Bank Of Washington Mortgage Rates, Fees & Info

Washington, MO

LEI: 54930044G6TGPFFTFM49

Tax ID: 43-0170340

5 stars - out of 5 stars, based on 15 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Bank Of Washington is a smaller bank specializing in Home Purchase and Refi loans. Bank Of Washington has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Springfield, Rolla, Fayetteville, and North Port among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Of Washington 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. Bank Of Washington 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 about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.22% 3/24/23
    30 Year Conventional Refi 6.31% 3/24/23
    30 Year Cash-out Refi 6.16% 3/24/23
    30 Year USDA Purchase 6.23% 3/24/23
    15 Year Conventional Purchase 5.71% 3/24/23
    15 Year Conventional Refi 5.83% 3/24/23
    15 Year Cash-out Refi 5.83% 3/24/23
    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.


    Originations

    214

    Origination Dollar Volume (All Markets)

    $60,670,000

    Awards

    Bank of Washington 30 Year Conventional Loans silver Bank of Washington 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Bank Of Washington's average 30 year fixed mortgage rate was 4.75%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.01%.

    Relative Fees (Closing Costs)

    Bank Of Washington's average total fees/closing costs for a 30 year fixed rate mortgage were $2,701.

    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 $4,750.

    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
    ST. LOUIS, MO-IL (FHA|USDA|VA) 194 $52,110,000 $268,608 $2,442 4.62%
    SPRINGFIELD, MO (FHA|USDA|VA) 3 $3,935,000 $1,311,667 $2,715 4.42%
    Outside of Metro Areas 12 $2,230,000 $185,833 $2,561 4.90%
    Rolla, MO (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 5.00%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $645,000 $645,000 $3,010 4.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,979 4.95%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $225,000 $225,000 $2,335 4.88%
    Fort Leonard Wood, MO (FHA|USDA|VA) 1 $185,000 $185,000 $5,141 6.38%
    Bank Of Washington's top markets include St. Louis, Springfield, Rolla, Fayetteville, and North Port among others.

    Their top states include:
  • Missouri (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank of Washington based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    D.W. BROWN MORTGAGE CORP.
    Similarity Rank: 209
    Town & Country Bank
    Similarity Rank: 328
    Ozarks Federal Savings and Loan Association
    Similarity Rank: 518
    JERSEY STATE BANK
    Similarity Rank: 580
    U S WIDE FINANCIAL LLC
    Similarity Rank: 720
    First National Bank of Waterloo
    Similarity Rank: 804
    ALLTRU Federal Credit Union
    Similarity Rank: 884
    HNB National Bank
    Similarity Rank: 980
    WEST COMMUNITY
    Similarity Rank: 1164
    United Bank of Union
    Similarity Rank: 1197

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 206 $59,400,000 $288,350 $2,377 4.66%
    USDA 8 $1,270,000 $158,750 $4,559 4.17%

    For 2022, Bank Of Washington's most frequently originated type of loan was Conventional, with 206 originations. Their 2nd most popular type was USDA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 129 $33,825,000 $262,209 $3,122 4.93%
    Cash Out Refi 34 $6,980,000 $205,294 $1,584 3.67%
    Refi 31 $15,115,000 $487,581 $1,402 4.58%
    Other 16 $2,710,000 $169,375 $1,281 4.50%
    Home Improvement 4 $2,040,000 $510,000 $4,214 4.65%

    For 2022, Bank Of Washington's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Cash Out Refi, with 34 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 125 $29,455,000 $235,640 $2,701 4.75%
    15 Year 26 $5,460,000 $210,000 $1,938 3.30%
    3 Year 16 $4,890,000 $305,625 $2,538 5.45%
    Other 15 $3,245,000 $216,333 $975 5.23%
    5 Year 14 $12,620,000 $901,429 $0 4.90%
    20 Year 13 $4,585,000 $352,692 $3,251 4.40%
    10 Year 5 $415,000 $83,000 $1,485 4.44%

    For 2022, Bank Of Washington's most frequently cited loan duration was 30 Year, with 125 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 148 $32,110,000 $216,959
    $1k-2k 12 $2,410,000 $200,833
    $2k-3k 7 $2,785,000 $397,857
    $3k-4k 1 $325,000 $325,000
    $5k+ 1 $2,005,000 $2,005,000

    Bank Of Washington's average total fees were $2,701, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 148 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 72 $24,120,000 $335,000
    3-4% 53 $17,405,000 $328,396
    5-6% 49 $11,855,000 $241,939
    6-7% 20 $3,570,000 $178,500
    2.5-3% 13 $2,445,000 $188,077
    <2.5% 4 $680,000 $170,000
    7-8% 3 $595,000 $198,333

    During 2022, Bank Of Washington's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 72 $11,140,000 $154,722 $2,365 4.71%
    $200k-400k 63 $17,875,000 $283,730 $2,781 4.59%
    $100,000 or less 46 $3,390,000 $73,696 $1,603 4.63%
    $400k-600k 17 $8,225,000 $483,824 $3,188 4.66%
    $600k-1MM 11 $7,545,000 $685,909 $2,881 4.54%
    $1MM+ 5 $12,495,000 $2,499,000 $12,625 4.61%

    2022 saw Bank Of Washington place emphasis on $100k-200k loans with 72 originations, totaling $11,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 47 $10,855,000 $230,957 $2,566 4.52%
    $50k-75k 37 $5,545,000 $149,865 $2,474 4.61%
    $50k or less 33 $3,615,000 $109,545 $2,094 4.39%
    $150k-250k 25 $6,865,000 $274,600 $2,430 4.91%
    $75k-100k 21 $4,815,000 $229,286 $2,342 4.40%
    $250k+ 15 $7,525,000 $501,667 $3,214 4.39%

    Bank Of Washington lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $11,345,000 $206,273 $2,338 4.52%
    <20% 32 $7,260,000 $226,875 $2,129 4.48%
    30-36% 28 $5,010,000 $178,929 $2,651 4.37%
    37% 10 $2,060,000 $206,000 $2,918 4.63%
    44% 9 $1,985,000 $220,556 $2,775 5.45%
    40% 8 $1,790,000 $223,750 $2,230 4.29%
    41% 7 $4,115,000 $587,857 $3,731 4.70%
    36% 6 $940,000 $156,667 $1,809 3.85%
    39% 6 $1,120,000 $186,667 $2,560 5.91%
    43% 5 $945,000 $189,000 $2,336 3.64%
    38% 5 $1,225,000 $245,000 $2,770 5.02%
    42% 3 $805,000 $268,333 $2,531 5.22%
    45% 2 $800,000 $400,000 $2,061 4.88%
    48% 2 $390,000 $195,000 $2,081 3.69%
    50-60% 2 $540,000 $270,000 $2,617 4.63%
    46% 1 $555,000 $555,000 $4,035 3.88%
    47% 1 $235,000 $235,000 $2,657 3.50%
    49% 1 $355,000 $355,000 $4,607 3.38%

    Bank Of Washington lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? <20%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 178 $39,880,000 $224,045 $2,449 4.54%
    Not applicable 31 $19,195,000 $619,194 $0 5.22%
    Not provided 5 $1,595,000 $319,000 $3,438 4.68%

    Approval Rates

    Total approvals of all applications
    95.19%

    Bank Of Washington has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.91%

    Bank Of Washington has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 214 $60,670,000 $283,505

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    214 $60,670,000 $283,505

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $2,435,000 $128,158 $1,923 4.53%
    40-60% 24 $4,960,000 $206,667 $2,241 3.89%
    60-80% 89 $34,255,000 $384,888 $2,504 4.63%
    80-100% 70 $16,430,000 $234,714 $3,008 4.82%
    Under 20% 12 $2,590,000 $215,833 $577 5.43%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 7 46.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.7%