Washington Trust Mortgage Company Rates, Fees & Info

WARWICK, RI

LEI: 549300L0OVX5O63S8C68

Tax ID: 45-4889921

5 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Washington Trust Mortgage Company is a small mortgage company specializing in Home Purchase and Refi loans. Washington Trust Mortgage Company has a high proportion of conventional loans. Their top markets include Boston, Providence, Worcester, Hartford, and Barnstable Town among others. Washington Trust Mortgage Company has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Washington Trust Mortgage Company is typically an average fee lendor.


Originations

2,157

Origination Dollar Volume (All Markets)

$1,129,705,000

Awards

WASHINGTON TRUST MORTGAGE COMPANY  30 Year Conventional Loans bronze WASHINGTON TRUST MORTGAGE COMPANY  30 Year Conventional Loans bronze WASHINGTON TRUST MORTGAGE COMPANY  30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Washington Trust Mortgage Company 's average 30 year fixed rate mortgage of loans were 3.1%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.05%.

Relative Fees

Washington Trust Mortgage Company 's average total fees for a 30 year fixed rate mortgage are $4,193.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1,352 $819,620,000 $606,228 $4,273 3.07%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 259 $95,135,000 $367,317 $3,380 3.00%
WORCESTER, MA-CT (FHA|USDA|VA) 171 $59,945,000 $350,556 $3,564 3.01%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 185 $59,175,000 $319,865 $3,734 2.96%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 51 $23,915,000 $468,922 $3,733 3.02%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 21 $17,205,000 $819,286 $5,107 2.91%
Outside of Metro Areas 17 $15,125,000 $889,706 $4,578 2.99%
Vineyard Haven, MA (FHA|USDA|VA) 8 $8,640,000 $1,080,000 $4,795 2.86%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 21 $7,455,000 $355,000 $3,086 3.01%
SPRINGFIELD, MA (FHA|USDA|VA) 22 $6,980,000 $317,273 $3,983 3.23%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 15 $5,415,000 $361,000 $3,649 2.91%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 20 $5,320,000 $266,000 $3,544 3.04%
Laconia, NH (FHA|USDA|VA) 5 $2,485,000 $497,000 $5,869 3.05%
Concord, NH (FHA|USDA|VA) 3 $1,605,000 $535,000 $4,730 2.88%
Lebanon, NH-VT (FHA|USDA|VA) 2 $760,000 $380,000 $5,144 3.19%
Torrington, CT (FHA|USDA|VA) 2 $570,000 $285,000 $3,334 2.94%
PITTSFIELD, MA (FHA|USDA|VA) 3 $355,000 $118,333 $0 3.71%

Washington Trust Mortgage Company 's top markets include Boston, Providence, Worcester, Hartford, and Barnstable Town among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,157 $1,129,705,000 $523,739 $4,024 3.04%

For the 2021 period, Washington Trust Mortgage Company 's most frequently originated loan type of loans were Conventional, with 2,157 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 971 $570,155,000 $587,183 $4,902 3.11%
Refi 819 $377,355,000 $460,751 $3,209 2.93%
Cash Out Refi 347 $170,635,000 $491,744 $3,570 3.11%
Other 16 $10,000,000 $625,000 $4,291 3.08%
Home Improvement 4 $1,560,000 $390,000 $4,590 3.31%

For the 2021, Washington Trust Mortgage Company 's most frequently cited loan purpose of loans were Home Purchase, with 971 originations. The 2nd most popular reason of loans were Refi, with 819 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,802 $1,000,350,000 $555,133 $4,193 3.10%
15 Year 189 $61,635,000 $326,111 $3,048 2.61%
20 Year 104 $34,740,000 $334,038 $2,960 2.80%
30+ year 28 $21,330,000 $761,786 $5,814 3.32%
Other 25 $9,505,000 $380,200 $2,825 2.99%
10 Year 9 $2,145,000 $238,333 $2,590 2.74%

For the 2021, Washington Trust Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 1,802 originations. The 2nd most popular length of loans were 15 Year, with 189 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,673 $886,385,000 $529,818
$2k-3k 66 $29,700,000 $450,000
$3k-4k 47 $21,465,000 $456,702
$5k+ 43 $38,485,000 $895,000
$<1k 16 $6,940,000 $433,750

$4,193 of loans were Washington Trust Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,673 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,126 $636,620,000 $565,382
3-4% 842 $418,170,000 $496,639
<2.5% 155 $59,735,000 $385,387
4-5% 34 $15,180,000 $446,471

During 2021, Washington Trust Mortgage Company 's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,126 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 792 $235,070,000 $296,806 $3,167 3.03%
$400k-600k 532 $260,490,000 $489,643 $4,025 3.10%
$600k-1MM 408 $307,560,000 $753,824 $4,691 3.04%
$1MM+ 216 $294,630,000 $1,364,028 $6,858 2.99%
$100k-200k 192 $30,850,000 $160,677 $2,817 3.02%
$100,000 or less 17 $1,105,000 $65,000 $2,274 2.71%

2021 saw Washington Trust Mortgage Company place emphasis on $200k-400k loans with 792 originations, totaling $235,070,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 609 $513,445,000 $843,095 $5,327 3.05%
$150k-250k 522 $272,060,000 $521,188 $3,923 3.04%
$100k-150k 505 $200,105,000 $396,248 $3,602 3.07%
$75k-100k 263 $82,665,000 $314,316 $3,320 3.03%
$50k-75k 207 $50,375,000 $243,357 $3,096 2.96%
$50k or less 51 $11,055,000 $216,765 $3,051 3.09%

Washington Trust Mortgage Company lent most frequently to those with incomes in the $250k+ range, with 609 originations. The second most popular income band? $150k-250k, with 522 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 642 $355,130,000 $553,162 $4,030 3.01%
30-36% 495 $268,345,000 $542,111 $4,107 3.04%
<20% 227 $117,115,000 $515,925 $3,844 2.99%
37% 94 $62,040,000 $660,000 $4,384 3.08%
39% 81 $46,305,000 $571,667 $4,747 3.14%
36% 80 $44,600,000 $557,500 $4,341 3.07%
41% 76 $33,820,000 $445,000 $3,680 3.14%
38% 69 $33,535,000 $486,014 $3,554 3.12%
42% 60 $31,450,000 $524,167 $3,956 3.02%
44% 60 $23,810,000 $396,833 $3,474 3.10%
40% 53 $23,135,000 $436,509 $3,617 3.07%
43% 51 $20,505,000 $402,059 $3,915 3.05%
45% 35 $14,645,000 $418,429 $4,411 3.15%
49% 33 $10,025,000 $303,788 $3,728 3.00%
46% 33 $14,355,000 $435,000 $4,172 3.02%
47% 31 $13,165,000 $424,677 $3,726 3.07%
48% 20 $8,720,000 $436,000 $3,629 2.93%
50-60% 14 $8,350,000 $596,429 $4,656 3.09%
>60% 3 $655,000 $218,333 $3,451 3.75%

Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 642 originations. The next most common DTI ratio? 30-36%, with 495 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,304 $638,270,000 $489,471 $3,859 2.99%
Asian 381 $226,165,000 $593,609 $4,668 3.19%
Not provided 387 $217,015,000 $560,762 $4,092 3.08%
Black 46 $23,660,000 $514,348 $4,433 3.12%
Asian Indian 18 $14,470,000 $803,889 $4,609 2.94%
Other Asian 6 $3,350,000 $558,333 $4,285 2.90%
Chinese 7 $3,125,000 $446,429 $3,229 3.13%
American Indian 6 $2,070,000 $345,000 $3,172 3.25%
Other Pacific Islander 1 $985,000 $985,000 $6,642 3.25%
Japanese 1 $595,000 $595,000 $3,724 2.13%

Approval Rates

Total approvals of all applications
96.74%

Washington Trust Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
75.80%

Washington Trust Mortgage Company has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,157 $1,129,705,000 $523,739

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,157 $1,129,705,000 $523,739

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 148 $50,600,000 $341,892 $3,317 2.95%
40-60% 483 $236,625,000 $489,907 $3,843 2.99%
60-80% 1,083 $588,445,000 $543,347 $3,912 3.09%
80-100% 429 $248,845,000 $580,058 $4,639 3.02%
Under 20% 14 $5,190,000 $370,714 $3,852 2.48%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 50.0%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%