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

Somerville, MA

LEI: 549300JPG4IUQOVV5C90

Tax ID: 04-1618915

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Middlesex Federal Savings F.a. is a smaller mortgage company specializing in Home Purchase loans. Middlesex Federal Savings F.a. has a high proportion of conventional loans. Their top (well, only) market is Boston.

    Middlesex Federal Savings F.a. 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. Middlesex Federal Savings F.a. is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    70

    Origination Dollar Volume (All Markets)

    $61,770,000

    Employee count

    53

    Awards

    Middlesex Federal Savings F.A. 30 Year Conventional Loans silver Middlesex Federal Savings F.A. 30 Year Conventional Loans silver
    Show all (2) awards

    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) 70 $61,770,000 $882,429 $2,922 5.29%
    Middlesex Federal Savings F.a.'s top markets include and Boston among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Middlesex Federal Savings F.A. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 70 $61,770,000 $882,429 $2,922 5.29%

    For 2018, Middlesex Federal Savings F.a.'s most frequently originated type of loan was Conventional, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $38,970,000 $1,082,500 $3,473 5.41%
    Cash Out Refi 21 $10,245,000 $487,857 $2,517 4.72%
    Refi 11 $11,115,000 $1,010,455 $0 5.91%
    Home Improvement 2 $1,440,000 $720,000 $0 5.73%

    For 2018, Middlesex Federal Savings F.a.'s most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 23 $10,305,000 $448,043 $3,102 4.39%
    10 Year 19 $14,855,000 $781,842 $2,096 5.46%
    1 Year 11 $10,925,000 $993,182 $0 6.30%
    Other 9 $16,975,000 $1,886,111 $1,420 6.13%
    15 Year 5 $6,905,000 $1,381,000 $0 5.29%
    20 Year 2 $340,000 $170,000 $2,117 4.38%
    3 Year 1 $1,465,000 $1,465,000 $0 5.79%

    For 2018, Middlesex Federal Savings F.a.'s most frequently cited loan duration was 30 Year, with 23 originations. The 2nd most popular length was 10 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 25 $10,745,000 $429,800
    $1k-2k 1 $125,000 $125,000

    Middlesex Federal Savings F.a.'s average total fees were $3,102, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 29 $27,345,000 $942,931
    4-5% 18 $9,800,000 $544,444
    6-7% 12 $17,020,000 $1,418,333
    3-4% 10 $4,030,000 $403,000
    7-8% 1 $3,575,000 $3,575,000

    During 2018, Middlesex Federal Savings F.a.'s average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 5-6%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 21 $39,375,000 $1,875,000 $5,801 5.92%
    $200k-400k 17 $4,695,000 $276,176 $2,469 4.77%
    $600k-1MM 14 $10,690,000 $763,571 $3,553 5.29%
    $400k-600k 13 $6,345,000 $488,077 $3,169 5.28%
    $100k-200k 5 $665,000 $133,000 $2,513 4.40%

    2018 saw Middlesex Federal Savings F.a. place emphasis on $1MM+ loans with 21 originations, totaling $39,375,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 8 $2,310,000 $288,750 $2,881 4.27%
    $100k-150k 7 $2,575,000 $367,857 $2,760 4.71%
    $150k-250k 7 $3,585,000 $512,143 $2,997 4.57%
    $250k+ 6 $3,710,000 $618,333 $3,863 4.72%
    $50k-75k 3 $965,000 $321,667 $1,420 5.73%
    $50k or less 3 $1,685,000 $561,667 $2,307 5.21%

    Middlesex Federal Savings F.a. lent most frequently to those with incomes in the $75k-100k range, with 8 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 8 $3,550,000 $443,750 $3,112 4.48%
    20-30% 7 $2,565,000 $366,429 $2,834 4.34%
    43% 3 $2,305,000 $768,333 $3,250 4.21%
    46% 2 $540,000 $270,000 $2,568 5.06%
    40% 2 $610,000 $305,000 $3,392 4.19%
    <20% 1 $325,000 $325,000 $2,907 3.75%
    48% 1 $155,000 $155,000 $2,424 4.13%
    36% 1 $205,000 $205,000 $1,420 5.00%
    38% 1 $455,000 $455,000 $3,381 5.00%
    44% 1 $475,000 $475,000 $3,177 4.00%
    47% 1 $125,000 $125,000 $2,191 4.50%

    Middlesex Federal Savings F.a. lent most frequently to those with DTI ratios of 30-36%, with 8 originations. The next most common DTI ratio? 20-30%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 35 $45,335,000 $1,295,286 $0 5.83%
    White 26 $10,150,000 $390,385 $2,878 4.65%
    Not provided 5 $4,315,000 $863,000 $3,125 5.81%
    Asian 3 $1,645,000 $548,333 $3,167 4.13%
    Chinese 1 $325,000 $325,000 $2,907 3.75%

    Approval Rates

    Total approvals of all applications
    96.63%

    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
    78.57%

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

    Points and Fees

    Points Originations Total Value Average Loan
    1775.0 1 $235,000 $235,000
    NA 69 $61,535,000 $891,812

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $18,100,000 $2,262,500
    Single Family (1-4 Units):Site-Built 62 $43,670,000 $704,355

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,905,000 $272,143 $2,766 4.64%
    40-60% 20 $17,360,000 $868,000 $2,135 5.38%
    60-80% 32 $35,150,000 $1,098,438 $3,264 5.58%
    80-100% 7 $4,655,000 $665,000 $3,754 4.69%
    Over 100% 1 $2,265,000 $2,265,000 $0 6.25%
    Under 20% 3 $435,000 $145,000 $2,154 4.13%

    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 $150,920
    Middlesex Federal Savings, F.A. 1196 Broadway Somerville, MA 2144 Full Service B&M $52,295
    Middlesex Federal Savings, F.A. 53 Riverside Avenue Medford, MA 2155 Full Service B&M $68,244

    For 2018, Middlesex Federal Savings F.a. had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,718
    Net interest income $11,668
    Total noninterest income $728
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $131
    Trading account gains and fees $0
    Additional Noninterest Income $597
    Pre-tax net operating income $1,864
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,469
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,469
    Minority interest net income $0
    Net income $1,469
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,469

    Middlesex Federal Savings F.a.'s gross interest income from loans was $16,718,000.
    Middlesex Federal Savings F.a.'s net interest income from loans was $11,668,000.
    Middlesex Federal Savings F.a.'s fee based income from loans was $131,000.
    Middlesex Federal Savings F.a.'s net income from loans was $1,469,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,050
    Provision for credit losses $0
    Total noninterest expense $10,532
    Salaries and employee benefits $7,164
    Premises and equipment expense $746
    Additional noninterest expense $2,622
    Applicable income taxes $395
    Net charge-offs $-69
    Cash dividends $0

    Middlesex Federal Savings F.a.'s interest expense for loans was $5,050,000.
    Middlesex Federal Savings F.a.'s payroll and benefits expense were $7,164,000.
    Middlesex Federal Savings F.a.'s property, plant and equipment expenses $746,000.

    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 $284,790
    Deposits held in domestic offices $284,790
    Deposits by Individuals, partnerships, and corporations $284,790
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $27,441
    Demand deposits $15,742
    Nontransaction accounts $257,349
    Money market deposit accounts (MMDAs) $25,353
    Other savings deposits (excluding MMDAs) $84,954
    Total time deposits $147,042
    Total time and savings deposits $269,048
    Noninterest-bearing deposits $15,742
    Interest-bearing deposits $269,048
    Retail deposits $249,365
    IRAs and Keogh plan accounts $28,657
    Brokered deposits $14,168
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $412,488
    Cash & Balances due from depository institutions $15,830
    Interest-bearing balances $12,745
    Total securities $44,797
    Federal funds sold & reverse repurchase $0
    Net loans and leases $330,031
    Loan and leases loss allowance $4,323
    Trading account assets $0
    Bank premises and fixed assets $1,375
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $20,455

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $412,488
    Total Liabilities $374,273
    Total deposits $284,790
    Interest-bearing deposits $269,048
    Deposits held in domestic offices $284,790
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $85,516
    Subordinated debt $0
    All other liabilities $3,967

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $330,031
    Loan and leases loss allowance $4,323
    Total loans and leases (domestic) $334,354
    All real estate loans $325,267
    Real estate loans in domestic offices $325,267
    Construction and development loans $32,416
    Residential 1-4 family construction $19,373
    Other construction, all land development and other land $13,043
    Loans secured by nonfarm nonresidential properties $65,535
    Nonfarm nonresidential secured by owner-occupied properties $24,434
    Commercial real estate & other non-farm, non-residential $41,101
    Multifamily residential real estate $77,077
    1-4 family residential loans $150,239
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,913
    To non-U.S. addressees $0
    Loans to individuals $174
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $174
    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 $168
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Middlesex Federal Savings F.A. had $330,031,000 of loans outstanding in 2018. $325,267,000 of loans were in real estate loans. $32,416,000 of loans were in development loans. $77,077,000 of loans were in multifamily mortgage loans. $150,239,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 55 $20,623 $374,964
    Nonfarm, nonresidential loans - <$100k 4 $56 $14,000
    Nonfarm, nonresidential loans - $100-250k 9 $1,339 $148,778
    Nonfarm, nonresidential loans - $250k-1MM 42 $19,228 $457,810
    Commercial & Industrial, US addressed loans - <$1MM 17 $7,271 $427,706
    Commercial & Industrial, US addressed loans - <$100k 3 $272 $90,667
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $6,999 $499,929