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 Refi and Home Purchase loans. The Washington Trust Company Of Westerly has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Providence, Boston, Norwich, Bridgeport, and New Haven among others. We have data for 12 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% 4/21/24
    30 Year Conventional Purchase 6.29% 4/21/24
    30 Year Conventional Refi 6.43% 4/21/24
    30 Year Cash-out Refi 6.53% 4/21/24
    30 Year FHA Purchase 6.89% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 6.01% 4/21/24
    30 Year VA Refi 5.81% 4/21/24
    15 Year Conventional Purchase 6.83% 4/21/24
    15 Year Conventional Refi 6.16% 4/21/24
    15 Year Cash-out Refi 6.16% 4/21/24
    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

    1,869

    Origination Dollar Volume (All Markets)

    $456,705,000

    Employee count

    590

    Awards

    The Washington Trust Company of Westerly 30 Year Conventional Loans silver The Washington Trust Company of Westerly 30 Year Conventional Loans bronze
    Show all (2) 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) 1,520 $356,470,000 $234,520 $2,987 4.08%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 191 $47,075,000 $246,466 $796 4.44%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 69 $27,625,000 $400,362 $2,789 4.13%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 11 $6,545,000 $595,000 $5,028 3.98%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 17 $6,545,000 $385,000 $1,147 4.63%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 21 $3,895,000 $185,476 $2,333 4.65%
    WORCESTER, MA-CT (FHA|USDA|VA) 18 $2,770,000 $153,889 $1,472 4.75%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,170,000 $271,250 $4,458 3.99%
    Outside of Metro Areas 6 $2,100,000 $350,000 $150 3.97%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 4 $720,000 $180,000 $745 5.46%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $630,000 $315,000 $3,473 3.81%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $160,000 $80,000 $228 4.37%
    The Washington Trust Company Of Westerly's top markets include Providence, Boston, Norwich, Bridgeport, and New Haven among others.

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

    SOMERSET
    Similarity Rank: 26
    Chelsea Groton Bank
    Similarity Rank: 70
    Charter Oak Federal Credit Union
    Similarity Rank: 96
    SIKORSKY FINANCIAL
    Similarity Rank: 115
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    First Ipswich Bank
    Similarity Rank: 139
    CorePlus Federal Credit Union
    Similarity Rank: 154
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 208
    Middlesex Savings Bank
    Similarity Rank: 310

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,053 $298,385,000 $283,367 $2,791 4.29%
    HELOC 809 $156,775,000 $193,789 n/a 3.94%
    FHA 7 $1,545,000 $220,714 $7,088 3.27%

    For 2019, The Washington Trust Company Of Westerly's most frequently originated type of loan was Conventional, with 1,053 originations. Their 2nd most popular type was HELOC, with 809 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 631 $161,505,000 $255,951 $2,604 3.83%
    Home Purchase 609 $183,675,000 $301,601 $3,051 4.40%
    Other 238 $37,460,000 $157,395 $1,576 4.18%
    Home Improvement 218 $22,800,000 $104,587 $174 4.25%
    Cash Out Refi 173 $51,265,000 $296,329 $3,234 4.14%

    For 2019, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Refi, with 631 originations. The 2nd most popular reason was Home Purchase, with 609 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 818 $161,300,000 $197,188 $2,499 3.94%
    30 Year 811 $232,205,000 $286,319 $3,085 4.23%
    15 Year 97 $17,315,000 $178,505 $1,862 4.35%
    20 Year 50 $9,050,000 $181,000 $2,113 4.55%
    10 Year 45 $8,685,000 $193,000 $461 4.77%
    30+ year 26 $14,340,000 $551,538 $5,087 4.55%
    5 Year 22 $13,810,000 $627,727 $32 4.29%

    For 2019, The Washington Trust Company Of Westerly's most frequently cited loan duration was Other, with 818 originations. The 2nd most popular length was 30 Year, with 811 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 715 $216,945,000 $303,420
    $<1k 240 $35,330,000 $147,208
    $2k-3k 12 $4,690,000 $390,833
    $3k-4k 3 $2,115,000 $705,000
    $4k-5k 3 $1,925,000 $641,667
    $5k+ 1 $425,000 $425,000

    The Washington Trust Company Of Westerly's average total fees were $3,085, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 715 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 963 $253,035,000 $262,757
    4-5% 554 $132,180,000 $238,592
    5-6% 218 $28,660,000 $131,468
    <2.5% 78 $23,700,000 $303,846
    6-7% 35 $2,955,000 $84,429
    2.5-3% 18 $4,220,000 $234,444
    7-8% 2 $110,000 $55,000
    % 1 $11,845,000 $11,845,000

    During 2019, The Washington Trust Company Of Westerly's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 3-4%, with 963 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 671 $185,305,000 $276,162 $3,180 3.94%
    $100k-200k 560 $79,960,000 $142,786 $2,509 4.19%
    $100,000 or less 414 $22,420,000 $54,155 $548 4.55%
    $400k-600k 151 $71,795,000 $475,464 $3,707 3.92%
    $600k-1MM 38 $27,960,000 $735,789 $4,761 3.51%
    $1MM+ 35 $69,265,000 $1,979,000 $6,965 3.91%

    2019 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 671 originations, totaling $185,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 432 $87,450,000 $202,431 $2,768 4.12%
    $150k-250k 377 $94,375,000 $250,332 $3,031 4.05%
    $50k-75k 298 $49,130,000 $164,866 $2,682 4.10%
    $250k+ 292 $117,030,000 $400,788 $3,078 4.27%
    $75k-100k 283 $51,525,000 $182,067 $2,838 4.19%
    $50k or less 133 $13,595,000 $102,218 $2,616 4.20%

    The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 432 originations. The second most popular income band? $150k-250k, with 377 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 442 $97,090,000 $219,661 $2,768 4.06%
    30-36% 369 $85,465,000 $231,612 $2,747 4.14%
    <20% 189 $39,155,000 $207,169 $2,644 3.99%
    42% 127 $29,975,000 $236,024 $3,183 3.92%
    41% 105 $24,745,000 $235,667 $3,178 4.11%
    40% 84 $20,840,000 $248,095 $3,071 4.13%
    36% 81 $16,225,000 $200,309 $2,630 4.23%
    39% 76 $19,110,000 $251,447 $2,921 4.20%
    38% 64 $16,540,000 $258,438 $2,757 4.34%
    43% 58 $12,970,000 $223,621 $2,659 4.25%
    37% 56 $11,320,000 $202,143 $2,699 4.13%
    44% 45 $11,335,000 $251,889 $2,514 4.47%
    46% 32 $6,580,000 $205,625 $2,646 4.40%
    45% 28 $5,870,000 $209,643 $2,849 4.50%
    49% 28 $6,850,000 $244,643 $3,309 4.24%
    48% 25 $6,695,000 $267,800 $3,077 4.22%
    47% 20 $4,960,000 $248,000 $3,801 4.16%
    50-60% 13 $3,635,000 $279,615 $1,439 4.75%
    >60% 12 $2,090,000 $174,167 $3,278 4.69%

    The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 442 originations. The next most common DTI ratio? 30-36%, with 369 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,561 $355,245,000 $227,575 $2,947 4.08%
    Not provided 229 $51,215,000 $223,646 $2,144 4.57%
    Not applicable 15 $35,255,000 $2,350,333 $0 4.43%
    Asian 42 $10,900,000 $259,524 $2,536 3.73%
    Black 18 $2,710,000 $150,556 $1,269 4.81%
    Other Pacific Islander 1 $525,000 $525,000 $3,881 4.25%
    Chinese 1 $505,000 $505,000 $0 3.60%
    Other Asian 1 $245,000 $245,000 $3,215 4.50%
    American Indian 1 $105,000 $105,000 $0 3.60%

    Approval Rates

    Total approvals of all applications
    90.24%

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

    Pick Rate

    Approvals leading to origination
    79.94%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,869 $456,705,000 $244,358

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $33,340,000 $2,778,333
    Single Family (1-4 Units):Manufactured 4 $130,000 $32,500
    Single Family (1-4 Units):Site-Built 1,853 $423,235,000 $228,405

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 382 $62,930,000 $164,738 $2,086 4.00%
    40-60% 285 $93,985,000 $329,772 $3,111 3.87%
    60-80% 501 $181,025,000 $361,327 $3,308 4.06%
    80-100% 299 $88,135,000 $294,766 $3,371 4.07%
    Under 20% 402 $30,630,000 $76,194 $312 4.61%

    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 $17,864
    The Washington Trust Company, of Westerly 1200 Main Street Wyoming, RI 2898 Full Service B&M $147,048
    The Washington Trust Company, of Westerly 1203 Oaklawn Avenue Cranston, RI 2920 Full Service B&M $118,675
    The Washington Trust Company, of Westerly 126 Franklin Street Westerly, RI 2891 Full Service B&M $234,955
    The Washington Trust Company, of Westerly 1383 Atwood Avenue Johnston, RI 2919 Full Service B&M $61,226
    The Washington Trust Company, of Westerly 14 Clara Drive Mystic, CT 6355 Full Service Retail $63,481
    The Washington Trust Company, of Westerly 1473 Warwick Avenue Warwick, RI 2888 Full Service B&M $75,903
    The Washington Trust Company, of Westerly 156 Westminster Street Providence, RI 2903 Full Service B&M $268,074
    The Washington Trust Company, of Westerly 1588 Mineral Spring Avenue North Providence, RI 2904 Full Service B&M $8,723
    The Washington Trust Company, of Westerly 20 Point Judith Road Narragansett, RI 2882 Full Service B&M $288,817
    The Washington Trust Company, of Westerly 2174 Plainfield Pike Cranston, RI 2921 Full Service B&M $43,310
    The Washington Trust Company, of Westerly 229 Waterman Street Providence, RI 2906 Full Service B&M $31,412
    The Washington Trust Company, of Westerly 23 Broad Street Westerly, RI 2891 Full Service B&M $1,170,067
    The Washington Trust Company, of Westerly 236 Centerville Road (Rt. 117) Warwick, RI 2886 Full Service B&M $206,535
    The Washington Trust Company, of Westerly 330 Newport Avenue Rumford, RI 2916 Full Service B&M $17,291
    The Washington Trust Company, of Westerly 4137 Old Post Road Charlestown, RI 2813 Full Service B&M $147,891
    The Washington Trust Company, of Westerly 587 Taunton Avenue East Providence, RI 2914 Full Service B&M $88,584
    The Washington Trust Company, of Westerly 645 Reservoir Avenue Cranston, RI 2910 Full Service B&M $113,595
    The Washington Trust Company, of Westerly 730 Kingstown Road Wakefield, RI 2879 Full Service B&M $98,677
    The Washington Trust Company, of Westerly 732 Tiogue Avenue Coventry, RI 2816 Full Service B&M $16,957
    The Washington Trust Company, of Westerly 7625 Post Road North Kingstown, RI 2852 Full Service B&M $168,458
    The Washington Trust Company, of Westerly 885 Boston Neck Road Narragansett, RI 2882 Full Service B&M $71,143
    The Washington Trust Company, of Westerly Ocean Avenue And Corn Neck Road Block Island, RI 2807 Full Service B&M $47,869

    For 2019, The Washington Trust Company Of Westerly had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $199,243
    Net interest income $134,393
    Total noninterest income $66,264
    Gross Fiduciary activities income $23,055
    Service charges on deposit accounts $3,630
    Trading account gains and fees $3,965
    Additional Noninterest Income $35,614
    Pre-tax net operating income $89,649
    Securities gains (or losses, -) $-53
    Income before extraordinary items $70,239
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $70,239
    Minority interest net income $0
    Net income $70,239
    Sale, conversion, retirement of capital stock, net $3,125
    Net operating income $70,280

    The Washington Trust Company Of Westerly's gross interest income from loans was $199,243,000.
    The Washington Trust Company Of Westerly's net interest income from loans was $134,393,000.
    The Washington Trust Company Of Westerly's fee based income from loans was $3,630,000.
    The Washington Trust Company Of Westerly's net income from loans was $70,239,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $64,850
    Provision for credit losses $1,575
    Total noninterest expense $109,433
    Salaries and employee benefits $72,872
    Premises and equipment expense $10,553
    Additional noninterest expense $26,008
    Applicable income taxes $19,357
    Net charge-offs $1,633
    Cash dividends $36,796

    The Washington Trust Company Of Westerly's interest expense for loans was $64,850,000.
    The Washington Trust Company Of Westerly's payroll and benefits expense were $72,872,000.
    The Washington Trust Company Of Westerly's property, plant and equipment expenses $10,553,000.

    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 1.0%
    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 $3,501,121
    Deposits held in domestic offices $3,501,121
    Deposits by Individuals, partnerships, and corporations $3,244,451
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $248,442
    Deposits by Commercial banks and other depository institutions in U.S. $8,228
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $426,479
    Demand deposits $286,217
    Nontransaction accounts $3,074,642
    Money market deposit accounts (MMDAs) $765,900
    Other savings deposits (excluding MMDAs) $1,239,419
    Total time deposits $1,069,323
    Total time and savings deposits $3,214,904
    Noninterest-bearing deposits $611,976
    Interest-bearing deposits $2,889,145
    Retail deposits $3,073,980
    IRAs and Keogh plan accounts $144,268
    Brokered deposits $284,842
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,291,910
    Cash & Balances due from depository institutions $132,046
    Interest-bearing balances $83,378
    Total securities $905,752
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,894,125
    Loan and leases loss allowance $27,014
    Trading account assets $27,736
    Bank premises and fixed assets $54,859
    Other real estate owned $1,109
    Goodwill and other intangibles $74,654
    All other assets $201,629

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,291,910
    Total Liabilities $4,769,941
    Total deposits $3,501,121
    Interest-bearing deposits $2,889,145
    Deposits held in domestic offices $3,501,121
    % insured (estimated) $74
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $27,826
    Other borrowed funds $1,141,464
    Subordinated debt $0
    All other liabilities $99,530

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,894,125
    Loan and leases loss allowance $27,014
    Total loans and leases (domestic) $3,921,139
    All real estate loans $3,534,525
    Real estate loans in domestic offices $3,534,525
    Construction and development loans $233,157
    Residential 1-4 family construction $19,521
    Other construction, all land development and other land $213,636
    Loans secured by nonfarm nonresidential properties $1,175,036
    Nonfarm nonresidential secured by owner-occupied properties $216,113
    Commercial real estate & other non-farm, non-residential $958,923
    Multifamily residential real estate $377,529
    1-4 family residential loans $1,748,803
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $227,438
    To non-U.S. addressees $0
    Loans to individuals $17,666
    Credit card loans $0
    Related Plans $427
    Consumer Auto Loans $330
    Other loans to individuals $16,909
    All other loans & leases $141,510
    Loans to foreign governments and official institutions $0
    Other loans $94
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $4,741
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $375
    Non 1-4 family restructured loans & leases $18
    Total loans and leases (foreign) $0

    The Washington Trust Company of Westerly had $3,894,125,000 of loans outstanding in 2019. $3,534,525,000 of loans were in real estate loans. $233,157,000 of loans were in development loans. $377,529,000 of loans were in multifamily mortgage loans. $1,748,803,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $330,000 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 473 $111,151 $234,992
    Nonfarm, nonresidential loans - <$100k 65 $2,886 $44,400
    Nonfarm, nonresidential loans - $100-250k 136 $14,342 $105,456
    Nonfarm, nonresidential loans - $250k-1MM 272 $93,923 $345,305
    Commercial & Industrial, US addressed loans - <$1MM 401 $35,710 $89,052
    Commercial & Industrial, US addressed loans - <$100k 219 $3,003 $13,712
    Commercial & Industrial, US addressed loans - $100-250k 70 $5,543 $79,186
    Commercial & Industrial, US addressed loans - $250k-1MM 112 $27,164 $242,536