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 and Refi 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 18 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% 11/22/24
    30 Year Conventional Refi 6.22% 11/22/24
    30 Year Cash-out Refi 6.38% 11/22/24
    15 Year Conventional Purchase 5.02% 11/22/24
    15 Year Conventional Refi 5.91% 11/22/24
    15 Year Cash-out Refi 5.91% 11/22/24
    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

    1,344

    Origination Dollar Volume (All Markets)

    $571,100,000

    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) 845 $408,715,000 $483,686 $3,881 4.14%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 162 $56,640,000 $349,630 $3,469 4.12%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 138 $38,740,000 $280,725 $3,599 4.09%
    WORCESTER, MA-CT (FHA|USDA|VA) 97 $28,365,000 $292,423 $3,572 3.99%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 11 $8,005,000 $727,727 $6,903 4.08%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 21 $7,515,000 $357,857 $3,228 4.26%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 11 $3,955,000 $359,545 $3,265 4.41%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 15 $3,605,000 $240,333 $3,828 4.40%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 11 $3,425,000 $311,364 $3,546 4.32%
    SPRINGFIELD, MA (FHA|USDA|VA) 12 $3,310,000 $275,833 $3,463 4.21%
    Outside of Metro Areas 6 $2,330,000 $388,333 $3,504 3.96%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $2,290,000 $1,145,000 $6,178 3.69%
    Concord, NH (FHA|USDA|VA) 4 $1,350,000 $337,500 $4,330 4.00%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $985,000 $328,333 $3,231 4.08%
    Torrington, CT (FHA|USDA|VA) 3 $895,000 $298,333 $5,344 4.46%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $445,000 $445,000 $2,353 3.50%
    Laconia, NH (FHA|USDA|VA) 1 $375,000 $375,000 $2,626 3.75%
    Keene, NH (FHA|USDA|VA) 1 $155,000 $155,000 $2,186 3.63%
    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.

    SOMERSET
    Similarity Rank: 26
    The Torrington Savings Bank
    Similarity Rank: 70
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Florence Bank
    Similarity Rank: 96
    Rhode Island Credit Union
    Similarity Rank: 116
    Piscataqua Savings Bank
    Similarity Rank: 118
    Stafford Savings Bank
    Similarity Rank: 124
    HOLYOKE
    Similarity Rank: 132
    First Ipswich Bank
    Similarity Rank: 139
    POLISH NATIONAL
    Similarity Rank: 152

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,344 $571,100,000 $424,926 $3,778 4.13%

    For 2019, Washington Trust Mortgage Company's most frequently originated type of loan was Conventional, with 1,344 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 803 $353,605,000 $440,355 $4,134 4.20%
    Refi 335 $135,235,000 $403,687 $3,091 3.87%
    Cash Out Refi 177 $70,815,000 $400,085 $3,431 4.22%
    Other 25 $10,175,000 $407,000 $4,510 4.45%
    Home Improvement 4 $1,270,000 $317,500 $3,314 4.44%

    For 2019, Washington Trust Mortgage Company's most frequently cited loan purpose was Home Purchase, with 803 originations. The 2nd most popular reason was Refi, with 335 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,177 $512,965,000 $435,824 $3,844 4.18%
    15 Year 91 $26,905,000 $295,659 $3,219 3.57%
    20 Year 47 $14,575,000 $310,106 $2,892 3.90%
    Other 14 $4,430,000 $316,429 $2,932 4.13%
    30+ year 12 $11,860,000 $988,333 $5,787 3.99%
    10 Year 3 $365,000 $121,667 $2,823 4.00%

    For 2019, Washington Trust Mortgage Company's most frequently cited loan duration was 30 Year, with 1,177 originations. The 2nd most popular length was 15 Year, with 91 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,041 $443,045,000 $425,596
    $<1k 34 $11,400,000 $335,294
    $2k-3k 23 $7,865,000 $341,957
    $4k-5k 14 $6,090,000 $435,000
    $5k+ 12 $14,090,000 $1,174,167
    $3k-4k 9 $2,975,000 $330,556

    Washington Trust Mortgage Company's average total fees were $3,844, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,041 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 661 $288,355,000 $436,241
    4-5% 624 $262,870,000 $421,266
    5-6% 49 $17,165,000 $350,306
    2.5-3% 6 $2,430,000 $405,000
    <2.5% 3 $35,000 $11,667
    6-7% 1 $245,000 $245,000

    During 2019, Washington Trust Mortgage Company's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 3-4%, with 661 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 635 $190,415,000 $299,866 $3,368 4.14%
    $400k-600k 336 $160,500,000 $477,679 $3,837 4.11%
    $600k-1MM 152 $113,690,000 $747,961 $4,583 4.12%
    $100k-200k 149 $23,205,000 $155,738 $2,988 4.14%
    $1MM+ 57 $82,265,000 $1,443,246 $8,206 4.14%
    $100,000 or less 15 $1,025,000 $68,333 $2,109 3.79%

    2019 saw Washington Trust Mortgage Company place emphasis on $200k-400k loans with 635 originations, totaling $190,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 359 $160,095,000 $445,947 $3,759 4.09%
    $100k-150k 342 $120,810,000 $353,246 $3,435 4.15%
    $250k+ 269 $190,405,000 $707,825 $5,065 4.18%
    $75k-100k 182 $54,710,000 $300,604 $3,441 4.13%
    $50k-75k 157 $39,475,000 $251,433 $3,359 4.04%
    $50k or less 35 $5,605,000 $160,143 $2,947 4.11%

    Washington Trust Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 359 originations. The second most popular income band? $100k-150k, with 342 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 304 $121,510,000 $399,704 $3,623 4.04%
    30-36% 298 $129,940,000 $436,040 $3,842 4.13%
    <20% 96 $43,120,000 $449,167 $3,793 4.05%
    40% 65 $25,985,000 $399,769 $3,830 4.18%
    42% 63 $31,905,000 $506,429 $3,820 4.25%
    38% 61 $29,725,000 $487,295 $3,647 4.17%
    37% 61 $28,595,000 $468,770 $4,162 4.04%
    36% 56 $26,470,000 $472,679 $3,842 4.15%
    41% 52 $19,320,000 $371,538 $3,587 4.15%
    39% 49 $17,815,000 $363,571 $3,482 4.09%
    43% 48 $17,580,000 $366,250 $3,458 4.25%
    45% 41 $18,325,000 $446,951 $3,980 4.15%
    46% 31 $11,395,000 $367,581 $3,645 4.30%
    44% 30 $10,890,000 $363,000 $4,368 4.23%
    48% 27 $12,635,000 $467,963 $4,413 4.18%
    49% 25 $10,025,000 $401,000 $3,640 4.18%
    47% 22 $9,780,000 $444,545 $3,806 4.20%
    50-60% 11 $3,465,000 $315,000 $3,645 4.32%
    >60% 4 $2,620,000 $655,000 $4,442 4.34%

    Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 304 originations. The next most common DTI ratio? 30-36%, with 298 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 636 $232,930,000 $366,242 $3,676 4.07%
    Not provided 484 $230,310,000 $475,847 $3,803 4.18%
    Asian 204 $101,050,000 $495,343 $4,176 4.19%
    Black 19 $6,485,000 $341,316 $3,770 4.24%
    Asian Indian 1 $325,000 $325,000 $3,056 3.63%

    Approval Rates

    Total approvals of all applications
    95.93%

    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
    75.52%

    Washington Trust Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,344 $571,100,000 $424,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,344 $571,100,000 $424,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $15,640,000 $279,286 $3,200 3.90%
    40-60% 223 $95,805,000 $429,619 $3,869 4.13%
    60-80% 631 $287,415,000 $455,491 $3,682 4.18%
    80-100% 426 $171,030,000 $401,479 $3,952 4.09%
    Under 20% 8 $1,210,000 $151,250 $1,929 2.95%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 60.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 1 20.0%