Dedham Institution For Savings Mortgage Rates, Fees & Info
Dedham, MALEI: 549300RS5LTZ0JDZYI59
Tax ID: 04-1238700
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Overview
Dedham Institution For Savings is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Dedham Institution For Savings has a high proportion of conventional loans. Their top markets include Boston, Barnstable Town, Providence, Worcester, and Portland among others. Dedham Institution For Savings has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Dedham Institution For Savings is typically an average fee lendor.Originations
797Origination Dollar Volume (All Markets)
$551,195,000Employee count
210Awards
Dedham Institution for Savings - 2021
Dedham Institution for Savings is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Dedham Institution For Savings's average 30 year fixed rate mortgage of loans were
2.98%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.17%.
Relative Fees
Dedham Institution For Savings's average total fees for a 30 year fixed rate
mortgage are $3,569.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 726 | $517,670,000 | $713,044 | $3,305 | 3.19% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 28 | $17,720,000 | $632,857 | $3,753 | 2.90% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 28 | $9,150,000 | $326,786 | $2,923 | 2.99% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 12 | $4,140,000 | $345,000 | $2,782 | 3.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $1,505,000 | $1,505,000 | $5,856 | 3.13% |
| Outside of Metro Areas | 1 | $805,000 | $805,000 | $3,931 | 2.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,638 | 3.50% |
Dedham Institution For Savings's top markets include Boston, Barnstable Town, Providence, Worcester, and Portland among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 797 | $551,195,000 | $691,587 | $3,305 | 3.17% |
For the 2021 period, Dedham Institution For Savings's most frequently originated loan type of loans were Conventional, with 797 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 287 | $158,005,000 | $550,540 | $2,848 | 2.88% |
| Home Purchase | 258 | $253,530,000 | $982,674 | $4,219 | 3.51% |
| Cash Out Refi | 224 | $117,090,000 | $522,723 | $3,182 | 2.97% |
| Home Improvement | 21 | $20,745,000 | $987,857 | $0 | 5.03% |
| Other | 7 | $1,825,000 | $260,714 | $2,400 | 3.34% |
For the 2021, Dedham Institution For Savings's most frequently cited loan purpose of loans were Refi, with 287 originations. The 2nd most popular reason of loans were Home Purchase, with 258 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 485 | $288,805,000 | $595,474 | $3,569 | 2.98% |
| 15 Year | 120 | $38,900,000 | $324,167 | $2,672 | 2.54% |
| Other | 63 | $120,755,000 | $1,916,746 | $2,939 | 4.91% |
| 10 Year | 58 | $63,750,000 | $1,099,138 | $1,849 | 3.69% |
| 20 Year | 48 | $19,090,000 | $397,708 | $2,632 | 2.67% |
| 1 Year | 20 | $16,270,000 | $813,500 | $0 | 5.53% |
| 5 Year | 2 | $2,810,000 | $1,405,000 | $0 | 3.98% |
| 3 Year | 1 | $815,000 | $815,000 | $0 | 4.00% |
For the 2021, Dedham Institution For Savings's most frequently cited loan length of loans were 30 Year, with 485 originations. The 2nd most popular length of loans were 15 Year, with 120 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 590 | $289,320,000 | $490,373 |
| $1k-2k | 48 | $43,130,000 | $898,542 |
| $2k-3k | 4 | $1,950,000 | $487,500 |
| $3k-4k | 1 | $405,000 | $405,000 |
| $5k+ | 1 | $705,000 | $705,000 |
$3,569 of loans were Dedham Institution For Savings's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 590 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 367 | $182,985,000 | $498,597 |
| 3-4% | 233 | $194,125,000 | $833,155 |
| <2.5% | 113 | $35,245,000 | $311,903 |
| 5-6% | 48 | $67,680,000 | $1,410,000 |
| 4-5% | 34 | $69,690,000 | $2,049,706 |
| 6-7% | 2 | $1,470,000 | $735,000 |
During 2021, Dedham Institution For Savings's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 367 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 265 | $79,075,000 | $298,396 | $2,653 | 2.88% |
| $400k-600k | 173 | $83,985,000 | $485,462 | $3,367 | 3.01% |
| $600k-1MM | 156 | $117,630,000 | $754,038 | $3,962 | 3.33% |
| $1MM+ | 132 | $260,890,000 | $1,976,439 | $5,524 | 3.95% |
| $100k-200k | 56 | $8,760,000 | $156,429 | $2,317 | 2.79% |
| $100,000 or less | 15 | $855,000 | $57,000 | $1,573 | 3.13% |
2021 saw Dedham Institution For Savings place emphasis on $200k-400k loans with 265 originations, totaling $79,075,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 187 | $158,595,000 | $848,102 | $4,155 | 2.98% |
| $150k-250k | 182 | $94,030,000 | $516,648 | $3,221 | 2.86% |
| $100k-150k | 152 | $61,260,000 | $403,026 | $2,917 | 2.88% |
| $75k-100k | 80 | $24,110,000 | $301,375 | $2,943 | 2.83% |
| $50k-75k | 60 | $15,480,000 | $258,000 | $2,670 | 2.89% |
| $50k or less | 10 | $1,890,000 | $189,000 | $2,303 | 2.91% |
Dedham Institution For Savings lent most frequently to those with incomes in the $250k+ range, with 187 originations. The second most popular income band? $150k-250k, with 182 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 199 | $96,125,000 | $483,040 | $3,125 | 2.88% |
| 30-36% | 128 | $66,490,000 | $519,453 | $3,339 | 2.94% |
| <20% | 101 | $52,865,000 | $523,416 | $3,172 | 2.79% |
| 39% | 30 | $21,230,000 | $707,667 | $3,702 | 2.93% |
| 36% | 26 | $12,650,000 | $486,538 | $3,339 | 2.84% |
| 43% | 24 | $12,390,000 | $516,250 | $3,478 | 2.79% |
| 42% | 22 | $10,550,000 | $479,545 | $3,309 | 2.83% |
| 37% | 22 | $11,380,000 | $517,273 | $3,445 | 2.98% |
| 41% | 19 | $10,135,000 | $533,421 | $3,393 | 2.95% |
| 38% | 18 | $8,070,000 | $448,333 | $3,233 | 2.86% |
| 44% | 18 | $11,120,000 | $617,778 | $3,885 | 2.96% |
| 40% | 16 | $9,380,000 | $586,250 | $3,450 | 2.87% |
| 47% | 12 | $6,350,000 | $529,167 | $3,508 | 2.83% |
| 45% | 11 | $5,585,000 | $507,727 | $3,324 | 2.79% |
| 49% | 10 | $3,050,000 | $305,000 | $2,831 | 2.99% |
| 46% | 8 | $5,480,000 | $685,000 | $3,745 | 2.78% |
| 48% | 7 | $5,745,000 | $820,714 | $4,378 | 3.02% |
| 50-60% | 1 | $795,000 | $795,000 | $4,346 | 2.99% |
Dedham Institution For Savings lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 128 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 558 | $292,250,000 | $523,746 | $3,246 | 2.89% |
| Not applicable | 118 | $192,780,000 | $1,633,729 | $0 | 4.73% |
| Not provided | 64 | $32,330,000 | $505,156 | $3,122 | 2.93% |
| Black | 29 | $14,215,000 | $490,172 | $4,117 | 2.83% |
| Asian | 19 | $12,875,000 | $677,632 | $4,582 | 3.12% |
| Asian Indian | 5 | $3,905,000 | $781,000 | $3,624 | 2.60% |
| Other Asian | 1 | $1,295,000 | $1,295,000 | $5,784 | 3.13% |
| Chinese | 1 | $1,005,000 | $1,005,000 | $0 | 4.00% |
| Filipino | 1 | $305,000 | $305,000 | $2,351 | 2.63% |
| American Indian | 1 | $235,000 | $235,000 | $2,674 | 2.75% |
Approval Rates
Total approvals of all applications95.43%
Dedham Institution For Savings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination87.03%
Dedham Institution For Savings has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 797 | $551,195,000 | $691,587 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 797 | $551,195,000 | $691,587 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 110 | $44,190,000 | $401,727 | $2,756 | 2.85% |
| 40-60% | 234 | $134,120,000 | $573,162 | $2,957 | 2.99% |
| 60-80% | 304 | $284,800,000 | $936,842 | $3,579 | 3.44% |
| 80-100% | 111 | $79,225,000 | $713,739 | $4,190 | 3.00% |
| Under 20% | 38 | $8,860,000 | $233,158 | $2,090 | 3.47% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Dedham Institution For Savings | 55 Elm St Dedham, MA 2026 | Full Service B&M | $695,109 |
| Dedham Institution For Savings | 100 Old Billerica Road Bedford, MA 1730 | Limited, Drive-thru | $9,194 |
| Dedham Institution For Savings | 1077 Great Plain Avenue Needham, MA 2492 | Full Service B&M | $148,717 |
| Dedham Institution For Savings | 1428 Main Street Walpole, MA 2081 | Full Service B&M | $168,595 |
| Dedham Institution For Savings | 180 Main Street Walpole, MA 2081 | Full Service B&M | $1,921 |
| Dedham Institution For Savings | 185 Central Street Norwood, MA 2062 | Full Service B&M | $149,275 |
| Dedham Institution For Savings | 260 Bussey Street Dedham, MA 2026 | Full Service B&M | $72,364 |
| Dedham Institution For Savings | 420 Washington Street Dedham, MA 2026 | Full Service B&M | $75,242 |
| Dedham Institution For Savings | 45 South Main Street Sharon, MA 2067 | Full Service B&M | $52,998 |
| Dedham Institution For Savings | 5000 Great Meadow Rd Dedham, MA 2026 | Full Service B&M | $4,896 |
| Dedham Institution For Savings | 55 Elm Street Dedham, MA 2026 | Full Service Cyber Office | $5,531 |
| Dedham Institution For Savings | 636 East Broadway South Boston, MA 2127 | Full Service B&M | $50,976 |
| Dedham Institution For Savings | 673 High Street Westwood, MA 2090 | Full Service B&M | $131,430 |
| Dedham Institution For Savings | One Del Pond Drive Canton, MA 2021 | Full Service B&M | $12,126 |
For 2021, Dedham Institution For Savings had 14 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $61,196 |
| Net interest income | $57,240 |
| Total noninterest income | $7,154 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $719 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,435 |
| Pre-tax net operating income | $20,556 |
| Securities gains (or losses, -) | $8,357 |
| Income before extraordinary items | $22,136 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $22,136 |
| Minority interest net income | $0 |
| Net income | $22,136 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $15,533 |
Dedham Institution For Savings's gross interest income from loans was $61,196,000.
Dedham Institution For Savings's net interest income from loans was $57,240,000.
Dedham Institution For Savings's fee based income from loans was $719,000.
Dedham Institution For Savings's net income from loans was $22,136,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,956 |
| Provision for credit losses | $232 |
| Total noninterest expense | $43,606 |
| Salaries and employee benefits | $27,313 |
| Premises and equipment expense | $4,614 |
| Additional noninterest expense | $11,679 |
| Applicable income taxes | $6,777 |
| Net charge-offs | $-33 |
| Cash dividends | $0 |
Dedham Institution For Savings's interest expense for loans was $3,956,000.
Dedham Institution For Savings's payroll and benefits expense were $27,313,000.
Dedham Institution For Savings's property, plant and equipment expenses $4,614,000.
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 | $1,620,582 |
| Deposits held in domestic offices | $1,620,582 |
| Deposits by Individuals, partnerships, and corporations | $1,525,811 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $85,071 |
| Deposits by Commercial banks and other depository institutions in U.S. | $9,700 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $577,601 |
| Demand deposits | $237,531 |
| Nontransaction accounts | $1,042,981 |
| Money market deposit accounts (MMDAs) | $282,298 |
| Other savings deposits (excluding MMDAs) | $462,844 |
| Total time deposits | $297,838 |
| Total time and savings deposits | $1,383,051 |
| Noninterest-bearing deposits | $237,531 |
| Interest-bearing deposits | $1,383,051 |
| Retail deposits | $1,444,711 |
| IRAs and Keogh plan accounts | $55,120 |
| Brokered deposits | $102,001 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,873,719 |
| Cash & Balances due from depository institutions | $34,592 |
| Interest-bearing balances | $26,620 |
| Total securities | $404,412 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,383,351 |
| Loan and leases loss allowance | $9,747 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,850 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $2,448 |
| All other assets | $42,066 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,873,719 |
| Total Liabilities | $1,649,782 |
| Total deposits | $1,620,582 |
| Interest-bearing deposits | $1,383,051 |
| Deposits held in domestic offices | $1,620,582 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $847 |
| Subordinated debt | $0 |
| All other liabilities | $28,353 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,383,351 |
| Loan and leases loss allowance | $9,747 |
| Total loans and leases (domestic) | $1,393,098 |
| All real estate loans | $1,310,121 |
| Real estate loans in domestic offices | $1,310,121 |
| Construction and development loans | $248,997 |
| Residential 1-4 family construction | $203,605 |
| Other construction, all land development and other land | $45,392 |
| Loans secured by nonfarm nonresidential properties | $266,937 |
| Nonfarm nonresidential secured by owner-occupied properties | $82,052 |
| Commercial real estate & other non-farm, non-residential | $184,885 |
| Multifamily residential real estate | $108,993 |
| 1-4 family residential loans | $685,194 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $48,169 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $547 |
| Credit card loans | $0 |
| Related Plans | $236 |
| Consumer Auto Loans | $21 |
| Other loans to individuals | $290 |
| All other loans & leases | $34,261 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $697 |
| 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 | $1,254 |
| Non 1-4 family restructured loans & leases | $228 |
| Total loans and leases (foreign) | $0 |
Dedham Institution for Savings had $1,383,351,000 of loans outstanding in 2021. $1,310,121,000 of loans were in real estate loans. $248,997,000 of loans were in development loans. $108,993,000 of loans were in multifamily mortgage loans. $685,194,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $21,000 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 | 175 | $55,996 | $319,977 |
| Nonfarm, nonresidential loans - <$100k | 11 | $221 | $20,091 |
| Nonfarm, nonresidential loans - $100-250k | 30 | $3,668 | $122,267 |
| Nonfarm, nonresidential loans - $250k-1MM | 134 | $52,107 | $388,858 |
| Commercial & Industrial, US addressed loans - <$1MM | 647 | $24,024 | $37,131 |
| Commercial & Industrial, US addressed loans - <$100k | 416 | $6,511 | $15,651 |
| Commercial & Industrial, US addressed loans - $100-250k | 147 | $4,976 | $33,850 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 84 | $12,537 | $149,250 |
