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 Home Purchase and Refi loans. Westerly Community has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Norwich, Boston, Worcester, and Hartford 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 a high 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
206Origination Dollar Volume (All Markets)
$39,090,000Awards
WESTERLY COMMUNITY - 2019
WESTERLY COMMUNITY is a 2019 , due to their low .
For 2019, 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) | 168 | $33,340,000 | $198,452 | $7,752 | 4.15% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 17 | $3,645,000 | $214,412 | $8,774 | 3.99% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 11 | $1,295,000 | $117,727 | $0 | 6.22% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 7 | $685,000 | $97,857 | $0 | 5.78% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 5.99% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.99% |
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 | 203 | $38,245,000 | $188,399 | $7,748 | 4.33% |
| USDA | 2 | $490,000 | $245,000 | $10,731 | 3.94% |
| VA | 1 | $355,000 | $355,000 | $19,828 | 3.38% |
For 2019, Westerly Community's most frequently originated type of loan was Conventional, with 203 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2019, Westerly Community's most frequently cited loan purpose was Home Purchase, with 105 originations. The 2nd most popular reason was Refi, with 52 originations.
Loan Duration/Length
For 2019, Westerly Community's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 20 Year, with 34 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 42 | $6,140,000 | $146,190 |
Westerly Community's average total fees were $11,565, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 42 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 111 | $24,275,000 | $218,694 |
| 4-5% | 46 | $8,380,000 | $182,174 |
| 5-6% | 30 | $3,660,000 | $122,000 |
| 6-7% | 11 | $925,000 | $84,091 |
| 2.5-3% | 6 | $1,380,000 | $230,000 |
During 2019, Westerly Community's average interest rate for loans was 3.96%, while their most frequently originated rate bucket for loans was 3-4%, with 111 originations.
Loan Sizing
2019 saw Westerly Community place emphasis on $200k-400k loans with 84 originations, totaling $22,140,000 in origination value.
Applicant Income
Westerly Community lent most frequently to those with incomes in the $50k-75k range, with 60 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 65 originations. The next most common DTI ratio? 30-36%, with 32 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.12%
Westerly Community has a below average approval rate.
Pick Rate
Approvals leading to origination73.30%
Westerly Community has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $130,000 | $65,000 |
| NA | 204 | $38,960,000 | $190,980 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 41 | $4,375,000 | $106,707 |
| Single Family (1-4 Units):Site-Built | 165 | $34,715,000 | $210,394 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WESTERN UNION COMPANY, THE | Conventional home mortgage | Trouble during payment process | 7 | 70.0% |
| WESTERN UNION COMPANY, THE | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 10.0% |
| WESTERN UNION COMPANY, THE | Other type of mortgage | Trouble during payment process | 2 | 20.0% |