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

2021 Data | 2020 Data | 2019 Data | 2018 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

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

Item Value (in 000's)
Total interest income $129,616
Net interest income $122,752
Total noninterest income $7,905
Gross Fiduciary activities income $3
Service charges on deposit accounts $1,300
Trading account gains and fees $0
Additional Noninterest Income $6,602
Pre-tax net operating income $80,562
Securities gains (or losses, -) $-9
Income before extraordinary items $57,998
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $57,998
Minority interest net income $0
Net income $57,998
Sale, conversion, retirement of capital stock, net $0
Net operating income $58,005

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 1.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $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