Wakefield Co-operative Bank Mortgage Rates, Fees & Info

Wakefield, MA

LEI: 549300YEQNQT8LV5N068

Tax ID: 04-1939190

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Boston, Manchester, Worcester, Laconia, and Providence among others. We have data for 9 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

187

Origination Dollar Volume (All Markets)

$89,335,000

Employee count

43

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) 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.

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

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Wakefield Co-operative Bank's most frequently cited loan purpose was Refi, with 67 originations. The 2nd most popular reason was 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 2021, Wakefield Co-operative Bank's most frequently cited loan duration was 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
    90.79%

    Wakefield Co-operative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.49%

    Wakefield Co-operative Bank has a below 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