Colonial Federal Savings Bank Mortgage Rates, Fees & Info

Quincy, MA

LEI: 549300THVVYXNYVCMC50

Tax ID: 04-1983105

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Mortgage Data

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

    Colonial Federal Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Colonial Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Providence among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Colonial Federal Savings Bank has an average approval rate when compared to the average across all lenders. They have a below 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.

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    Originations

    79

    Origination Dollar Volume (All Markets)

    $32,485,000

    Employee count

    29

    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) 72 $28,990,000 $402,639 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $2,665,000 $533,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $830,000 $415,000 $0 0.00%
    Colonial Federal Savings Bank's top markets include Boston, Barnstable Town, and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 79 $32,485,000 $411,203 $0 0.00%

    For 2021, Colonial Federal Savings Bank's most frequently originated type of loan was Conventional, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 58 $25,600,000 $441,379 $0 0.00%
    Home Purchase 17 $6,595,000 $387,941 $0 0.00%
    Home Improvement 2 $110,000 $55,000 $0 0.00%
    Other 1 $25,000 $25,000 $0 0.00%
    Cash Out Refi 1 $155,000 $155,000 $0 0.00%

    For 2021, Colonial Federal Savings Bank's most frequently cited loan purpose was Refi, with 58 originations. The 2nd most popular reason was Home Purchase, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 79 $32,485,000 $411,203 $0 0.00%

    For 2021, Colonial Federal Savings Bank's most frequently cited loan duration was Other, with 79 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 35 $10,515,000 $300,429 $0 0.00%
    $400k-600k 17 $8,455,000 $497,353 $0 0.00%
    $100k-200k 10 $1,470,000 $147,000 $0 0.00%
    $600k-1MM 9 $5,925,000 $658,333 $0 0.00%
    $100,000 or less 4 $210,000 $52,500 $0 0.00%
    $1MM+ 4 $5,910,000 $1,477,500 $0 0.00%

    2021 saw Colonial Federal Savings Bank place emphasis on $200k-400k loans with 35 originations, totaling $10,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 28 $10,680,000 $381,429 $0 0.00%
    $250k+ 15 $8,715,000 $581,000 $0 0.00%
    $100k-150k 13 $4,755,000 $365,769 $0 0.00%
    $50k-75k 8 $1,510,000 $188,750 $0 0.00%
    $50k or less 3 $2,615,000 $871,667 $0 0.00%
    $75k-100k 3 $885,000 $295,000 $0 0.00%

    Colonial Federal Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 28 originations. The second most popular income band? $250k+, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 79 $32,485,000 $411,203 $0 0.00%

    Colonial Federal Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 79 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 65 $26,765,000 $411,769 $0 0.00%
    Not provided 12 $5,100,000 $425,000 $0 0.00%
    American Indian 1 $315,000 $315,000 $0 0.00%
    Asian 1 $305,000 $305,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.52%

    Colonial Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.87%

    Colonial Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 79 $32,485,000 $411,203

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    79 $32,485,000 $411,203

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Colonial Mortgage Service Co. Of America Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Colonial Federal Savings Bank 1000 Southern Artery Quincy, MA 2169 Full Service B&M $6,880
    Colonial Federal Savings Bank 15 Beach St Quincy, MA 2170 Full Service B&M $202,206
    Colonial Federal Savings Bank 708 Middle Street Weymouth, MA 2188 Full Service B&M $38,941
    Colonial Federal Savings Bank 819 South Franklin Street Holbrook, MA 2343 Full Service B&M $38,228

    For 2021, Colonial Federal Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $9,106
    Net interest income $7,814
    Total noninterest income $660
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $115
    Trading account gains and fees $0
    Additional Noninterest Income $545
    Pre-tax net operating income $1,789
    Securities gains (or losses, -) $48
    Income before extraordinary items $1,503
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,503
    Minority interest net income $0
    Net income $1,503
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,463

    Colonial Federal Savings Bank's gross interest income from loans was $9,106,000.
    Colonial Federal Savings Bank's net interest income from loans was $7,814,000.
    Colonial Federal Savings Bank's fee based income from loans was $115,000.
    Colonial Federal Savings Bank's net income from loans was $1,503,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,292
    Provision for credit losses $55
    Total noninterest expense $6,630
    Salaries and employee benefits $4,045
    Premises and equipment expense $883
    Additional noninterest expense $1,702
    Applicable income taxes $334
    Net charge-offs $0
    Cash dividends $0

    Colonial Federal Savings Bank's interest expense for loans was $1,292,000.
    Colonial Federal Savings Bank's payroll and benefits expense were $4,045,000.
    Colonial Federal Savings Bank's property, plant and equipment expenses $883,000.

    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 $309,210
    Deposits held in domestic offices $309,210
    Deposits by Individuals, partnerships, and corporations $308,602
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $608
    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 $85,620
    Demand deposits $52,376
    Nontransaction accounts $223,590
    Money market deposit accounts (MMDAs) $41,173
    Other savings deposits (excluding MMDAs) $73,464
    Total time deposits $108,953
    Total time and savings deposits $256,834
    Noninterest-bearing deposits $53,243
    Interest-bearing deposits $255,967
    Retail deposits $282,523
    IRAs and Keogh plan accounts $14,617
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $361,829
    Cash & Balances due from depository institutions $48,813
    Interest-bearing balances $47,338
    Total securities $123,185
    Federal funds sold & reverse repurchase $0
    Net loans and leases $172,931
    Loan and leases loss allowance $1,747
    Trading account assets $0
    Bank premises and fixed assets $3,337
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $13,563

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $361,829
    Total Liabilities $312,489
    Total deposits $309,210
    Interest-bearing deposits $255,967
    Deposits held in domestic offices $309,210
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $288
    Subordinated debt $0
    All other liabilities $2,991

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $172,931
    Loan and leases loss allowance $1,747
    Total loans and leases (domestic) $174,678
    All real estate loans $172,922
    Real estate loans in domestic offices $172,922
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $14,063
    Nonfarm nonresidential secured by owner-occupied properties $8,823
    Commercial real estate & other non-farm, non-residential $5,240
    Multifamily residential real estate $17,517
    1-4 family residential loans $141,342
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $1,783
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $26
    Other loans to individuals $1,757
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Colonial Federal Savings Bank had $172,931,000 of loans outstanding in 2021. $172,922,000 of loans were in real estate loans. $0 of loans were in development loans. $17,517,000 of loans were in multifamily mortgage loans. $141,342,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $26,000 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 23 $7,428 $322,957
    Nonfarm, nonresidential loans - $100-250k 4 $678 $169,500
    Nonfarm, nonresidential loans - $250k-1MM 19 $6,750 $355,263