The Provident Bank Mortgage Rates, Fees & Info

Amesbury, MA

LEI: 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

27

Origination Dollar Volume (All Markets)

$14,375,000

Top 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%
The Provident Bank's top markets include Boston, Springfield, Worcester, and Manchester among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • 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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 8 $2,330,000 $291,250 $0 0.00%
    $100k-200k 5 $785,000 $157,000 $0 0.00%
    $1MM+ 5 $7,745,000 $1,549,000 $0 0.00%
    $100,000 or less 4 $240,000 $60,000 $0 0.00%
    $600k-1MM 3 $2,305,000 $768,333 $0 0.00%
    $400k-600k 2 $970,000 $485,000 $0 0.00%

    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 applications
    96.55%

    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 origination
    96.30%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $7,070,000 $883,750
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 18 $7,220,000 $401,111