Walden Savings Bank Mortgage Rates, Fees & Info

Montgomery, NY

LEI: 549300W2DSERWC01YR18

Tax ID: 14-1155630

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Walden Savings Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Walden Savings Bank has a high proportion of conventional loans. Their top markets include Poughkeepsie, Kingston, New York, Miami, and Torrington among others. Walden Savings Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Walden Savings Bank is typically a low fee lendor.


Originations

422

Origination Dollar Volume (All Markets)

$117,760,000

Employee count

145

Awards

Walden Savings Bank 30 Year Conventional Loans gold Walden Savings Bank 30 Year Conventional Loans silver Walden Savings Bank 30 Year Conventional Loans gold Walden Savings Bank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Walden Savings Bank's average 30 year fixed rate mortgage of loans were 3.3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.15%.

Relative Fees

Walden Savings Bank's average total fees for a 30 year fixed rate mortgage are $2,480.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 292 $83,200,000 $284,932 $2,487 3.26%
KINGSTON, NY (FHA|USDA|VA) 75 $18,365,000 $244,867 $2,396 3.33%
Outside of Metro Areas 33 $8,105,000 $245,606 $2,777 3.33%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 14 $6,010,000 $429,286 $3,998 3.29%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $595,000 $595,000 $5,756 5.00%
Torrington, CT (FHA|USDA|VA) 1 $505,000 $505,000 $4,690 4.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $315,000 $315,000 $2,796 2.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $255,000 $255,000 $2,239 5.49%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $225,000 $75,000 $0 3.08%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $185,000 $185,000 $2,603 3.38%

Walden Savings Bank's top markets include Poughkeepsie, Kingston, New York, Miami, and Torrington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 422 $117,760,000 $279,052 $2,561 3.29%

For the 2021 period, Walden Savings Bank's most frequently originated loan type of loans were Conventional, with 422 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 175 $56,515,000 $322,943 $3,321 3.33%
Refi 110 $28,710,000 $261,000 $2,195 2.89%
Cash Out Refi 105 $29,095,000 $277,095 $2,228 3.21%
Home Improvement 16 $1,850,000 $115,625 $773 4.70%
Other 16 $1,590,000 $99,375 $782 4.63%

For the 2021, Walden Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 175 originations. The 2nd most popular reason of loans were Refi, with 110 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 205 $57,125,000 $278,659 $2,480 3.30%
15 Year 82 $16,470,000 $200,854 $1,912 2.85%
30+ year 74 $28,850,000 $389,865 $4,233 3.40%
20 Year 39 $11,595,000 $297,308 $1,652 3.71%
10 Year 9 $755,000 $83,889 $947 3.85%
Other 8 $2,810,000 $351,250 $2,373 2.97%
5 Year 5 $155,000 $31,000 $206 4.65%

For the 2021, Walden Savings Bank's most frequently cited loan length of loans were 30 Year, with 205 originations. The 2nd most popular length of loans were 15 Year, with 82 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 356 $100,460,000 $282,191
$1k-2k 18 $6,640,000 $368,889
$2k-3k 2 $630,000 $315,000
$3k-4k 1 $425,000 $425,000
$5k+ 1 $615,000 $615,000

$2,480 of loans were Walden Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 356 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 200 $64,840,000 $324,200
2.5-3% 121 $31,905,000 $263,678
<2.5% 51 $10,715,000 $210,098
4-5% 36 $8,330,000 $231,389
5-6% 12 $1,800,000 $150,000
6-7% 2 $170,000 $85,000

During 2021, Walden Savings Bank's average interest rate of loans were 3.30%, while their most frequently originated rate bucket of loans were 3-4%, with 200 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 195 $56,825,000 $291,410 $2,624 3.16%
$100k-200k 104 $15,720,000 $151,154 $2,032 3.14%
$400k-600k 55 $26,405,000 $480,091 $4,009 3.35%
$100,000 or less 47 $2,715,000 $57,766 $1,077 3.97%
$600k-1MM 19 $12,845,000 $676,053 $4,066 3.42%
$1MM+ 2 $3,250,000 $1,625,000 $0 4.00%

2021 saw Walden Savings Bank place emphasis on $200k-400k loans with 195 originations, totaling $56,825,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 114 $31,040,000 $272,281 $2,459 3.34%
$150k-250k 94 $32,770,000 $348,617 $2,989 3.21%
$75k-100k 86 $18,470,000 $214,767 $2,415 3.24%
$50k-75k 54 $9,320,000 $172,593 $2,127 3.22%
$250k+ 37 $17,095,000 $462,027 $3,471 3.32%
$50k or less 28 $3,100,000 $110,714 $1,788 3.40%

Walden Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 114 originations. The second most popular income band? $150k-250k, with 94 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 99 $25,685,000 $259,444 $2,530 3.16%
30-36% 81 $22,305,000 $275,370 $2,437 3.20%
<20% 31 $7,965,000 $256,935 $2,301 2.99%
42% 24 $7,640,000 $318,333 $3,384 3.27%
45% 22 $5,340,000 $242,727 $2,477 3.29%
36% 19 $4,845,000 $255,000 $2,228 3.30%
40% 19 $4,085,000 $215,000 $2,201 3.26%
38% 15 $4,425,000 $295,000 $2,724 3.43%
44% 14 $4,550,000 $325,000 $2,693 3.38%
41% 13 $3,945,000 $303,462 $2,797 3.32%
48% 13 $4,005,000 $308,077 $2,910 3.68%
39% 13 $3,175,000 $244,231 $2,667 3.75%
37% 12 $2,910,000 $242,500 $2,132 3.35%
49% 11 $2,895,000 $263,182 $2,572 3.34%
43% 9 $2,315,000 $257,222 $2,687 3.29%
47% 8 $2,060,000 $257,500 $2,311 3.55%
46% 6 $1,650,000 $275,000 $2,968 3.42%
50-60% 5 $1,945,000 $389,000 $3,225 4.33%
>60% 2 $380,000 $190,000 $3,825 3.50%

Walden Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 81 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 302 $83,850,000 $277,649 $2,546 3.25%
Not provided 89 $23,105,000 $259,607 $2,597 3.40%
Black 12 $3,980,000 $331,667 $2,979 3.41%
Not applicable 5 $3,435,000 $687,000 $0 3.85%
Asian 8 $1,670,000 $208,750 $2,191 3.08%
American Indian 5 $955,000 $191,000 $2,442 2.98%
Asian Indian 1 $765,000 $765,000 $3,121 2.50%

Approval Rates

Total approvals of all applications
93.01%

Walden Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
66.42%

Walden 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
NA 422 $117,760,000 $279,052

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
422 $117,760,000 $279,052

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 32 $4,520,000 $141,250 $1,974 3.26%
40-60% 92 $22,610,000 $245,761 $2,243 3.02%
60-80% 158 $49,100,000 $310,759 $2,830 3.26%
80-100% 112 $39,550,000 $353,125 $3,100 3.23%
Under 20% 26 $1,090,000 $41,923 $442 4.58%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Walden Savings Bank 127 East Main Street Washingtonville, NY 10992 Full Service B&M $88,414
Walden Savings Bank 321 Hudson Street Cornwall On The Hudson, NY 12520 Full Service B&M $72,235
Walden Savings Bank 50 Boniface Drive Pine Bush, NY 12566 Full Service B&M $127,234
Walden Savings Bank 5239 Route 9w North Newburgh, NY 12550 Full Service B&M $30,425
Walden Savings Bank 95 N Main St Florida, NY 10921 Full Service B&M $47,717
Walden Savings Bank 15 Scotts Corners Drive Montgomery, NY 12549 Full Service B&M $83,102
Walden Savings Bank 2 Bank Street Walden, NY 12586 Full Service B&M $83,279
Walden Savings Bank 21 Union Street Montgomery, NY 12549 Full Service B&M $52,997
Walden Savings Bank 2108 Route 302 Circleville, NY 10919 Full Service B&M $57,651
Walden Savings Bank 213 Quassaick Avenue New Windsor, NY 12553 Full Service B&M $48,053
Walden Savings Bank 2356 State Route 44/55 Gardiner, NY 12525 Full Service B&M $36,582

For 2021, Walden Savings Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $21,589
Net interest income $20,816
Total noninterest income $6,256
Gross Fiduciary activities income $0
Service charges on deposit accounts $840
Trading account gains and fees $0
Additional Noninterest Income $5,416
Pre-tax net operating income $6,272
Securities gains (or losses, -) $329
Income before extraordinary items $5,281
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,281
Minority interest net income $0
Net income $5,281
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,017

Walden Savings Bank's gross interest income from loans was $21,589,000.
Walden Savings Bank's net interest income from loans was $20,816,000.
Walden Savings Bank's fee based income from loans was $840,000.
Walden Savings Bank's net income from loans was $5,281,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $773
Provision for credit losses $-222
Total noninterest expense $21,022
Salaries and employee benefits $12,179
Premises and equipment expense $2,894
Additional noninterest expense $5,949
Applicable income taxes $1,320
Net charge-offs $-211
Cash dividends $0

Walden Savings Bank's interest expense for loans was $773,000.
Walden Savings Bank's payroll and benefits expense were $12,179,000.
Walden Savings Bank's property, plant and equipment expenses $2,894,000.

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 $746,757
Deposits held in domestic offices $746,757
Deposits by Individuals, partnerships, and corporations $746,757
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 $54,164
Demand deposits $22,737
Nontransaction accounts $692,593
Money market deposit accounts (MMDAs) $34,143
Other savings deposits (excluding MMDAs) $609,034
Total time deposits $49,416
Total time and savings deposits $724,020
Noninterest-bearing deposits $171,139
Interest-bearing deposits $575,618
Retail deposits $740,247
IRAs and Keogh plan accounts $9,129
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $821,151
Cash & Balances due from depository institutions $66,851
Interest-bearing balances $56,960
Total securities $252,383
Federal funds sold & reverse repurchase $0
Net loans and leases $460,016
Loan and leases loss allowance $5,560
Trading account assets $0
Bank premises and fixed assets $11,686
Other real estate owned $98
Goodwill and other intangibles $1,388
All other assets $28,729

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $821,151
Total Liabilities $752,959
Total deposits $746,757
Interest-bearing deposits $575,618
Deposits held in domestic offices $746,757
% insured (estimated) $86
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $6,202

Issued Loan Types

Type Value (in 000's)
Net loans and leases $460,016
Loan and leases loss allowance $5,560
Total loans and leases (domestic) $465,576
All real estate loans $412,094
Real estate loans in domestic offices $412,094
Construction and development loans $36,591
Residential 1-4 family construction $16,335
Other construction, all land development and other land $20,256
Loans secured by nonfarm nonresidential properties $133,024
Nonfarm nonresidential secured by owner-occupied properties $77,535
Commercial real estate & other non-farm, non-residential $55,489
Multifamily residential real estate $19,500
1-4 family residential loans $221,480
Farmland loans $1,499
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $50,022
To non-U.S. addressees $0
Loans to individuals $2,934
Credit card loans $0
Related Plans $94
Consumer Auto Loans $2,172
Other loans to individuals $668
All other loans & leases $526
Loans to foreign governments and official institutions $0
Other loans $526
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 $9,687
Non 1-4 family restructured loans & leases $1,297
Total loans and leases (foreign) $0

Walden Savings Bank had $460,016,000 of loans outstanding in 2021. $412,094,000 of loans were in real estate loans. $36,591,000 of loans were in development loans. $19,500,000 of loans were in multifamily mortgage loans. $221,480,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,172,000 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 189 $56,747 $300,249
Nonfarm, nonresidential loans - <$100k 6 $424 $70,667
Nonfarm, nonresidential loans - $100-250k 54 $6,813 $126,167
Nonfarm, nonresidential loans - $250k-1MM 129 $49,510 $383,798
Commercial & Industrial, US addressed loans - <$1MM 792 $36,698 $46,336
Commercial & Industrial, US addressed loans - <$100k 606 $11,034 $18,208
Commercial & Industrial, US addressed loans - $100-250k 103 $8,414 $81,689
Commercial & Industrial, US addressed loans - $250k-1MM 83 $17,250 $207,831
Farmland loans - <$1MM 2 $605 $302,500
Farmland loans - $250k-1MM 2 $605 $302,500