Washington Trust Mortgage Company Rates, Fees & Info

WARWICK, RI

LEI: 549300L0OVX5O63S8C68

Tax ID: 45-4889921

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Washington Trust Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Washington Trust Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Hartford, Worcester, and Bridgeport among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington Trust Mortgage Company 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. Washington Trust Mortgage Company 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
    30 Year Conventional Purchase 5.94% 4/18/24
    30 Year Conventional Refi 6.22% 4/18/24
    30 Year Cash-out Refi 6.38% 4/18/24
    15 Year Conventional Purchase 5.02% 4/18/24
    15 Year Conventional Refi 5.91% 4/18/24
    15 Year Cash-out Refi 5.91% 4/18/24
    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.

    Washington Trust Mortgage Company Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Washington Trust Mortgage Company. 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

    1,084

    Origination Dollar Volume (All Markets)

    $451,160,000

    Awards

    WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans bronze WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans silver
    Show all (2) 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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 705 $334,805,000 $474,901 $4,195 4.45%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 122 $36,800,000 $301,639 $3,500 4.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 97 $29,365,000 $302,732 $3,719 4.47%
    WORCESTER, MA-CT (FHA|USDA|VA) 82 $21,220,000 $258,780 $3,708 4.54%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 11 $7,105,000 $645,909 $7,194 4.48%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 18 $6,380,000 $354,444 $3,412 4.55%
    Outside of Metro Areas 4 $3,980,000 $995,000 $5,417 4.44%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 14 $3,890,000 $277,857 $3,146 4.71%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 15 $3,405,000 $227,000 $3,585 4.64%
    Concord, NH (FHA|USDA|VA) 4 $1,140,000 $285,000 $3,374 4.69%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $785,000 $261,667 $3,481 5.08%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $660,000 $330,000 $3,596 4.06%
    Torrington, CT (FHA|USDA|VA) 3 $655,000 $218,333 $3,351 4.00%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $455,000 $455,000 $4,054 4.13%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $370,000 $185,000 $3,357 4.25%
    Keene, NH (FHA|USDA|VA) 1 $145,000 $145,000 $3,230 5.13%
    Washington Trust Mortgage Company's top markets include Boston, Providence, Hartford, Worcester, and Bridgeport among others.

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

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Stafford Savings Bank
    Similarity Rank: 68
    SOMERSET
    Similarity Rank: 99
    Union Savings Bank
    Similarity Rank: 108
    POLISH NATIONAL
    Similarity Rank: 108
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,084 $451,160,000 $416,199 $4,005 4.47%

    For 2018, Washington Trust Mortgage Company's most frequently originated type of loan was Conventional, with 1,084 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 828 $352,390,000 $425,592 $4,175 4.47%
    Cash Out Refi 139 $54,655,000 $393,201 $3,385 4.55%
    Refi 84 $33,220,000 $395,476 $3,235 4.35%
    Other 26 $9,130,000 $351,154 $4,192 4.63%
    Home Improvement 7 $1,765,000 $252,143 $3,150 4.50%

    For 2018, Washington Trust Mortgage Company's most frequently cited loan purpose was Home Purchase, with 828 originations. The 2nd most popular reason was Cash Out Refi, with 139 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,002 $424,480,000 $423,633 $4,051 4.52%
    15 Year 51 $10,045,000 $196,961 $2,474 3.70%
    30+ year 17 $11,825,000 $695,588 $5,656 4.28%
    20 Year 9 $3,485,000 $387,222 $3,467 4.47%
    10 Year 3 $485,000 $161,667 $3,021 3.79%
    Other 2 $840,000 $420,000 $3,134 4.94%

    For 2018, Washington Trust Mortgage Company's most frequently cited loan duration was 30 Year, with 1,002 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 710 $301,030,000 $423,986
    $<1k 30 $8,050,000 $268,333
    $2k-3k 30 $9,250,000 $308,333
    $5k+ 29 $23,025,000 $793,966
    $3k-4k 8 $2,780,000 $347,500
    $4k-5k 8 $2,730,000 $341,250

    Washington Trust Mortgage Company's average total fees were $4,051, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 710 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 747 $300,905,000 $402,818
    3-4% 202 $104,850,000 $519,059
    5-6% 127 $45,345,000 $357,047
    <2.5% 8 $60,000 $7,500

    During 2018, Washington Trust Mortgage Company's average interest rate for loans was 4.52%, while their most frequently originated rate bucket for loans was 4-5%, with 747 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 449 $131,285,000 $292,394 $3,527 4.56%
    $400k-600k 263 $125,235,000 $476,179 $4,184 4.46%
    $100k-200k 159 $24,945,000 $156,887 $3,056 4.56%
    $600k-1MM 133 $98,295,000 $739,060 $5,185 4.30%
    $1MM+ 53 $69,865,000 $1,318,208 $7,683 4.33%
    $100,000 or less 27 $1,535,000 $56,852 $1,607 3.63%

    2018 saw Washington Trust Mortgage Company place emphasis on $200k-400k loans with 449 originations, totaling $131,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 276 $127,920,000 $463,478 $4,124 4.48%
    $100k-150k 246 $86,960,000 $353,496 $3,698 4.52%
    $250k+ 245 $157,585,000 $643,204 $5,627 4.43%
    $75k-100k 154 $43,180,000 $280,390 $3,425 4.47%
    $50k-75k 124 $28,830,000 $232,500 $3,253 4.50%
    $50k or less 39 $6,685,000 $171,410 $2,737 4.31%

    Washington Trust Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 276 originations. The second most popular income band? $100k-150k, with 246 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 233 $102,705,000 $440,794 $4,070 4.50%
    30-36% 212 $83,640,000 $394,528 $3,931 4.52%
    <20% 108 $44,880,000 $415,556 $4,565 4.47%
    42% 62 $26,290,000 $424,032 $3,891 4.43%
    41% 56 $22,680,000 $405,000 $3,734 4.49%
    40% 46 $18,140,000 $394,348 $3,654 4.29%
    43% 42 $15,990,000 $380,714 $3,444 4.22%
    38% 41 $18,765,000 $457,683 $4,016 4.35%
    37% 40 $17,740,000 $443,500 $5,406 4.56%
    36% 40 $15,550,000 $388,750 $3,872 4.43%
    44% 39 $15,245,000 $390,897 $4,001 4.40%
    39% 36 $15,470,000 $429,722 $4,095 4.61%
    45% 32 $12,170,000 $380,313 $3,873 4.51%
    49% 25 $8,305,000 $332,200 $3,487 4.56%
    47% 25 $9,415,000 $376,600 $3,661 4.46%
    48% 23 $9,255,000 $402,391 $3,774 4.55%
    46% 12 $5,680,000 $473,333 $4,074 4.65%
    50-60% 11 $7,555,000 $686,818 $4,842 4.32%
    >60% 1 $1,685,000 $1,685,000 $7,539 4.38%

    Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 233 originations. The next most common DTI ratio? 30-36%, with 212 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 507 $187,115,000 $369,063 $3,728 4.48%
    Not provided 370 $159,230,000 $430,351 $3,813 4.46%
    Asian 194 $99,070,000 $510,670 $5,674 4.48%
    Black 6 $2,600,000 $433,333 $5,259 4.44%
    Chinese 2 $1,520,000 $760,000 $4,489 4.43%
    American Indian 3 $825,000 $275,000 $2,610 4.67%
    Other Pacific Islander 1 $625,000 $625,000 $3,663 4.63%
    Asian Indian 1 $175,000 $175,000 $3,132 4.75%

    Approval Rates

    Total approvals of all applications
    96.26%

    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
    70.20%

    Washington Trust Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,084 $451,160,000 $416,199

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,084 $451,160,000 $416,199

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $8,965,000 $256,143 $3,385 4.42%
    40-60% 163 $70,075,000 $429,908 $4,450 4.47%
    60-80% 559 $250,045,000 $447,308 $4,125 4.48%
    80-100% 316 $121,650,000 $384,968 $3,881 4.55%
    Under 20% 11 $425,000 $38,636 $822 1.91%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 14.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 3 42.9%