Ocean State Credit Union Mortgage Rates, Fees & Info

Coventry, RI

LEI: 549300OITV2T766YLP15

Tax ID: 05-0263842

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ocean State Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Ocean State Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Providence, Boston, Portland, Worcester, and Springfield among others. Ocean State Credit Union has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Ocean State Credit Union is typically a low fee lendor.


Originations

486

Origination Dollar Volume (All Markets)

$87,790,000

Awards

OCEAN STATE CREDIT UNION 30 Year Conventional Loans gold OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver OCEAN STATE CREDIT UNION 30 Year Conventional Loans bronze OCEAN STATE CREDIT UNION 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Ocean State Credit Union's average 30 year fixed rate mortgage of loans were 2.92%.

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

This yields a difference of -0.23%.

Relative Fees

Ocean State Credit Union's average total fees for a 30 year fixed rate mortgage are $2,342.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 358 $73,800,000 $206,145 $2,100 3.08%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 81 $9,495,000 $117,222 $1,900 4.73%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 29 $2,645,000 $91,207 $0 4.85%
WORCESTER, MA-CT (FHA|USDA|VA) 6 $680,000 $113,333 $1,822 4.43%
SPRINGFIELD, MA (FHA|USDA|VA) 5 $415,000 $83,000 $0 4.79%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $350,000 $175,000 $2,526 3.75%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $265,000 $88,333 $0 5.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.49%
Concord, NH (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.49%

Ocean State Credit Union's top markets include Providence, Boston, Portland, Worcester, and Springfield among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 482 $86,880,000 $180,249 $2,059 3.53%
FHA 2 $650,000 $325,000 $8,154 2.63%
VA 2 $260,000 $130,000 $2,024 2.69%

For the 2021 period, Ocean State Credit Union's most frequently originated loan type of loans were Conventional, with 482 originations. Their 2nd most popular type is FHA, with 2 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 197 $28,125,000 $142,766 $2,918 4.45%
Refi 148 $31,630,000 $213,716 $1,924 2.78%
Cash Out Refi 125 $26,615,000 $212,920 $2,206 2.79%
Home Improvement 16 $1,420,000 $88,750 $380 4.75%

For the 2021, Ocean State Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 197 originations. The 2nd most popular reason of loans were Refi, with 148 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 158 $41,290,000 $261,329 $2,342 2.92%
Other 111 $12,015,000 $108,243 $1,955 4.65%
15 Year 110 $19,650,000 $178,636 $2,106 2.79%
20 Year 81 $12,565,000 $155,123 $1,747 4.07%
10 Year 25 $2,255,000 $90,200 $1,042 3.77%
5 Year 1 $15,000 $15,000 $109 4.00%

For the 2021, Ocean State Credit Union's most frequently cited loan length of loans were 30 Year, with 158 originations. The 2nd most popular length of loans were Other, with 111 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 297 $69,335,000 $233,451
$1k-2k 3 $755,000 $251,667
$2k-3k 1 $205,000 $205,000
$3k-4k 1 $215,000 $215,000

$2,342 of loans were Ocean State Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 297 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 175 $42,385,000 $242,200
4-5% 126 $11,240,000 $89,206
<2.5% 97 $18,715,000 $192,938
5-6% 45 $5,125,000 $113,889
3-4% 36 $9,740,000 $270,556
6-7% 7 $585,000 $83,571

During 2021, Ocean State Credit Union's average interest rate of loans were 2.92%, while their most frequently originated rate bucket of loans were 2.5-3%, with 175 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 182 $26,510,000 $145,659 $1,875 3.50%
$200k-400k 154 $41,210,000 $267,597 $2,438 2.81%
$100,000 or less 127 $8,395,000 $66,102 $885 4.54%
$400k-600k 22 $10,650,000 $484,091 $2,523 2.86%
$1MM+ 1 $1,025,000 $1,025,000 $5,615 3.75%

2021 saw Ocean State Credit Union place emphasis on $100k-200k loans with 182 originations, totaling $26,510,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 125 $19,135,000 $153,080 $2,012 3.53%
$100k-150k 98 $20,720,000 $211,429 $2,503 3.21%
$50k or less 86 $7,790,000 $90,581 $1,899 4.40%
$75k-100k 86 $14,590,000 $169,651 $1,917 3.56%
$150k-250k 73 $18,825,000 $257,877 $1,960 2.92%
$250k+ 15 $5,985,000 $399,000 $2,091 3.25%

Ocean State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 125 originations. The second most popular income band? $100k-150k, with 98 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 134 $23,530,000 $175,597 $2,213 3.41%
30-36% 107 $17,925,000 $167,523 $2,008 3.61%
<20% 61 $11,105,000 $182,049 $1,716 3.57%
39% 25 $4,905,000 $196,200 $2,344 3.59%
43% 22 $3,670,000 $166,818 $2,115 3.50%
41% 20 $3,730,000 $186,500 $2,026 3.36%
36% 20 $4,150,000 $207,500 $2,024 3.25%
42% 17 $3,305,000 $194,412 $2,147 3.54%
38% 15 $2,165,000 $144,333 $1,565 4.32%
37% 15 $1,955,000 $130,333 $2,136 3.86%
40% 14 $2,720,000 $194,286 $1,698 3.76%
44% 14 $2,750,000 $196,429 $2,633 3.53%
45% 6 $1,270,000 $211,667 $2,086 3.15%
46% 5 $1,855,000 $371,000 $2,916 2.80%
50-60% 5 $725,000 $145,000 $1,447 3.38%
47% 3 $1,045,000 $348,333 $2,447 3.00%
49% 1 $545,000 $545,000 $2,656 2.75%

Ocean State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 134 originations. The next most common DTI ratio? 30-36%, with 107 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 412 $73,290,000 $177,888 $2,046 3.55%
Not provided 64 $11,920,000 $186,250 $2,242 3.34%
Black 3 $795,000 $265,000 $2,121 3.54%
Asian Indian 2 $760,000 $380,000 $2,192 2.44%
Asian 2 $450,000 $225,000 $1,783 2.88%
American Indian 1 $375,000 $375,000 $9,027 2.63%
Other Pacific Islander 1 $165,000 $165,000 $0 5.49%
Native Hawaiian 1 $35,000 $35,000 $0 6.75%

Approval Rates

Total approvals of all applications
90.94%

Ocean State Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
90.15%

Ocean State Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 486 $87,790,000 $180,638

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
486 $87,790,000 $180,638

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 85 $10,045,000 $118,176 $1,732 3.50%
40-60% 173 $30,305,000 $175,173 $1,955 3.26%
60-80% 163 $36,135,000 $221,687 $2,433 3.65%
80-100% 37 $9,545,000 $257,973 $3,220 3.72%
Over 100% 1 $55,000 $55,000 $0 4.49%
Under 20% 25 $1,355,000 $54,200 $514 4.23%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
OCEANSIDE MORTGAGE COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
OCEANSIDE MORTGAGE COMPANY FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 10.0%
OCEANSIDE MORTGAGE COMPANY FHA mortgage Struggling to pay mortgage 1 10.0%
OCEANSIDE MORTGAGE COMPANY FHA mortgage Trouble during payment process 7 70.0%