The Provident Bank Mortgage Rates, Fees & Info
Amesbury, MALEI: 549300GBPH5PK1AIGV76
Tax ID: 04-3497377
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Mortgage Data
Review & Overview
The Provident Bank is a smaller bank specializing in Home Purchase loans. The Provident Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Springfield, Worcester, and Manchester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)The Provident Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
27Origination Dollar Volume (All Markets)
$14,375,000Top 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) | 23 | $11,665,000 | $507,174 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $2,080,000 | $1,040,000 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $14,375,000 | $532,407 | $0 | 0.00% |
For 2018, The Provident Bank's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 20 | $10,460,000 | $523,000 | $0 | 0.00% |
| Refi | 6 | $2,590,000 | $431,667 | $0 | 0.00% |
| Home Improvement | 1 | $1,325,000 | $1,325,000 | $0 | 0.00% |
For 2018, The Provident Bank's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 27 | $14,375,000 | $532,407 | $0 | 0.00% |
For 2018, The Provident Bank's most frequently cited loan duration was Other, with 27 originations.
Loan Sizing
2018 saw The Provident Bank place emphasis on $200k-400k loans with 8 originations, totaling $2,330,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1 | $85,000 | $85,000 | $0 | 0.00% |
The Provident Bank lent most frequently to those with incomes in the $100k-150k range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 27 | $14,375,000 | $532,407 | $0 | 0.00% |
The Provident Bank lent most frequently to those with DTI ratios of Exempt%, with 27 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 26 | $14,290,000 | $549,615 | $0 | 0.00% |
| White | 1 | $85,000 | $85,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications96.55%
The Provident Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.30%
The Provident Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 27 | $14,375,000 | $532,407 |