Banknewport Mortgage Rates, Fees & Info

Newport, RI

LEI: 549300RYJCJ7JPQ4RF20

Tax ID: 20-2633950

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Mortgage Data

Bank 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% 3/28/24
30 Year Conventional Purchase 6.01% 3/28/24
30 Year Conventional Refi 6.05% 3/28/24
30 Year Cash-out Refi 6.27% 3/28/24
30 Year FHA Purchase 6.91% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
15 Year Conventional Purchase 5.50% 3/28/24
15 Year Conventional Refi 5.95% 3/28/24
15 Year Cash-out Refi 5.95% 3/28/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

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 FHA Loans gold BankNewport 30 Year Conventional Loans bronze BankNewport FHA Loans gold
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
    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