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

Westerly, RI

LEI: 549300HKYBSATM44Q425

Tax ID: 05-0235370

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Bank Data

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, Hartford, and Bridgeport 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% 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

2,583

Origination Dollar Volume (All Markets)

$689,665,000

Employee count

609

Awards

The Washington Trust Company of Westerly 30 Year Conventional Loans bronze The Washington Trust Company of Westerly FHA Loans gold The Washington Trust Company of Westerly FHA Loans gold
Show all (3) 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) 2,164 $560,420,000 $258,974 $3,186 3.21%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 205 $45,645,000 $222,659 $1,736 3.81%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 89 $24,295,000 $272,978 $3,201 3.32%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 42 $21,210,000 $505,000 $1,306 4.17%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 16 $9,970,000 $623,125 $5,065 3.14%
WORCESTER, MA-CT (FHA|USDA|VA) 23 $9,965,000 $433,261 $2,215 3.15%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 12 $7,410,000 $617,500 $4,785 2.76%
Torrington, CT (FHA|USDA|VA) 5 $5,225,000 $1,045,000 $3,034 3.34%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 12 $2,730,000 $227,500 $2,417 3.70%
Outside of Metro Areas 6 $1,050,000 $175,000 $2,413 3.71%
Vineyard Haven, MA (FHA|USDA|VA) 2 $620,000 $310,000 $2,749 3.56%
Lebanon, NH-VT (FHA|USDA|VA) 2 $420,000 $210,000 $1,608 4.06%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $370,000 $185,000 $1,590 4.37%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $1,133 3.00%
Concord, NH (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.99%
PITTSFIELD, MA (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.99%
The Washington Trust Company Of Westerly's top markets include Providence, Boston, Norwich, Hartford, and Bridgeport among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,834 $565,480,000 $308,332 $2,944 3.35%
    HELOC 708 $111,290,000 $157,189 n/a 3.15%
    FHA 41 $12,895,000 $314,512 $9,021 2.67%

    For 2020, The Washington Trust Company Of Westerly's most frequently originated type of loan was Conventional, with 1,834 originations. Their 2nd most popular type was HELOC, with 708 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,103 $311,185,000 $282,126 $2,943 3.10%
    Home Purchase 648 $210,280,000 $324,506 $3,261 3.59%
    Cash Out Refi 356 $100,410,000 $282,051 $3,274 3.29%
    Other 251 $39,485,000 $157,311 $2,220 3.30%
    Home Improvement 225 $28,305,000 $125,800 $1,269 3.26%

    For 2020, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Refi, with 1,103 originations. The 2nd most popular reason was Home Purchase, with 648 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,244 $391,190,000 $314,461 $3,226 3.39%
    Other 762 $141,860,000 $186,168 $2,862 3.15%
    15 Year 328 $72,540,000 $221,159 $2,627 3.11%
    20 Year 148 $40,940,000 $276,622 $2,890 3.21%
    10 Year 56 $24,640,000 $440,000 $2,269 3.27%
    30+ year 33 $18,245,000 $552,879 $5,601 3.89%
    5 Year 11 $235,000 $21,364 $73 4.54%
    3 Year 1 $15,000 $15,000 $0 3.99%

    For 2020, The Washington Trust Company Of Westerly's most frequently cited loan duration was 30 Year, with 1,244 originations. The 2nd most popular length was Other, with 762 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,510 $468,860,000 $310,503
    $<1k 233 $42,465,000 $182,253
    $2k-3k 46 $15,690,000 $341,087
    $3k-4k 10 $3,140,000 $314,000
    $5k+ 3 $985,000 $328,333
    $4k-5k 2 $930,000 $465,000

    The Washington Trust Company Of Westerly's average total fees were $3,226, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,510 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,230 $377,010,000 $306,512
    2.5-3% 668 $189,420,000 $283,563
    <2.5% 377 $74,825,000 $198,475
    4-5% 245 $42,405,000 $173,082
    5-6% 56 $5,340,000 $95,357
    6-7% 4 $500,000 $125,000
    7-8% 3 $165,000 $55,000

    During 2020, The Washington Trust Company Of Westerly's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 1,230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,110 $312,310,000 $281,360 $3,244 3.18%
    $100k-200k 696 $103,580,000 $148,822 $2,537 3.24%
    $100,000 or less 418 $23,790,000 $56,914 $754 3.69%
    $400k-600k 242 $112,520,000 $464,959 $3,735 3.19%
    $600k-1MM 75 $54,075,000 $721,000 $4,955 3.16%
    $1MM+ 42 $83,390,000 $1,985,476 $6,759 3.36%

    2020 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 1,110 originations, totaling $312,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 586 $133,640,000 $228,055 $3,080 3.20%
    $150k-250k 565 $154,795,000 $273,973 $3,048 3.29%
    $50k-75k 416 $69,910,000 $168,053 $2,888 3.26%
    $75k-100k 415 $90,955,000 $219,169 $3,205 3.22%
    $250k+ 414 $181,970,000 $439,541 $3,383 3.45%
    $50k or less 129 $17,815,000 $138,101 $2,970 3.28%

    The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 586 originations. The second most popular income band? $150k-250k, with 565 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 736 $187,620,000 $254,918 $2,958 3.25%
    30-36% 574 $143,510,000 $250,017 $3,006 3.25%
    <20% 270 $71,080,000 $263,259 $3,037 3.22%
    42% 104 $21,570,000 $207,404 $3,096 3.17%
    39% 100 $23,900,000 $239,000 $2,786 3.55%
    40% 94 $22,580,000 $240,213 $3,184 3.31%
    41% 89 $21,805,000 $245,000 $3,165 3.33%
    37% 87 $25,975,000 $298,563 $3,102 3.20%
    36% 83 $24,755,000 $298,253 $3,498 3.40%
    43% 81 $19,555,000 $241,420 $2,968 3.35%
    38% 77 $21,065,000 $273,571 $3,135 3.19%
    44% 67 $19,345,000 $288,731 $3,151 3.33%
    45% 52 $13,620,000 $261,923 $3,049 3.42%
    46% 46 $12,400,000 $269,565 $3,265 3.30%
    49% 36 $10,270,000 $285,278 $3,605 3.39%
    47% 30 $7,570,000 $252,333 $2,953 3.76%
    48% 22 $5,900,000 $268,182 $3,426 3.29%
    50-60% 16 $4,900,000 $306,250 $7,563 2.95%
    >60% 7 $535,000 $76,429 $1,285 3.93%

    The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 20-30%, with 736 originations. The next most common DTI ratio? 30-36%, with 574 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,280 $593,960,000 $260,509 $3,112 3.26%
    Not provided 198 $44,790,000 $226,212 $2,652 3.42%
    Not applicable 12 $31,770,000 $2,647,500 $0 4.06%
    Asian 53 $9,995,000 $188,585 $1,706 3.63%
    Black 27 $5,925,000 $219,444 $4,597 3.33%
    American Indian 6 $1,110,000 $185,000 $4,012 3.31%
    Asian Indian 3 $795,000 $265,000 $2,242 3.67%
    Native Hawaiian or Islander 2 $600,000 $300,000 $3,158 3.25%
    Other Asian 1 $465,000 $465,000 $3,301 3.00%
    Other Pacific Islander 1 $255,000 $255,000 $7,724 2.63%

    Approval Rates

    Total approvals of all applications
    93.67%

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

    Pick Rate

    Approvals leading to origination
    74.18%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,583 $689,665,000 $267,002

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $31,445,000 $2,858,636
    Single Family (1-4 Units):Manufactured 4 $160,000 $40,000
    Single Family (1-4 Units):Site-Built 2,568 $658,060,000 $256,254

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 385 $74,075,000 $192,403 $2,668 3.17%
    40-60% 490 $149,200,000 $304,490 $3,037 3.03%
    60-80% 902 $308,990,000 $342,561 $3,216 3.25%
    80-100% 350 $117,720,000 $336,343 $3,948 3.26%
    Under 20% 456 $39,680,000 $87,018 $690 3.74%

    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 $20,858
    The Washington Trust Company, of Westerly 1200 Main Street Wyoming, RI 2898 Full Service B&M $166,686
    The Washington Trust Company, of Westerly 1203 Oaklawn Avenue Cranston, RI 2920 Full Service B&M $135,767
    The Washington Trust Company, of Westerly 126 Franklin Street Westerly, RI 2891 Full Service B&M $253,613
    The Washington Trust Company, of Westerly 1383 Atwood Avenue Johnston, RI 2919 Full Service B&M $67,677
    The Washington Trust Company, of Westerly 14 Clara Drive Mystic, CT 6355 Full Service Retail $64,167
    The Washington Trust Company, of Westerly 1473 Warwick Avenue Warwick, RI 2888 Full Service B&M $93,962
    The Washington Trust Company, of Westerly 156 Westminster Street Providence, RI 2903 Full Service B&M $335,519
    The Washington Trust Company, of Westerly 1588 Mineral Spring Avenue North Providence, RI 2904 Full Service B&M $22,555
    The Washington Trust Company, of Westerly 20 Point Judith Road Narragansett, RI 2882 Full Service B&M $319,895
    The Washington Trust Company, of Westerly 2174 Plainfield Pike Cranston, RI 2921 Full Service B&M $47,533
    The Washington Trust Company, of Westerly 229 Waterman Street Providence, RI 2906 Full Service B&M $37,391
    The Washington Trust Company, of Westerly 23 Broad Street Westerly, RI 2891 Full Service B&M $1,370,353
    The Washington Trust Company, of Westerly 236 Centerville Road (Rt. 117) Warwick, RI 2886 Full Service B&M $256,942
    The Washington Trust Company, of Westerly 330 Newport Avenue Rumford, RI 2916 Full Service B&M $20,657
    The Washington Trust Company, of Westerly 4137 Old Post Road Charlestown, RI 2813 Full Service B&M $183,651
    The Washington Trust Company, of Westerly 587 Taunton Avenue East Providence, RI 2914 Full Service B&M $100,180
    The Washington Trust Company, of Westerly 645 Reservoir Avenue Cranston, RI 2910 Full Service B&M $144,887
    The Washington Trust Company, of Westerly 730 Kingstown Road Wakefield, RI 2879 Full Service B&M $124,962
    The Washington Trust Company, of Westerly 732 Tiogue Avenue Coventry, RI 2816 Full Service B&M $21,113
    The Washington Trust Company, of Westerly 7625 Post Road North Kingstown, RI 2852 Full Service B&M $193,652
    The Washington Trust Company, of Westerly 885 Boston Neck Road Narragansett, RI 2882 Full Service B&M $80,092
    The Washington Trust Company, of Westerly Ocean Avenue And Corn Neck Road Block Island, RI 2807 Full Service B&M $58,033

    For 2020, The Washington Trust Company Of Westerly had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $183,607
    Net interest income $128,084
    Total noninterest income $99,383
    Gross Fiduciary activities income $28,281
    Service charges on deposit accounts $2,680
    Trading account gains and fees $3,991
    Additional Noninterest Income $64,431
    Pre-tax net operating income $90,312
    Securities gains (or losses, -) $0
    Income before extraordinary items $70,741
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $70,741
    Minority interest net income $0
    Net income $70,741
    Sale, conversion, retirement of capital stock, net $3,766
    Net operating income $70,741

    The Washington Trust Company Of Westerly's gross interest income from loans was $183,607,000.
    The Washington Trust Company Of Westerly's net interest income from loans was $128,084,000.
    The Washington Trust Company Of Westerly's fee based income from loans was $2,680,000.
    The Washington Trust Company Of Westerly's net income from loans was $70,741,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $55,523
    Provision for credit losses $12,342
    Total noninterest expense $124,813
    Salaries and employee benefits $83,018
    Premises and equipment expense $10,547
    Additional noninterest expense $31,248
    Applicable income taxes $19,571
    Net charge-offs $1,145
    Cash dividends $43,139

    The Washington Trust Company Of Westerly's interest expense for loans was $55,523,000.
    The Washington Trust Company Of Westerly's payroll and benefits expense were $83,018,000.
    The Washington Trust Company Of Westerly's property, plant and equipment expenses $10,547,000.

    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 $4,380,626
    Deposits held in domestic offices $4,380,626
    Deposits by Individuals, partnerships, and corporations $4,085,802
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $290,865
    Deposits by Commercial banks and other depository institutions in U.S. $3,959
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $547,171
    Demand deposits $340,692
    Nontransaction accounts $3,833,455
    Money market deposit accounts (MMDAs) $910,168
    Other savings deposits (excluding MMDAs) $1,626,891
    Total time deposits $1,296,396
    Total time and savings deposits $4,039,934
    Noninterest-bearing deposits $834,300
    Interest-bearing deposits $3,546,326
    Retail deposits $3,657,363
    IRAs and Keogh plan accounts $144,494
    Brokered deposits $591,541
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,712,705
    Cash & Balances due from depository institutions $193,980
    Interest-bearing balances $138,443
    Total securities $902,696
    Federal funds sold & reverse repurchase $0
    Net loans and leases $4,214,017
    Loan and leases loss allowance $44,106
    Trading account assets $75,804
    Bank premises and fixed assets $57,495
    Other real estate owned $0
    Goodwill and other intangibles $77,647
    All other assets $191,066

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,712,705
    Total Liabilities $5,161,719
    Total deposits $4,380,626
    Interest-bearing deposits $3,546,326
    Deposits held in domestic offices $4,380,626
    % insured (estimated) $75
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $76,248
    Other borrowed funds $593,859
    Subordinated debt $0
    All other liabilities $110,986

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $4,214,017
    Loan and leases loss allowance $44,106
    Total loans and leases (domestic) $4,258,123
    All real estate loans $3,694,588
    Real estate loans in domestic offices $3,694,588
    Construction and development loans $140,128
    Residential 1-4 family construction $24,311
    Other construction, all land development and other land $115,817
    Loans secured by nonfarm nonresidential properties $1,330,053
    Nonfarm nonresidential secured by owner-occupied properties $267,874
    Commercial real estate & other non-farm, non-residential $1,062,179
    Multifamily residential real estate $460,058
    1-4 family residential loans $1,764,349
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $409,252
    To non-U.S. addressees $0
    Loans to individuals $14,060
    Credit card loans $0
    Related Plans $316
    Consumer Auto Loans $144
    Other loans to individuals $13,600
    All other loans & leases $140,223
    Loans to foreign governments and official institutions $0
    Other loans $76
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $3,785
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $13,350
    Non 1-4 family restructured loans & leases $8,621
    Total loans and leases (foreign) $0

    The Washington Trust Company of Westerly had $4,214,017,000 of loans outstanding in 2020. $3,694,588,000 of loans were in real estate loans. $140,128,000 of loans were in development loans. $460,058,000 of loans were in multifamily mortgage loans. $1,764,349,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $144,000 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 500 $103,831 $207,662
    Nonfarm, nonresidential loans - <$100k 72 $2,192 $30,444
    Nonfarm, nonresidential loans - $100-250k 143 $13,182 $92,182
    Nonfarm, nonresidential loans - $250k-1MM 285 $88,457 $310,375
    Commercial & Industrial, US addressed loans - <$1MM 2,433 $160,066 $65,790
    Commercial & Industrial, US addressed loans - <$100k 1,791 $43,398 $24,231
    Commercial & Industrial, US addressed loans - $100-250k 358 $42,431 $118,522
    Commercial & Industrial, US addressed loans - $250k-1MM 284 $74,237 $261,398