Melrose Bank Mortgage Rates, Fees & Info
Melrose, MALEI: 549300XG34SHK1BHL795
Tax ID: 04-1611080
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Mortgage Data
Review & Overview
Melrose Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Melrose Bank has a high proportion of conventional loans. Their top (well, only) market is Boston.Melrose Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
76Origination Dollar Volume (All Markets)
$47,990,000Top 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) | 76 | $47,990,000 | $631,447 | $0 | 0.00% |
Their top states include:
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 76 | $47,990,000 | $631,447 | $0 | 0.00% |
For 2019, Melrose Bank's most frequently originated type of loan was Conventional, with 76 originations.
Loan Reason
For 2019, Melrose Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Other | 76 | $47,990,000 | $631,447 | $0 | 0.00% |
For 2019, Melrose Bank's most frequently cited loan duration was Other, with 76 originations.
Loan Sizing
2019 saw Melrose Bank place emphasis on $400k-600k loans with 21 originations, totaling $9,705,000 in origination value.
Applicant Income
Melrose Bank lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Exempt% | 76 | $47,990,000 | $631,447 | $0 | 0.00% |
Melrose Bank lent most frequently to those with DTI ratios of Exempt%, with 76 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.36%
Melrose 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 origination90.79%
Melrose Bank has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
Exempt | 76 | $47,990,000 | $631,447 |