Westfield Bank Mortgage Rates, Fees & Info

Westfield, MA

LEI: 549300KV83NH6PNL5E48

Tax ID: 04-3305700

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Westfield Bank is a smaller bank specializing in Refi and Home Purchase loans. Westfield Bank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Boston, Portland, and Pittsfield among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Westfield Bank 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. Westfield Bank 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 3.99% 11/22/24
    30 Year Conventional Purchase 6.14% 11/22/24
    30 Year Conventional Refi 6.22% 11/22/24
    15 Year Conventional Purchase 5.60% 11/22/24
    15 Year Conventional Refi 5.97% 11/22/24
    15 Year Cash-out Refi 5.97% 11/22/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Westfield Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Westfield Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    639

    Origination Dollar Volume (All Markets)

    $153,605,000

    Employee count

    302 Show all (5) 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
    SPRINGFIELD, MA (FHA|USDA|VA) 549 $101,555,000 $184,982 $2,393 3.96%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 51 $18,225,000 $357,353 $2,903 3.83%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 5 $15,665,000 $3,133,000 $1,540 4.08%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $7,155,000 $7,155,000 $0 3.45%
    PITTSFIELD, MA (FHA|USDA|VA) 8 $4,140,000 $517,500 $2,790 3.46%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,765,000 $252,143 $2,903 3.55%
    Outside of Metro Areas 2 $1,210,000 $605,000 $3,761 4.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 5 $1,195,000 $239,000 $3,210 3.83%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $805,000 $805,000 $0 4.30%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $465,000 $465,000 $3,177 3.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $355,000 $355,000 $5,055 4.38%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $305,000 $305,000 $3,611 3.50%
    Torrington, CT (FHA|USDA|VA) 3 $245,000 $81,667 $2,099 3.83%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,222 3.75%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,111 3.88%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $95,000 $95,000 $3,252 3.50%
    Bennington, VT (FHA|USDA|VA) 1 $65,000 $65,000 $112 5.00%
    Westfield Bank's top markets include Springfield, Hartford, Boston, Portland, and Pittsfield among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    The Torrington Savings Bank
    Similarity Rank: 45
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    Similarity Rank: 258

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 639 $153,605,000 $240,383 $2,458 3.93%

    For 2019, Westfield Bank's most frequently originated type of loan was Conventional, with 639 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 302 $59,570,000 $197,252 $1,858 3.91%
    Home Purchase 274 $81,040,000 $295,766 $3,589 3.84%
    Home Improvement 34 $11,720,000 $344,706 $460 4.44%
    Other 29 $1,275,000 $43,966 $426 4.44%

    For 2019, Westfield Bank's most frequently cited loan purpose was Refi, with 302 originations. The 2nd most popular reason was Home Purchase, with 274 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 324 $74,090,000 $228,673 $3,320 3.75%
    20 Year 99 $19,665,000 $198,636 $1,448 4.36%
    15 Year 93 $16,405,000 $176,398 $1,496 3.99%
    10 Year 70 $25,330,000 $361,857 $567 4.03%
    5 Year 25 $1,385,000 $55,400 $363 3.88%
    30+ year 18 $6,440,000 $357,778 $4,542 3.99%
    Other 9 $3,135,000 $348,333 $0 4.77%
    3 Year 1 $7,155,000 $7,155,000 $0 3.45%

    For 2019, Westfield Bank's most frequently cited loan duration was 30 Year, with 324 originations. The 2nd most popular length was 20 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 579 $108,605,000 $187,573

    Westfield Bank's average total fees were $3,320, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 579 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 451 $118,055,000 $261,763
    4-5% 155 $31,005,000 $200,032
    5-6% 30 $4,200,000 $140,000
    2.5-3% 3 $345,000 $115,000

    During 2019, Westfield Bank's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 3-4%, with 451 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 227 $35,285,000 $155,441 $2,541 3.94%
    $200k-400k 218 $57,460,000 $263,578 $3,287 3.76%
    $100,000 or less 147 $7,835,000 $53,299 $733 4.16%
    $400k-600k 28 $13,230,000 $472,500 $4,330 3.92%
    $600k-1MM 11 $7,525,000 $684,091 $4,849 4.24%
    $1MM+ 8 $32,270,000 $4,033,750 $0 3.92%

    2019 saw Westfield Bank place emphasis on $100k-200k loans with 227 originations, totaling $35,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 152 $21,820,000 $143,553 $2,281 3.87%
    $100k-150k 123 $27,915,000 $226,951 $2,916 3.86%
    $75k-100k 108 $19,180,000 $177,593 $2,398 3.91%
    $50k or less 95 $10,195,000 $107,316 $1,928 3.95%
    $150k-250k 68 $17,080,000 $251,176 $2,780 3.89%
    $250k+ 36 $12,430,000 $345,278 $3,146 3.79%

    Westfield Bank lent most frequently to those with incomes in the $50k-75k range, with 152 originations. The second most popular income band? $100k-150k, with 123 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $30,385,000 $198,595 $2,560 3.79%
    30-36% 125 $23,275,000 $186,200 $2,607 3.87%
    <20% 56 $9,310,000 $166,250 $2,196 3.77%
    36% 23 $5,315,000 $231,087 $2,538 3.87%
    43% 21 $3,825,000 $182,143 $2,359 3.97%
    44% 21 $3,855,000 $183,571 $2,610 4.05%
    48% 21 $3,055,000 $145,476 $1,820 4.07%
    46% 20 $3,280,000 $164,000 $2,471 3.88%
    37% 20 $3,770,000 $188,500 $2,714 3.94%
    49% 18 $2,810,000 $156,111 $2,023 4.17%
    42% 17 $3,255,000 $191,471 $2,721 3.82%
    41% 17 $3,105,000 $182,647 $2,193 4.12%
    47% 16 $2,470,000 $154,375 $1,328 4.23%
    38% 16 $3,490,000 $218,125 $2,733 3.65%
    45% 14 $3,090,000 $220,714 $2,771 3.83%
    39% 14 $2,910,000 $207,857 $2,414 3.91%
    40% 14 $2,220,000 $158,571 $2,280 3.96%
    50-60% 11 $1,965,000 $178,636 $2,746 4.18%
    >60% 3 $585,000 $195,000 $1,903 4.24%

    Westfield Bank lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 125 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 540 $99,380,000 $184,037 $2,416 3.90%
    Not applicable 39 $41,635,000 $1,067,564 $0 4.65%
    Not provided 32 $7,500,000 $234,375 $3,144 3.77%
    Asian 14 $2,930,000 $209,286 $2,737 3.81%
    Black 13 $2,125,000 $163,462 $2,369 3.71%
    American Indian 1 $35,000 $35,000 $259 3.50%

    Approval Rates

    Total approvals of all applications
    93.97%

    Westfield Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.17%

    Westfield Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 639 $153,605,000 $240,383

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 18 $36,970,000 $2,053,889
    Single Family (1-4 Units):Site-Built 621 $116,635,000 $187,818

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 67 $6,015,000 $89,776 $854 4.02%
    40-60% 89 $15,245,000 $171,292 $2,117 3.79%
    60-80% 230 $69,160,000 $300,696 $2,915 3.94%
    80-100% 188 $60,340,000 $320,957 $3,463 3.82%
    Over 100% 1 $805,000 $805,000 $0 4.30%
    Under 20% 64 $2,040,000 $31,875 $369 4.37%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Westfield Bank 10 Hartford Avenue Granby, CT 6035 Full Service B&M $22,117
    Westfield Bank 1305 Memorial Avenue West Springfield, MA 1089 Limited, Mobile/Seasonal Office $0
    Westfield Bank 1342 Liberty Street Springfield, MA 1104 Full Service B&M $16,591
    Westfield Bank 141 Elm Street Westfield, MA 1085 Full Service Cyber Office $31,612
    Westfield Bank 141 Elm Street Westfield, MA 1085 Full Service B&M $233,709
    Westfield Bank 1500 Main Street Springfield, MA 1103 Full Service B&M $36,123
    Westfield Bank 1642 Northampton Street Holyoke, MA 1040 Full Service B&M $46,452
    Westfield Bank 206 Park Street West Springfield, MA 1089 Full Service B&M $135,148
    Westfield Bank 241 Burnett Road Chicopee, MA 1013 Full Service B&M $41,370
    Westfield Bank 241 South Westfield Street Feeding Hills, MA 1030 Full Service B&M $47,299
    Westfield Bank 26 Arnold Street Westfield, MA 1085 Full Service B&M $28,601
    Westfield Bank 300 Southampton Road Westfield, MA 1085 Full Service B&M $100,511
    Westfield Bank 32 Willimansett Street South Hadley, MA 1075 Full Service B&M $39,813
    Westfield Bank 350 Palmer Road, Suite 100 Ware, MA 1082 Full Service B&M $13,694
    Westfield Bank 382 North Main Street East Longmeadow, MA 1028 Full Service B&M $77,232
    Westfield Bank 39 Morgan Road West Springfield, MA 1089 Full Service B&M $66,935
    Westfield Bank 462 College Highway Southwick, MA 1077 Full Service B&M $54,655
    Westfield Bank 47 Palomba Drive Enfield, CT 6082 Full Service B&M $58,086
    Westfield Bank 477 Center Street Ludlow, MA 1056 Full Service B&M $73,275
    Westfield Bank 560 East Main Street Westfield, MA 1085 Full Service B&M $105,509
    Westfield Bank 569 East Street Chicopee, MA 1020 Full Service B&M $48,663
    Westfield Bank 599 Memorial Drive Chicopee, MA 1020 Full Service B&M $59,272
    Westfield Bank 655 Main Street Agawam, MA 1001 Full Service B&M $135,127
    Westfield Bank 70 Center Street Chicopee, MA 1013 Full Service B&M $178,565

    For 2019, Westfield Bank had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $82,116
    Net interest income $57,979
    Total noninterest income $9,634
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,517
    Trading account gains and fees $0
    Additional Noninterest Income $7,117
    Pre-tax net operating income $19,131
    Securities gains (or losses, -) $68
    Income before extraordinary items $14,860
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,860
    Minority interest net income $0
    Net income $14,860
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,806

    Westfield Bank's gross interest income from loans was $82,116,000.
    Westfield Bank's net interest income from loans was $57,979,000.
    Westfield Bank's fee based income from loans was $2,517,000.
    Westfield Bank's net income from loans was $14,860,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $24,137
    Provision for credit losses $2,675
    Total noninterest expense $45,807
    Salaries and employee benefits $26,122
    Premises and equipment expense $5,944
    Additional noninterest expense $13,741
    Applicable income taxes $4,339
    Net charge-offs $626
    Cash dividends $25,063

    Westfield Bank's interest expense for loans was $24,137,000.
    Westfield Bank's payroll and benefits expense were $26,122,000.
    Westfield Bank's property, plant and equipment expenses $5,944,000.

    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 $1,682,908
    Deposits held in domestic offices $1,682,908
    Deposits by Individuals, partnerships, and corporations $1,597,992
    Deposits by U.S. Government $359
    Deposits by States and political subdivisions in the U.S. $59,290
    Deposits by Commercial banks and other depository institutions in U.S. $25,267
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $104,042
    Demand deposits $104,042
    Nontransaction accounts $1,578,866
    Money market deposit accounts (MMDAs) $435,397
    Other savings deposits (excluding MMDAs) $490,784
    Total time deposits $652,685
    Total time and savings deposits $1,578,866
    Noninterest-bearing deposits $90,289
    Interest-bearing deposits $1,592,619
    Retail deposits $1,500,599
    IRAs and Keogh plan accounts $105,773
    Brokered deposits $21,492
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,179,440
    Cash & Balances due from depository institutions $22,950
    Interest-bearing balances $6,336
    Total securities $234,445
    Federal funds sold & reverse repurchase $1,632
    Net loans and leases $1,761,932
    Loan and leases loss allowance $14,102
    Trading account assets $149
    Bank premises and fixed assets $23,535
    Other real estate owned $0
    Goodwill and other intangibles $16,019
    All other assets $118,778

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,179,440
    Total Liabilities $1,959,964
    Total deposits $1,682,908
    Interest-bearing deposits $1,592,619
    Deposits held in domestic offices $1,682,908
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $149
    Other borrowed funds $240,515
    Subordinated debt $0
    All other liabilities $36,392

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,761,932
    Loan and leases loss allowance $14,102
    Total loans and leases (domestic) $1,776,034
    All real estate loans $1,487,148
    Real estate loans in domestic offices $1,487,148
    Construction and development loans $111,295
    Residential 1-4 family construction $10,019
    Other construction, all land development and other land $101,276
    Loans secured by nonfarm nonresidential properties $543,107
    Nonfarm nonresidential secured by owner-occupied properties $173,327
    Commercial real estate & other non-farm, non-residential $369,780
    Multifamily residential real estate $101,900
    1-4 family residential loans $730,846
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $236,410
    To non-U.S. addressees $0
    Loans to individuals $5,308
    Credit card loans $0
    Related Plans $1,203
    Consumer Auto Loans $3,492
    Other loans to individuals $613
    All other loans & leases $47,168
    Loans to foreign governments and official institutions $0
    Other loans $6,855
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $415
    Loans secured by real estate to non-U.S. addressees $708
    Restructured Loans & leases $1,158
    Non 1-4 family restructured loans & leases $892
    Total loans and leases (foreign) $0

    Westfield Bank had $1,761,932,000 of loans outstanding in 2019. $1,487,148,000 of loans were in real estate loans. $111,295,000 of loans were in development loans. $101,900,000 of loans were in multifamily mortgage loans. $730,846,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,492,000 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 505 $122,237 $242,053
    Nonfarm, nonresidential loans - <$100k 44 $1,842 $41,864
    Nonfarm, nonresidential loans - $100-250k 199 $23,005 $115,603
    Nonfarm, nonresidential loans - $250k-1MM 262 $97,390 $371,718
    Commercial & Industrial, US addressed loans - <$1MM 1,361 $102,446 $75,273
    Commercial & Industrial, US addressed loans - <$100k 940 $22,954 $24,419
    Commercial & Industrial, US addressed loans - $100-250k 206 $20,245 $98,277
    Commercial & Industrial, US addressed loans - $250k-1MM 215 $59,247 $275,567