Wakefield Co-operative Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 549300YEQNQT8LV5N068

Tax ID: 04-1939190

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Wakefield Co-operative Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Wakefield Co-operative Bank has a high proportion of conventional loans. Their top markets include Boston, Manchester, Worcester, Laconia, and Providence among others. Wakefield Co-operative Bank 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.


Originations

187

Origination Dollar Volume (All Markets)

$89,335,000

Employee count

43

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 174 $84,120,000 $483,448 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $1,455,000 $1,455,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $1,160,000 $290,000 $0 0.00%
Laconia, NH (FHA|USDA|VA) 1 $685,000 $685,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $660,000 $330,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%

Wakefield Co-operative Bank's top markets include Boston, Manchester, Worcester, Laconia, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 187 $89,335,000 $477,727 $0 0.00%

For the 2021 period, Wakefield Co-operative Bank's most frequently originated loan type of loans were Conventional, with 187 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 67 $25,755,000 $384,403 $0 0.00%
Home Purchase 60 $42,260,000 $704,333 $0 0.00%
Cash Out Refi 59 $21,285,000 $360,763 $0 0.00%
Home Improvement 1 $35,000 $35,000 $0 0.00%

For the 2021, Wakefield Co-operative Bank's most frequently cited loan purpose of loans were Refi, with 67 originations. The 2nd most popular reason of loans were Home Purchase, with 60 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 187 $89,335,000 $477,727 $0 0.00%

For the 2021, Wakefield Co-operative Bank's most frequently cited loan length of loans were Other, with 187 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 84 $24,340,000 $289,762 $0 0.00%
$400k-600k 46 $21,850,000 $475,000 $0 0.00%
$100k-200k 19 $2,985,000 $157,105 $0 0.00%
$600k-1MM 19 $14,735,000 $775,526 $0 0.00%
$1MM+ 15 $25,225,000 $1,681,667 $0 0.00%
$100,000 or less 4 $200,000 $50,000 $0 0.00%

2021 saw Wakefield Co-operative Bank place emphasis on $200k-400k loans with 84 originations, totaling $24,340,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 46 $20,200,000 $439,130 $0 0.00%
$100k-150k 41 $13,305,000 $324,512 $0 0.00%
$75k-100k 27 $7,615,000 $282,037 $0 0.00%
$50k-75k 17 $3,745,000 $220,294 $0 0.00%
$250k+ 15 $9,135,000 $609,000 $0 0.00%
$50k or less 8 $1,840,000 $230,000 $0 0.00%

Wakefield Co-operative Bank lent most frequently to those with incomes in the $150k-250k range, with 46 originations. The second most popular income band? $100k-150k, with 41 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 187 $89,335,000 $477,727 $0 0.00%

Wakefield Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 187 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 118 $41,310,000 $350,085 $0 0.00%
Not applicable 31 $32,205,000 $1,038,871 $0 0.00%
Not provided 25 $10,245,000 $409,800 $0 0.00%
Asian 13 $5,575,000 $428,846 $0 0.00%

Approval Rates

Total approvals of all applications
91.96%

Wakefield Co-operative Bank has an average approval rate.

Pick Rate

Approvals leading to origination
85.54%

Wakefield Co-operative Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 187 $89,335,000 $477,727

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
187 $89,335,000 $477,727

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
WAKEFIELD & ASSOCIATES, INC. Other type of mortgage Incorrect information on your report 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Wakefield Co-Operative Bank 342 Main St Wakefield, MA 1880 Full Service B&M $126,625
Wakefield Co-Operative Bank 526 Main Street Melrose, MA 2176 Full Service B&M $4,627
Wakefield Co-Operative Bank 596 Main Street Lynnfield, MA 1940 Full Service B&M $112,715

For 2021, Wakefield Co-operative Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $8,351
Net interest income $7,273
Total noninterest income $1,205
Gross Fiduciary activities income $0
Service charges on deposit accounts $87
Trading account gains and fees $0
Additional Noninterest Income $1,118
Pre-tax net operating income $1,223
Securities gains (or losses, -) $3
Income before extraordinary items $977
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $977
Minority interest net income $0
Net income $977
Sale, conversion, retirement of capital stock, net $0
Net operating income $974

Wakefield Co-operative Bank's gross interest income from loans was $8,351,000.
Wakefield Co-operative Bank's net interest income from loans was $7,273,000.
Wakefield Co-operative Bank's fee based income from loans was $87,000.
Wakefield Co-operative Bank's net income from loans was $977,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,078
Provision for credit losses $50
Total noninterest expense $7,205
Salaries and employee benefits $4,282
Premises and equipment expense $753
Additional noninterest expense $2,170
Applicable income taxes $249
Net charge-offs $2
Cash dividends $0

Wakefield Co-operative Bank's interest expense for loans was $1,078,000.
Wakefield Co-operative Bank's payroll and benefits expense were $4,282,000.
Wakefield Co-operative Bank's property, plant and equipment expenses $753,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $245,351
Deposits held in domestic offices $245,351
Deposits by Individuals, partnerships, and corporations $244,916
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $406
Deposits by Commercial banks and other depository institutions in U.S. $29
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $70,017
Demand deposits $38,498
Nontransaction accounts $175,334
Money market deposit accounts (MMDAs) $63,686
Other savings deposits (excluding MMDAs) $44,452
Total time deposits $67,196
Total time and savings deposits $206,853
Noninterest-bearing deposits $38,498
Interest-bearing deposits $206,853
Retail deposits $223,521
IRAs and Keogh plan accounts $8,102
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $268,488
Cash & Balances due from depository institutions $13,024
Interest-bearing balances $10,346
Total securities $53,588
Federal funds sold & reverse repurchase $0
Net loans and leases $191,861
Loan and leases loss allowance $1,719
Trading account assets $0
Bank premises and fixed assets $3,180
Other real estate owned $0
Goodwill and other intangibles $847
All other assets $5,988

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $268,488
Total Liabilities $245,959
Total deposits $245,351
Interest-bearing deposits $206,853
Deposits held in domestic offices $245,351
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $608

Issued Loan Types

Type Value (in 000's)
Net loans and leases $191,861
Loan and leases loss allowance $1,719
Total loans and leases (domestic) $193,580
All real estate loans $192,284
Real estate loans in domestic offices $192,284
Construction and development loans $22,926
Residential 1-4 family construction $21,273
Other construction, all land development and other land $1,653
Loans secured by nonfarm nonresidential properties $24,163
Nonfarm nonresidential secured by owner-occupied properties $6,266
Commercial real estate & other non-farm, non-residential $17,897
Multifamily residential real estate $16,391
1-4 family residential loans $128,804
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $1,289
To non-U.S. addressees $0
Loans to individuals $4
Credit card loans $0
Related Plans $4
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $3
Loans to foreign governments and official institutions $0
Other loans $3
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $218
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Wakefield Co-operative Bank had $191,861,000 of loans outstanding in 2021. $192,284,000 of loans were in real estate loans. $22,926,000 of loans were in development loans. $16,391,000 of loans were in multifamily mortgage loans. $128,804,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 19 $8,167 $429,842
Nonfarm, nonresidential loans - $100-250k 2 $349 $174,500
Nonfarm, nonresidential loans - $250k-1MM 17 $7,818 $459,882
Commercial & Industrial, US addressed loans - <$1MM 35 $1,289 $36,829
Commercial & Industrial, US addressed loans - <$100k 30 $499 $16,633
Commercial & Industrial, US addressed loans - $100-250k 5 $790 $158,000