Bay State Savings Bank Mortgage Rates, Fees & Info
Worcester, MALEI: 549300V8UCJTLZZT4M32
Tax ID: 75-3238872
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
150Origination Dollar Volume (All Markets)
$61,060,000Top 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% |
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
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
2022 saw Bay State Savings Bank place emphasis on $200k-400k loans with 56 originations, totaling $15,950,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications85.66%
Bay State Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination69.33%
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 |