Middlesex Federal Savings F.a. Mortgage Rates, Fees & Info

Somerville, MA

LEI: 549300JPG4IUQOVV5C90

Tax ID: 04-1618915

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Middlesex Federal Savings F.a. is a smaller mortgage company specializing in Refi and Home Purchase loans. Middlesex Federal Savings F.a. has a high proportion of conventional loans. Their top markets include Boston, Springfield, and Manchester among others. Middlesex Federal Savings F.a. has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

120

Origination Dollar Volume (All Markets)

$92,280,000

Employee count

70

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 115 $87,595,000 $761,696 $0 0.00%
Outside of Metro Areas 3 $4,245,000 $1,415,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%

Middlesex Federal Savings F.a.'s top markets include Boston, Springfield, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 120 $92,280,000 $769,000 $0 0.00%

For the 2021 period, Middlesex Federal Savings F.a.'s most frequently originated loan type of loans were Conventional, with 120 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 45 $40,535,000 $900,778 $0 0.00%
Home Purchase 43 $39,005,000 $907,093 $0 0.00%
Cash Out Refi 28 $10,540,000 $376,429 $0 0.00%
Home Improvement 4 $2,200,000 $550,000 $0 0.00%

For the 2021, Middlesex Federal Savings F.a.'s most frequently cited loan purpose of loans were Refi, with 45 originations. The 2nd most popular reason of loans were Home Purchase, with 43 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 120 $92,280,000 $769,000 $0 0.00%

For the 2021, Middlesex Federal Savings F.a.'s most frequently cited loan length of loans were Other, with 120 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$1MM+ 30 $50,500,000 $1,683,333 $0 0.00%
$200k-400k 27 $8,835,000 $327,222 $0 0.00%
$400k-600k 25 $11,995,000 $479,800 $0 0.00%
$600k-1MM 24 $18,870,000 $786,250 $0 0.00%
$100k-200k 13 $1,985,000 $152,692 $0 0.00%
$100,000 or less 1 $95,000 $95,000 $0 0.00%

2021 saw Middlesex Federal Savings F.a. place emphasis on $1MM+ loans with 30 originations, totaling $50,500,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 24 $11,270,000 $469,583 $0 0.00%
$100k-150k 15 $6,325,000 $421,667 $0 0.00%
$250k+ 12 $12,350,000 $1,029,167 $0 0.00%
$75k-100k 6 $1,590,000 $265,000 $0 0.00%
$50k-75k 4 $1,130,000 $282,500 $0 0.00%
$50k or less 4 $1,280,000 $320,000 $0 0.00%

Middlesex Federal Savings F.a. lent most frequently to those with incomes in the $150k-250k range, with 24 originations. The second most popular income band? $100k-150k, with 15 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 120 $92,280,000 $769,000 $0 0.00%

Middlesex Federal Savings F.a. lent most frequently to those with DTI ratios of Exempt%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 54 $57,880,000 $1,071,852 $0 0.00%
White 49 $20,605,000 $420,510 $0 0.00%
Not provided 12 $11,940,000 $995,000 $0 0.00%
Asian 3 $1,325,000 $441,667 $0 0.00%
Black 2 $530,000 $265,000 $0 0.00%

Approval Rates

Total approvals of all applications
97.50%

Middlesex Federal Savings F.a. 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
90.19%

Middlesex Federal Savings F.a. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 120 $92,280,000 $769,000

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
120 $92,280,000 $769,000

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Middlesex Federal Savings, F.A. 1 College Ave Somerville, MA 2144 Full Service B&M $163,272
Middlesex Federal Savings, F.A. 1196 Broadway Somerville, MA 2144 Full Service B&M $58,889
Middlesex Federal Savings, F.A. 53 Riverside Avenue Medford, MA 2155 Full Service B&M $71,938
Middlesex Federal Savings, F.A. 53 Riverside Avenue Medford, MA 2155 Full Service Cyber Office $325,171

For 2021, Middlesex Federal Savings F.a. had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $20,040
Net interest income $17,050
Total noninterest income $850
Gross Fiduciary activities income $0
Service charges on deposit accounts $106
Trading account gains and fees $0
Additional Noninterest Income $744
Pre-tax net operating income $2,463
Securities gains (or losses, -) $2,518
Income before extraordinary items $3,677
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,677
Minority interest net income $0
Net income $3,677
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,687

Middlesex Federal Savings F.a.'s gross interest income from loans was $20,040,000.
Middlesex Federal Savings F.a.'s net interest income from loans was $17,050,000.
Middlesex Federal Savings F.a.'s fee based income from loans was $106,000.
Middlesex Federal Savings F.a.'s net income from loans was $3,677,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,990
Provision for credit losses $0
Total noninterest expense $15,437
Salaries and employee benefits $8,896
Premises and equipment expense $1,139
Additional noninterest expense $5,402
Applicable income taxes $1,304
Net charge-offs $-6
Cash dividends $0

Middlesex Federal Savings F.a.'s interest expense for loans was $2,990,000.
Middlesex Federal Savings F.a.'s payroll and benefits expense were $8,896,000.
Middlesex Federal Savings F.a.'s property, plant and equipment expenses $1,139,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
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 $496,449
Deposits held in domestic offices $496,449
Deposits by Individuals, partnerships, and corporations $484,131
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $12,260
Deposits by Commercial banks and other depository institutions in U.S. $57
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $247,844
Demand deposits $230,706
Nontransaction accounts $248,604
Money market deposit accounts (MMDAs) $29,594
Other savings deposits (excluding MMDAs) $108,324
Total time deposits $110,686
Total time and savings deposits $265,742
Noninterest-bearing deposits $228,677
Interest-bearing deposits $267,772
Retail deposits $472,124
IRAs and Keogh plan accounts $26,476
Brokered deposits $6,090
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $545,574
Cash & Balances due from depository institutions $35,381
Interest-bearing balances $32,570
Total securities $100,468
Federal funds sold & reverse repurchase $0
Net loans and leases $389,831
Loan and leases loss allowance $4,593
Trading account assets $0
Bank premises and fixed assets $1,135
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $18,759

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $545,574
Total Liabilities $503,139
Total deposits $496,449
Interest-bearing deposits $267,772
Deposits held in domestic offices $496,449
% insured (estimated) $90
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $6,690

Issued Loan Types

Type Value (in 000's)
Net loans and leases $389,831
Loan and leases loss allowance $4,593
Total loans and leases (domestic) $394,424
All real estate loans $369,440
Real estate loans in domestic offices $369,440
Construction and development loans $28,656
Residential 1-4 family construction $12,510
Other construction, all land development and other land $16,146
Loans secured by nonfarm nonresidential properties $75,699
Nonfarm nonresidential secured by owner-occupied properties $33,611
Commercial real estate & other non-farm, non-residential $42,088
Multifamily residential real estate $103,434
1-4 family residential loans $161,651
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $24,732
To non-U.S. addressees $0
Loans to individuals $252
Credit card loans $0
Related Plans $0
Consumer Auto Loans $17
Other loans to individuals $235
All other loans & leases $0
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 $79
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Middlesex Federal Savings F.A. had $389,831,000 of loans outstanding in 2021. $369,440,000 of loans were in real estate loans. $28,656,000 of loans were in development loans. $103,434,000 of loans were in multifamily mortgage loans. $161,651,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $17,000 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 60 $24,594 $409,900
Nonfarm, nonresidential loans - $100-250k 10 $1,442 $144,200
Nonfarm, nonresidential loans - $250k-1MM 50 $23,152 $463,040
Commercial & Industrial, US addressed loans - <$1MM 766 $24,105 $31,469
Commercial & Industrial, US addressed loans - <$100k 707 $9,240 $13,069
Commercial & Industrial, US addressed loans - $100-250k 39 $5,181 $132,846
Commercial & Industrial, US addressed loans - $250k-1MM 20 $9,684 $484,200