Harborone Bank Mortgage Rates, Fees & Info
Brockton, MALEI: 549300E0KRXI8PZWAO17
Tax ID: 04-1123040
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Mortgage Data
Bank Data
Review & Overview
Harborone Bank is a smaller bank specializing in Home Purchase loans. Harborone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, and Vineyard Haven among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Harborone Bank has an average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.26% | 4/14/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Harborone Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
18Origination Dollar Volume (All Markets)
$106,390,000Employee count
633Top 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) | 5 | $71,545,000 | $14,309,000 | $0 | 3.67% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 11 | $33,335,000 | $3,030,455 | $0 | 4.01% |
| Outside of Metro Areas | 1 | $785,000 | $785,000 | $0 | 3.99% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 3.99% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $106,390,000 | $5,910,556 | $0 | 3.91% |
For 2020, Harborone Bank's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 10 | $13,540,000 | $1,354,000 | $0 | 3.87% |
| Home Purchase | 8 | $92,850,000 | $11,606,250 | $0 | 3.97% |
For 2020, Harborone Bank's most frequently cited loan purpose was Refi, with 10 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 10 | $6,830,000 | $683,000 | $0 | 3.95% |
| 5 Year | 7 | $69,655,000 | $9,950,714 | $0 | 4.05% |
| Other | 1 | $29,905,000 | $29,905,000 | $0 | 2.63% |
For 2020, Harborone Bank's most frequently cited loan duration was 10 Year, with 10 originations. The 2nd most popular length was 5 Year, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 8 | $55,120,000 | $6,890,000 |
| 4-5% | 8 | $20,380,000 | $2,547,500 |
| 2.5-3% | 2 | $30,890,000 | $15,445,000 |
During 2020, Harborone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.
Loan Sizing
2020 saw Harborone Bank place emphasis on $1MM+ loans with 7 originations, totaling $100,425,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 18 | $106,390,000 | $5,910,556 | $0 | 3.91% |
Approval Rates
Total approvals of all applications81.82%
Harborone Bank has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 18 | $106,390,000 | $5,910,556 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 13 | $103,665,000 | $7,974,231 |
| Single Family (1-4 Units):Site-Built | 5 | $2,725,000 | $545,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| HARBORONE MORTGAGE, LLC | Conventional home mortgage | Trouble during payment process | 2 | 66.7% |
| HARBORONE MORTGAGE, LLC | FHA mortgage | Trouble during payment process | 1 | 33.3% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Harborone Bank | 64 Broad Street Boston, MA 2109 | Full Service B&M | $30,146 |
| Harborone Bank | 1 Credit Union Way Randolph, MA 2368 | Full Service B&M | $155,940 |
| Harborone Bank | 101 Dudley St Providence, RI 2905 | Full Service B&M | $13,987 |
| Harborone Bank | 1155 Reservoir Ave Cranston, RI 2920 | Full Service B&M | $78,776 |
| Harborone Bank | 131 Copeland Drive Mansfield, MA 2048 | Full Service B&M | $87,773 |
| Harborone Bank | 1601 Main Street Brockton, MA 2301 | Full Service B&M | $141,835 |
| Harborone Bank | 180 Washington Street Providence, RI 2903 | Full Service B&M | $52,690 |
| Harborone Bank | 200 Comstick Parkway Cranston, RI 2910 | Full Service B&M | $39,846 |
| Harborone Bank | 2089 Warwick Ave Warwick, RI 2889 | Full Service B&M | $124,760 |
| Harborone Bank | 2830 Pawtucket Ave Riverside, RI 2915 | Full Service B&M | $56,775 |
| Harborone Bank | 295 Bedford Street Bridgewater, MA 2324 | Full Service B&M | $180,424 |
| Harborone Bank | 3830 Post Rd Warwick, RI 2886 | Full Service B&M | $78,603 |
| Harborone Bank | 43 Commerce Way Plymouth, MA 2360 | Full Service B&M | $199,209 |
| Harborone Bank | 443 Belmont Street Brockton, MA 2301 | Full Service B&M | $216,353 |
| Harborone Bank | 470 Forest Avenue Brockton, MA 2301 | Limited, Mobile/Seasonal Office | $3,162 |
| Harborone Bank | 470 Washington Street Stoughton, MA 2072 | Full Service B&M | $28,920 |
| Harborone Bank | 472 Foundry Street North Easton, MA 2356 | Full Service B&M | $238,633 |
| Harborone Bank | 500 South Street West Raynham, MA 2767 | Full Service B&M | $106,994 |
| Harborone Bank | 5750 Post Rd East Greenwich, RI 2818 | Full Service B&M | $59,950 |
| Harborone Bank | 607 Pleasant Street Attleboro, MA 2703 | Full Service B&M | $144,205 |
| Harborone Bank | 618 George Washington Highway Lincoln, RI 2865 | Full Service B&M | $67,420 |
| Harborone Bank | 660 Bedford Street Abington, MA 2351 | Full Service B&M | $156,618 |
| Harborone Bank | 68 East Grove Street Middleboro, MA 2346 | Full Service B&M | $110,293 |
| Harborone Bank | 68 Legion Parkway Brockton, MA 2301 | Full Service B&M | $113,400 |
| Harborone Bank | 770 Oak Street Brockton, MA 2301 | Full Service Cyber Office | $652,150 |
| Harborone Bank | 820 North Main Street Brockton, MA 2301 | Full Service B&M | $122,122 |
| Harborone Bank | 95 Washington Street Canton, MA 2021 | Full Service B&M | $192,216 |
| 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 2020, Harborone Bank had 29 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $147,801 |
| Net interest income | $121,145 |
| Total noninterest income | $136,282 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $4,250 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $132,032 |
| Pre-tax net operating income | $58,037 |
| Securities gains (or losses, -) | $2,533 |
| Income before extraordinary items | $47,079 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $47,079 |
| Minority interest net income | $0 |
| Net income | $47,079 |
| Sale, conversion, retirement of capital stock, net | $1,838 |
| Net operating income | $45,077 |
Harborone Bank's gross interest income from loans was $147,801,000.
Harborone Bank's net interest income from loans was $121,145,000.
Harborone Bank's fee based income from loans was $4,250,000.
Harborone Bank's net income from loans was $47,079,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $26,656 |
| Provision for credit losses | $34,815 |
| Total noninterest expense | $164,575 |
| Salaries and employee benefits | $106,885 |
| Premises and equipment expense | $15,005 |
| Additional noninterest expense | $42,685 |
| Applicable income taxes | $13,491 |
| Net charge-offs | $3,480 |
| Cash dividends | $0 |
Harborone Bank's interest expense for loans was $26,656,000.
Harborone Bank's payroll and benefits expense were $106,885,000.
Harborone Bank's property, plant and equipment expenses $15,005,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 2.0% |
| 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 | $3,632,109 |
| Deposits held in domestic offices | $3,632,109 |
| Deposits by Individuals, partnerships, and corporations | $3,262,044 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $356,064 |
| Deposits by Commercial banks and other depository institutions in U.S. | $14,001 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $321,156 |
| Demand deposits | $248,636 |
| Nontransaction accounts | $3,310,953 |
| Money market deposit accounts (MMDAs) | $867,394 |
| Other savings deposits (excluding MMDAs) | $1,711,261 |
| Total time deposits | $732,298 |
| Total time and savings deposits | $3,383,473 |
| Noninterest-bearing deposits | $685,863 |
| Interest-bearing deposits | $2,946,246 |
| Retail deposits | $3,396,919 |
| IRAs and Keogh plan accounts | $125,276 |
| Brokered deposits | $100,000 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $4,486,533 |
| Cash & Balances due from depository institutions | $208,864 |
| Interest-bearing balances | $174,167 |
| Total securities | $276,498 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $3,647,859 |
| Loan and leases loss allowance | $55,395 |
| Trading account assets | $39,320 |
| Bank premises and fixed assets | $48,491 |
| Other real estate owned | $297 |
| Goodwill and other intangibles | $99,043 |
| All other assets | $166,161 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $4,486,532 |
| Total Liabilities | $3,904,549 |
| Total deposits | $3,632,109 |
| Interest-bearing deposits | $2,946,246 |
| Deposits held in domestic offices | $3,632,109 |
| % insured (estimated) | $76 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $39,320 |
| Other borrowed funds | $149,097 |
| Subordinated debt | $0 |
| All other liabilities | $84,023 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $3,647,859 |
| Loan and leases loss allowance | $55,395 |
| Total loans and leases (domestic) | $3,703,254 |
| All real estate loans | $3,021,930 |
| Real estate loans in domestic offices | $3,021,930 |
| Construction and development loans | $88,645 |
| Residential 1-4 family construction | $31,092 |
| Other construction, all land development and other land | $57,553 |
| Loans secured by nonfarm nonresidential properties | $1,350,782 |
| Nonfarm nonresidential secured by owner-occupied properties | $270,549 |
| Commercial real estate & other non-farm, non-residential | $1,080,233 |
| Multifamily residential real estate | $275,432 |
| 1-4 family residential loans | $1,306,883 |
| Farmland loans | $188 |
| Loans held in foreign offices | $0 |
| Farm loans | $9 |
| Commercial and industrial loans | $370,079 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $273,046 |
| Credit card loans | $0 |
| Related Plans | $1,198 |
| Consumer Auto Loans | $263,052 |
| Other loans to individuals | $8,796 |
| All other loans & leases | $38,190 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $713 |
| 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 | $10,331 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
HarborOne Bank had $3,647,859,000 of loans outstanding in 2020. $3,021,930,000 of loans were in real estate loans. $88,645,000 of loans were in development loans. $275,432,000 of loans were in multifamily mortgage loans. $1,306,883,000 of loans were in 1-4 family mortgage loans. $9,000 of loans were in farm loans. $0 of loans were in credit card loans. $263,052,000 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 | 491 | $130,750 | $266,293 |
| Nonfarm, nonresidential loans - <$100k | 38 | $2,081 | $54,763 |
| Nonfarm, nonresidential loans - $100-250k | 165 | $21,464 | $130,085 |
| Nonfarm, nonresidential loans - $250k-1MM | 288 | $107,205 | $372,240 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,848 | $154,162 | $83,421 |
| Commercial & Industrial, US addressed loans - <$100k | 1,201 | $29,515 | $24,575 |
| Commercial & Industrial, US addressed loans - $100-250k | 355 | $35,863 | $101,023 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 292 | $88,784 | $304,055 |
| Farmland loans - <$1MM | 1 | $188 | $188,000 |
| Farmland loans - $250k-1MM | 1 | $188 | $188,000 |
| Agriculture operations loans - <$1MM | 1 | $9 | $9,000 |
| Agriculture operations loans - <$100k | 1 | $9 | $9,000 |