Wellesley Bank Mortgage Rates, Fees & Info
Wellesley, MALEI: 549300VL5YQZY88SDD73
Tax ID: 04-1956610
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Wellesley Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Wellesley Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, and Worcester among others. We have data for 3 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
91Origination Dollar Volume (All Markets)
$48,555,000Top 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 |
---|---|---|---|---|---|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 87 | $47,135,000 | $541,782 | $0 | 0.00% |
BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,185,000 | $395,000 | $0 | 0.00% |
WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
Their top states include:
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 91 | $48,555,000 | $533,571 | $0 | 0.00% |
For 2020, Wellesley Bank's most frequently originated type of loan was Conventional, with 91 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Cash Out Refi | 37 | $13,935,000 | $376,622 | $0 | 0.00% |
Refi | 31 | $17,015,000 | $548,871 | $0 | 0.00% |
Home Purchase | 23 | $17,605,000 | $765,435 | $0 | 0.00% |
For 2020, Wellesley Bank's most frequently cited loan purpose was Cash Out Refi, with 37 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Other | 91 | $48,555,000 | $533,571 | $0 | 0.00% |
For 2020, Wellesley Bank's most frequently cited loan duration was Other, with 91 originations.
Loan Sizing
2020 saw Wellesley Bank place emphasis on $200k-400k loans with 31 originations, totaling $9,645,000 in origination value.
Applicant Income
Wellesley Bank lent most frequently to those with incomes in the $250k+ range, with 33 originations. The second most popular income band? $100k-150k, with 23 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Exempt% | 91 | $48,555,000 | $533,571 | $0 | 0.00% |
Wellesley Bank lent most frequently to those with DTI ratios of Exempt%, with 91 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.21%
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 origination87.91%
Wellesley Bank has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
Exempt | 91 | $48,555,000 | $533,571 |