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 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, Springfield, and Manchester among others. We have data for 4 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    120

    Origination Dollar Volume (All Markets)

    $92,280,000

    Employee count

    70

    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) 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.

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

    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Middlesex Savings Bank
    Similarity Rank: 672
    Bridgewater Savings Bank
    Similarity Rank: 672
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 1001
    Walpole Co-operative Bank
    Similarity Rank: 1052

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Middlesex Federal Savings F.a.'s most frequently cited loan purpose was Refi, with 45 originations. The 2nd most popular reason was 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 2021, Middlesex Federal Savings F.a.'s most frequently cited loan duration was 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
    98.46%

    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
    93.33%

    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