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 and Refi 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, and Norwich among others. We have data for 3 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%	4/21/24
30 Year Conventional Purchase	6.01%	4/21/24
30 Year Conventional Refi	6.05%	4/21/24
30 Year Cash-out Refi	6.27%	4/21/24
30 Year FHA Purchase	6.91%	4/21/24
30 Year FHA Refi	6.27%	4/21/24
15 Year Conventional Purchase	5.50%	4/21/24
15 Year Conventional Refi	5.95%	4/21/24
15 Year Cash-out Refi	5.95%	4/21/24
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

671

Origination Dollar Volume (All Markets)

$186,505,000

Employee count

338

Awards

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)	660	$181,350,000	$274,773	$2,779	4.14%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	10	$4,220,000	$422,000	$3,434	4.21%
NORWICH-NEW LONDON, CT (FHA\|USDA\|VA)	1	$935,000	$935,000	$5,500	3.75%

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

Their top states include:

Rhode Island (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

Connecticut (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.

SOMERSET
Similarity Rank: 26

Rhode Island Credit Union
Similarity Rank: 116

Piscataqua Savings Bank
Similarity Rank: 118

First Ipswich Bank
Similarity Rank: 139

Middlesex Savings Bank
Similarity Rank: 310

OCEAN STATE CREDIT UNION
Similarity Rank: 315

BankNewport
Similarity Rank: 315

WAVE FEDERAL CREDIT UNION
Similarity Rank: 348

Bank Rhode Island
Similarity Rank: 432

QUINCY CREDIT UNION
Similarity Rank: 435

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	649	$181,555,000	$279,746	$2,631	4.14%
FHA	22	$4,950,000	$225,000	$7,059	3.89%

For 2019, Banknewport's most frequently originated type of loan was Conventional, with 649 originations. Their 2nd most popular type was FHA, with 22 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	307	$105,635,000	$344,088	$3,771	4.18%
Cash Out Refi	155	$35,485,000	$228,935	$2,368	4.14%
Refi	131	$37,345,000	$285,076	$2,616	3.99%
Home Improvement	45	$4,145,000	$92,111	$486	4.21%
Other	33	$3,895,000	$118,030	$953	4.23%

For 2019, Banknewport's most frequently cited loan purpose was Home Purchase, with 307 originations. The 2nd most popular reason was Cash Out Refi, with 155 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	396	$121,920,000	$307,879	$3,560	4.11%
Other	93	$26,055,000	$280,161	$338	4.35%
15 Year	85	$14,225,000	$167,353	$1,777	3.97%
20 Year	40	$7,330,000	$183,250	$1,626	4.37%
10 Year	32	$2,500,000	$78,125	$93	3.98%
30+ year	22	$14,050,000	$638,636	$5,891	4.11%
5 Year	2	$130,000	$65,000	$0	3.44%
1 Year	1	$295,000	$295,000	$0	6.50%

For 2019, Banknewport's most frequently cited loan duration was 30 Year, with 396 originations. The 2nd most popular length was Other, with 93 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	461	$122,855,000	$266,497
$1k-2k	93	$22,605,000	$243,065
$2k-3k	11	$3,805,000	$345,909
$3k-4k	2	$460,000	$230,000
$4k-5k	2	$680,000	$340,000

Banknewport's average total fees were $3,560, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 461 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	344	$87,150,000	$253,343
4-5%	292	$89,650,000	$307,021
5-6%	28	$7,760,000	$277,143
2.5-3%	3	$935,000	$311,667
<2.5%	2	$10,000	$5,000
6-7%	2	$1,000,000	$500,000

During 2019, Banknewport's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 344 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	291	$82,155,000	$282,320	$3,500	4.15%
$100k-200k	147	$22,785,000	$155,000	$2,541	4.09%
$100,000 or less	115	$5,525,000	$48,043	$183	4.09%
$400k-600k	85	$39,535,000	$465,118	$3,820	4.18%
$600k-1MM	23	$16,775,000	$729,348	$4,964	4.25%
$1MM+	10	$19,730,000	$1,973,000	$8,574	4.19%

2019 saw Banknewport place emphasis on $200k-400k loans with 291 originations, totaling $82,155,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	161	$42,985,000	$266,988	$2,689	4.13%
$150k-250k	123	$38,495,000	$312,967	$2,939	4.08%
$50k-75k	117	$19,625,000	$167,735	$2,517	4.07%
$75k-100k	111	$21,515,000	$193,829	$2,517	4.10%
$250k+	65	$33,525,000	$515,769	$3,981	4.04%
$50k or less	50	$6,970,000	$139,400	$2,698	4.06%

Banknewport lent most frequently to those with incomes in the $100k-150k range, with 161 originations. The second most popular income band? $150k-250k, with 123 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	145	$36,085,000	$248,862	$2,610	4.03%
20-30%	131	$32,955,000	$251,565	$2,848	4.05%
<20%	41	$13,305,000	$324,512	$2,577	3.99%
40%	32	$7,910,000	$247,188	$2,833	4.26%
41%	31	$7,225,000	$233,065	$2,607	4.29%
36%	26	$5,880,000	$226,154	$2,331	4.04%
43%	24	$6,720,000	$280,000	$2,429	4.13%
42%	23	$4,655,000	$202,391	$1,677	4.11%
44%	23	$6,325,000	$275,000	$3,285	4.22%
46%	22	$8,420,000	$382,727	$3,666	3.97%
37%	21	$4,655,000	$221,667	$2,520	4.04%
38%	21	$6,245,000	$297,381	$2,893	4.17%
49%	18	$7,750,000	$430,556	$4,074	4.17%
48%	17	$3,895,000	$229,118	$3,730	4.23%
45%	15	$3,185,000	$212,333	$2,877	4.17%
39%	14	$2,800,000	$200,000	$1,845	4.26%
50-60%	13	$2,095,000	$161,154	$4,267	3.46%
47%	12	$3,670,000	$305,833	$3,390	4.15%

Banknewport lent most frequently to those with DTI ratios of 30-36%, with 145 originations. The next most common DTI ratio? 20-30%, with 131 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	576	$154,210,000	$267,726	$2,868	4.08%
Not applicable	34	$20,770,000	$610,882	$0	4.96%
Not provided	30	$4,250,000	$141,667	$1,036	4.18%
Asian	13	$3,625,000	$278,846	$3,980	4.07%
Black	12	$2,490,000	$207,500	$3,395	4.41%
Other Asian	2	$620,000	$310,000	$2,999	3.75%
Asian Indian	2	$400,000	$200,000	$0	5.17%
American Indian	2	$140,000	$70,000	$1,345	4.50%

Approval Rates

Total approvals of all applications
90.64%

Banknewport has an average approval rate.

Pick Rate

Approvals leading to origination
78.99%

Banknewport has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	671	$186,505,000	$277,951

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	18	$14,450,000	$802,778
Single Family (1-4 Units):Site-Built	653	$172,055,000	$263,484

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	82	$12,130,000	$147,927	$1,571	4.20%
40-60%	95	$29,495,000	$310,474	$3,121	3.98%
60-80%	260	$96,690,000	$371,885	$3,576	4.25%
80-100%	140	$43,530,000	$310,929	$4,006	4.09%
Under 20%	94	$4,660,000	$49,574	$102	3.99%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
BANKUNITED, NATIONAL ASSOCIATION	Conventional home mortgage	Trouble during payment process	1	25.0%
BANKUNITED, NATIONAL ASSOCIATION	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	1	25.0%
BANKUNITED, NATIONAL ASSOCIATION	Other type of mortgage	Closing on a mortgage	1	25.0%
BANKUNITED, NATIONAL ASSOCIATION	Other type of mortgage	Trouble during payment process	1	25.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
BankNewport	10 Washington Square Newport, RI 2840	Full Service B&M	$187,618
BankNewport	1000 Division Street East Greenwich, RI 2818	Full Service B&M	$31,628
BankNewport	130 Gate Road North Kingstown, RI 2852	Full Service B&M	$8,731
BankNewport	1350 Ten Rod Road North Kingstown, RI 2852	Full Service B&M	$48,789
BankNewport	1740 Main Road Tiverton, RI 2878	Full Service B&M	$80,753
BankNewport	2628 East Main Road Portsmouth, RI 2871	Full Service B&M	$125,314
BankNewport	31 Conanicus Avenue Jamestown, RI 2835	Full Service B&M	$98,102
BankNewport	323 Market Street Warren, RI 2885	Full Service B&M	$59,998
BankNewport	330 County Road Barrington, RI 2806	Full Service B&M	$87,282
BankNewport	4000 Chapel View Blvd Cranston, RI 2920	Full Service B&M	$56,662
BankNewport	5 South Angell St. Providence, RI 2906	Full Service B&M	$9,398
BankNewport	528 West Main Road Middletown, RI 2842	Full Service B&M	$323,167
BankNewport	55 Dorrance St. Providence, RI 2903	Full Service B&M	$16,667
BankNewport	6 Gooding Avenue Bristol, RI 2809	Full Service B&M	$80,480
BankNewport	614 Main Road Tiverton, RI 2878	Full Service B&M	$90,108
BankNewport	730 Centre Of New England Boulevard Coventry, RI 2816	Full Service B&M	$28,756
BankNewport	90 Point Judith Road Narragansett, RI 2882	Full Service B&M	$47,333

For 2019, Banknewport had 17 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$75,523
Net interest income	$59,829
Total noninterest income	$22,099
Gross Fiduciary activities income	$457
Service charges on deposit accounts	$2,997
Trading account gains and fees	$0
Additional Noninterest Income	$18,645
Pre-tax net operating income	$23,180
Securities gains (or losses, -)	$282
Income before extraordinary items	$18,505
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$18,505
Minority interest net income	$0
Net income	$18,505
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$18,282

Banknewport's gross interest income from loans was $75,523,000.
Banknewport's net interest income from loans was $59,829,000.
Banknewport's fee based income from loans was $2,997,000.
Banknewport's net income from loans was $18,505,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$15,694
Provision for credit losses	$4,600
Total noninterest expense	$54,148
Salaries and employee benefits	$32,732
Premises and equipment expense	$6,672
Additional noninterest expense	$14,744
Applicable income taxes	$4,957
Net charge-offs	$3,074
Cash dividends	$0

Banknewport's interest expense for loans was $15,694,000.
Banknewport's payroll and benefits expense were $32,732,000.
Banknewport's property, plant and equipment expenses $6,672,000.

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	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	3.0%
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	$1,407,982
Deposits held in domestic offices	$1,407,982
Deposits by Individuals, partnerships, and corporations	$1,366,050
Deposits by U.S. Government	$99
Deposits by States and political subdivisions in the U.S.	$18,174
Deposits by Commercial banks and other depository institutions in U.S.	$23,659
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$168,199
Demand deposits	$140,910
Nontransaction accounts	$1,239,783
Money market deposit accounts (MMDAs)	$302,383
Other savings deposits (excluding MMDAs)	$534,666
Total time deposits	$402,734
Total time and savings deposits	$1,267,072
Noninterest-bearing deposits	$310,434
Interest-bearing deposits	$1,097,548
Retail deposits	$1,306,270
IRAs and Keogh plan accounts	$61,903
Brokered deposits	$22,215
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,748,205
Cash & Balances due from depository institutions	$30,405
Interest-bearing balances	$11,727
Total securities	$233,050
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,399,669
Loan and leases loss allowance	$13,534
Trading account assets	$0
Bank premises and fixed assets	$31,010
Other real estate owned	$0
Goodwill and other intangibles	$9,731
All other assets	$44,340

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,748,205
Total Liabilities	$1,550,793
Total deposits	$1,407,982
Interest-bearing deposits	$1,097,548
Deposits held in domestic offices	$1,407,982
% insured (estimated)	$76
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$127,959
Subordinated debt	$0
All other liabilities	$14,852

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,399,669
Loan and leases loss allowance	$13,534
Total loans and leases (domestic)	$1,413,203
All real estate loans	$1,180,285
Real estate loans in domestic offices	$1,180,285
Construction and development loans	$66,203
Residential 1-4 family construction	$15,059
Other construction, all land development and other land	$51,144
Loans secured by nonfarm nonresidential properties	$425,452
Nonfarm nonresidential secured by owner-occupied properties	$145,538
Commercial real estate & other non-farm, non-residential	$279,914
Multifamily residential real estate	$73,870
1-4 family residential loans	$614,760
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$150
Commercial and industrial loans	$146,403
To non-U.S. addressees	$0
Loans to individuals	$73,641
Credit card loans	$0
Related Plans	$602
Consumer Auto Loans	$168
Other loans to individuals	$72,871
All other loans & leases	$12,724
Loans to foreign governments and official institutions	$0
Other loans	$12,724
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	$10,500
Non 1-4 family restructured loans & leases	$9,270
Total loans and leases (foreign)	$0

BankNewport had $1,399,669,000 of loans outstanding in 2019. $1,180,285,000 of loans were in real estate loans. $66,203,000 of loans were in development loans. $73,870,000 of loans were in multifamily mortgage loans. $614,760,000 of loans were in 1-4 family mortgage loans. $150,000 of loans were in farm loans. $0 of loans were in credit card loans. $168,000 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	609	$142,706	$234,328
Nonfarm, nonresidential loans - <$100k	87	$3,067	$35,253
Nonfarm, nonresidential loans - $100-250k	230	$30,521	$132,700
Nonfarm, nonresidential loans - $250k-1MM	292	$109,118	$373,692
Commercial & Industrial, US addressed loans - <$1MM	473	$37,969	$80,273
Commercial & Industrial, US addressed loans - <$100k	283	$5,748	$20,311
Commercial & Industrial, US addressed loans - $100-250k	104	$8,761	$84,240
Commercial & Industrial, US addressed loans - $250k-1MM	86	$23,460	$272,791
Agriculture operations loans - <$1MM	3	$149	$49,667
Agriculture operations loans - <$100k	2	$45	$22,500
Agriculture operations loans - $100-250k	1	$104	$104,000