Banknewport Mortgage Rates, Fees & Info

Newport, RI

LEI: 549300RYJCJ7JPQ4RF20

Tax ID: 20-2633950

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Banknewport is a smaller bank specializing in 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 by origination volume include: Providence, Boston, Manchester, Barnstable Town, and Worcester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Banknewport 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. Banknewport 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
Home Equity Line of Credit (HELOC)	5.08%	11/22/24
30 Year Conventional Purchase	6.01%	11/22/24
30 Year Conventional Refi	6.05%	11/22/24
30 Year Cash-out Refi	6.27%	11/22/24
30 Year FHA Purchase	6.91%	11/22/24
30 Year FHA Refi	6.27%	11/22/24
15 Year Conventional Purchase	5.50%	11/22/24
15 Year Conventional Refi	5.95%	11/22/24
15 Year Cash-out Refi	5.95%	11/22/24
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.

Banknewport Mortgage Calculator

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This is not an official calculator from Banknewport. 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

594

Origination Dollar Volume (All Markets)

$155,840,000

Employee count

309

Awards

BankNewport 30 Year Conventional Loans bronze

Show all (3) 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
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	580	$151,030,000	$260,397	$2,782	4.55%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	10	$3,480,000	$348,000	$3,399	4.30%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	1	$455,000	$455,000	$4,687	4.13%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	1	$355,000	$355,000	$3,167	5.75%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$345,000	$345,000	$3,747	4.38%
Outside of Metro Areas	1	$175,000	$175,000	$0	5.62%

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

Their top states include:

Rhode Island (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against BankNewport based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Westport Federal Credit Union
Similarity Rank: 23

Notre Dame Community Federal Credit Union
Similarity Rank: 38

PAWTUCKET
Similarity Rank: 60

Bank of Easton
Similarity Rank: 66

Charter Oak Federal Credit Union
Similarity Rank: 66

SOMERSET
Similarity Rank: 99

MERRIMACK VALLEY
Similarity Rank: 110

Middlesex Federal Savings, F.A.
Similarity Rank: 111

Triangle Credit Union
Similarity Rank: 147

First Ipswich Bank
Similarity Rank: 164

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	575	$151,305,000	$263,139	$2,607	4.56%
FHA	19	$4,535,000	$238,684	$7,687	4.17%

For 2018, Banknewport's most frequently originated type of loan was Conventional, with 575 originations. Their 2nd most popular type was FHA, with 19 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	321	$106,265,000	$331,044	$3,925	4.58%
Cash Out Refi	103	$21,525,000	$208,981	$1,958	4.55%
Refi	80	$20,590,000	$257,375	$2,603	4.60%
Home Improvement	55	$4,345,000	$79,000	$284	4.38%
Other	35	$3,115,000	$89,000	$538	4.32%

For 2018, Banknewport's most frequently cited loan purpose was Home Purchase, with 321 originations. The 2nd most popular reason was Cash Out Refi, with 103 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	370	$110,930,000	$299,811	$3,714	4.51%
10 Year	65	$6,835,000	$105,154	$114	4.25%
15 Year	47	$5,935,000	$126,277	$997	4.60%
20 Year	41	$7,495,000	$182,805	$897	4.69%
Other	30	$12,290,000	$409,667	$0	5.74%
30+ year	23	$11,565,000	$502,826	$5,374	4.19%
5 Year	18	$790,000	$43,889	$0	4.27%

For 2018, Banknewport's most frequently cited loan duration was 30 Year, with 370 originations. The 2nd most popular length was 10 Year, with 65 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	399	$98,065,000	$245,777
$1k-2k	76	$20,990,000	$276,184
$2k-3k	16	$5,080,000	$317,500
$3k-4k	6	$1,690,000	$281,667
$4k-5k	3	$1,205,000	$401,667

Banknewport's average total fees were $3,714, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 399 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	387	$94,495,000	$244,173
3-4%	133	$36,715,000	$276,053
5-6%	61	$18,805,000	$308,279
6-7%	13	$5,825,000	$448,077

During 2018, Banknewport's average interest rate for loans was 4.51%, while their most frequently originated rate bucket for loans was 4-5%, with 387 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	253	$72,515,000	$286,621	$3,691	4.57%
$100k-200k	128	$19,810,000	$154,766	$2,297	4.66%
$100,000 or less	114	$5,920,000	$51,930	$308	4.38%
$400k-600k	66	$30,920,000	$468,485	$3,998	4.47%
$600k-1MM	29	$21,765,000	$750,517	$5,087	4.42%
$1MM+	4	$4,910,000	$1,227,500	$0	5.92%

2018 saw Banknewport place emphasis on $200k-400k loans with 253 originations, totaling $72,515,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	147	$37,305,000	$253,776	$2,942	4.49%
$150k-250k	133	$39,145,000	$294,323	$2,560	4.49%
$50k-75k	102	$18,530,000	$181,667	$3,008	4.53%
$75k-100k	86	$16,870,000	$196,163	$2,515	4.39%
$250k+	52	$22,690,000	$436,346	$3,663	4.27%
$50k or less	37	$4,685,000	$126,622	$2,225	4.51%

Banknewport lent most frequently to those with incomes in the $100k-150k range, with 147 originations. The second most popular income band? $150k-250k, with 133 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	110	$22,870,000	$207,909	$2,346	4.47%
30-36%	95	$22,025,000	$231,842	$2,339	4.43%
<20%	38	$8,550,000	$225,000	$2,265	4.57%
37%	31	$8,355,000	$269,516	$3,318	4.40%
44%	29	$6,565,000	$226,379	$2,940	4.56%
49%	26	$8,630,000	$331,923	$4,408	4.46%
38%	26	$6,120,000	$235,385	$2,316	4.47%
42%	25	$7,995,000	$319,800	$3,201	4.53%
43%	24	$7,370,000	$307,083	$3,223	4.42%
36%	23	$5,035,000	$218,913	$2,359	4.54%
40%	23	$4,745,000	$206,304	$2,286	4.36%
45%	20	$6,140,000	$307,000	$3,355	4.58%
48%	18	$6,010,000	$333,889	$3,321	4.49%
39%	18	$4,620,000	$256,667	$2,981	4.55%
41%	16	$3,490,000	$218,125	$2,483	4.40%
46%	16	$5,210,000	$325,625	$3,460	4.29%
47%	13	$3,915,000	$301,154	$3,759	4.26%
50-60%	7	$2,065,000	$295,000	$5,932	4.20%
>60%	1	$35,000	$35,000	$0	3.99%

Banknewport lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 95 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	506	$131,330,000	$259,545	$2,911	4.46%
Not applicable	33	$15,425,000	$467,424	$0	5.90%
Asian	22	$5,480,000	$249,091	$3,203	4.63%
Not provided	27	$2,615,000	$96,852	$307	4.51%
Black	5	$965,000	$193,000	$4,491	4.43%
American Indian	1	$25,000	$25,000	$0	3.99%

Approval Rates

Total approvals of all applications
90.19%

Banknewport has an average approval rate.

Pick Rate

Approvals leading to origination
89.06%

Banknewport has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	594	$155,840,000	$262,357

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	19	$10,095,000	$531,316
Single Family (1-4 Units):Site-Built	575	$145,745,000	$253,470

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	60	$10,260,000	$171,000	$1,513	4.33%
40-60%	64	$15,750,000	$246,094	$2,673	4.51%
60-80%	244	$83,980,000	$344,180	$3,567	4.70%
80-100%	136	$40,830,000	$300,221	$4,108	4.47%
Under 20%	90	$5,020,000	$55,778	$161	4.39%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
BANKUNITED, NATIONAL ASSOCIATION	Conventional home mortgage	Struggling to pay mortgage	1	14.3%
BANKUNITED, NATIONAL ASSOCIATION	Conventional home mortgage	Trouble during payment process	4	57.1%
BANKUNITED, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	14.3%
BANKUNITED, NATIONAL ASSOCIATION	Other type of mortgage	Closing on a mortgage	1	14.3%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
BankNewport	10 Washington Square Newport, RI 2840	Full Service B&M	$182,817
BankNewport	1000 Division Street East Greenwich, RI 2818	Full Service B&M	$27,813
BankNewport	130 Gate Road North Kingstown, RI 2852	Full Service B&M	$7,670
BankNewport	1350 Ten Rod Road North Kingstown, RI 2852	Full Service B&M	$49,592
BankNewport	1740 Main Road Tiverton, RI 2878	Full Service B&M	$76,116
BankNewport	2628 East Main Road Portsmouth, RI 2871	Full Service B&M	$120,612
BankNewport	31 Conanicus Avenue Jamestown, RI 2835	Full Service B&M	$102,975
BankNewport	323 Market Street Warren, RI 2885	Full Service B&M	$54,574
BankNewport	330 County Road Barrington, RI 2806	Full Service B&M	$81,284
BankNewport	4000 Chapel View Blvd Cranston, RI 2920	Full Service B&M	$47,964
BankNewport	528 West Main Road Middletown, RI 2842	Full Service B&M	$290,947
BankNewport	55 Dorrance St. Providence, RI 2903	Full Service B&M	$2,832
BankNewport	6 Gooding Avenue Bristol, RI 2809	Full Service B&M	$82,502
BankNewport	614 Main Road Tiverton, RI 2878	Full Service B&M	$93,873
BankNewport	730 Centre Of New England Boulevard Coventry, RI 2816	Full Service B&M	$22,421
BankNewport	90 Point Judith Road Narragansett, RI 2882	Full Service B&M	$39,541

For 2018, Banknewport had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$67,438
Net interest income	$56,417
Total noninterest income	$18,182
Gross Fiduciary activities income	$466
Service charges on deposit accounts	$2,909
Trading account gains and fees	$0
Additional Noninterest Income	$14,807
Pre-tax net operating income	$21,025
Securities gains (or losses, -)	$12
Income before extraordinary items	$16,565
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$16,565
Minority interest net income	$0
Net income	$16,565
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$16,555

Banknewport's gross interest income from loans was $67,438,000.
Banknewport's net interest income from loans was $56,417,000.
Banknewport's fee based income from loans was $2,909,000.
Banknewport's net income from loans was $16,565,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$11,021
Provision for credit losses	$3,450
Total noninterest expense	$50,124
Salaries and employee benefits	$29,851
Premises and equipment expense	$6,496
Additional noninterest expense	$13,777
Applicable income taxes	$4,472
Net charge-offs	$2,343
Cash dividends	$0

Banknewport's interest expense for loans was $11,021,000.
Banknewport's payroll and benefits expense were $29,851,000.
Banknewport's property, plant and equipment expenses $6,496,000.

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	0.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	4.0%
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	$1,344,185
Deposits held in domestic offices	$1,344,185
Deposits by Individuals, partnerships, and corporations	$1,274,663
Deposits by U.S. Government	$20
Deposits by States and political subdivisions in the U.S.	$25,296
Deposits by Commercial banks and other depository institutions in U.S.	$44,206
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$150,553
Demand deposits	$124,129
Nontransaction accounts	$1,193,632
Money market deposit accounts (MMDAs)	$287,079
Other savings deposits (excluding MMDAs)	$533,313
Total time deposits	$373,241
Total time and savings deposits	$1,220,056
Noninterest-bearing deposits	$274,652
Interest-bearing deposits	$1,069,533
Retail deposits	$1,252,320
IRAs and Keogh plan accounts	$61,534
Brokered deposits	$41,216
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,665,373
Cash & Balances due from depository institutions	$20,662
Interest-bearing balances	$1,899
Total securities	$234,402
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,330,342
Loan and leases loss allowance	$12,008
Trading account assets	$0
Bank premises and fixed assets	$26,511
Other real estate owned	$0
Goodwill and other intangibles	$8,278
All other assets	$45,178

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,665,373
Total Liabilities	$1,492,198
Total deposits	$1,344,185
Interest-bearing deposits	$1,069,533
Deposits held in domestic offices	$1,344,185
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$136,069
Subordinated debt	$0
All other liabilities	$11,944

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,330,342
Loan and leases loss allowance	$12,008
Total loans and leases (domestic)	$1,342,350
All real estate loans	$1,121,073
Real estate loans in domestic offices	$1,121,073
Construction and development loans	$54,865
Residential 1-4 family construction	$19,550
Other construction, all land development and other land	$35,315
Loans secured by nonfarm nonresidential properties	$376,472
Nonfarm nonresidential secured by owner-occupied properties	$137,161
Commercial real estate & other non-farm, non-residential	$239,311
Multifamily residential real estate	$76,219
1-4 family residential loans	$613,517
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$207
Commercial and industrial loans	$129,352
To non-U.S. addressees	$0
Loans to individuals	$79,061
Credit card loans	$0
Related Plans	$588
Consumer Auto Loans	$107
Other loans to individuals	$78,366
All other loans & leases	$12,657
Loans to foreign governments and official institutions	$0
Other loans	$12,657
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	$2,946
Non 1-4 family restructured loans & leases	$1,159
Total loans and leases (foreign)	$0

BankNewport had $1,330,342,000 of loans outstanding in 2018. $1,121,073,000 of loans were in real estate loans. $54,865,000 of loans were in development loans. $76,219,000 of loans were in multifamily mortgage loans. $613,517,000 of loans were in 1-4 family mortgage loans. $207,000 of loans were in farm loans. $0 of loans were in credit card loans. $107,000 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	619	$146,957	$237,410
Nonfarm, nonresidential loans - <$100k	109	$4,719	$43,294
Nonfarm, nonresidential loans - $100-250k	226	$30,355	$134,314
Nonfarm, nonresidential loans - $250k-1MM	284	$111,883	$393,954
Commercial & Industrial, US addressed loans - <$1MM	470	$35,499	$75,530
Commercial & Industrial, US addressed loans - <$100k	287	$6,083	$21,195
Commercial & Industrial, US addressed loans - $100-250k	101	$8,460	$83,762
Commercial & Industrial, US addressed loans - $250k-1MM	82	$20,956	$255,561
Agriculture operations loans - <$1MM	3	$207	$69,000
Agriculture operations loans - <$100k	2	$80	$40,000
Agriculture operations loans - $100-250k	1	$127	$127,000