US addressed loans - <$100k |
739 |
$13,426 |
$18,168 |
| Commercial & Industrial, US addressed loans - $100-250k |
216 |
$17,063 |
$78,995 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
247 |
$61,266 |
$248,040 |
| Farmland loans - <$1MM |
1 |
$149 |
$149,000 |
| Farmland loans - $250k-1MM |
1 |
$149 |
$149,000 |
| Agriculture operations loans - <$1MM |
1 |
$30 |
$30,000 |
| Agriculture operations loans - <$100k |
1 |
$30 |
$30,000 |
