Harvard University Employees Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300XTSMAC5DOX6447

Tax ID: 04-6017806

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

932

Origination Dollar Volume (All Markets)

$411,440,000
Show all (6) awards

Relative 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 applications
95.40%

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 origination
81.34%

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%