Wellesley Bank Mortgage Rates, Fees & Info

Wellesley, MA

LEI: 549300VL5YQZY88SDD73

Tax ID: 04-1956610

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Mortgage Data

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

    Wellesley Bank is a smaller bank specializing in Home Purchase loans. Wellesley Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Vineyard Haven, Worcester, and Providence among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Wellesley Bank has an above 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

    214

    Origination Dollar Volume (All Markets)

    $206,110,000

    Employee count

    75

    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) 203 $195,505,000 $963,079 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $3,765,000 $753,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $2,245,000 $2,245,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 3 $1,955,000 $651,667 $0 0.00%
    Outside of Metro Areas 1 $1,385,000 $1,385,000 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $0 0.00%
    Wellesley Bank's top markets include Boston, Barnstable Town, Vineyard Haven, Worcester, and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 214 $206,110,000 $963,131 $0 0.00%

    For 2018, Wellesley Bank's most frequently originated type of loan was Conventional, with 214 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 154 $155,430,000 $1,009,286 $0 0.00%
    Cash Out Refi 36 $40,970,000 $1,138,056 $0 0.00%
    Refi 18 $6,840,000 $380,000 $0 0.00%
    Home Improvement 6 $2,870,000 $478,333 $0 0.00%

    For 2018, Wellesley Bank's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 214 $206,110,000 $963,131 $0 0.00%

    For 2018, Wellesley Bank's most frequently cited loan duration was Other, with 214 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 77 $134,045,000 $1,740,844 $0 0.00%
    $400k-600k 51 $24,745,000 $485,196 $0 0.00%
    $600k-1MM 46 $35,700,000 $776,087 $0 0.00%
    $200k-400k 34 $10,790,000 $317,353 $0 0.00%
    $100k-200k 5 $745,000 $149,000 $0 0.00%
    $100,000 or less 1 $85,000 $85,000 $0 0.00%

    2018 saw Wellesley Bank place emphasis on $1MM+ loans with 77 originations, totaling $134,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 48 $59,860,000 $1,247,083 $0 0.00%
    $150k-250k 45 $29,605,000 $657,889 $0 0.00%
    $100k-150k 25 $10,875,000 $435,000 $0 0.00%
    $75k-100k 9 $4,535,000 $503,889 $0 0.00%
    $50k or less 7 $4,995,000 $713,571 $0 0.00%
    $50k-75k 3 $845,000 $281,667 $0 0.00%

    Wellesley Bank lent most frequently to those with incomes in the $250k+ range, with 48 originations. The second most popular income band? $150k-250k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 214 $206,110,000 $963,131 $0 0.00%

    Wellesley Bank lent most frequently to those with DTI ratios of Exempt%, with 214 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 120 $98,830,000 $823,583 $0 0.00%
    Not applicable 72 $86,670,000 $1,203,750 $0 0.00%
    Asian 17 $17,515,000 $1,030,294 $0 0.00%
    Not provided 3 $2,065,000 $688,333 $0 0.00%
    American Indian 2 $1,030,000 $515,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Wellesley Bank 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
    86.92%

    Wellesley Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 214 $206,110,000 $963,131

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $33,200,000 $3,320,000
    Single Family (1-4 Units):Site-Built 204 $172,910,000 $847,598

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Wellesley Bank 195-197 Linden Street Wellesley, MA 2482 Full Service B&M $190,932
    Wellesley Bank 29 Washington Street Wellesley Hills, MA 2481 Full Service B&M $97,912
    Wellesley Bank 40 Central Street Wellesley, MA 2482 Full Service B&M $240,428
    Wellesley Bank 776-1 Beacon Street Newton Center, MA 2459 Full Service B&M $43,738
    Wellesley Bank 865 Central Ave Needham, MA 2492 Full Service Retail $7,548
    Wellesley Bank One Federal St Boston, MA 2110 Full Service B&M $62,934

    For 2018, Wellesley Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,638
    Net interest income $25,293
    Total noninterest income $2,621
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $73
    Trading account gains and fees $0
    Additional Noninterest Income $2,548
    Pre-tax net operating income $9,751
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,093
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,093
    Minority interest net income $0
    Net income $7,093
    Sale, conversion, retirement of capital stock, net $406
    Net operating income $7,093

    Wellesley Bank's gross interest income from loans was $33,638,000.
    Wellesley Bank's net interest income from loans was $25,293,000.
    Wellesley Bank's fee based income from loans was $73,000.
    Wellesley Bank's net income from loans was $7,093,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,345
    Provision for credit losses $585
    Total noninterest expense $17,578
    Salaries and employee benefits $10,307
    Premises and equipment expense $2,995
    Additional noninterest expense $4,276
    Applicable income taxes $2,658
    Net charge-offs $0
    Cash dividends $650

    Wellesley Bank's interest expense for loans was $8,345,000.
    Wellesley Bank's payroll and benefits expense were $10,307,000.
    Wellesley Bank's property, plant and equipment expenses $2,995,000.

    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 $718,403
    Deposits held in domestic offices $718,403
    Deposits by Individuals, partnerships, and corporations $718,403
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    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 $152,837
    Demand deposits $130,220
    Nontransaction accounts $565,566
    Money market deposit accounts (MMDAs) $207,569
    Other savings deposits (excluding MMDAs) $79,764
    Total time deposits $278,233
    Total time and savings deposits $588,183
    Noninterest-bearing deposits $117,058
    Interest-bearing deposits $601,345
    Retail deposits $533,351
    IRAs and Keogh plan accounts $12,302
    Brokered deposits $82,500
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $869,482
    Cash & Balances due from depository institutions $42,750
    Interest-bearing balances $36,551
    Total securities $66,770
    Federal funds sold & reverse repurchase $0
    Net loans and leases $737,061
    Loan and leases loss allowance $6,738
    Trading account assets $0
    Bank premises and fixed assets $3,924
    Other real estate owned $0
    Goodwill and other intangibles $96
    All other assets $18,881

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $869,482
    Total Liabilities $797,531
    Total deposits $718,403
    Interest-bearing deposits $601,345
    Deposits held in domestic offices $718,403
    % insured (estimated) $67
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $73,529
    Subordinated debt $0
    All other liabilities $5,599

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $737,061
    Loan and leases loss allowance $6,738
    Total loans and leases (domestic) $743,799
    All real estate loans $676,763
    Real estate loans in domestic offices $676,763
    Construction and development loans $106,173
    Residential 1-4 family construction $101,942
    Other construction, all land development and other land $4,231
    Loans secured by nonfarm nonresidential properties $115,856
    Nonfarm nonresidential secured by owner-occupied properties $42,710
    Commercial real estate & other non-farm, non-residential $73,146
    Multifamily residential real estate $31,961
    1-4 family residential loans $422,773
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $66,893
    To non-U.S. addressees $0
    Loans to individuals $106
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $106
    All other loans & leases $37
    Loans to foreign governments and official institutions $0
    Other loans $37
    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

    Wellesley Bank had $737,061,000 of loans outstanding in 2018. $676,763,000 of loans were in real estate loans. $106,173,000 of loans were in development loans. $31,961,000 of loans were in multifamily mortgage loans. $422,773,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 57 $18,923 $331,982
    Nonfarm, nonresidential loans - <$100k 4 $244 $61,000
    Nonfarm, nonresidential loans - $100-250k 11 $1,703 $154,818
    Nonfarm, nonresidential loans - $250k-1MM 42 $16,976 $404,190
    Commercial & Industrial, US addressed loans - <$1MM 122 $17,204 $141,016
    Commercial & Industrial, US addressed loans - <$100k 60 $3,452 $57,533
    Commercial & Industrial, US addressed loans - $100-250k 27 $2,626 $97,259
    Commercial & Industrial, US addressed loans - $250k-1MM 35 $11,126 $317,886