Banknewport Mortgage Rates, Fees & Info
Newport, RI
LEI: 549300RYJCJ7JPQ4RF20
Tax ID: 20-2633950
5 stars
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out of 5 stars, based on 30 reviews
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Mortgage Data
Bank 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
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.
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 |