Washington Trust Mortgage Company Rates, Fees & Info
WARWICK, RILEI: 549300L0OVX5O63S8C68
Tax ID: 45-4889921
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
2,157Origination Dollar Volume (All Markets)
$1,129,705,000Awards
WASHINGTON TRUST MORTGAGE COMPANY - 2021
WASHINGTON TRUST MORTGAGE COMPANY is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications96.74%
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 origination75.80%
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% |
