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
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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
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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.
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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 |
