Bankgloucester Mortgage Rates, Fees & Info
Gloucester, MALEI: 549300GS4TO8CL1SR344
Tax ID: 04-1371820
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Mortgage Data
Review & Overview
Bankgloucester is a smaller bank specializing in Home Purchase loans. Bankgloucester has a high proportion of conventional loans. Their top two markets are Boston and Providence .Bankgloucester has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
38Origination Dollar Volume (All Markets)
$18,290,000Top 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) | 37 | $18,005,000 | $486,622 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 38 | $18,290,000 | $481,316 | $0 | 0.00% |
For 2023, Bankgloucester's most frequently originated type of loan was Conventional, with 38 originations.
Loan Reason
For 2023, Bankgloucester's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 38 | $18,290,000 | $481,316 | $0 | 0.00% |
For 2023, Bankgloucester's most frequently cited loan duration was Other, with 38 originations.
Loan Sizing
2023 saw Bankgloucester place emphasis on $100,000 or less loans with 10 originations, totaling $570,000 in origination value.
Applicant Income
Bankgloucester lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 38 | $18,290,000 | $481,316 | $0 | 0.00% |
Bankgloucester lent most frequently to those with DTI ratios of Exempt%, with 38 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Bankgloucester has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination68.42%
Bankgloucester has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 38 | $18,290,000 | $481,316 |