Northern Bank & Trust Company Mortgage Rates, Fees & Info
Woburn, MA
LEI: 549300EE39SNC5DXTC46
Tax ID: 04-2265819
5 stars
-
out of 5 stars, based on 30 reviews
Jump to:
Mortgage Data
Bank Data
Overview
Northern Bank & Trust Company is a
smaller
bank
specializing in
Refi, Cash Out Refi, and Home Purchase loans.
Northern Bank & Trust Company has a high proportion of conventional loans.
Their top markets include Boston, Worcester, Manchester, Providence, and Barnstable Town among others. Northern Bank & Trust Company has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Northern Bank & Trust Company is typically
a low fee
lendor.
Originations
875
Origination Dollar Volume (All Markets)
$340,295,000
Employee count
224
Show all (10) awards
×
Northern Bank & Trust Company - 2021
Northern Bank & Trust Company is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for Northern Bank & Trust Company?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Northern Bank & Trust Company's average 30 year fixed rate mortgage of loans were
2.98%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.17%.
Relative Fees
Northern Bank & Trust Company's average total fees for a 30 year fixed rate
mortgage are $2,584.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
699
|
$287,185,000 |
$410,851 |
$2,437 |
2.86% |
WORCESTER, MA-CT (FHA|USDA|VA)
|
60
|
$16,510,000 |
$275,167 |
$2,190 |
2.64% |
MANCHESTER-NASHUA, NH (FHA|USDA|VA)
|
37
|
$10,355,000 |
$279,865 |
$2,430 |
2.73% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
22
|
$7,510,000 |
$341,364 |
$2,155 |
3.09% |
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
22
|
$6,030,000 |
$274,091 |
$2,385 |
2.58% |
SPRINGFIELD, MA (FHA|USDA|VA)
|
14
|
$3,240,000 |
$231,429 |
$1,983 |
2.46% |
Vineyard Haven, MA (FHA|USDA|VA)
|
2
|
$2,720,000 |
$1,360,000 |
$3,903 |
3.94% |
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)
|
5
|
$2,135,000 |
$427,000 |
$3,086 |
3.15% |
Lebanon, NH-VT (FHA|USDA|VA)
|
3
|
$1,025,000 |
$341,667 |
$2,863 |
3.38% |
Concord, NH (FHA|USDA|VA)
|
3
|
$915,000 |
$305,000 |
$2,589 |
3.75% |
Outside of Metro Areas
|
2 |
$910,000 |
$455,000 |
$3,058 |
3.56% |
Laconia, NH (FHA|USDA|VA)
|
2
|
$840,000 |
$420,000 |
$3,313 |
2.88% |
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)
|
1
|
$265,000 |
$265,000 |
$2,500 |
2.25% |
PITTSFIELD, MA (FHA|USDA|VA)
|
1
|
$235,000 |
$235,000 |
$2,469 |
2.88% |
NEW HAVEN-MILFORD, CT (FHA|USDA|VA)
|
1
|
$225,000 |
$225,000 |
$2,450 |
2.25% |
Keene, NH (FHA|USDA|VA)
|
1
|
$195,000 |
$195,000 |
$2,984 |
3.13% |
Northern Bank & Trust Company's top markets include Boston, Worcester, Manchester, Providence, and Barnstable Town among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
875 |
$340,295,000 |
$388,909 |
$2,414 |
2.84% |
For the 2021 period, Northern Bank & Trust Company's most frequently
originated loan type
of loans were Conventional, with 875 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Refi |
425 |
$146,615,000 |
$344,976 |
$2,142 |
2.62% |
Cash Out Refi |
258 |
$88,220,000 |
$341,938 |
$2,354 |
2.83% |
Home Purchase |
177 |
$99,815,000 |
$563,927 |
$3,367 |
3.34% |
Home Improvement |
11 |
$3,965,000 |
$360,455 |
$2,297 |
3.29% |
Other |
4 |
$1,680,000 |
$420,000 |
$2,796 |
3.09% |
For the 2021, Northern Bank & Trust Company's most frequently cited loan
purpose
of loans were Refi, with 425
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 258 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
30 Year |
535 |
$207,215,000 |
$387,318 |
$2,584 |
2.98% |
15 Year |
174 |
$50,570,000 |
$290,632 |
$2,168 |
2.27% |
20 Year |
79 |
$23,945,000 |
$303,101 |
$2,123 |
2.64% |
10 Year |
51 |
$16,605,000 |
$325,588 |
$1,968 |
2.68% |
Other |
28 |
$26,830,000 |
$958,214 |
$2,139 |
3.89% |
1 Year |
6 |
$13,400,000 |
$2,233,333 |
$0 |
5.21% |
5 Year |
2 |
$1,730,000 |
$865,000 |
$0 |
4.81% |
For the 2021, Northern Bank & Trust Company's most frequently cited loan
length
of loans were 30 Year, with 535 originations.
The 2nd most popular length of loans were 15 Year,
with 174 originations.
Origination Fees
Origination Fee |
Originations |
Total Value |
Average Loan |
$<1k |
757 |
$261,515,000 |
$345,462 |
$1k-2k |
26 |
$10,020,000 |
$385,385 |
$2k-3k |
9 |
$4,375,000 |
$486,111 |
$3k-4k |
4 |
$1,670,000 |
$417,500 |
$5k+ |
2 |
$700,000 |
$350,000 |
$2,584 of loans were Northern Bank & Trust Company's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 757 originations.
Interest Rates
Loan Rate |
Originations |
Total Value |
Average Loan |
2.5-3% |
434 |
$151,820,000 |
$349,816 |
<2.5% |
278 |
$79,190,000 |
$284,856 |
3-4% |
100 |
$44,520,000 |
$445,200 |
4-5% |
42 |
$30,320,000 |
$721,905 |
5-6% |
20 |
$34,360,000 |
$1,718,000 |
6-7% |
1 |
$85,000 |
$85,000 |
During 2021, Northern Bank & Trust Company's average interest
rate of loans were 2.98%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 434 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$200k-400k |
455 |
$135,755,000 |
$298,363 |
$2,249 |
2.73% |
$400k-600k |
204 |
$97,550,000 |
$478,186 |
$2,732 |
2.89% |
$100k-200k |
138 |
$22,710,000 |
$164,565 |
$1,944 |
2.56% |
$600k-1MM |
41 |
$29,085,000 |
$709,390 |
$3,769 |
3.55% |
$1MM+ |
28 |
$54,490,000 |
$1,946,071 |
$5,811 |
4.62% |
$100,000 or less |
9 |
$705,000 |
$78,333 |
$1,849 |
3.08% |
2021 saw Northern Bank & Trust Company place emphasis on
$200k-400k loans
with 455 originations, totaling
$135,755,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$150k-250k |
246 |
$94,040,000 |
$382,276 |
$2,470 |
2.71% |
$100k-150k |
239 |
$80,885,000 |
$338,431 |
$2,378 |
2.77% |
$75k-100k |
130 |
$37,550,000 |
$288,846 |
$2,262 |
2.78% |
$50k-75k |
103 |
$25,875,000 |
$251,214 |
$2,230 |
2.71% |
$250k+ |
96 |
$51,010,000 |
$531,354 |
$2,913 |
2.83% |
$50k or less |
24 |
$4,510,000 |
$187,917 |
$2,151 |
2.94% |
Northern Bank & Trust Company lent most frequently to those with incomes in the
$150k-250k range, with
246 originations.
The second most popular income band? $100k-150k,
with 239 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-30% |
261 |
$90,585,000 |
$347,069 |
$2,386 |
2.68% |
30-36% |
153 |
$56,485,000 |
$369,183 |
$2,482 |
2.76% |
<20% |
113 |
$34,985,000 |
$309,602 |
$2,128 |
2.49% |
40% |
37 |
$12,205,000 |
$329,865 |
$2,267 |
2.66% |
39% |
33 |
$11,295,000 |
$342,273 |
$2,662 |
2.92% |
36% |
32 |
$10,590,000 |
$330,938 |
$2,341 |
2.80% |
37% |
30 |
$13,010,000 |
$433,667 |
$2,553 |
3.00% |
44% |
29 |
$9,165,000 |
$316,034 |
$2,422 |
2.98% |
41% |
28 |
$10,770,000 |
$384,643 |
$2,629 |
2.88% |
42% |
25 |
$9,565,000 |
$382,600 |
$2,509 |
3.08% |
49% |
19 |
$5,475,000 |
$288,158 |
$2,472 |
2.92% |
38% |
19 |
$6,725,000 |
$353,947 |
$2,459 |
2.80% |
43% |
16 |
$5,060,000 |
$316,250 |
$2,641 |
3.15% |
45% |
13 |
$4,955,000 |
$381,154 |
$2,558 |
2.77% |
48% |
13 |
$4,535,000 |
$348,846 |
$2,503 |
2.80% |
46% |
10 |
$3,170,000 |
$317,000 |
$2,410 |
2.71% |
47% |
7 |
$2,295,000 |
$327,857 |
$2,154 |
2.88% |
>60% |
4 |
$2,340,000 |
$585,000 |
$3,787 |
4.19% |
50-60% |
3 |
$2,755,000 |
$918,333 |
$4,123 |
4.33% |
Northern Bank & Trust Company lent most frequently to those with DTI ratios
of 20-30%, with
261 originations.
The next most common DTI ratio? 30-36%,
with 153 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
White |
684 |
$240,940,000 |
$352,251 |
$2,419 |
2.79% |
Not applicable |
26 |
$42,060,000 |
$1,617,692 |
$0 |
5.10% |
Not provided |
82 |
$28,580,000 |
$348,537 |
$2,354 |
2.73% |
Asian |
68 |
$24,750,000 |
$363,971 |
$2,481 |
2.67% |
Black |
9 |
$2,785,000 |
$309,444 |
$2,254 |
2.46% |
Asian Indian |
2 |
$500,000 |
$250,000 |
$2,531 |
3.38% |
American Indian |
2 |
$270,000 |
$135,000 |
$1,967 |
2.06% |
Vietnamese |
1 |
$255,000 |
$255,000 |
$1,796 |
2.13% |
Other Asian |
1 |
$155,000 |
$155,000 |
$2,594 |
4.00% |
Approval Rates
Total approvals of all applications
93.52%
Northern Bank & Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination
81.84%
Northern Bank & Trust Company has a below average pick rate.
Points and Fees
Points |
Originations |
Total Value |
Average Loan |
NA |
875 |
$340,295,000 |
$388,909 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
875 |
$340,295,000 |
$388,909 |
LTV Distribution
Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
20-40% |
142 |
$35,100,000 |
$247,183 |
$2,061 |
2.56% |
40-60% |
284 |
$94,720,000 |
$333,521 |
$2,181 |
2.63% |
60-80% |
327 |
$140,765,000 |
$430,474 |
$2,577 |
2.98% |
80-100% |
94 |
$45,420,000 |
$483,191 |
$3,218 |
3.15% |
Over 100% |
10 |
$21,710,000 |
$2,171,000 |
$0 |
5.33% |
Under 20% |
18 |
$2,580,000 |
$143,333 |
$2,066 |
2.75% |
Complaints
Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
Northern Trust Company, The |
Conventional home mortgage |
Trouble during payment process |
1 |
100.0% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
Northern Bank & Trust Company |
45 Main Street Westford, MA 1886 |
Full Service B&M
|
$52,538 |
Northern Bank & Trust Company |
482 Boston Road Billerica, MA 1821 |
Full Service B&M
|
$94,740 |
Northern Bank & Trust Company |
514-516 Franklin Street Melrose, MA 2176 |
Full Service B&M
|
$61,657 |
Northern Bank & Trust Company |
600 Main Street Reading, MA 1867 |
Full Service B&M
|
$56,626 |
Northern Bank & Trust Company |
13 Center Street Burlington, MA 1803 |
Full Service B&M
|
$128,311 |
Northern Bank & Trust Company |
14 Littleton Road Chelmsford, MA 1824 |
Full Service B&M
|
$80,528 |
Northern Bank & Trust Company |
215 Lexington Street Woburn, MA 1801 |
Full Service B&M
|
$85,302 |
Northern Bank & Trust Company |
265 Great Road Littleton, MA 1460 |
Full Service B&M
|
$58,738 |
Northern Bank & Trust Company |
275 Mishawum Rd Woburn, MA 1801 |
Full Service Cyber Office
|
$61,735 |
Northern Bank & Trust Company |
275 Mishawum Rd Woburn, MA 1801 |
Full Service B&M
|
$1,223,622 |
Northern Bank & Trust Company |
275 Mishawum Road Woburn, MA 1801 |
Full Service Cyber Office
|
$33,179 |
Northern Bank & Trust Company |
303 Main Street Woburn, MA 1801 |
Full Service B&M
|
$144,749 |
Northern Bank & Trust Company |
414 Massachusetts Avenue Acton, MA 1720 |
Full Service B&M
|
$50,716 |
Northern Bank & Trust Company |
430 Boston Post Road Sudbury, MA 1776 |
Full Service B&M
|
$35,342 |
For 2021, Northern Bank & Trust Company had 14 branches.
Yearly Performance Overview
Bank Income
Northern Bank & Trust Company's gross interest income from loans was $129,616,000.
Northern Bank & Trust Company's net interest income from loans was $122,752,000.
Northern Bank & Trust Company's fee based income from loans was $1,300,000.
Northern Bank & Trust Company's net income from loans was $57,998,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$6,864 |
Provision for credit losses |
$3,028 |
Total noninterest expense |
$47,067 |
Salaries and employee benefits |
$28,633 |
Premises and equipment expense |
$4,824 |
Additional noninterest expense |
$13,610 |
Applicable income taxes |
$22,555 |
Net charge-offs |
$382 |
Cash dividends |
$0 |
Northern Bank & Trust Company's interest expense for loans was $6,864,000.
Northern Bank & Trust Company's payroll and benefits expense were $28,633,000.
Northern Bank & Trust Company's property, plant and equipment expenses $4,824,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$2,469,532 |
Deposits held in domestic offices |
$2,469,532 |
Deposits by Individuals, partnerships, and corporations |
$2,279,290 |
Deposits by U.S. Government |
$0 |
Deposits by States and political subdivisions in the U.S. |
$169,845 |
Deposits by Commercial banks and other depository institutions in U.S. |
$20,398 |
Deposits by Banks in foreign countries |
$0 |
Deposits by Foreign governments and official institutions |
$0 |
Transaction accounts |
$325,269 |
Demand deposits |
$295,617 |
Nontransaction accounts |
$2,144,264 |
Money market deposit accounts (MMDAs) |
$507,047 |
Other savings deposits (excluding MMDAs) |
$1,388,965 |
Total time deposits |
$248,251 |
Total time and savings deposits |
$2,173,916 |
Noninterest-bearing deposits |
$820,023 |
Interest-bearing deposits |
$1,649,509 |
Retail deposits |
$2,343,133 |
IRAs and Keogh plan accounts |
$20,716 |
Brokered deposits |
$67,567 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$2,869,907 |
Cash & Balances due from depository institutions |
$431,681 |
Interest-bearing balances |
$426,745 |
Total securities |
$68,525 |
Federal funds sold & reverse repurchase |
$0 |
Net loans and leases |
$2,255,240 |
Loan and leases loss allowance |
$40,346 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$34,289 |
Other real estate owned |
$0 |
Goodwill and other intangibles |
$1,123 |
All other assets |
$79,049 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$2,869,907 |
Total Liabilities |
$2,505,838 |
Total deposits |
$2,469,532 |
Interest-bearing deposits |
$1,649,509 |
Deposits held in domestic offices |
$2,469,532 |
% insured (estimated) |
$79 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$1,698 |
Subordinated debt |
$0 |
All other liabilities |
$34,608 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$2,255,240 |
Loan and leases loss allowance |
$40,346 |
Total loans and leases (domestic) |
$2,295,586 |
All real estate loans |
$1,282,135 |
Real estate loans in domestic offices |
$1,282,135 |
Construction and development loans |
$302,561 |
Residential 1-4 family construction |
$92,548 |
Other construction, all land development and other land |
$210,013 |
Loans secured by nonfarm nonresidential properties |
$692,835 |
Nonfarm nonresidential secured by owner-occupied properties |
$247,259 |
Commercial real estate & other non-farm, non-residential |
$445,576 |
Multifamily residential real estate |
$50,540 |
1-4 family residential loans |
$236,199 |
Farmland loans |
$0 |
Loans held in foreign offices |
$0 |
Farm loans |
$0 |
Commercial and industrial loans |
$992,580 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$415 |
Credit card loans |
$30 |
Related Plans |
$65 |
Consumer Auto Loans |
$23 |
Other loans to individuals |
$297 |
All other loans & leases |
$20,455 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$253 |
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 |
$2,204 |
Non 1-4 family restructured loans & leases |
$2,204 |
Total loans and leases (foreign) |
$0 |
Northern Bank & Trust Company had $2,255,240,000 of loans outstanding in 2021. $1,282,135,000 of loans were in real estate loans.
$302,561,000 of loans were in development loans. $50,540,000 of loans were in multifamily mortgage loans.
$236,199,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $30,000
of loans were in credit card loans. $23,000 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 |
164 |
$55,638 |
$339,256 |
Nonfarm, nonresidential loans - <$100k |
6 |
$224 |
$37,333 |
Nonfarm, nonresidential loans - $100-250k |
32 |
$4,204 |
$131,375 |
Nonfarm, nonresidential loans - $250k-1MM |
126 |
$51,210 |
$406,429 |
Commercial & Industrial, US addressed loans - <$1MM |
911 |
$89,200 |
$97,914 |
Commercial & Industrial, US addressed loans - <$100k |
542 |
$15,437 |
$28,482 |
Commercial & Industrial, US addressed loans - $100-250k |
164 |
$17,441 |
$106,348 |
Commercial & Industrial, US addressed loans - $250k-1MM |
205 |
$56,322 |
$274,741 |