Greenwood Mortgage Rates, Fees & Info

Warwick, RI

LEI: 549300JD1162QW84ZO34

Tax ID: 05-0254228

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Mortgage Data

Review & Overview

Greenwood is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Greenwood has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Worcester, Barnstable Town, Bridgeport, and Boston among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Greenwood 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. Greenwood 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.63% 10/31/24
30 Year Conventional Purchase 6.62% 10/31/24
30 Year Conventional Refi 6.43% 10/31/24
30 Year Cash-out Refi 6.73% 10/31/24
15 Year Conventional Purchase 5.89% 10/31/24
15 Year Conventional Refi 5.67% 10/31/24
15 Year Cash-out Refi 5.67% 10/31/24
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.

Greenwood Mortgage Calculator






Your Estimates

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This is not an official calculator from Greenwood. 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

417

Origination Dollar Volume (All Markets)

$49,275,000

Awards

GREENWOOD 30 Year Conventional Loans silver
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) 402 $47,230,000 $117,488 $1,368 4.47%
WORCESTER, MA-CT (FHA|USDA|VA) 5 $705,000 $141,000 $2,015 4.92%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $375,000 $375,000 $3,162 4.25%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $205,000 $205,000 $2,142 4.88%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $180,000 $90,000 $0 5.37%
PITTSFIELD, MA (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.99%
Torrington, CT (FHA|USDA|VA) 1 $145,000 $145,000 $0 2.99%
Outside of Metro Areas 1 $125,000 $125,000 $2,838 4.50%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $100,000 $50,000 $278 4.49%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $55,000 $55,000 $278 6.74%
Greenwood's top markets include Providence, Worcester, Barnstable Town, Bridgeport, and Boston among others.

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

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

    SOMERSET
    Similarity Rank: 26
    Rhode Island Credit Union
    Similarity Rank: 116
    PAWTUCKET
    Similarity Rank: 216
    ROCKLAND
    Similarity Rank: 300
    Milford Federal Bank
    Similarity Rank: 306
    BankNewport
    Similarity Rank: 315
    OCEAN STATE CREDIT UNION
    Similarity Rank: 315
    WAVE FEDERAL CREDIT UNION
    Similarity Rank: 348

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 248 $35,490,000 $143,105 $1,387 4.96%
    HELOC 169 $13,785,000 $81,568 n/a 3.77%

    For 2019, Greenwood's most frequently originated type of loan was Conventional, with 248 originations. Their 2nd most popular type was HELOC, with 169 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 214 $22,690,000 $106,028 $1,305 4.47%
    Home Improvement 130 $6,870,000 $52,846 $231 4.57%
    Home Purchase 44 $13,660,000 $310,455 $3,006 4.38%
    Refi 28 $5,920,000 $211,429 $2,381 4.22%
    Other 1 $135,000 $135,000 $0 6.50%

    For 2019, Greenwood's most frequently cited loan purpose was Cash Out Refi, with 214 originations. The 2nd most popular reason was Home Improvement, with 130 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 229 $19,995,000 $87,314 $771 4.31%
    30 Year 63 $17,275,000 $274,206 $3,032 4.40%
    10 Year 54 $3,830,000 $70,926 $252 5.26%
    15 Year 36 $3,870,000 $107,500 $1,492 4.97%
    5 Year 24 $700,000 $29,167 $211 5.04%
    Other 10 $3,320,000 $332,000 $236 1.53%
    1 Year 1 $285,000 $285,000 $0 5.00%

    For 2019, Greenwood's most frequently cited loan duration was 20 Year, with 229 originations. The 2nd most popular length was 30 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 221 $26,365,000 $119,299
    $1k-2k 1 $75,000 $75,000
    $2k-3k 1 $195,000 $195,000
    $4k-5k 1 $245,000 $245,000
    $5k+ 1 $625,000 $625,000

    Greenwood's average total fees were $3,032, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 221 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 137 $18,465,000 $134,781
    2.5-3% 124 $9,920,000 $80,000
    6-7% 58 $3,170,000 $54,655
    5-6% 42 $8,150,000 $194,048
    3-4% 34 $8,730,000 $256,765
    7-8% 10 $570,000 $57,000
    <2.5% 7 $125,000 $17,857
    Over 8% 5 $145,000 $29,000

    During 2019, Greenwood's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 137 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 258 $11,050,000 $42,829 $350 4.62%
    $100k-200k 95 $12,985,000 $136,684 $2,154 4.20%
    $200k-400k 49 $13,155,000 $268,469 $2,906 4.34%
    $600k-1MM 8 $5,860,000 $732,500 $6,412 4.09%
    $400k-600k 5 $2,195,000 $439,000 $3,291 4.21%
    $1MM+ 2 $4,030,000 $2,015,000 $5,969 4.75%

    2019 saw Greenwood place emphasis on $100,000 or less loans with 258 originations, totaling $11,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 100 $10,180,000 $101,800 $1,276 4.34%
    $50k-75k 86 $6,880,000 $80,000 $1,054 4.66%
    $75k-100k 78 $7,490,000 $96,026 $1,251 4.49%
    $50k or less 72 $7,230,000 $100,417 $1,202 4.30%
    $150k-250k 50 $5,940,000 $118,800 $1,674 4.53%
    $250k+ 24 $10,710,000 $446,250 $3,334 4.74%

    Greenwood lent most frequently to those with incomes in the $100k-150k range, with 100 originations. The second most popular income band? $50k-75k, with 86 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $9,450,000 $98,438 $1,294 4.24%
    30-36% 78 $7,380,000 $94,615 $1,116 4.47%
    <20% 71 $12,815,000 $180,493 $1,961 4.17%
    44% 22 $840,000 $38,182 $292 5.54%
    39% 21 $1,905,000 $90,714 $1,495 5.00%
    41% 20 $2,330,000 $116,500 $1,392 4.65%
    38% 14 $740,000 $52,857 $211 4.56%
    42% 13 $1,125,000 $86,538 $1,258 4.62%
    40% 13 $1,235,000 $95,000 $1,531 4.20%
    37% 12 $1,710,000 $142,500 $2,204 4.26%
    36% 10 $800,000 $80,000 $1,212 4.50%
    43% 9 $795,000 $88,333 $662 4.88%
    >60% 6 $870,000 $145,000 $203 4.95%
    50-60% 5 $1,525,000 $305,000 $3,255 4.75%
    45% 4 $560,000 $140,000 $1,208 5.15%
    46% 3 $485,000 $161,667 $2,649 3.83%
    49% 3 $735,000 $245,000 $2,831 4.25%
    47% 2 $230,000 $115,000 $1,246 4.56%
    48% 1 $125,000 $125,000 $0 4.75%

    Greenwood lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 383 $44,535,000 $116,279 $1,407 4.45%
    5 $2,045,000 $409,000 $0 5.09%
    Not provided 10 $1,020,000 $102,000 $1,661 3.66%
    Black 7 $555,000 $79,286 $1,037 5.76%
    Not applicable 2 $470,000 $235,000 $0 5.33%
    Chinese 1 $185,000 $185,000 $0 2.99%
    Asian 5 $185,000 $37,000 $203 4.74%
    American Indian 1 $165,000 $165,000 $2,481 5.13%
    Other Pacific Islander 2 $90,000 $45,000 $234 6.24%
    Other Asian 1 $25,000 $25,000 $203 6.49%

    Approval Rates

    Total approvals of all applications
    87.73%

    Greenwood has an average approval rate.

    Pick Rate

    Approvals leading to origination
    54.20%

    Greenwood has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 417 $49,275,000 $118,165

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $4,235,000 $1,411,667
    Single Family (1-4 Units):Site-Built 414 $45,040,000 $108,792

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 95 $9,475,000 $99,737 $1,064 4.36%
    40-60% 45 $8,285,000 $184,111 $2,539 4.08%
    60-80% 64 $17,850,000 $278,906 $2,574 4.46%
    80-100% 23 $5,765,000 $250,652 $2,993 4.50%
    Under 20% 182 $6,450,000 $35,440 $222 4.63%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Greentree & Associates Other type of mortgage Trouble during payment process 2 50.0%
    Greentree & Associates Conventional home mortgage Trouble during payment process 2 50.0%