Harborone Bank Mortgage Rates, Fees & Info

Brockton, MA

LEI: 549300E0KRXI8PZWAO17

Tax ID: 04-1123040

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $143,928
Net interest income $133,288
Total noninterest income $102,075
Gross Fiduciary activities income $0
Service charges on deposit accounts $6,283
Trading account gains and fees $-341
Additional Noninterest Income $96,133
Pre-tax net operating income $83,387
Securities gains (or losses, -) $241
Income before extraordinary items $61,126
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $61,126
Minority interest net income $0
Net income $61,126
Sale, conversion, retirement of capital stock, net $1,838
Net operating income $60,935

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

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