Harborone Bank Mortgage Rates, Fees & Info
Brockton, MALEI: 549300E0KRXI8PZWAO17
Tax ID: 04-1123040
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Review & 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 by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Burlington among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Harborone Bank has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.26% | 12/4/24 |
| 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
751Origination Dollar Volume (All Markets)
$146,925,000Employee count
620Top 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) | 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% |
Their top states include:
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We use machine learning to identify the top lenders compared against HarborOne Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 725 | $101,785,000 | $140,393 | n/a | 2.89% |
| Conventional | 26 | $45,140,000 | $1,736,154 | $0 | 3.83% |
For 2021, Harborone Bank's most frequently originated type of loan was HELOC, with 725 originations. Their 2nd most popular type was Conventional, with 26 originations.
Loan Reason
For 2021, Harborone Bank's most frequently cited loan purpose was Home Improvement, with 370 originations. The 2nd most popular reason was Other, with 173 originations.
Loan Duration/Length
For 2021, Harborone Bank's most frequently cited loan duration was Other, with 729 originations. The 2nd most popular length was 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 for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 589 originations.
Loan Sizing
2021 saw Harborone Bank place emphasis on $100,000 or less loans with 294 originations, totaling $16,330,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications67.57%
Harborone Bank has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination86.68%
Harborone Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 751 | $146,925,000 | $195,639 |
LTV Distribution
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 |