Needham, MA
LEI: 5493000NZZZU3GFIYL71
Tax ID: 04-1655620
5 stars - Updated: 7/14/24
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Review & Overview
Needham Bank is a smaller bank specializing in Home Purchase, Refi, and Home Improvement loans. Needham Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Barnstable Town, Providence, Worcester, and Bridgeport among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)
Needham Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Needham Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type | Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 7/14/24 |
| 30 Year Conventional Refi | 6.23% | 7/14/24 |
| 15 Year Conventional Purchase | 5.86% | 7/14/24 |
| 15 Year Conventional Refi | 5.65% | 7/14/24 |
| 15 Year Cash-out Refi | 5.65% | 7/14/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
445
Origination Dollar Volume (All Markets)
$517,285,000
Awards
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Needham Bank - 2023
Needham Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Needham Bank's average 30 year fixed mortgage rate was 6.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
Needham Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,978.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.
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) | 397 | $470,785,000 | $1,185,856 | $4,037 | 7.21% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 20 | $16,710,000 | $835,500 | $4,414 | 6.96% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 6 | $14,980,000 | $2,496,667 | $3,207 | 6.38% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 11 | $4,355,000 | $395,909 | $3,549 | 6.69% |
| Outside of Metro Areas | 5 | $4,195,000 | $839,000 | $5,142 | 7.50% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $2,505,000 | $2,505,000 | $7,783 | 5.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $2,005,000 | $2,005,000 | $0 | 8.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 2 | $1,050,000 | $525,000 | $3,387 | 6.31% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $2,864 | 6.13% |
Needham Bank's top markets include Boston, Barnstable Town, Providence, Worcester, and Bridgeport among others.
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Needham Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 247 | $455,425,000 | $1,843,826 | $4,045 | 6.35% |
| HELOC | 198 | $61,860,000 | $312,424 | n/a | 8.19% |
For 2023, Needham Bank's most frequently originated type of loan was Conventional, with 247 originations. Their 2nd most popular type was HELOC, with 198 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 189 | $230,885,000 | $1,221,614 | $4,092 | 6.33% |
| Other | 147 | $41,805,000 | $284,388 | $3,435 | 8.15% |
| Refi | 103 | $104,735,000 | $1,016,845 | $3,902 | 7.36% |
| Home Improvement | 6 | $139,860,000 | $23,310,000 | $3,695 | 6.36% |
For 2023, Needham Bank's most frequently cited loan purpose was Home Purchase, with 189 originations. The 2nd most popular reason was Other, with 147 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 199 | $62,025,000 | $311,683 | $2,047 | 8.18% |
| 30 Year | 134 | $144,310,000 | $1,076,940 | $3,978 | 6.44% |
| 30+ year | 95 | $85,385,000 | $898,789 | $4,248 | 6.23% |
| Other | 8 | $97,790,000 | $12,223,750 | $0 | 7.08% |
| 15 Year | 6 | $2,160,000 | $360,000 | $2,546 | 5.31% |
| 5 Year | 2 | $113,110,000 | $56,555,000 | $0 | 6.81% |
| 10 Year | 1 | $12,505,000 | $12,505,000 | $0 | 6.15% |
For 2023, Needham Bank's most frequently cited loan duration was 20 Year, with 199 originations. The 2nd most popular length was 30 Year, with 134 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 208 | $160,910,000 | $773,606 |
| $5k+ | 3 | $1,685,000 | $561,667 |
| $1k-2k | 1 | $155,000 | $155,000 |
| $4k-5k | 1 | $225,000 | $225,000 |
Needham Bank's average total fees were $3,978, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 208 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 138 | $258,990,000 | $1,876,739 |
| 7-8% | 136 | $152,460,000 | $1,121,029 |
| Over 8% | 93 | $28,255,000 | $303,817 |
| 5-6% | 71 | $75,375,000 | $1,061,620 |
| 4-5% | 6 | $2,190,000 | $365,000 |
| <2.5% | 1 | $15,000 | $15,000 |
During 2023, Needham Bank's average interest rate for loans was 6.44%, while their most frequently originated rate bucket for loans was 6-7%, with 138 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 121 | $33,945,000 | $280,537 | $2,929 | 7.47% |
| $600k-1MM | 82 | $59,900,000 | $730,488 | $4,323 | 6.82% |
| $400k-600k | 77 | $37,555,000 | $487,727 | $3,110 | 6.81% |
| $1MM+ | 75 | $375,655,000 | $5,008,733 | $5,990 | 6.53% |
| $100k-200k | 63 | $8,625,000 | $136,905 | $2,374 | 7.84% |
| $100,000 or less | 27 | $1,605,000 | $59,444 | $0 | 8.17% |
2023 saw Needham Bank place emphasis on $200k-400k loans with 121 originations, totaling $33,945,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 205 | $154,185,000 | $752,122 | $4,907 | 7.32% |
| $150k-250k | 126 | $51,150,000 | $405,952 | $3,600 | 7.14% |
| $100k-150k | 40 | $12,160,000 | $304,000 | $3,572 | 7.34% |
| $75k-100k | 24 | $5,520,000 | $230,000 | $2,736 | 6.83% |
| $50k-75k | 15 | $3,135,000 | $209,000 | $3,230 | 6.19% |
| $50k or less | 3 | $555,000 | $185,000 | $2,531 | 6.04% |
Needham Bank lent most frequently to those with incomes in the $250k+ range, with 205 originations. The second most popular income band? $150k-250k, with 126 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 99 | $55,675,000 | $562,374 | $4,133 | 6.97% |
| 20-30% | 88 | $42,950,000 | $488,068 | $3,768 | 7.29% |
| <20% | 45 | $29,065,000 | $645,889 | $4,315 | 7.56% |
| 39% | 27 | $18,495,000 | $685,000 | $4,044 | 6.97% |
| 42% | 24 | $15,380,000 | $640,833 | $4,678 | 7.39% |
| 41% | 22 | $11,420,000 | $519,091 | $3,654 | 7.29% |
| 44% | 22 | $8,610,000 | $391,364 | $4,993 | 7.64% |
| 40% | 16 | $8,520,000 | $532,500 | $3,754 | 7.10% |
| 37% | 15 | $10,545,000 | $703,000 | $3,945 | 7.48% |
| 36% | 15 | $5,925,000 | $395,000 | $3,502 | 6.83% |
| 38% | 14 | $7,060,000 | $504,286 | $5,128 | 6.74% |
| 43% | 14 | $4,730,000 | $337,857 | $3,348 | 7.58% |
| >60% | 4 | $3,320,000 | $830,000 | $3,927 | 6.19% |
| 45% | 3 | $665,000 | $221,667 | $2,879 | 6.96% |
| 46% | 2 | $810,000 | $405,000 | $2,850 | 6.69% |
| 50-60% | 2 | $1,000,000 | $500,000 | $2,938 | 4.94% |
| 47% | 1 | $2,535,000 | $2,535,000 | $9,091 | 6.13% |
Needham Bank lent most frequently to those with DTI ratios of 30-36%, with 99 originations. The next most common DTI ratio? 20-30%, with 88 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 29 | $289,925,000 | $9,997,414 | $0 | 6.83% |
| White | 277 | $154,015,000 | $556,011 | $4,181 | 7.27% |
| Not provided | 76 | $41,090,000 | $540,658 | $3,958 | 7.37% |
| Asian | 41 | $25,235,000 | $615,488 | $3,734 | 6.72% |
| Black | 17 | $6,445,000 | $379,118 | $3,774 | 5.88% |
| American Indian | 5 | $575,000 | $115,000 | $0 | 8.55% |
Approval Rates
Total approvals of all applications
85.80%
Needham Bank has an average approval rate.
Pick Rate
Approvals leading to origination
76.40%
Needham Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 445 | $517,285,000 | $1,162,438 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 445 | $517,285,000 | $1,162,438 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 90 | $45,230,000 | $502,556 | $3,512 | 7.74% |
| 40-60% | 52 | $131,630,000 | $2,531,346 | $4,051 | 6.93% |
| 60-80% | 106 | $254,220,000 | $2,398,302 | $3,935 | 6.56% |
| 80-100% | 77 | $63,655,000 | $826,688 | $4,471 | 6.08% |
| Under 20% | 120 | $22,550,000 | $187,917 | $2,143 | 8.09% |
