Westerly Community Mortgage Rates, Fees & Info
Westerly, RILEI: 549300BUIG4G67S5O712
Tax ID: 05-0255222
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Mortgage Data
Review & Overview
Westerly Community is a smaller mortgage company specializing in Refi and Home Purchase loans. Westerly Community has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Norwich, Boston, Springfield, and Worcester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Westerly Community 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. Westerly Community is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 5/4/24 |
| 30 Year Conventional Refi | 6.23% | 5/4/24 |
| 30 Year Cash-out Refi | 6.47% | 5/4/24 |
| 30 Year VA Purchase | 5.93% | 5/4/24 |
| 15 Year Conventional Purchase | 6.63% | 5/4/24 |
| 15 Year Conventional Refi | 6.00% | 5/4/24 |
| 15 Year Cash-out Refi | 6.00% | 5/4/24 |
| 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. | ||
Westerly Community Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
224Origination Dollar Volume (All Markets)
$38,700,000Awards
WESTERLY COMMUNITY - 2018
WESTERLY COMMUNITY is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 193 | $34,165,000 | $177,021 | $5,043 | 4.10% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 21 | $3,525,000 | $167,857 | $5,688 | 4.17% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 7 | $845,000 | $120,714 | $0 | 5.92% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.99% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.99% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.99% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against WESTERLY COMMUNITY 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 | 224 | $38,700,000 | $172,768 | $5,152 | 4.19% |
For 2018, Westerly Community's most frequently originated type of loan was Conventional, with 224 originations.
Loan Reason
For 2018, Westerly Community's most frequently cited loan purpose was Refi, with 82 originations. The 2nd most popular reason was Home Purchase, with 67 originations.
Loan Duration/Length
For 2018, Westerly Community's most frequently cited loan duration was 15 Year, with 53 originations. The 2nd most popular length was 10 Year, with 48 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $1,305,000 | $100,385 |
| $1k-2k | 1 | $205,000 | $205,000 |
Westerly Community's average total fees were $7,149, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 96 | $20,180,000 | $210,208 |
| 3-4% | 74 | $12,590,000 | $170,135 |
| 2.5-3% | 26 | $3,600,000 | $138,462 |
| 5-6% | 21 | $1,835,000 | $87,381 |
| 6-7% | 7 | $495,000 | $70,714 |
During 2018, Westerly Community's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 4-5%, with 96 originations.
Loan Sizing
2018 saw Westerly Community place emphasis on $100,000 or less loans with 118 originations, totaling $5,890,000 in origination value.
Applicant Income
Westerly Community lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $100k-150k, with 47 originations.
Applicant Debt to Income Ratio
Westerly Community lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.62%
Westerly Community has a below average approval rate.
Pick Rate
Approvals leading to origination88.84%
Westerly Community has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 224 | $38,700,000 | $172,768 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 21 | $1,755,000 | $83,571 |
| Single Family (1-4 Units):Site-Built | 203 | $36,945,000 | $181,995 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WESTERN UNION COMPANY, THE | Conventional home mortgage | Trouble during payment process | 15 | 65.2% |
| WESTERN UNION COMPANY, THE | FHA mortgage | Trouble during payment process | 1 | 4.3% |
| WESTERN UNION COMPANY, THE | Other type of mortgage | Trouble during payment process | 3 | 13.0% |
| WESTERN UNION COMPANY, THE | VA mortgage | Trouble during payment process | 4 | 17.4% |