Banknewport Mortgage Rates, Fees & Info

Newport, RI

LEI: 549300RYJCJ7JPQ4RF20

Tax ID: 20-2633950

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Banknewport is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Banknewport 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, Worcester, Barnstable Town, and Norwich among others. Banknewport has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Banknewport is typically an average fee lendor.


Originations

880

Origination Dollar Volume (All Markets)

$309,360,000

Employee count

338

Relative Rate

Banknewport's average 30 year fixed rate mortgage of loans were 3.18%.

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

This yields a difference of 0.03%.

Relative Fees

Banknewport's average total fees for a 30 year fixed rate mortgage are $3,635.

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) 844 $290,050,000 $343,661 $2,885 3.12%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 25 $15,875,000 $635,000 $3,319 2.97%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $1,310,000 $327,500 $3,210 3.55%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $975,000 $325,000 $3,402 2.96%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $665,000 $221,667 $3,038 3.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $485,000 $485,000 $4,079 3.25%

Banknewport's top markets include Providence, Boston, Worcester, Barnstable Town, and Norwich among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 873 $307,135,000 $351,816 $2,845 3.12%
FHA 7 $2,225,000 $317,857 $9,320 2.73%

For the 2021 period, Banknewport's most frequently originated loan type of loans were Conventional, with 873 originations. Their 2nd most popular type is FHA, with 7 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 304 $86,920,000 $285,921 $2,562 2.99%
Cash Out Refi 267 $96,075,000 $359,831 $2,860 3.10%
Home Purchase 247 $117,945,000 $477,510 $4,168 3.22%
Home Improvement 47 $4,165,000 $88,617 $348 3.36%
Other 15 $4,255,000 $283,667 $1,844 3.23%

For the 2021, Banknewport's most frequently cited loan purpose of loans were Refi, with 304 originations. The 2nd most popular reason of loans were Cash Out Refi, with 267 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 452 $177,620,000 $392,965 $3,635 3.18%
15 Year 163 $51,565,000 $316,350 $2,918 2.71%
Other 149 $44,755,000 $300,369 $315 3.29%
20 Year 63 $15,215,000 $241,508 $2,174 3.31%
10 Year 27 $5,015,000 $185,741 $1,937 2.74%
30+ year 17 $14,795,000 $870,294 $6,732 3.44%
5 Year 9 $395,000 $43,889 $0 3.14%

For the 2021, Banknewport's most frequently cited loan length of loans were 30 Year, with 452 originations. The 2nd most popular length of loans were 15 Year, with 163 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 607 $208,905,000 $344,160
$1k-2k 111 $31,145,000 $280,586
$2k-3k 27 $9,835,000 $364,259
$3k-4k 17 $7,335,000 $431,471

$3,635 of loans were Banknewport's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 607 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 421 $164,735,000 $391,295
2.5-3% 330 $98,560,000 $298,667
<2.5% 91 $28,525,000 $313,462
4-5% 37 $17,365,000 $469,324

During 2021, Banknewport's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 421 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 371 $105,355,000 $283,976 $3,069 3.12%
$100k-200k 176 $26,760,000 $152,045 $1,924 2.99%
$400k-600k 145 $69,625,000 $480,172 $3,964 3.21%
$600k-1MM 86 $66,560,000 $773,953 $4,526 3.16%
$100,000 or less 83 $4,445,000 $53,554 $229 3.05%
$1MM+ 19 $36,615,000 $1,927,105 $8,538 3.48%

2021 saw Banknewport place emphasis on $200k-400k loans with 371 originations, totaling $105,355,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 205 $62,005,000 $302,463 $2,854 3.11%
$150k-250k 193 $75,195,000 $389,611 $2,994 3.09%
$50k-75k 136 $27,590,000 $202,868 $2,555 3.01%
$75k-100k 129 $29,435,000 $228,178 $2,619 3.03%
$250k+ 117 $79,705,000 $681,239 $4,313 3.05%
$50k or less 51 $5,995,000 $117,549 $1,671 3.00%

Banknewport lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $150k-250k, with 193 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 217 $75,725,000 $348,963 $2,831 3.04%
30-36% 160 $47,810,000 $298,813 $2,714 3.04%
<20% 84 $26,320,000 $313,333 $2,534 2.90%
42% 42 $12,180,000 $290,000 $2,569 3.10%
38% 36 $12,010,000 $333,611 $3,055 3.13%
40% 34 $11,180,000 $328,824 $2,683 3.07%
39% 31 $10,125,000 $326,613 $2,550 3.19%
37% 29 $8,335,000 $287,414 $2,833 3.15%
46% 26 $12,920,000 $496,923 $4,201 2.98%
43% 26 $10,150,000 $390,385 $3,106 3.15%
41% 25 $8,395,000 $335,800 $2,767 3.22%
44% 22 $10,010,000 $455,000 $3,683 3.09%
49% 22 $9,530,000 $433,182 $3,844 3.24%
36% 21 $6,915,000 $329,286 $3,534 3.15%
48% 21 $8,775,000 $417,857 $3,484 3.32%
45% 19 $5,235,000 $275,526 $2,956 3.01%
47% 12 $4,080,000 $340,000 $3,015 3.30%
50-60% 8 $1,440,000 $180,000 $4,429 1.72%
>60% 1 $265,000 $265,000 $3,028 3.25%

Banknewport lent most frequently to those with DTI ratios of 20-30%, with 217 originations. The next most common DTI ratio? 30-36%, with 160 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 754 $255,310,000 $338,607 $2,996 3.07%
Not applicable 40 $27,160,000 $679,000 $0 4.20%
Not provided 56 $15,900,000 $283,929 $1,590 3.13%
Asian 21 $9,025,000 $429,762 $3,063 2.79%
Black 8 $1,930,000 $241,250 $3,783 2.63%
American Indian 1 $35,000 $35,000 $0 3.00%

Approval Rates

Total approvals of all applications
90.88%

Banknewport has an average approval rate.

Pick Rate

Approvals leading to origination
83.90%

Banknewport has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 880 $309,360,000 $351,545

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
880 $309,360,000 $351,545

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 159 $41,275,000 $259,591 $2,209 2.97%
40-60% 247 $77,035,000 $311,883 $2,885 2.97%
60-80% 310 $150,730,000 $486,226 $3,786 3.31%
80-100% 86 $35,180,000 $409,070 $4,142 3.14%
Under 20% 78 $5,140,000 $65,897 $272 3.03%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANC ONE MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Banknewport 10 Washington Sq Newport, RI 2840 Full Service B&M $265,371
Banknewport 528 West Main Road Middletown, RI 2842 Full Service B&M $374,859
Banknewport 55 Dorrance St. Providence, RI 2903 Full Service B&M $27,536
Banknewport 6 Gooding Avenue Bristol, RI 2809 Full Service B&M $109,786
Banknewport 614 Main Road Tiverton, RI 2878 Full Service B&M $119,911
Banknewport 730 Centre Of New England Boulevard Coventry, RI 2816 Full Service B&M $30,633
Banknewport 90 Point Judith Road Narragansett, RI 2882 Full Service B&M $72,470
Banknewport 1000 Division Street East Greenwich, RI 2818 Full Service B&M $58,254
Banknewport 1350 Ten Rod Road North Kingstown, RI 2852 Full Service B&M $74,691
Banknewport 1423 Hartford Ave. Johnston, RI 2919 Full Service B&M $32,405
Banknewport 1740 Main Road Tiverton, RI 2878 Full Service B&M $109,404
Banknewport 2628 East Main Road Portsmouth, RI 2871 Full Service B&M $161,922
Banknewport 31 Conanicus Avenue Jamestown, RI 2835 Full Service B&M $125,786
Banknewport 323 Market Street Warren, RI 2885 Full Service B&M $79,120
Banknewport 330 County Road Barrington, RI 2806 Full Service B&M $106,229
Banknewport 4000 Chapel View Blvd Cranston, RI 2920 Full Service B&M $88,885
Banknewport 5 South Angell St. Providence, RI 2906 Full Service B&M $28,849

For 2021, Banknewport had 17 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $78,104
Net interest income $68,934
Total noninterest income $25,836
Gross Fiduciary activities income $425
Service charges on deposit accounts $2,761
Trading account gains and fees $0
Additional Noninterest Income $22,650
Pre-tax net operating income $31,887
Securities gains (or losses, -) $-22
Income before extraordinary items $24,605
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $24,605
Minority interest net income $0
Net income $24,605
Sale, conversion, retirement of capital stock, net $0
Net operating income $24,622

Banknewport's gross interest income from loans was $78,104,000.
Banknewport's net interest income from loans was $68,934,000.
Banknewport's fee based income from loans was $2,761,000.
Banknewport's net income from loans was $24,605,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $9,170
Provision for credit losses $500
Total noninterest expense $62,383
Salaries and employee benefits $37,515
Premises and equipment expense $6,968
Additional noninterest expense $17,900
Applicable income taxes $7,260
Net charge-offs $1,538
Cash dividends $0

Banknewport's interest expense for loans was $9,170,000.
Banknewport's payroll and benefits expense were $37,515,000.
Banknewport's property, plant and equipment expenses $6,968,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 2.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 2.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $2,031,406
Deposits held in domestic offices $2,031,406
Deposits by Individuals, partnerships, and corporations $1,983,511
Deposits by U.S. Government $760
Deposits by States and political subdivisions in the U.S. $44,481
Deposits by Commercial banks and other depository institutions in U.S. $2,654
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $362,843
Demand deposits $328,855
Nontransaction accounts $1,668,563
Money market deposit accounts (MMDAs) $621,120
Other savings deposits (excluding MMDAs) $741,701
Total time deposits $305,742
Total time and savings deposits $1,702,551
Noninterest-bearing deposits $565,131
Interest-bearing deposits $1,466,275
Retail deposits $1,970,648
IRAs and Keogh plan accounts $59,799
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,352,320
Cash & Balances due from depository institutions $150,653
Interest-bearing balances $135,440
Total securities $437,638
Federal funds sold & reverse repurchase $0
Net loans and leases $1,675,321
Loan and leases loss allowance $16,141
Trading account assets $0
Bank premises and fixed assets $33,568
Other real estate owned $0
Goodwill and other intangibles $7,819
All other assets $47,321

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,352,320
Total Liabilities $2,113,600
Total deposits $2,031,406
Interest-bearing deposits $1,466,275
Deposits held in domestic offices $2,031,406
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $64,935
Subordinated debt $0
All other liabilities $17,259

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,675,321
Loan and leases loss allowance $16,141
Total loans and leases (domestic) $1,691,462
All real estate loans $1,359,243
Real estate loans in domestic offices $1,359,243
Construction and development loans $87,396
Residential 1-4 family construction $17,589
Other construction, all land development and other land $69,807
Loans secured by nonfarm nonresidential properties $516,541
Nonfarm nonresidential secured by owner-occupied properties $146,641
Commercial real estate & other non-farm, non-residential $369,900
Multifamily residential real estate $83,909
1-4 family residential loans $671,397
Farmland loans $0
Loans held in foreign offices $0
Farm loans $185
Commercial and industrial loans $233,147
To non-U.S. addressees $0
Loans to individuals $85,753
Credit card loans $0
Related Plans $354
Consumer Auto Loans $188
Other loans to individuals $85,211
All other loans & leases $13,134
Loans to foreign governments and official institutions $0
Other loans $13,134
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $12,129
Non 1-4 family restructured loans & leases $11,266
Total loans and leases (foreign) $0

BankNewport had $1,675,321,000 of loans outstanding in 2021. $1,359,243,000 of loans were in real estate loans. $87,396,000 of loans were in development loans. $83,909,000 of loans were in multifamily mortgage loans. $671,397,000 of loans were in 1-4 family mortgage loans. $185,000 of loans were in farm loans. $0 of loans were in credit card loans. $188,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 570 $143,585 $251,904
Nonfarm, nonresidential loans - <$100k 58 $1,676 $28,897
Nonfarm, nonresidential loans - $100-250k 213 $26,819 $125,911
Nonfarm, nonresidential loans - $250k-1MM 299 $115,090 $384,916
Commercial & Industrial, US addressed loans - <$1MM 901 $58,680 $65,128
Commercial & Industrial, US addressed loans - <$100k 618 $11,964 $19,359
Commercial & Industrial, US addressed loans - $100-250k 152 $14,755 $97,072
Commercial & Industrial, US addressed loans - $250k-1MM 131 $31,961 $243,977
Agriculture operations loans - <$1MM 3 $185 $61,667
Agriculture operations loans - <$100k 3 $185 $61,667