Webster Five Cents Savings Bank Mortgage Rates, Fees & Info

Webster, MA

LEI: 549300YOEBGKPKU43Q28

Tax ID: 04-1953630

5 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Webster Five Cents Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Webster Five Cents Savings Bank has a high proportion of conventional loans. Their top markets include Worcester, Boston, Providence, Barnstable Town, and New York among others. Webster Five Cents Savings Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Webster Five Cents Savings Bank is typically a low fee lendor.


Originations

414

Origination Dollar Volume (All Markets)

$138,460,000

Employee count

139

Awards

Webster Five Cents Savings Bank 30 Year Conventional Loans bronze Webster Five Cents Savings Bank 30 Year Conventional Loans bronze Webster Five Cents Savings Bank 30 Year Conventional Loans bronze
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Relative Rate

Webster Five Cents Savings Bank's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

Webster Five Cents Savings Bank's average total fees for a 30 year fixed rate mortgage are $3,117.

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
WORCESTER, MA-CT (FHA|USDA|VA) 356 $105,710,000 $296,938 $2,824 3.14%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 32 $25,290,000 $790,313 $2,858 3.30%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 11 $3,885,000 $353,182 $2,473 3.13%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,110,000 $277,500 $2,812 2.63%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $650,000 $325,000 $4,287 2.94%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 3 $545,000 $181,667 $2,026 3.46%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $350,000 $175,000 $2,650 3.37%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.63%
Outside of Metro Areas 1 $235,000 $235,000 $2,147 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $225,000 $225,000 $2,984 2.88%
Lebanon, NH-VT (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.50%

Webster Five Cents Savings Bank's top markets include Worcester, Boston, Providence, Barnstable Town, and New York among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 414 $138,460,000 $334,444 $2,813 3.15%

For the 2021 period, Webster Five Cents Savings Bank's most frequently originated loan type of loans were Conventional, with 414 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 150 $76,950,000 $513,000 $3,591 3.11%
Refi 130 $35,930,000 $276,385 $2,719 2.91%
Cash Out Refi 99 $23,845,000 $240,859 $2,884 3.05%
Home Improvement 19 $1,045,000 $55,000 $315 4.43%
Other 16 $690,000 $43,125 $153 4.52%

For the 2021, Webster Five Cents Savings Bank's most frequently cited loan purpose of loans were Home Purchase, with 150 originations. The 2nd most popular reason of loans were Refi, with 130 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 236 $74,120,000 $314,068 $3,117 3.04%
15 Year 62 $11,830,000 $190,806 $2,570 2.65%
20 Year 33 $8,715,000 $264,091 $2,204 3.31%
Other 33 $25,115,000 $761,061 $2,885 3.67%
10 Year 25 $3,195,000 $127,800 $626 4.04%
30+ year 16 $6,810,000 $425,625 $5,190 3.34%
5 Year 9 $8,675,000 $963,889 $154 4.14%

For the 2021, Webster Five Cents Savings Bank's most frequently cited loan length of loans were 30 Year, with 236 originations. The 2nd most popular length of loans were 15 Year, with 62 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 307 $76,925,000 $250,570
$1k-2k 42 $11,910,000 $283,571
$2k-3k 12 $4,070,000 $339,167
$3k-4k 3 $585,000 $195,000
$5k+ 1 $295,000 $295,000

$3,117 of loans were Webster Five Cents Savings Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 307 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 196 $54,170,000 $276,378
3-4% 134 $61,630,000 $459,925
<2.5% 44 $10,190,000 $231,591
4-5% 31 $11,595,000 $374,032
5-6% 8 $820,000 $102,500
6-7% 1 $55,000 $55,000

During 2021, Webster Five Cents Savings Bank's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 196 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 193 $53,865,000 $279,093 $3,039 2.99%
$100k-200k 105 $16,435,000 $156,524 $2,761 2.98%
$400k-600k 54 $25,800,000 $477,778 $3,921 3.08%
$100,000 or less 44 $2,110,000 $47,955 $478 4.18%
$1MM+ 9 $33,435,000 $3,715,000 $5,730 3.68%
$600k-1MM 9 $6,815,000 $757,222 $4,353 3.28%

2021 saw Webster Five Cents Savings Bank place emphasis on $200k-400k loans with 193 originations, totaling $53,865,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 117 $30,295,000 $258,932 $2,779 3.10%
$150k-250k 86 $27,130,000 $315,465 $2,879 3.16%
$75k-100k 69 $14,965,000 $216,884 $2,795 3.04%
$50k-75k 67 $13,055,000 $194,851 $2,640 3.02%
$50k or less 24 $3,750,000 $156,250 $2,839 3.16%
$250k+ 13 $7,225,000 $555,769 $3,387 3.14%

Webster Five Cents Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $150k-250k, with 86 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 124 $35,370,000 $285,242 $2,753 3.06%
30-36% 72 $17,790,000 $247,083 $2,955 3.02%
<20% 29 $6,055,000 $208,793 $2,768 2.75%
41% 20 $3,870,000 $193,500 $2,302 3.20%
43% 16 $3,330,000 $208,125 $2,378 3.29%
36% 16 $4,670,000 $291,875 $2,821 3.07%
40% 15 $4,435,000 $295,667 $3,048 3.17%
42% 14 $3,200,000 $228,571 $2,703 3.35%
44% 14 $3,520,000 $251,429 $2,755 3.67%
37% 12 $3,240,000 $270,000 $2,972 3.03%
38% 11 $2,815,000 $255,909 $2,961 3.25%
49% 10 $2,510,000 $251,000 $3,313 2.99%
45% 9 $2,015,000 $223,889 $2,715 3.04%
47% 7 $1,775,000 $253,571 $2,985 2.82%
46% 6 $2,160,000 $360,000 $3,274 3.29%
39% 6 $1,330,000 $221,667 $2,866 2.98%
48% 4 $1,170,000 $292,500 $3,602 3.22%

Webster Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 72 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 308 $78,870,000 $256,071 $2,821 3.08%
Not applicable 25 $37,915,000 $1,516,600 $0 4.02%
Not provided 58 $13,600,000 $234,483 $2,520 3.18%
Black 10 $3,180,000 $318,000 $3,237 3.05%
Asian Indian 4 $2,750,000 $687,500 $3,915 2.94%
Asian 8 $1,570,000 $196,250 $4,026 3.03%
Chinese 1 $575,000 $575,000 $3,075 2.88%

Approval Rates

Total approvals of all applications
87.87%

Webster Five Cents Savings Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.21%

Webster Five Cents Savings Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 414 $138,460,000 $334,444

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
414 $138,460,000 $334,444

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $7,440,000 $206,667 $2,742 3.01%
40-60% 95 $26,105,000 $274,789 $2,744 2.86%
60-80% 166 $77,770,000 $468,494 $3,208 3.15%
80-100% 80 $25,580,000 $319,750 $3,501 3.00%
Under 20% 37 $1,565,000 $42,297 $162 4.37%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 20.0%
WEBSTER BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 60.0%
WEBSTER BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Webster Five Cents Savings Bank 100 Front Street Worcester, MA 1608 Full Service B&M $80,560
Webster Five Cents Savings Bank 136 Thompson Rd Webster, MA 1570 Full Service B&M $250,486
Webster Five Cents Savings Bank 208 West Main Street Dudley, MA 1571 Full Service B&M $88,981
Webster Five Cents Savings Bank 261 Grafton Street Shrewsbury, MA 1545 Full Service B&M $80,998
Webster Five Cents Savings Bank 266 Chandler Street Worcester, MA 1602 Full Service B&M $100,372
Webster Five Cents Savings Bank 343 Main Street Oxford, MA 1540 Full Service B&M $142,938
Webster Five Cents Savings Bank 400 Southbridge Street Auburn, MA 1501 Full Service B&M $128,986

For 2021, Webster Five Cents Savings Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $33,437
Net interest income $31,947
Total noninterest income $6,596
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,216
Trading account gains and fees $0
Additional Noninterest Income $5,380
Pre-tax net operating income $9,463
Securities gains (or losses, -) $0
Income before extraordinary items $7,492
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,492
Minority interest net income $0
Net income $7,492
Sale, conversion, retirement of capital stock, net $0
Net operating income $7,492

Webster Five Cents Savings Bank's gross interest income from loans was $33,437,000.
Webster Five Cents Savings Bank's net interest income from loans was $31,947,000.
Webster Five Cents Savings Bank's fee based income from loans was $1,216,000.
Webster Five Cents Savings Bank's net income from loans was $7,492,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,490
Provision for credit losses $704
Total noninterest expense $28,376
Salaries and employee benefits $16,759
Premises and equipment expense $3,222
Additional noninterest expense $8,395
Applicable income taxes $1,971
Net charge-offs $561
Cash dividends $0

Webster Five Cents Savings Bank's interest expense for loans was $1,490,000.
Webster Five Cents Savings Bank's payroll and benefits expense were $16,759,000.
Webster Five Cents Savings Bank's property, plant and equipment expenses $3,222,000.

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 1.0%
Credit card loans 0.0%
Other individual loans 1.0%
Auto loans 0.0%
Other consumer loans 1.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $929,716
Deposits held in domestic offices $929,716
Deposits by Individuals, partnerships, and corporations $892,087
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $37,379
Deposits by Commercial banks and other depository institutions in U.S. $250
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $367,279
Demand deposits $262,506
Nontransaction accounts $562,437
Money market deposit accounts (MMDAs) $129,814
Other savings deposits (excluding MMDAs) $373,041
Total time deposits $59,581
Total time and savings deposits $667,210
Noninterest-bearing deposits $263,559
Interest-bearing deposits $666,157
Retail deposits $919,313
IRAs and Keogh plan accounts $11,984
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,068,257
Cash & Balances due from depository institutions $75,106
Interest-bearing balances $69,215
Total securities $201,474
Federal funds sold & reverse repurchase $2,779
Net loans and leases $731,477
Loan and leases loss allowance $9,075
Trading account assets $0
Bank premises and fixed assets $25,953
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $31,468

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,068,257
Total Liabilities $940,969
Total deposits $929,716
Interest-bearing deposits $666,157
Deposits held in domestic offices $929,716
% insured (estimated) $65
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $445
Subordinated debt $0
All other liabilities $10,808

Issued Loan Types

Type Value (in 000's)
Net loans and leases $731,477
Loan and leases loss allowance $9,075
Total loans and leases (domestic) $740,552
All real estate loans $646,042
Real estate loans in domestic offices $646,042
Construction and development loans $93,983
Residential 1-4 family construction $8,600
Other construction, all land development and other land $85,383
Loans secured by nonfarm nonresidential properties $298,980
Nonfarm nonresidential secured by owner-occupied properties $48,726
Commercial real estate & other non-farm, non-residential $250,254
Multifamily residential real estate $68,105
1-4 family residential loans $184,060
Farmland loans $914
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $53,736
To non-U.S. addressees $0
Loans to individuals $5,881
Credit card loans $0
Related Plans $20
Consumer Auto Loans $413
Other loans to individuals $5,448
All other loans & leases $34,893
Loans to foreign governments and official institutions $0
Other loans $34,893
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 $421
Non 1-4 family restructured loans & leases $225
Total loans and leases (foreign) $0

Webster Five Cents Savings Bank had $731,477,000 of loans outstanding in 2021. $646,042,000 of loans were in real estate loans. $93,983,000 of loans were in development loans. $68,105,000 of loans were in multifamily mortgage loans. $184,060,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $413,000 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 149 $39,901 $267,792
Nonfarm, nonresidential loans - <$100k 15 $494 $32,933
Nonfarm, nonresidential loans - $100-250k 44 $5,959 $135,432
Nonfarm, nonresidential loans - $250k-1MM 90 $33,448 $371,644
Commercial & Industrial, US addressed loans - <$1MM 350 $24,915 $71,186
Commercial & Industrial, US addressed loans - <$100k 224 $4,203 $18,763
Commercial & Industrial, US addressed loans - $100-250k 67 $5,818 $86,836
Commercial & Industrial, US addressed loans - $250k-1MM 59 $14,894 $252,441