Hometown Bank Mortgage Rates, Fees & Info
Oxford, MA
LEI: 549300HLPEQ31HY26E57
Tax ID: 04-1953445
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Mortgage Data
Bank Data
Overview
Hometown Bank is a
smaller
bank
specializing in
Home Purchase and Refi loans.
Hometown Bank has a high proportion of conventional loans.
Their top markets include Worcester, Boston, New Haven, Barnstable Town, and Providence among others. Hometown Bank has
an average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
298
Origination Dollar Volume (All Markets)
$111,620,000
Employee count
153
Top Markets
Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
WORCESTER, MA-CT (FHA|USDA|VA)
|
268
|
$77,970,000 |
$290,933 |
$0 |
0.00% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
8
|
$26,450,000 |
$3,306,250 |
$0 |
0.00% |
NEW HAVEN-MILFORD, CT (FHA|USDA|VA)
|
1
|
$2,105,000 |
$2,105,000 |
$0 |
0.00% |
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
4
|
$1,400,000 |
$350,000 |
$0 |
0.00% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
5
|
$1,255,000 |
$251,000 |
$0 |
0.00% |
SPRINGFIELD, MA (FHA|USDA|VA)
|
9
|
$1,245,000 |
$138,333 |
$0 |
0.00% |
Outside of Metro Areas
|
1 |
$855,000 |
$855,000 |
$0 |
0.00% |
Keene, NH (FHA|USDA|VA)
|
1
|
$185,000 |
$185,000 |
$0 |
0.00% |
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA)
|
1
|
$155,000 |
$155,000 |
$0 |
0.00% |
Hometown Bank's top markets include Worcester, Boston, New Haven, Barnstable Town, and Providence among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
298 |
$111,620,000 |
$374,564 |
$0 |
0.00% |
For the 2021 period, Hometown Bank's most frequently
originated loan type
of loans were Conventional, with 298 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Home Purchase |
88 |
$43,560,000 |
$495,000 |
$0 |
0.00% |
Cash Out Refi |
88 |
$17,350,000 |
$197,159 |
$0 |
0.00% |
Refi |
70 |
$45,800,000 |
$654,286 |
$0 |
0.00% |
Home Improvement |
32 |
$2,890,000 |
$90,313 |
$0 |
0.00% |
Other |
20 |
$2,020,000 |
$101,000 |
$0 |
0.00% |
For the 2021, Hometown Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 88
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 88 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Other |
298 |
$111,620,000 |
$374,564 |
$0 |
0.00% |
For the 2021, Hometown Bank's most frequently cited loan
length
of loans were Other, with 298 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$100k-200k |
109 |
$16,515,000 |
$151,514 |
$0 |
0.00% |
$200k-400k |
83 |
$21,905,000 |
$263,916 |
$0 |
0.00% |
$100,000 or less |
59 |
$3,035,000 |
$51,441 |
$0 |
0.00% |
$400k-600k |
32 |
$15,520,000 |
$485,000 |
$0 |
0.00% |
$1MM+ |
10 |
$50,940,000 |
$5,094,000 |
$0 |
0.00% |
$600k-1MM |
5 |
$3,705,000 |
$741,000 |
$0 |
0.00% |
2021 saw Hometown Bank place emphasis on
$100k-200k loans
with 109 originations, totaling
$16,515,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$100k-150k |
58 |
$10,990,000 |
$189,483 |
$0 |
0.00% |
$50k-75k |
54 |
$8,840,000 |
$163,704 |
$0 |
0.00% |
$75k-100k |
52 |
$8,580,000 |
$165,000 |
$0 |
0.00% |
$150k-250k |
43 |
$11,765,000 |
$273,605 |
$0 |
0.00% |
$50k or less |
35 |
$4,395,000 |
$125,571 |
$0 |
0.00% |
$250k+ |
11 |
$5,755,000 |
$523,182 |
$0 |
0.00% |
Hometown Bank lent most frequently to those with incomes in the
$100k-150k range, with
58 originations.
The second most popular income band? $50k-75k,
with 54 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Exempt% |
298 |
$111,620,000 |
$374,564 |
$0 |
0.00% |
Hometown Bank lent most frequently to those with DTI ratios
of Exempt%, with
298 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Not applicable |
39 |
$59,915,000 |
$1,536,282 |
$0 |
0.00% |
White |
217 |
$44,665,000 |
$205,829 |
$0 |
0.00% |
Not provided |
33 |
$5,005,000 |
$151,667 |
$0 |
0.00% |
Asian |
6 |
$1,350,000 |
$225,000 |
$0 |
0.00% |
American Indian |
3 |
$685,000 |
$228,333 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
83.11%
Hometown Bank has a below average approval rate.
Pick Rate
Approvals leading to origination
76.88%
Hometown Bank has a below average pick rate.
Points and Fees
Points |
Originations |
Total Value |
Average Loan |
Exempt |
298 |
$111,620,000 |
$374,564 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
298 |
$111,620,000 |
$374,564 |
Complaints
Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
HomeTown Lenders, LLC |
Other type of mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
100.0% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
Hometown Bank |
1001 Millbury Street Worcester, MA 1607 |
Full Service B&M
|
$28,550 |
Hometown Bank |
569 Southbridge Street Auburn, MA 1501 |
Full Service B&M
|
$33,918 |
Hometown Bank |
865 Riverside Drive Grosvenordale, CT 6255 |
Full Service B&M
|
$49,909 |
Hometown Bank |
9 Sack Blvd Leominster, MA 1453 |
Full Service B&M
|
$43,608 |
Hometown Bank |
90 Exchange St Athol, MA 1331 |
Full Service B&M
|
$38,415 |
Hometown Bank |
109 Elm Street Millbury, MA 1527 |
Full Service B&M
|
$191,587 |
Hometown Bank |
13 Canterbury Road Brooklyn, CT 6234 |
Full Service B&M
|
$33,563 |
Hometown Bank |
131 Main Street South Lancaster, MA 1561 |
Full Service B&M
|
$30,976 |
Hometown Bank |
148 Route 171 Woodstock, CT 6281 |
Full Service B&M
|
$77,047 |
Hometown Bank |
182 Main Street Putnam, CT 6260 |
Full Service B&M
|
$129,229 |
Hometown Bank |
218r Main Street Webster, MA 1570 |
Full Service B&M
|
$48,232 |
Hometown Bank |
270 Grove Street Worcester, MA 1605 |
Full Service B&M
|
$24,149 |
Hometown Bank |
3 Central Street Danielson, CT 6239 |
Full Service B&M
|
$34,549 |
Hometown Bank |
31 Sutton Ave Oxford, MA 1540 |
Full Service B&M
|
$239,175 |
Hometown Bank |
331 Main Stret Sturbridge, MA 1566 |
Full Service B&M
|
$63,967 |
Hometown Bank |
4 Gore Road Webster, MA 1570 |
Full Service B&M
|
$71,327 |
For 2021, Hometown Bank had 16 branches.
Yearly Performance Overview
Bank Income
Hometown Bank's gross interest income from loans was $34,362,000.
Hometown Bank's net interest income from loans was $31,867,000.
Hometown Bank's fee based income from loans was $2,701,000.
Hometown Bank's net income from loans was $7,813,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$2,495 |
Provision for credit losses |
$1,935 |
Total noninterest expense |
$29,090 |
Salaries and employee benefits |
$16,468 |
Premises and equipment expense |
$2,959 |
Additional noninterest expense |
$9,663 |
Applicable income taxes |
$2,567 |
Net charge-offs |
$329 |
Cash dividends |
$0 |
Hometown Bank's interest expense for loans was $2,495,000.
Hometown Bank's payroll and benefits expense were $16,468,000.
Hometown Bank's property, plant and equipment expenses $2,959,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$1,203,943 |
Deposits held in domestic offices |
$1,203,943 |
Deposits by Individuals, partnerships, and corporations |
$1,074,986 |
Deposits by U.S. Government |
$0 |
Deposits by States and political subdivisions in the U.S. |
$123,993 |
Deposits by Commercial banks and other depository institutions in U.S. |
$4,964 |
Deposits by Banks in foreign countries |
$0 |
Deposits by Foreign governments and official institutions |
$0 |
Transaction accounts |
$178,011 |
Demand deposits |
$62,012 |
Nontransaction accounts |
$1,025,932 |
Money market deposit accounts (MMDAs) |
$156,768 |
Other savings deposits (excluding MMDAs) |
$637,429 |
Total time deposits |
$231,736 |
Total time and savings deposits |
$1,141,931 |
Noninterest-bearing deposits |
$219,618 |
Interest-bearing deposits |
$984,325 |
Retail deposits |
$1,119,008 |
IRAs and Keogh plan accounts |
$43,753 |
Brokered deposits |
$0 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$1,354,366 |
Cash & Balances due from depository institutions |
$341,334 |
Interest-bearing balances |
$321,996 |
Total securities |
$144,291 |
Federal funds sold & reverse repurchase |
$0 |
Net loans and leases |
$803,390 |
Loan and leases loss allowance |
$8,535 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$13,580 |
Other real estate owned |
$0 |
Goodwill and other intangibles |
$12,779 |
All other assets |
$38,992 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$1,354,366 |
Total Liabilities |
$1,221,059 |
Total deposits |
$1,203,943 |
Interest-bearing deposits |
$984,325 |
Deposits held in domestic offices |
$1,203,943 |
% insured (estimated) |
$70 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$6,000 |
Subordinated debt |
$0 |
All other liabilities |
$11,116 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$803,390 |
Loan and leases loss allowance |
$8,535 |
Total loans and leases (domestic) |
$811,925 |
All real estate loans |
$754,210 |
Real estate loans in domestic offices |
$754,210 |
Construction and development loans |
$57,208 |
Residential 1-4 family construction |
$18,757 |
Other construction, all land development and other land |
$38,451 |
Loans secured by nonfarm nonresidential properties |
$390,731 |
Nonfarm nonresidential secured by owner-occupied properties |
$121,947 |
Commercial real estate & other non-farm, non-residential |
$268,784 |
Multifamily residential real estate |
$83,430 |
1-4 family residential loans |
$221,897 |
Farmland loans |
$944 |
Loans held in foreign offices |
$0 |
Farm loans |
$0 |
Commercial and industrial loans |
$47,253 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$3,169 |
Credit card loans |
$0 |
Related Plans |
$75 |
Consumer Auto Loans |
$1,345 |
Other loans to individuals |
$1,749 |
All other loans & leases |
$7,293 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$0 |
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 |
$1,486 |
Non 1-4 family restructured loans & leases |
$811 |
Total loans and leases (foreign) |
$0 |
Hometown Bank had $803,390,000 of loans outstanding in 2021. $754,210,000 of loans were in real estate loans.
$57,208,000 of loans were in development loans. $83,430,000 of loans were in multifamily mortgage loans.
$221,897,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $1,345,000 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 |
401 |
$90,861 |
$226,586 |
Nonfarm, nonresidential loans - <$100k |
146 |
$4,970 |
$34,041 |
Nonfarm, nonresidential loans - $100-250k |
125 |
$21,374 |
$170,992 |
Nonfarm, nonresidential loans - $250k-1MM |
130 |
$64,517 |
$496,285 |
Commercial & Industrial, US addressed loans - <$1MM |
449 |
$36,961 |
$82,318 |
Commercial & Industrial, US addressed loans - <$100k |
361 |
$9,602 |
$26,598 |
Commercial & Industrial, US addressed loans - $100-250k |
43 |
$6,913 |
$160,767 |
Commercial & Industrial, US addressed loans - $250k-1MM |
45 |
$20,446 |
$454,356 |