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

Somerville, MA

LEI: 549300JPG4IUQOVV5C90

Tax ID: 04-1618915

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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 Refi, Cash Out Refi, and Home Purchase loans. Middlesex Federal Savings F.a. has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Worcester among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Middlesex Federal Savings F.a. 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.

    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

    143

    Origination Dollar Volume (All Markets)

    $81,225,000

    Employee count

    58

    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) 140 $80,280,000 $573,429 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $650,000 $325,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    Middlesex Federal Savings F.a.'s top markets include Boston, Barnstable Town, and Worcester 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.

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    Bridgewater Savings Bank
    Similarity Rank: 600
    Triangle Credit Union
    Similarity Rank: 696
    NEW HAMPSHIRE
    Similarity Rank: 756
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798
    Sharon & Crescent United Credit Union
    Similarity Rank: 830
    QUINCY CREDIT UNION
    Similarity Rank: 876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 143 $81,225,000 $568,007 $0 0.00%

    For 2020, Middlesex Federal Savings F.a.'s most frequently originated type of loan was Conventional, with 143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 61 $30,835,000 $505,492 $0 0.00%
    Cash Out Refi 47 $17,285,000 $367,766 $0 0.00%
    Home Purchase 32 $26,660,000 $833,125 $0 0.00%
    Home Improvement 3 $6,445,000 $2,148,333 $0 0.00%

    For 2020, Middlesex Federal Savings F.a.'s most frequently cited loan purpose was Refi, with 61 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $81,225,000 $568,007 $0 0.00%

    For 2020, Middlesex Federal Savings F.a.'s most frequently cited loan duration was Other, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 54 $16,110,000 $298,333 $0 0.00%
    $600k-1MM 27 $20,165,000 $746,852 $0 0.00%
    $400k-600k 25 $12,375,000 $495,000 $0 0.00%
    $100k-200k 21 $3,415,000 $162,619 $0 0.00%
    $1MM+ 13 $28,925,000 $2,225,000 $0 0.00%
    $100,000 or less 3 $235,000 $78,333 $0 0.00%

    2020 saw Middlesex Federal Savings F.a. place emphasis on $200k-400k loans with 54 originations, totaling $16,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 42 $14,190,000 $337,857 $0 0.00%
    $150k-250k 30 $13,760,000 $458,667 $0 0.00%
    $50k-75k 13 $2,695,000 $207,308 $0 0.00%
    $75k-100k 13 $4,005,000 $308,077 $0 0.00%
    $250k+ 6 $4,030,000 $671,667 $0 0.00%
    $50k or less 4 $430,000 $107,500 $0 0.00%

    Middlesex Federal Savings F.a. lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $150k-250k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 143 $81,225,000 $568,007 $0 0.00%

    Middlesex Federal Savings F.a. lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 35 $42,115,000 $1,203,286 $0 0.00%
    White 94 $34,270,000 $364,574 $0 0.00%
    Not provided 11 $3,785,000 $344,091 $0 0.00%
    Asian 2 $900,000 $450,000 $0 0.00%
    Black 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.93%

    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
    92.31%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 143 $81,225,000 $568,007

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $22,435,000 $2,039,545
    Single Family (1-4 Units):Site-Built 132 $58,790,000 $445,379

    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 $170,165
    Middlesex Federal Savings, F.A. 1196 Broadway Somerville, MA 2144 Full Service B&M $56,533
    Middlesex Federal Savings, F.A. 53 Riverside Avenue Medford, MA 2155 Full Service B&M $104,439

    For 2020, Middlesex Federal Savings F.a. had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,178
    Net interest income $13,714
    Total noninterest income $1,179
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $193
    Trading account gains and fees $0
    Additional Noninterest Income $986
    Pre-tax net operating income $1,624
    Securities gains (or losses, -) $-68
    Income before extraordinary items $1,215
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,215
    Minority interest net income $0
    Net income $1,215
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,268

    Middlesex Federal Savings F.a.'s gross interest income from loans was $18,178,000.
    Middlesex Federal Savings F.a.'s net interest income from loans was $13,714,000.
    Middlesex Federal Savings F.a.'s fee based income from loans was $193,000.
    Middlesex Federal Savings F.a.'s net income from loans was $1,215,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,464
    Provision for credit losses $250
    Total noninterest expense $13,019
    Salaries and employee benefits $8,324
    Premises and equipment expense $861
    Additional noninterest expense $3,834
    Applicable income taxes $341
    Net charge-offs $-6
    Cash dividends $0

    Middlesex Federal Savings F.a.'s interest expense for loans was $4,464,000.
    Middlesex Federal Savings F.a.'s payroll and benefits expense were $8,324,000.
    Middlesex Federal Savings F.a.'s property, plant and equipment expenses $861,000.

    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 $355,149
    Deposits held in domestic offices $355,149
    Deposits by Individuals, partnerships, and corporations $354,315
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $835
    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 $109,059
    Demand deposits $93,764
    Nontransaction accounts $246,091
    Money market deposit accounts (MMDAs) $27,122
    Other savings deposits (excluding MMDAs) $94,354
    Total time deposits $124,616
    Total time and savings deposits $261,386
    Noninterest-bearing deposits $93,764
    Interest-bearing deposits $261,385
    Retail deposits $257,466
    IRAs and Keogh plan accounts $27,433
    Brokered deposits $79,778
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $455,867
    Cash & Balances due from depository institutions $27,050
    Interest-bearing balances $21,071
    Total securities $45,010
    Federal funds sold & reverse repurchase $0
    Net loans and leases $363,495
    Loan and leases loss allowance $4,586
    Trading account assets $0
    Bank premises and fixed assets $1,248
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $19,064

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $455,867
    Total Liabilities $416,814
    Total deposits $355,149
    Interest-bearing deposits $261,385
    Deposits held in domestic offices $355,149
    % insured (estimated) $87
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $54,744
    Subordinated debt $0
    All other liabilities $6,921

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $363,495
    Loan and leases loss allowance $4,586
    Total loans and leases (domestic) $368,081
    All real estate loans $356,507
    Real estate loans in domestic offices $356,507
    Construction and development loans $38,682
    Residential 1-4 family construction $10,843
    Other construction, all land development and other land $27,839
    Loans secured by nonfarm nonresidential properties $71,629
    Nonfarm nonresidential secured by owner-occupied properties $29,143
    Commercial real estate & other non-farm, non-residential $42,486
    Multifamily residential real estate $89,889
    1-4 family residential loans $156,307
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $11,392
    To non-U.S. addressees $0
    Loans to individuals $182
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $23
    Other loans to individuals $159
    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 $125
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Middlesex Federal Savings F.A. had $363,495,000 of loans outstanding in 2020. $356,507,000 of loans were in real estate loans. $38,682,000 of loans were in development loans. $89,889,000 of loans were in multifamily mortgage loans. $156,307,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $23,000 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 $23,066 $384,433
    Nonfarm, nonresidential loans - <$100k 1 $30 $30,000
    Nonfarm, nonresidential loans - $100-250k 12 $1,740 $145,000
    Nonfarm, nonresidential loans - $250k-1MM 47 $21,296 $453,106
    Commercial & Industrial, US addressed loans - <$1MM 71 $10,975 $154,577
    Commercial & Industrial, US addressed loans - <$100k 45 $1,250 $27,778
    Commercial & Industrial, US addressed loans - $100-250k 7 $1,161 $165,857
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $8,564 $450,737