Dedham Institution For Savings Mortgage Rates, Fees & Info

Dedham, MA

LEI: 549300RS5LTZ0JDZYI59

Tax ID: 04-1238700

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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

797

Origination Dollar Volume (All Markets)

$551,195,000

Employee count

210

Awards

Dedham Institution for Savings 30 Year Conventional Loans silver Dedham Institution for Savings 30 Year Conventional Loans silver
Show all (2) awards

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 applications
95.43%

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 origination
87.03%

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