The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info

Westerly, RI

LEI: 549300HKYBSATM44Q425

Tax ID: 05-0235370

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    The Washington Trust Company Of Westerly is a smaller mortgage company specializing in Home Purchase and Refi loans. The Washington Trust Company Of Westerly has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Hartford, Bridgeport, and New Haven among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Washington Trust Company Of Westerly 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. The Washington Trust Company Of Westerly 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 6.29% 11/17/24
    30 Year Conventional Refi 6.43% 11/17/24
    30 Year Cash-out Refi 6.53% 11/17/24
    30 Year FHA Purchase 6.89% 11/17/24
    30 Year FHA Refi 6.27% 11/17/24
    30 Year VA Purchase 6.01% 11/17/24
    30 Year VA Refi 5.81% 11/17/24
    15 Year Conventional Purchase 6.83% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 11/17/24
    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.

    The Washington Trust Company Of Westerly Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Washington Trust Company Of Westerly. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,609

    Origination Dollar Volume (All Markets)

    $431,185,000

    Employee count

    574

    Awards

    The Washington Trust Company of Westerly 30 Year Conventional Loans bronze
    Show all (1) awards

    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) 1,297 $276,555,000 $213,227 $2,970 4.37%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 144 $44,500,000 $309,028 $995 4.72%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 30 $31,060,000 $1,035,333 $1,470 5.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 11 $29,115,000 $2,646,818 $1,180 4.76%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 19 $24,835,000 $1,307,105 $3,113 4.85%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 65 $12,415,000 $191,000 $2,747 4.48%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $4,205,000 $4,205,000 $0 5.01%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 11 $2,765,000 $251,364 $1,380 4.13%
    WORCESTER, MA-CT (FHA|USDA|VA) 17 $2,595,000 $152,647 $3,075 4.34%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $735,000 $245,000 $1,813 4.66%
    Outside of Metro Areas 2 $580,000 $290,000 $2,912 4.44%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $550,000 $137,500 $3,347 3.68%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $490,000 $245,000 $2,556 5.19%
    Torrington, CT (FHA|USDA|VA) 1 $485,000 $485,000 $0 1.99%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $195,000 $195,000 $0 5.00%
    Concord, NH (FHA|USDA|VA) 1 $105,000 $105,000 $1,595 4.75%
    The Washington Trust Company Of Westerly's top markets include Providence, Boston, Hartford, Bridgeport, and New Haven among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    Chelsea Groton Bank
    Similarity Rank: 56
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 96
    SOMERSET
    Similarity Rank: 99
    Charter Oak Federal Credit Union
    Similarity Rank: 102
    Union Savings Bank
    Similarity Rank: 108
    MERRIMACK VALLEY
    Similarity Rank: 110

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 918 $319,910,000 $348,486 $2,806 4.69%
    HELOC 691 $111,275,000 $161,035 n/a 4.06%

    For 2018, The Washington Trust Company Of Westerly's most frequently originated type of loan was Conventional, with 918 originations. Their 2nd most popular type was HELOC, with 691 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 655 $206,035,000 $314,557 $3,126 4.70%
    Refi 411 $118,925,000 $289,355 $1,844 4.07%
    Other 236 $36,800,000 $155,932 $1,097 4.26%
    Home Improvement 184 $36,840,000 $200,217 $1,196 4.39%
    Cash Out Refi 123 $32,585,000 $264,919 $3,198 4.50%

    For 2018, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Home Purchase, with 655 originations. The 2nd most popular reason was Refi, with 411 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 697 $151,685,000 $217,626 $0 4.08%
    30 Year 630 $169,500,000 $269,048 $3,259 4.64%
    15 Year 120 $17,910,000 $149,250 $1,549 4.83%
    10 Year 64 $68,020,000 $1,062,813 $309 4.72%
    20 Year 40 $6,540,000 $163,500 $2,017 5.07%
    30+ year 33 $14,965,000 $453,485 $5,029 4.70%
    5 Year 25 $2,565,000 $102,600 $0 4.42%

    For 2018, The Washington Trust Company Of Westerly's most frequently cited loan duration was Other, with 697 originations. The 2nd most popular length was 30 Year, with 630 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 580 $161,420,000 $278,310
    $<1k 188 $23,540,000 $125,213
    $2k-3k 11 $3,115,000 $283,182
    $3k-4k 4 $2,530,000 $632,500
    $4k-5k 4 $1,550,000 $387,500
    $5k+ 2 $700,000 $350,000

    The Washington Trust Company Of Westerly's average total fees were $3,259, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 580 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 908 $297,630,000 $327,786
    3-4% 273 $58,345,000 $213,718
    5-6% 270 $48,810,000 $180,778
    <2.5% 129 $24,065,000 $186,550
    6-7% 24 $2,120,000 $88,333
    7-8% 5 $215,000 $43,000

    During 2018, The Washington Trust Company Of Westerly's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 4-5%, with 908 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 535 $147,695,000 $276,065 $3,329 4.39%
    $100k-200k 499 $71,305,000 $142,896 $2,608 4.34%
    $100,000 or less 405 $21,215,000 $52,383 $495 4.64%
    $400k-600k 108 $50,700,000 $469,444 $3,892 4.13%
    $600k-1MM 34 $24,320,000 $715,294 $5,099 4.34%
    $1MM+ 28 $115,950,000 $4,141,071 $6,697 4.62%

    2018 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 535 originations, totaling $147,695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 362 $70,080,000 $193,591 $2,916 4.31%
    $150k-250k 311 $68,415,000 $219,984 $3,172 4.35%
    $75k-100k 263 $45,065,000 $171,350 $2,762 4.34%
    $50k-75k 253 $37,945,000 $149,980 $2,559 4.50%
    $250k+ 242 $83,900,000 $346,694 $3,031 4.53%
    $50k or less 123 $13,465,000 $109,472 $2,482 4.61%

    The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 362 originations. The second most popular income band? $150k-250k, with 311 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 387 $79,465,000 $205,336 $2,745 4.29%
    30-36% 313 $61,345,000 $195,990 $2,791 4.39%
    <20% 177 $37,015,000 $209,124 $2,801 4.27%
    42% 73 $13,985,000 $191,575 $2,702 4.41%
    43% 72 $15,050,000 $209,028 $3,117 4.22%
    36% 60 $12,270,000 $204,500 $2,824 4.44%
    41% 60 $12,620,000 $210,333 $2,288 4.48%
    37% 59 $12,285,000 $208,220 $3,076 4.38%
    38% 55 $11,655,000 $211,909 $2,503 4.47%
    40% 54 $10,020,000 $185,556 $2,621 4.61%
    39% 54 $9,610,000 $177,963 $2,445 4.61%
    44% 40 $9,530,000 $238,250 $2,939 4.54%
    45% 37 $8,415,000 $227,432 $3,557 4.73%
    46% 37 $7,375,000 $199,324 $3,152 4.81%
    47% 32 $7,360,000 $230,000 $3,107 4.67%
    48% 26 $5,020,000 $193,077 $2,794 4.66%
    49% 26 $7,640,000 $293,846 $3,442 4.71%
    50-60% 16 $3,630,000 $226,875 $2,438 4.91%
    >60% 5 $335,000 $67,000 $0 5.70%

    The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 387 originations. The next most common DTI ratio? 30-36%, with 313 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,290 $270,890,000 $209,992 $2,863 4.41%
    Not applicable 26 $106,560,000 $4,098,462 $0 4.91%
    Not provided 253 $46,425,000 $183,498 $2,417 4.39%
    Asian 23 $4,555,000 $198,043 $2,311 4.44%
    Black 10 $2,080,000 $208,000 $2,628 5.09%
    American Indian 6 $600,000 $100,000 $0 5.71%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 5.99%

    Approval Rates

    Total approvals of all applications
    91.67%

    The Washington Trust Company Of Westerly has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.93%

    The Washington Trust Company Of Westerly has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,609 $431,185,000 $267,983

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 25 $106,405,000 $4,256,200
    Single Family (1-4 Units):Manufactured 6 $280,000 $46,667
    Single Family (1-4 Units):Site-Built 1,578 $324,500,000 $205,640

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 264 $68,070,000 $257,841 $2,546 4.03%
    40-60% 227 $92,905,000 $409,273 $3,024 4.16%
    60-80% 439 $157,765,000 $359,374 $3,390 4.42%
    80-100% 278 $81,700,000 $293,885 $3,360 4.61%
    Under 20% 401 $30,745,000 $76,671 $192 4.70%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Washington Trust Company, of Westerly 10 Weybosset St Providence, RI 2903 Limited, Trust Office $0
    The Washington Trust Company, of Westerly 106 Main Street Westerly, RI 2891 Full Service Retail $15,935
    The Washington Trust Company, of Westerly 1200 Main Street Wyoming, RI 2898 Full Service B&M $146,407
    The Washington Trust Company, of Westerly 1203 Oaklawn Avenue Cranston, RI 2920 Full Service B&M $100,862
    The Washington Trust Company, of Westerly 126 Franklin Street Westerly, RI 2891 Full Service B&M $251,041
    The Washington Trust Company, of Westerly 1383 Atwood Avenue Johnston, RI 2919 Full Service B&M $47,438
    The Washington Trust Company, of Westerly 14 Clara Drive Mystic, CT 6355 Full Service Retail $64,174
    The Washington Trust Company, of Westerly 1473 Warwick Avenue Warwick, RI 2888 Full Service B&M $67,624
    The Washington Trust Company, of Westerly 156 Westminster Street Providence, RI 2903 Full Service B&M $229,787
    The Washington Trust Company, of Westerly 20 Point Judith Road Narragansett, RI 2882 Full Service B&M $240,522
    The Washington Trust Company, of Westerly 2174 Plainfield Pike Cranston, RI 2921 Full Service B&M $43,713
    The Washington Trust Company, of Westerly 229 Waterman Street Providence, RI 2906 Full Service B&M $20,296
    The Washington Trust Company, of Westerly 23 Broad Street Westerly, RI 2891 Full Service B&M $1,138,303
    The Washington Trust Company, of Westerly 236 Centerville Road (Rt. 117) Warwick, RI 2886 Full Service B&M $195,246
    The Washington Trust Company, of Westerly 330 Newport Avenue Rumford, RI 2916 Full Service B&M $13,822
    The Washington Trust Company, of Westerly 4137 Old Post Road Charlestown, RI 2813 Full Service B&M $152,895
    The Washington Trust Company, of Westerly 587 Taunton Avenue East Providence, RI 2914 Full Service B&M $80,077
    The Washington Trust Company, of Westerly 645 Reservoir Avenue Cranston, RI 2910 Full Service B&M $133,845
    The Washington Trust Company, of Westerly 730 Kingstown Road Wakefield, RI 2879 Full Service B&M $98,298
    The Washington Trust Company, of Westerly 732 Tiogue Avenue Coventry, RI 2816 Full Service B&M $9,154
    The Washington Trust Company, of Westerly 7625 Post Road North Kingstown, RI 2852 Full Service B&M $168,132
    The Washington Trust Company, of Westerly 885 Boston Neck Road Narragansett, RI 2882 Full Service B&M $67,649
    The Washington Trust Company, of Westerly Ocean Avenue And Corn Neck Road Block Island, RI 2807 Full Service B&M $39,364

    For 2018, The Washington Trust Company Of Westerly had 23 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $177,237
    Net interest income $133,159
    Total noninterest income $61,094
    Gross Fiduciary activities income $21,508
    Service charges on deposit accounts $3,628
    Trading account gains and fees $2,392
    Additional Noninterest Income $33,566
    Pre-tax net operating income $87,799
    Securities gains (or losses, -) $0
    Income before extraordinary items $69,270
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $69,270
    Minority interest net income $0
    Net income $69,270
    Sale, conversion, retirement of capital stock, net $2,602
    Net operating income $69,270

    The Washington Trust Company Of Westerly's gross interest income from loans was $177,237,000.
    The Washington Trust Company Of Westerly's net interest income from loans was $133,159,000.
    The Washington Trust Company Of Westerly's fee based income from loans was $3,628,000.
    The Washington Trust Company Of Westerly's net income from loans was $69,270,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $44,078
    Provision for credit losses $1,550
    Total noninterest expense $104,904
    Salaries and employee benefits $69,393
    Premises and equipment expense $10,587
    Additional noninterest expense $24,924
    Applicable income taxes $18,529
    Net charge-offs $966
    Cash dividends $32,394

    The Washington Trust Company Of Westerly's interest expense for loans was $44,078,000.
    The Washington Trust Company Of Westerly's payroll and benefits expense were $69,393,000.
    The Washington Trust Company Of Westerly's property, plant and equipment expenses $10,587,000.

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

    Deposits

    Type Value (in 000's)
    Total deposits $3,527,486
    Deposits held in domestic offices $3,527,486
    Deposits by Individuals, partnerships, and corporations $3,289,798
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $230,743
    Deposits by Commercial banks and other depository institutions in U.S. $6,945
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $394,328
    Demand deposits $308,555
    Nontransaction accounts $3,133,158
    Money market deposit accounts (MMDAs) $646,878
    Other savings deposits (excluding MMDAs) $1,231,172
    Total time deposits $1,255,108
    Total time and savings deposits $3,218,931
    Noninterest-bearing deposits $606,472
    Interest-bearing deposits $2,921,014
    Retail deposits $2,927,416
    IRAs and Keogh plan accounts $144,156
    Brokered deposits $477,003
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,011,946
    Cash & Balances due from depository institutions $91,739
    Interest-bearing balances $33,744
    Total securities $941,777
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,674,539
    Loan and leases loss allowance $27,072
    Trading account assets $2,200
    Bank premises and fixed assets $28,514
    Other real estate owned $2,142
    Goodwill and other intangibles $75,722
    All other assets $195,313

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,011,946
    Total Liabilities $4,544,288
    Total deposits $3,527,486
    Interest-bearing deposits $2,921,014
    Deposits held in domestic offices $3,527,486
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $2,379
    Other borrowed funds $950,722
    Subordinated debt $0
    All other liabilities $63,701

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,674,539
    Loan and leases loss allowance $27,072
    Total loans and leases (domestic) $3,701,611
    All real estate loans $3,293,292
    Real estate loans in domestic offices $3,293,292
    Construction and development loans $213,954
    Residential 1-4 family construction $19,948
    Other construction, all land development and other land $194,006
    Loans secured by nonfarm nonresidential properties $1,156,166
    Nonfarm nonresidential secured by owner-occupied properties $234,879
    Commercial real estate & other non-farm, non-residential $921,287
    Multifamily residential real estate $280,485
    1-4 family residential loans $1,642,687
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $242,625
    To non-U.S. addressees $0
    Loans to individuals $22,638
    Credit card loans $0
    Related Plans $441
    Consumer Auto Loans $320
    Other loans to individuals $21,877
    All other loans & leases $143,056
    Loans to foreign governments and official institutions $0
    Other loans $88
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $5,314
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,109
    Non 1-4 family restructured loans & leases $4,736
    Total loans and leases (foreign) $0

    The Washington Trust Company of Westerly had $3,674,539,000 of loans outstanding in 2018. $3,293,292,000 of loans were in real estate loans. $213,954,000 of loans were in development loans. $280,485,000 of loans were in multifamily mortgage loans. $1,642,687,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $320,000 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 517 $117,674 $227,609
    Nonfarm, nonresidential loans - <$100k 70 $3,309 $47,271
    Nonfarm, nonresidential loans - $100-250k 159 $16,370 $102,956
    Nonfarm, nonresidential loans - $250k-1MM 288 $97,995 $340,260
    Commercial & Industrial, US addressed loans - <$1MM 446 $41,358 $92,731
    Commercial & Industrial, US addressed loans - <$100k 252 $3,802 $15,087
    Commercial & Industrial, US addressed loans - $100-250k 79 $6,384 $80,810
    Commercial & Industrial, US addressed loans - $250k-1MM 115 $31,172 $271,061