Bay State Savings Bank Mortgage Rates, Fees & Info

Worcester, MA

LEI: 549300V8UCJTLZZT4M32

Tax ID: 75-3238872

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Mortgage Data

Review & Overview

Bay State Savings Bank is a smaller bank specializing in Home Purchase loans. Bay State Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Springfield, and Portland among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bay State 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.

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Originations

150

Origination Dollar Volume (All Markets)

$61,060,000

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
WORCESTER, MA-CT (FHA|USDA|VA) 107 $34,455,000 $322,009 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 30 $20,570,000 $685,667 $0 0.00%
Outside of Metro Areas 1 $2,405,000 $2,405,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,185,000 $395,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $755,000 $251,667 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $700,000 $350,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
Bay State Savings Bank's top markets include Worcester, Boston, Barnstable Town, Springfield, and Portland among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 150 $61,060,000 $407,067 $0 0.00%

    For 2022, Bay State Savings Bank's most frequently originated type of loan was Conventional, with 150 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 80 $37,970,000 $474,625 $0 0.00%
    Refi 28 $7,610,000 $271,786 $0 0.00%
    Home Improvement 22 $9,560,000 $434,545 $0 0.00%
    Cash Out Refi 14 $5,170,000 $369,286 $0 0.00%
    Other 6 $750,000 $125,000 $0 0.00%

    For 2022, Bay State Savings Bank's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 150 $61,060,000 $407,067 $0 0.00%

    For 2022, Bay State Savings Bank's most frequently cited loan duration was Other, with 150 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 56 $15,950,000 $284,821 $0 0.00%
    $100,000 or less 27 $1,555,000 $57,593 $0 0.00%
    $400k-600k 27 $13,205,000 $489,074 $0 0.00%
    $100k-200k 22 $3,260,000 $148,182 $0 0.00%
    $1MM+ 10 $21,420,000 $2,142,000 $0 0.00%
    $600k-1MM 8 $5,670,000 $708,750 $0 0.00%

    2022 saw Bay State Savings Bank place emphasis on $200k-400k loans with 56 originations, totaling $15,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 44 $14,720,000 $334,545 $0 0.00%
    $100k-150k 40 $9,060,000 $226,500 $0 0.00%
    $75k-100k 20 $4,360,000 $218,000 $0 0.00%
    $250k+ 13 $9,515,000 $731,923 $0 0.00%
    $50k-75k 10 $1,920,000 $192,000 $0 0.00%
    $50k or less 6 $810,000 $135,000 $0 0.00%

    Bay State Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 44 originations. The second most popular income band? $100k-150k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 150 $61,060,000 $407,067 $0 0.00%

    Bay State Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 102 $28,680,000 $281,176 $0 0.00%
    Not applicable 15 $20,065,000 $1,337,667 $0 0.00%
    Not provided 20 $8,080,000 $404,000 $0 0.00%
    Asian 10 $2,980,000 $298,000 $0 0.00%
    Black 3 $1,255,000 $418,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.66%

    Bay State Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.33%

    Bay State Savings Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 150 $61,060,000 $407,067

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    150 $61,060,000 $407,067