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, Providence, Barnstable Town, and Portland among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mutualone Bank 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

    119

    Origination Dollar Volume (All Markets)

    $80,965,000

    Employee count

    93

    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) 97 $67,115,000 $691,907 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 11 $4,835,000 $439,545 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $2,530,000 $632,500 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $2,410,000 $1,205,000 $0 0.00%
    Outside of Metro Areas 1 $1,575,000 $1,575,000 $0 0.00%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $1,530,000 $765,000 $0 0.00%
    Barre, VT (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
    Keene, NH (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Mutualone Bank's top markets include Boston, Worcester, Providence, Barnstable Town, and Portland among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 119 $80,965,000 $680,378 $0 0.00%

    For 2019, Mutualone Bank's most frequently originated type of loan was Conventional, with 119 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 69 $58,395,000 $846,304 $0 0.00%
    Cash Out Refi 23 $9,295,000 $404,130 $0 0.00%
    Refi 18 $12,660,000 $703,333 $0 0.00%
    Home Improvement 6 $200,000 $33,333 $0 0.00%
    Other 3 $415,000 $138,333 $0 0.00%

    For 2019, Mutualone Bank's most frequently cited loan purpose was Home Purchase, with 69 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 119 $80,965,000 $680,378 $0 0.00%

    For 2019, Mutualone Bank's most frequently cited loan duration was Other, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 28 $8,150,000 $291,071 $0 0.00%
    $1MM+ 27 $46,095,000 $1,707,222 $0 0.00%
    $400k-600k 25 $12,365,000 $494,600 $0 0.00%
    $600k-1MM 16 $12,380,000 $773,750 $0 0.00%
    $100,000 or less 15 $715,000 $47,667 $0 0.00%
    $100k-200k 8 $1,260,000 $157,500 $0 0.00%

    2019 saw Mutualone Bank place emphasis on $200k-400k loans with 28 originations, totaling $8,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $3,650,000 $260,714 $0 0.00%
    $250k+ 14 $9,490,000 $677,857 $0 0.00%
    $50k or less 9 $1,275,000 $141,667 $0 0.00%
    $75k-100k 8 $1,460,000 $182,500 $0 0.00%
    $150k-250k 7 $2,485,000 $355,000 $0 0.00%
    $50k-75k 4 $710,000 $177,500 $0 0.00%

    Mutualone Bank lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $250k+, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 119 $80,965,000 $680,378 $0 0.00%

    Mutualone Bank lent most frequently to those with DTI ratios of Exempt%, with 119 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 63 $61,895,000 $982,460 $0 0.00%
    White 51 $17,315,000 $339,510 $0 0.00%
    Not provided 4 $1,570,000 $392,500 $0 0.00%
    Asian 1 $185,000 $185,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.74%

    Mutualone Bank 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
    94.12%

    Mutualone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 119 $80,965,000 $680,378

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $4,055,000 $811,000
    Single Family (1-4 Units):Site-Built 114 $76,910,000 $674,649

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    MutualOne Bank 49 Main Street Natick, MA 1760 Full Service B&M $169,947
    MutualOne Bank 828 Concord Street Framingham, MA 1701 Full Service B&M $548,640
    MutualOne Bank One Lincoln Street Framingham, MA 1701 Full Service B&M $62,743

    For 2019, Mutualone Bank had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $47,881
    Net interest income $34,939
    Total noninterest income $1,266
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $444
    Trading account gains and fees $0
    Additional Noninterest Income $822
    Pre-tax net operating income $18,994
    Securities gains (or losses, -) $3,032
    Income before extraordinary items $16,246
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $16,246
    Minority interest net income $0
    Net income $16,246
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $13,850

    Mutualone Bank's gross interest income from loans was $47,881,000.
    Mutualone Bank's net interest income from loans was $34,939,000.
    Mutualone Bank's fee based income from loans was $444,000.
    Mutualone Bank's net income from loans was $16,246,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,942
    Provision for credit losses $313
    Total noninterest expense $16,898
    Salaries and employee benefits $10,931
    Premises and equipment expense $1,501
    Additional noninterest expense $4,466
    Applicable income taxes $5,780
    Net charge-offs $216
    Cash dividends $0

    Mutualone Bank's interest expense for loans was $12,942,000.
    Mutualone Bank's payroll and benefits expense were $10,931,000.
    Mutualone Bank's property, plant and equipment expenses $1,501,000.

    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 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 $749,221
    Deposits held in domestic offices $749,221
    Deposits by Individuals, partnerships, and corporations $749,198
    Deposits by U.S. Government $24
    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 $32,636
    Demand deposits $20,386
    Nontransaction accounts $716,586
    Money market deposit accounts (MMDAs) $70,884
    Other savings deposits (excluding MMDAs) $192,042
    Total time deposits $453,661
    Total time and savings deposits $728,836
    Noninterest-bearing deposits $80,733
    Interest-bearing deposits $668,488
    Retail deposits $602,184
    IRAs and Keogh plan accounts $50,773
    Brokered deposits $20,007
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $942,561
    Cash & Balances due from depository institutions $47,520
    Interest-bearing balances $46,247
    Total securities $78,380
    Federal funds sold & reverse repurchase $100
    Net loans and leases $783,688
    Loan and leases loss allowance $12,951
    Trading account assets $0
    Bank premises and fixed assets $7,305
    Other real estate owned $0
    Goodwill and other intangibles $89
    All other assets $25,479

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $942,561
    Total Liabilities $771,521
    Total deposits $749,221
    Interest-bearing deposits $668,488
    Deposits held in domestic offices $749,221
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,419
    Subordinated debt $0
    All other liabilities $6,881

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $783,688
    Loan and leases loss allowance $12,951
    Total loans and leases (domestic) $796,639
    All real estate loans $592,147
    Real estate loans in domestic offices $592,147
    Construction and development loans $116,603
    Residential 1-4 family construction $56,543
    Other construction, all land development and other land $60,060
    Loans secured by nonfarm nonresidential properties $250,751
    Nonfarm nonresidential secured by owner-occupied properties $103,154
    Commercial real estate & other non-farm, non-residential $147,597
    Multifamily residential real estate $60,167
    1-4 family residential loans $164,626
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $450
    Commercial and industrial loans $196,448
    To non-U.S. addressees $0
    Loans to individuals $7,437
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $7,437
    All other loans & leases $1,341
    Loans to foreign governments and official institutions $0
    Other loans $1,341
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $145
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,066
    Non 1-4 family restructured loans & leases $3,542
    Total loans and leases (foreign) $0

    MutualOne Bank had $783,688,000 of loans outstanding in 2019. $592,147,000 of loans were in real estate loans. $116,603,000 of loans were in development loans. $60,167,000 of loans were in multifamily mortgage loans. $164,626,000 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 143 $44,119 $308,524
    Nonfarm, nonresidential loans - <$100k 19 $261 $13,737
    Nonfarm, nonresidential loans - $100-250k 23 $2,712 $117,913
    Nonfarm, nonresidential loans - $250k-1MM 101 $41,146 $407,386
    Commercial & Industrial, US addressed loans - <$1MM 768 $73,843 $96,150
    Commercial & Industrial, US addressed loans - <$100k 438 $6,092 $13,909
    Commercial & Industrial, US addressed loans - $100-250k 165 $15,736 $95,370
    Commercial & Industrial, US addressed loans - $250k-1MM 165 $52,015 $315,242
    Agriculture operations loans - <$1MM 1 $450 $450,000
    Agriculture operations loans - $250k-1MM 1 $450 $450,000