Greenwood Mortgage Rates, Fees & Info
Warwick, RILEI: 549300JD1162QW84ZO34
Tax ID: 05-0254228
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Mortgage Data
Review & Overview
Greenwood is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Greenwood has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Worcester, Barnstable Town, Norwich, and Miami among others. We have data for 15 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.63% | 4/28/24 |
| 30 Year Conventional Purchase | 6.62% | 4/28/24 |
| 30 Year Conventional Refi | 6.43% | 4/28/24 |
| 30 Year Cash-out Refi | 6.73% | 4/28/24 |
| 15 Year Conventional Purchase | 5.89% | 4/28/24 |
| 15 Year Conventional Refi | 5.67% | 4/28/24 |
| 15 Year Cash-out Refi | 5.67% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
558Origination Dollar Volume (All Markets)
$105,100,000Top 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) | 517 | $95,795,000 | $185,290 | $2,834 | 3.36% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 16 | $3,640,000 | $227,500 | $2,829 | 3.15% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 4 | $1,670,000 | $417,500 | $3,753 | 3.59% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $4,912 | 3.08% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $3,221 | 4.06% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 5 | $785,000 | $157,000 | $6,996 | 3.44% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $4,322 | 3.44% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,269 | 3.06% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 2.49% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $879 | 5.49% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,466 | 2.50% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $0 | 2.99% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.49% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 2.49% |
Their top states include:
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 396 | $88,150,000 | $222,601 | $2,864 | 3.48% |
| HELOC | 162 | $16,950,000 | $104,630 | n/a | 3.05% |
For 2020, Greenwood's most frequently originated type of loan was Conventional, with 396 originations. Their 2nd most popular type was HELOC, with 162 originations.
Loan Reason
For 2020, Greenwood's most frequently cited loan purpose was Cash Out Refi, with 261 originations. The 2nd most popular reason was Refi, with 141 originations.
Loan Duration/Length
For 2020, Greenwood's most frequently cited loan duration was 20 Year, with 221 originations. The 2nd most popular length was 30 Year, with 196 originations.
Origination Fees/Closing Costs
Greenwood's average total fees were $3,633, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 292 originations.
Interest Rates
During 2020, Greenwood's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 2.5-3%, with 178 originations.
Loan Sizing
2020 saw Greenwood place emphasis on $100,000 or less loans with 177 originations, totaling $8,225,000 in origination value.
Applicant Income
Greenwood lent most frequently to those with incomes in the $100k-150k range, with 134 originations. The second most popular income band? $50k-75k, with 117 originations.
Applicant Debt to Income Ratio
Greenwood lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 93 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.43%
Greenwood has a below average approval rate.
Pick Rate
Approvals leading to origination45.34%
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 | 558 | $105,100,000 | $188,351 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Greentree & Associates | Conventional home mortgage | Trouble during payment process | 2 | 66.7% |
| Greentree & Associates | FHA mortgage | Struggling to pay mortgage | 1 | 33.3% |