Wakefield Co-operative Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 549300YEQNQT8LV5N068

Tax ID: 04-1939190

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Wakefield Co-operative Bank is a smaller bank specializing in Home Purchase loans. Wakefield Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Barnstable Town, Portland, and Providence among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Wakefield Co-operative 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

152

Origination Dollar Volume (All Markets)

$88,660,000

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) 138 $81,760,000 $592,464 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $2,060,000 $515,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $1,470,000 $735,000 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $1,410,000 $705,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $1,060,000 $265,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $555,000 $555,000 $0 0.00%
Outside of Metro Areas 1 $345,000 $345,000 $0 0.00%
Wakefield Co-operative Bank's top markets include Boston, Worcester, Barnstable Town, Portland, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 152 $88,660,000 $583,289 $0 0.00%

    For 2022, Wakefield Co-operative Bank's most frequently originated type of loan was Conventional, with 152 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 94 $59,270,000 $630,532 $0 0.00%
    Cash Out Refi 31 $15,435,000 $497,903 $0 0.00%
    Refi 24 $13,870,000 $577,917 $0 0.00%
    Home Improvement 3 $85,000 $28,333 $0 0.00%

    For 2022, Wakefield Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 152 $88,660,000 $583,289 $0 0.00%

    For 2022, Wakefield Co-operative Bank's most frequently cited loan duration was Other, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 45 $32,345,000 $718,778 $0 0.00%
    $200k-400k 39 $11,645,000 $298,590 $0 0.00%
    $400k-600k 39 $19,385,000 $497,051 $0 0.00%
    $1MM+ 18 $24,150,000 $1,341,667 $0 0.00%
    $100k-200k 6 $910,000 $151,667 $0 0.00%
    $100,000 or less 5 $225,000 $45,000 $0 0.00%

    2022 saw Wakefield Co-operative Bank place emphasis on $600k-1MM loans with 45 originations, totaling $32,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 37 $22,265,000 $601,757 $0 0.00%
    $250k+ 34 $22,940,000 $674,706 $0 0.00%
    $100k-150k 31 $14,005,000 $451,774 $0 0.00%
    $75k-100k 21 $6,295,000 $299,762 $0 0.00%
    $50k-75k 7 $1,785,000 $255,000 $0 0.00%
    $50k or less 2 $510,000 $255,000 $0 0.00%

    Wakefield Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $250k+, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 152 $88,660,000 $583,289 $0 0.00%

    Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 152 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $42,090,000 $489,419 $0 0.00%
    Not applicable 19 $20,625,000 $1,085,526 $0 0.00%
    Not provided 18 $10,790,000 $599,444 $0 0.00%
    Asian 14 $7,190,000 $513,571 $0 0.00%
    Chinese 5 $3,045,000 $609,000 $0 0.00%
    Black 5 $2,615,000 $523,000 $0 0.00%
    Asian Indian 3 $1,205,000 $401,667 $0 0.00%
    Other Asian 1 $595,000 $595,000 $0 0.00%
    Japanese 1 $505,000 $505,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.89%

    Wakefield Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.92%

    Wakefield Co-operative Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 152 $88,660,000 $583,289

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    152 $88,660,000 $583,289