Mutualone Bank Mortgage Rates, Fees & Info

Framingham, MA

LEI: 549300L1RVMMHUVKTQ94

Tax ID: 04-1339820

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Mutualone Bank is a smaller bank specializing in Home Purchase loans. Mutualone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Portland, and Keene among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mutualone Bank has an average approval rate when compared to the average across all lenders. They have an 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

    115

    Origination Dollar Volume (All Markets)

    $73,685,000

    Employee count

    87

    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) 95 $58,815,000 $619,105 $0 0.00%
    Outside of Metro Areas 1 $6,005,000 $6,005,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 11 $4,445,000 $404,091 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $2,620,000 $436,667 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $0 0.00%
    Keene, NH (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Mutualone Bank's top markets include Boston, Worcester, Barnstable Town, Portland, and Keene among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 115 $73,685,000 $640,739 $0 0.00%

    For 2018, Mutualone Bank's most frequently originated type of loan was Conventional, with 115 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 68 $55,920,000 $822,353 $0 0.00%
    Cash Out Refi 17 $5,735,000 $337,353 $0 0.00%
    Refi 13 $7,015,000 $539,615 $0 0.00%
    Home Improvement 12 $4,400,000 $366,667 $0 0.00%
    Other 5 $615,000 $123,000 $0 0.00%

    For 2018, Mutualone Bank's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 115 $73,685,000 $640,739 $0 0.00%

    For 2018, Mutualone Bank's most frequently cited loan duration was Other, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 30 $8,700,000 $290,000 $0 0.00%
    $400k-600k 23 $11,545,000 $501,957 $0 0.00%
    $1MM+ 21 $41,285,000 $1,965,952 $0 0.00%
    $100,000 or less 17 $905,000 $53,235 $0 0.00%
    $100k-200k 12 $1,920,000 $160,000 $0 0.00%
    $600k-1MM 12 $9,330,000 $777,500 $0 0.00%

    2018 saw Mutualone Bank place emphasis on $200k-400k loans with 30 originations, totaling $8,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $3,615,000 $241,000 $0 0.00%
    $250k+ 13 $8,075,000 $621,154 $0 0.00%
    $50k-75k 10 $3,170,000 $317,000 $0 0.00%
    $75k-100k 10 $1,940,000 $194,000 $0 0.00%
    $150k-250k 7 $2,645,000 $377,857 $0 0.00%
    $50k or less 5 $1,745,000 $349,000 $0 0.00%

    Mutualone Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $250k+, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 115 $73,685,000 $640,739 $0 0.00%

    Mutualone Bank lent most frequently to those with DTI ratios of Exempt%, with 115 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 51 $51,345,000 $1,006,765 $0 0.00%
    White 58 $20,430,000 $352,241 $0 0.00%
    Not provided 3 $1,035,000 $345,000 $0 0.00%
    Asian 3 $875,000 $291,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.74%

    Mutualone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.30%

    Mutualone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 115 $73,685,000 $640,739

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $10,940,000 $1,367,500
    Single Family (1-4 Units):Site-Built 107 $62,745,000 $586,402

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    MutualOne Bank 49 Main Street Natick, MA 1760 Full Service B&M $159,706
    MutualOne Bank 828 Concord Street Framingham, MA 1701 Full Service B&M $415,215
    MutualOne Bank One Lincoln Street Framingham, MA 1701 Full Service B&M $59,073

    For 2018, Mutualone Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,416
    Net interest income $32,352
    Total noninterest income $1,169
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $394
    Trading account gains and fees $0
    Additional Noninterest Income $775
    Pre-tax net operating income $15,346
    Securities gains (or losses, -) $1,570
    Income before extraordinary items $12,334
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,334
    Minority interest net income $0
    Net income $12,334
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,093

    Mutualone Bank's gross interest income from loans was $40,416,000.
    Mutualone Bank's net interest income from loans was $32,352,000.
    Mutualone Bank's fee based income from loans was $394,000.
    Mutualone Bank's net income from loans was $12,334,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,064
    Provision for credit losses $2,102
    Total noninterest expense $16,073
    Salaries and employee benefits $9,958
    Premises and equipment expense $1,484
    Additional noninterest expense $4,631
    Applicable income taxes $4,582
    Net charge-offs $448
    Cash dividends $0

    Mutualone Bank's interest expense for loans was $8,064,000.
    Mutualone Bank's payroll and benefits expense were $9,958,000.
    Mutualone Bank's property, plant and equipment expenses $1,484,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 1.0%
    All other family 2.0%
    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 $703,091
    Deposits held in domestic offices $703,091
    Deposits by Individuals, partnerships, and corporations $703,063
    Deposits by U.S. Government $28
    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 $35,013
    Demand deposits $26,348
    Nontransaction accounts $668,078
    Money market deposit accounts (MMDAs) $47,229
    Other savings deposits (excluding MMDAs) $176,228
    Total time deposits $444,621
    Total time and savings deposits $676,743
    Noninterest-bearing deposits $83,016
    Interest-bearing deposits $620,075
    Retail deposits $545,818
    IRAs and Keogh plan accounts $49,772
    Brokered deposits $57,881
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $887,560
    Cash & Balances due from depository institutions $58,649
    Interest-bearing balances $57,341
    Total securities $57,433
    Federal funds sold & reverse repurchase $110
    Net loans and leases $737,851
    Loan and leases loss allowance $12,854
    Trading account assets $0
    Bank premises and fixed assets $7,472
    Other real estate owned $0
    Goodwill and other intangibles $145
    All other assets $25,900

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $887,560
    Total Liabilities $734,591
    Total deposits $703,091
    Interest-bearing deposits $620,075
    Deposits held in domestic offices $703,091
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,439
    Subordinated debt $0
    All other liabilities $6,061

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $737,851
    Loan and leases loss allowance $12,854
    Total loans and leases (domestic) $750,705
    All real estate loans $570,886
    Real estate loans in domestic offices $570,886
    Construction and development loans $119,018
    Residential 1-4 family construction $44,787
    Other construction, all land development and other land $74,231
    Loans secured by nonfarm nonresidential properties $211,712
    Nonfarm nonresidential secured by owner-occupied properties $64,455
    Commercial real estate & other non-farm, non-residential $147,257
    Multifamily residential real estate $68,187
    1-4 family residential loans $171,969
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $450
    Commercial and industrial loans $172,601
    To non-U.S. addressees $0
    Loans to individuals $7,345
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $7,345
    All other loans & leases $302
    Loans to foreign governments and official institutions $0
    Other loans $302
    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 $2,320
    Non 1-4 family restructured loans & leases $640
    Total loans and leases (foreign) $0

    MutualOne Bank had $737,851,000 of loans outstanding in 2018. $570,886,000 of loans were in real estate loans. $119,018,000 of loans were in development loans. $68,187,000 of loans were in multifamily mortgage loans. $171,969,000 of loans were in 1-4 family mortgage loans. $450,000 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 136 $45,117 $331,743
    Nonfarm, nonresidential loans - <$100k 7 $251 $35,857
    Nonfarm, nonresidential loans - $100-250k 22 $2,370 $107,727
    Nonfarm, nonresidential loans - $250k-1MM 107 $42,496 $397,159
    Commercial & Industrial, US addressed loans - <$1MM 519 $73,892 $142,374
    Commercial & Industrial, US addressed loans - <$100k 202 $5,984 $29,624
    Commercial & Industrial, US addressed loans - $100-250k 169 $15,527 $91,876
    Commercial & Industrial, US addressed loans - $250k-1MM 148 $52,381 $353,926
    Agriculture operations loans - <$1MM 1 $450 $450,000
    Agriculture operations loans - $250k-1MM 1 $450 $450,000