Harvard University Employees Mortgage Rates, Fees & Info
Cambridge, MALEI: 549300XTSMAC5DOX6447
Tax ID: 04-6017806
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Harvard University Employees is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Harvard University Employees has a high proportion of conventional loans. Their top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others. Harvard University Employees 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. Harvard University Employees is typically a low fee lendor.Originations
932Origination Dollar Volume (All Markets)
$411,440,000Relative Rate
Harvard University Employees's average 30 year fixed rate mortgage of loans were
2.82%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.33%.
Relative Fees
Harvard University Employees's average total fees for a 30 year fixed rate
mortgage are $3,116.
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 |
---|---|---|---|---|---|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 851 | $386,045,000 | $453,637 | $2,587 | 2.77% |
WORCESTER, MA-CT (FHA|USDA|VA) | 26 | $7,980,000 | $306,923 | $2,543 | 2.83% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 25 | $7,665,000 | $306,600 | $2,554 | 2.72% |
BARNSTABLE TOWN, MA (FHA|USDA|VA) | 15 | $5,555,000 | $370,333 | $3,210 | 2.68% |
MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 5 | $1,865,000 | $373,000 | $2,445 | 2.75% |
SPRINGFIELD, MA (FHA|USDA|VA) | 4 | $1,050,000 | $262,500 | $2,341 | 2.81% |
Lebanon, NH-VT (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $2,520 | 2.63% |
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,673 | 2.88% |
PITTSFIELD, MA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,216 | 3.13% |
Outside of Metro Areas | 1 | $105,000 | $105,000 | $0 | 2.75% |
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.63% |
Harvard University Employees's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.
Product Mix
Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Conventional | 932 | $411,440,000 | $441,459 | $2,587 | 2.77% |
For the 2021 period, Harvard University Employees's most frequently originated loan type of loans were Conventional, with 932 originations.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Home Purchase | 333 | $187,815,000 | $564,009 | $3,381 | 2.85% |
Refi | 305 | $127,205,000 | $417,066 | $2,474 | 2.68% |
Cash Out Refi | 209 | $89,905,000 | $430,167 | $2,528 | 2.74% |
Home Improvement | 70 | $5,520,000 | $78,857 | $57 | 2.84% |
Other | 15 | $995,000 | $66,333 | $24 | 2.79% |
For the 2021, Harvard University Employees's most frequently cited loan purpose of loans were Home Purchase, with 333 originations. The 2nd most popular reason of loans were Refi, with 305 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 591 | $316,225,000 | $535,068 | $3,116 | 2.82% |
15 Year | 139 | $43,075,000 | $309,892 | $1,891 | 2.52% |
20 Year | 109 | $34,175,000 | $313,532 | $1,705 | 3.06% |
10 Year | 62 | $14,410,000 | $232,419 | $1,724 | 2.44% |
Other | 19 | $2,925,000 | $153,947 | $722 | 2.60% |
5 Year | 12 | $630,000 | $52,500 | $0 | 2.50% |
For the 2021, Harvard University Employees's most frequently cited loan length of loans were 30 Year, with 591 originations. The 2nd most popular length of loans were 15 Year, with 139 originations.
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 837 | $366,235,000 | $437,557 |
$3k-4k | 34 | $12,630,000 | $371,471 |
$5k+ | 31 | $17,655,000 | $569,516 |
$2k-3k | 21 | $10,675,000 | $508,333 |
$1k-2k | 8 | $3,790,000 | $473,750 |
$3,116 of loans were Harvard University Employees's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 837 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 526 | $238,740,000 | $453,878 |
<2.5% | 259 | $115,815,000 | $447,162 |
3-4% | 132 | $55,190,000 | $418,106 |
4-5% | 15 | $1,695,000 | $113,000 |
During 2021, Harvard University Employees's average interest rate of loans were 2.82%, while their most frequently originated rate bucket of loans were 2.5-3%, with 526 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$200k-400k | 305 | $91,295,000 | $299,328 | $2,160 | 2.72% |
$400k-600k | 257 | $125,085,000 | $486,712 | $3,052 | 2.76% |
$600k-1MM | 173 | $124,405,000 | $719,104 | $3,821 | 2.80% |
$100,000 or less | 86 | $4,900,000 | $56,977 | $67 | 2.95% |
$100k-200k | 69 | $10,435,000 | $151,232 | $1,434 | 2.74% |
$1MM+ | 42 | $55,320,000 | $1,317,143 | $4,820 | 2.69% |
2021 saw Harvard University Employees place emphasis on $200k-400k loans with 305 originations, totaling $91,295,000 in origination value.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$150k-250k | 308 | $145,010,000 | $470,812 | $2,772 | 2.79% |
$100k-150k | 272 | $99,220,000 | $364,779 | $2,377 | 2.72% |
$250k+ | 184 | $121,650,000 | $661,141 | $3,077 | 2.79% |
$75k-100k | 98 | $29,700,000 | $303,061 | $2,041 | 2.81% |
$50k-75k | 64 | $14,900,000 | $232,813 | $2,056 | 2.77% |
$50k or less | 6 | $960,000 | $160,000 | $2,156 | 2.67% |
Harvard University Employees lent most frequently to those with incomes in the $150k-250k range, with 308 originations. The second most popular income band? $100k-150k, with 272 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 306 | $133,970,000 | $437,810 | $2,677 | 2.76% |
30-36% | 227 | $112,685,000 | $496,410 | $2,718 | 2.78% |
<20% | 114 | $46,560,000 | $408,421 | $2,373 | 2.69% |
38% | 39 | $17,275,000 | $442,949 | $2,651 | 2.78% |
41% | 39 | $15,235,000 | $390,641 | $2,597 | 2.85% |
42% | 26 | $8,130,000 | $312,692 | $1,510 | 2.75% |
36% | 26 | $9,490,000 | $365,000 | $2,542 | 2.81% |
37% | 25 | $10,655,000 | $426,200 | $2,345 | 2.77% |
39% | 22 | $10,760,000 | $489,091 | $2,584 | 2.65% |
40% | 21 | $10,465,000 | $498,333 | $2,709 | 2.91% |
43% | 21 | $8,205,000 | $390,714 | $1,962 | 2.83% |
44% | 19 | $8,305,000 | $437,105 | $2,987 | 2.80% |
46% | 10 | $3,540,000 | $354,000 | $2,558 | 2.95% |
45% | 9 | $3,645,000 | $405,000 | $2,883 | 2.79% |
47% | 9 | $3,695,000 | $410,556 | $2,317 | 2.71% |
48% | 9 | $4,105,000 | $456,111 | $3,546 | 2.69% |
49% | 8 | $4,530,000 | $566,250 | $2,418 | 2.92% |
50-60% | 1 | $85,000 | $85,000 | $0 | 4.25% |
>60% | 1 | $105,000 | $105,000 | $0 | 3.13% |
Harvard University Employees lent most frequently to those with DTI ratios of 20-30%, with 306 originations. The next most common DTI ratio? 30-36%, with 227 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 614 | $269,340,000 | $438,664 | $2,584 | 2.78% |
Not provided | 111 | $50,455,000 | $454,550 | $2,535 | 2.82% |
Asian | 105 | $49,565,000 | $472,048 | $2,636 | 2.72% |
Black | 61 | $23,815,000 | $390,410 | $2,768 | 2.76% |
Asian Indian | 13 | $6,235,000 | $479,615 | $2,684 | 2.67% |
Chinese | 13 | $5,455,000 | $419,615 | $2,249 | 2.62% |
Other Asian | 4 | $2,380,000 | $595,000 | $2,964 | 3.00% |
Korean | 4 | $2,170,000 | $542,500 | $2,026 | 2.63% |
American Indian | 2 | $790,000 | $395,000 | $1,907 | 2.56% |
Filipino | 2 | $590,000 | $295,000 | $1,859 | 2.75% |
Vietnamese | 2 | $480,000 | $240,000 | $1,914 | 2.69% |
Japanese | 1 | $165,000 | $165,000 | $1,822 | 2.38% |
Approval Rates
Total approvals of all applications95.40%
Harvard University Employees has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.34%
Harvard University Employees has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 932 | $411,440,000 | $441,459 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
932 | $411,440,000 | $441,459 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 110 | $35,600,000 | $323,636 | $2,231 | 2.62% |
40-60% | 161 | $65,935,000 | $409,534 | $2,690 | 2.68% |
60-80% | 342 | $180,870,000 | $528,860 | $2,930 | 2.75% |
80-100% | 188 | $111,960,000 | $595,532 | $3,531 | 2.83% |
Under 20% | 115 | $10,695,000 | $93,000 | $253 | 2.97% |
Complaints
Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
HARBORONE MORTGAGE, LLC | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |
HARBORONE MORTGAGE, LLC | Other type of mortgage | Trouble during payment process | 1 | 33.3% |
HARBORONE MORTGAGE, LLC | VA mortgage | Trouble during payment process | 1 | 33.3% |