Cape Ann Savings Bank Mortgage Rates, Fees & Info

Gloucester, MA

LEI: 549300XSCD2USU6CQ848

Tax ID: 04-1148820

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Mortgage Data

Review & Overview

Cape Ann Savings Bank is a smaller bank specializing in Home Purchase loans. Cape Ann Savings Bank has a high proportion of conventional loans. Their top (well, only) market is Boston.

Cape Ann Savings 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.

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Originations

126

Origination Dollar Volume (All Markets)

$62,340,000

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) 126 $62,340,000 $494,762 $0 0.00%
Cape Ann Savings Bank's top markets include and Boston among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 126 $62,340,000 $494,762 $0 0.00%

    For 2023, Cape Ann Savings Bank's most frequently originated type of loan was Conventional, with 126 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 85 $48,395,000 $569,353 $0 0.00%
    Refi 28 $9,980,000 $356,429 $0 0.00%
    Home Improvement 7 $3,495,000 $499,286 $0 0.00%
    Other 4 $380,000 $95,000 $0 0.00%
    Cash Out Refi 2 $90,000 $45,000 $0 0.00%

    For 2023, Cape Ann Savings Bank's most frequently cited loan purpose was Home Purchase, with 85 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 126 $62,340,000 $494,762 $0 0.00%

    For 2023, Cape Ann Savings Bank's most frequently cited loan duration was Other, with 126 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 35 $26,095,000 $745,571 $0 0.00%
    $400k-600k 32 $16,010,000 $500,313 $0 0.00%
    $200k-400k 30 $8,770,000 $292,333 $0 0.00%
    $100,000 or less 12 $750,000 $62,500 $0 0.00%
    $100k-200k 12 $1,590,000 $132,500 $0 0.00%
    $1MM+ 5 $9,125,000 $1,825,000 $0 0.00%

    2023 saw Cape Ann Savings Bank place emphasis on $600k-1MM loans with 35 originations, totaling $26,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 26 $14,510,000 $558,077 $0 0.00%
    $250k+ 23 $20,555,000 $893,696 $0 0.00%
    $100k-150k 22 $7,940,000 $360,909 $0 0.00%
    $75k-100k 10 $1,750,000 $175,000 $0 0.00%
    $50k-75k 6 $910,000 $151,667 $0 0.00%
    $50k or less 4 $570,000 $142,500 $0 0.00%

    Cape Ann Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 26 originations. The second most popular income band? $250k+, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 126 $62,340,000 $494,762 $0 0.00%

    Cape Ann Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 88 $44,110,000 $501,250 $0 0.00%
    Not applicable 23 $11,925,000 $518,478 $0 0.00%
    Not provided 10 $4,470,000 $447,000 $0 0.00%
    Asian 2 $950,000 $475,000 $0 0.00%
    Asian Indian 2 $840,000 $420,000 $0 0.00%
    Black 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.19%

    Cape Ann Savings 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
    85.71%

    Cape Ann Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 126 $62,340,000 $494,762

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    126 $62,340,000 $494,762