Ocean State Credit Union Mortgage Rates, Fees & Info
Coventry, RILEI: 549300OITV2T766YLP15
Tax ID: 05-0263842
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
486Origination Dollar Volume (All Markets)
$87,790,000Awards
OCEAN STATE CREDIT UNION - 2021
OCEAN STATE CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications90.94%
Ocean State Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination90.15%
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% |
