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 small mortgage company specializing in Refi and 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 Barnstable Town 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% 4/21/24
    30 Year Conventional Refi 6.22% 4/21/24
    30 Year Cash-out Refi 6.38% 4/21/24
    15 Year Conventional Purchase 5.02% 4/21/24
    15 Year Conventional Refi 5.91% 4/21/24
    15 Year Cash-out Refi 5.91% 4/21/24
    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

    2,398

    Origination Dollar Volume (All Markets)

    $1,079,910,000

    Awards

    WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans silver
    Show all (1) 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) 1,474 $769,780,000 $522,239 $3,787 3.35%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 294 $99,650,000 $338,946 $3,171 3.22%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 254 $74,160,000 $291,969 $3,612 3.24%
    WORCESTER, MA-CT (FHA|USDA|VA) 164 $50,170,000 $305,915 $3,159 3.24%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 61 $31,565,000 $517,459 $3,842 3.26%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 19 $9,685,000 $509,737 $4,224 3.33%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 26 $8,690,000 $334,231 $3,646 3.18%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 35 $8,285,000 $236,714 $3,438 3.29%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 23 $7,465,000 $324,565 $3,480 3.10%
    Outside of Metro Areas 8 $6,520,000 $815,000 $4,264 3.33%
    SPRINGFIELD, MA (FHA|USDA|VA) 10 $3,580,000 $358,000 $3,607 3.51%
    Vineyard Haven, MA (FHA|USDA|VA) 5 $2,975,000 $595,000 $5,030 2.95%
    Torrington, CT (FHA|USDA|VA) 9 $2,135,000 $237,222 $3,418 3.46%
    Lebanon, NH-VT (FHA|USDA|VA) 6 $1,830,000 $305,000 $3,173 3.23%
    Concord, NH (FHA|USDA|VA) 5 $1,665,000 $333,000 $2,832 3.20%
    Laconia, NH (FHA|USDA|VA) 2 $710,000 $355,000 $3,622 3.25%
    Keene, NH (FHA|USDA|VA) 1 $625,000 $625,000 $4,445 3.38%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $420,000 $210,000 $4,000 3.38%
    Washington Trust Mortgage Company's top markets include Boston, Providence, Hartford, Worcester, and Barnstable Town 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.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    Florence Bank
    Similarity Rank: 174
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 259
    Stafford Savings Bank
    Similarity Rank: 266
    Piscataqua Savings Bank
    Similarity Rank: 310
    HOLYOKE
    Similarity Rank: 357
    LUSO
    Similarity Rank: 378

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,398 $1,079,910,000 $450,338 $3,633 3.31%

    For 2020, Washington Trust Mortgage Company's most frequently originated type of loan was Conventional, with 2,398 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,124 $460,100,000 $409,342 $3,113 3.19%
    Home Purchase 877 $452,465,000 $515,924 $4,445 3.41%
    Cash Out Refi 376 $160,320,000 $426,383 $3,377 3.40%
    Other 16 $5,530,000 $345,625 $3,448 3.41%
    Home Improvement 5 $1,495,000 $299,000 $3,899 3.55%

    For 2020, Washington Trust Mortgage Company's most frequently cited loan purpose was Refi, with 1,124 originations. The 2nd most popular reason was Home Purchase, with 877 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,902 $915,830,000 $481,509 $3,801 3.39%
    15 Year 248 $71,040,000 $286,452 $2,912 2.78%
    20 Year 156 $54,030,000 $346,346 $2,949 3.12%
    Other 47 $14,325,000 $304,787 $2,695 3.28%
    30+ year 24 $20,120,000 $838,333 $5,795 3.76%
    10 Year 21 $4,565,000 $217,381 $2,731 2.67%

    For 2020, Washington Trust Mortgage Company's most frequently cited loan duration was 30 Year, with 1,902 originations. The 2nd most popular length was 15 Year, with 248 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,934 $863,980,000 $446,732
    $2k-3k 89 $36,585,000 $411,067
    $<1k 49 $26,465,000 $540,102
    $3k-4k 35 $15,515,000 $443,286
    $5k+ 24 $17,970,000 $748,750
    $4k-5k 18 $6,340,000 $352,222

    Washington Trust Mortgage Company's average total fees were $3,801, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,934 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,516 $717,300,000 $473,153
    2.5-3% 696 $288,330,000 $414,267
    4-5% 113 $53,335,000 $471,991
    <2.5% 70 $20,280,000 $289,714
    5-6% 3 $665,000 $221,667

    During 2020, Washington Trust Mortgage Company's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 1,516 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,041 $311,825,000 $299,544 $3,140 3.29%
    $400k-600k 594 $284,730,000 $479,343 $3,661 3.31%
    $600k-1MM 344 $258,400,000 $751,163 $4,556 3.40%
    $100k-200k 266 $42,090,000 $158,233 $2,809 3.15%
    $1MM+ 131 $181,545,000 $1,385,840 $7,028 3.44%
    $100,000 or less 22 $1,320,000 $60,000 $1,843 3.22%

    2020 saw Washington Trust Mortgage Company place emphasis on $200k-400k loans with 1,041 originations, totaling $311,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 673 $313,005,000 $465,089 $3,592 3.33%
    $100k-150k 560 $200,810,000 $358,589 $3,299 3.28%
    $250k+ 542 $402,650,000 $742,897 $4,750 3.34%
    $75k-100k 320 $93,440,000 $292,000 $3,143 3.27%
    $50k-75k 244 $58,090,000 $238,074 $3,074 3.25%
    $50k or less 59 $11,915,000 $201,949 $2,971 3.36%

    Washington Trust Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 673 originations. The second most popular income band? $100k-150k, with 560 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 698 $305,850,000 $438,181 $3,501 3.25%
    30-36% 492 $238,490,000 $484,736 $3,604 3.36%
    <20% 247 $103,315,000 $418,279 $3,448 3.17%
    37% 100 $45,090,000 $450,900 $4,743 3.39%
    40% 97 $50,745,000 $523,144 $3,943 3.44%
    38% 94 $41,370,000 $440,106 $3,641 3.31%
    42% 87 $42,435,000 $487,759 $3,573 3.36%
    39% 86 $41,220,000 $479,302 $3,736 3.28%
    36% 85 $39,835,000 $468,647 $3,669 3.31%
    41% 79 $40,735,000 $515,633 $3,673 3.32%
    43% 73 $30,775,000 $421,575 $3,789 3.32%
    44% 55 $23,235,000 $422,455 $3,899 3.39%
    45% 45 $14,575,000 $323,889 $3,219 3.34%
    47% 44 $18,600,000 $422,727 $3,602 3.36%
    48% 38 $12,830,000 $337,632 $3,420 3.40%
    49% 36 $12,130,000 $336,944 $3,270 3.28%
    46% 30 $10,040,000 $334,667 $3,767 3.35%
    50-60% 11 $7,435,000 $675,909 $4,605 3.36%
    >60% 1 $1,205,000 $1,205,000 $5,978 3.25%

    Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 698 originations. The next most common DTI ratio? 30-36%, with 492 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,650 $694,220,000 $420,739 $3,573 3.27%
    Not provided 384 $188,560,000 $491,042 $3,744 3.36%
    Asian 309 $171,665,000 $555,550 $3,823 3.43%
    Black 36 $13,250,000 $368,056 $3,709 3.31%
    Asian Indian 12 $8,380,000 $698,333 $4,300 3.41%
    Other Asian 3 $2,365,000 $788,333 $5,798 3.38%
    Other Pacific Islander 1 $655,000 $655,000 $3,369 3.25%
    Chinese 2 $580,000 $290,000 $3,236 3.31%
    American Indian 1 $235,000 $235,000 $2,593 4.63%

    Approval Rates

    Total approvals of all applications
    97.26%

    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
    75.06%

    Washington Trust Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,398 $1,079,910,000 $450,338

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,398 $1,079,910,000 $450,338

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 137 $39,235,000 $286,387 $2,997 3.07%
    40-60% 508 $199,210,000 $392,146 $3,177 3.18%
    60-80% 1,206 $598,870,000 $496,575 $3,740 3.37%
    80-100% 533 $240,435,000 $451,098 $3,987 3.35%
    Under 20% 14 $2,160,000 $154,286 $1,910 2.90%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 2 33.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 16.7%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Struggling to pay mortgage 1 16.7%