Bank Rhode Island Mortgage Rates, Fees & Info
Providence, RI
LEI: 562V2SM4I80MJO5HYB83
Tax ID: 05-0488784
5 stars
-
out of 5 stars, based on 25 reviews
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Mortgage Data
Bank Data
Overview
Bank Rhode Island is a
smaller
bank
specializing in
Refi and Home Purchase loans.
Bank Rhode Island has a high proportion of conventional loans.
Their top markets include Providence, Norwich, Boston, Bridgeport, and Worcester among others. Bank Rhode Island has
an average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Bank Rhode Island is typically
a low fee
lendor.
Originations
647
Origination Dollar Volume (All Markets)
$277,695,000
Employee count
311
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Bank Rhode Island - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Bank Rhode Island's average 30 year fixed rate mortgage of loans were
3.34%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.19%.
Relative Fees
Bank Rhode Island's average total fees for a 30 year fixed rate
mortgage are $3,211.
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)
|
614
|
$245,990,000 |
$400,635 |
$2,824 |
3.44% |
|
NORWICH-NEW LONDON, CT (FHA|USDA|VA)
|
3
|
$12,735,000 |
$4,245,000 |
$3,558 |
3.54% |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
11
|
$7,735,000 |
$703,182 |
$3,493 |
3.15% |
|
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)
|
2
|
$3,650,000 |
$1,825,000 |
$0 |
3.25% |
|
WORCESTER, MA-CT (FHA|USDA|VA)
|
7
|
$3,025,000 |
$432,143 |
$3,220 |
3.16% |
|
NEW HAVEN-MILFORD, CT (FHA|USDA|VA)
|
1
|
$1,335,000 |
$1,335,000 |
$0 |
3.49% |
|
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)
|
2
|
$680,000 |
$340,000 |
$3,858 |
3.44% |
|
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA)
|
1
|
$595,000 |
$595,000 |
$5,426 |
2.50% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
2
|
$550,000 |
$275,000 |
$2,776 |
2.81% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
1
|
$415,000 |
$415,000 |
$4,312 |
3.13% |
|
Sebastian-Vero Beach, FL (FHA|USDA|VA)
|
1
|
$395,000 |
$395,000 |
$0 |
3.75% |
|
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)
|
1
|
$315,000 |
$315,000 |
$2,752 |
3.50% |
|
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)
|
1
|
$275,000 |
$275,000 |
$4,400 |
3.13% |
Bank Rhode Island's top markets include Providence, Norwich, Boston, Bridgeport, and Worcester among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
647 |
$277,695,000 |
$429,204 |
$2,877 |
3.43% |
For the 2021 period, Bank Rhode Island's most frequently
originated loan type
of loans were Conventional, with 647 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
324 |
$144,600,000 |
$446,296 |
$2,871 |
3.33% |
| Home Purchase |
156 |
$103,050,000 |
$660,577 |
$3,396 |
3.46% |
| Home Improvement |
105 |
$21,205,000 |
$201,952 |
$650 |
3.59% |
| Other |
62 |
$8,840,000 |
$142,581 |
$618 |
3.59% |
For the 2021, Bank Rhode Island's most frequently cited loan
purpose
of loans were Refi, with 324
originations.
The 2nd most popular reason of loans were Home Purchase,
with 156 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30+ year |
235 |
$46,165,000 |
$196,447 |
$0 |
3.53% |
| 30 Year |
229 |
$90,195,000 |
$393,865 |
$3,211 |
3.34% |
| 15 Year |
81 |
$26,915,000 |
$332,284 |
$2,643 |
2.89% |
| 10 Year |
64 |
$67,370,000 |
$1,052,656 |
$0 |
4.06% |
| 20 Year |
19 |
$6,675,000 |
$351,316 |
$2,911 |
3.21% |
| Other |
10 |
$35,610,000 |
$3,561,000 |
$0 |
3.67% |
| 5 Year |
8 |
$4,190,000 |
$523,750 |
$0 |
3.74% |
| 3 Year |
1 |
$575,000 |
$575,000 |
$0 |
3.75% |
For the 2021, Bank Rhode Island's most frequently cited loan
length
of loans were 30+ year, with 235 originations.
The 2nd most popular length of loans were 30 Year,
with 229 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
262 |
$99,090,000 |
$378,206 |
| $2k-3k |
1 |
$435,000 |
$435,000 |
| $3k-4k |
1 |
$705,000 |
$705,000 |
| $5k+ |
1 |
$1,005,000 |
$1,005,000 |
$3,211 of loans were Bank Rhode Island's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 262 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 3-4% |
491 |
$210,325,000 |
$428,360 |
| 2.5-3% |
75 |
$27,985,000 |
$373,133 |
| 4-5% |
48 |
$23,960,000 |
$499,167 |
| <2.5% |
32 |
$15,110,000 |
$472,188 |
| 5-6% |
1 |
$315,000 |
$315,000 |
During 2021, Bank Rhode Island's average interest
rate of loans were 3.34%, while their
most frequently originated rate bucket of loans were 3-4%,
with 491 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
210 |
$59,050,000 |
$281,190 |
$2,866 |
3.37% |
| $100k-200k |
148 |
$20,790,000 |
$140,473 |
$2,345 |
3.38% |
| $100,000 or less |
116 |
$7,010,000 |
$60,431 |
$462 |
3.68% |
| $400k-600k |
75 |
$36,455,000 |
$486,067 |
$3,368 |
3.33% |
| $600k-1MM |
53 |
$40,485,000 |
$763,868 |
$3,979 |
3.39% |
| $1MM+ |
45 |
$113,905,000 |
$2,531,222 |
$5,869 |
3.47% |
2021 saw Bank Rhode Island place emphasis on
$200k-400k loans
with 210 originations, totaling
$59,050,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
127 |
$31,215,000 |
$245,787 |
$2,709 |
3.38% |
| $150k-250k |
120 |
$38,510,000 |
$320,917 |
$3,170 |
3.36% |
| $250k+ |
109 |
$60,335,000 |
$553,532 |
$3,688 |
3.29% |
| $75k-100k |
96 |
$17,860,000 |
$186,042 |
$2,493 |
3.43% |
| $50k-75k |
86 |
$14,850,000 |
$172,674 |
$2,446 |
3.39% |
| $50k or less |
35 |
$6,225,000 |
$177,857 |
$1,940 |
3.46% |
Bank Rhode Island lent most frequently to those with incomes in the
$100k-150k range, with
127 originations.
The second most popular income band? $150k-250k,
with 120 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
139 |
$32,395,000 |
$233,058 |
$2,560 |
3.34% |
| <20% |
82 |
$26,280,000 |
$320,488 |
$2,960 |
3.38% |
| 30-36% |
80 |
$20,730,000 |
$259,125 |
$2,946 |
3.36% |
| 50-60% |
42 |
$18,580,000 |
$442,381 |
$3,462 |
3.32% |
| 49% |
25 |
$10,975,000 |
$439,000 |
$3,337 |
3.36% |
| 46% |
24 |
$7,760,000 |
$323,333 |
$2,998 |
3.45% |
| 42% |
23 |
$6,205,000 |
$269,783 |
$2,734 |
3.55% |
| 43% |
23 |
$4,975,000 |
$216,304 |
$2,556 |
3.35% |
| 41% |
17 |
$5,585,000 |
$328,529 |
$2,512 |
3.48% |
| 38% |
16 |
$3,500,000 |
$218,750 |
$2,956 |
3.30% |
| 47% |
16 |
$4,600,000 |
$287,500 |
$3,355 |
3.34% |
| 48% |
16 |
$3,030,000 |
$189,375 |
$1,767 |
3.51% |
| 39% |
14 |
$5,870,000 |
$419,286 |
$3,067 |
3.36% |
| 36% |
13 |
$3,855,000 |
$296,538 |
$2,851 |
3.35% |
| 37% |
13 |
$4,745,000 |
$365,000 |
$2,580 |
3.41% |
| 45% |
12 |
$2,710,000 |
$225,833 |
$2,910 |
3.24% |
| 44% |
11 |
$2,395,000 |
$217,727 |
$2,856 |
3.39% |
| 40% |
9 |
$3,155,000 |
$350,556 |
$3,435 |
3.33% |
| >60% |
2 |
$2,190,000 |
$1,095,000 |
$4,055 |
2.94% |
Bank Rhode Island lent most frequently to those with DTI ratios
of 20-30%, with
139 originations.
The next most common DTI ratio? <20%,
with 82 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
519 |
$155,985,000 |
$300,549 |
$2,906 |
3.37% |
| Not applicable |
63 |
$104,575,000 |
$1,659,921 |
$0 |
3.91% |
| Not provided |
35 |
$9,255,000 |
$264,429 |
$2,537 |
3.46% |
| Asian |
17 |
$4,565,000 |
$268,529 |
$2,816 |
3.44% |
| Black |
10 |
$1,680,000 |
$168,000 |
$2,255 |
3.48% |
| American Indian |
3 |
$1,635,000 |
$545,000 |
$3,651 |
3.17% |
Approval Rates
Total approvals of all applications
82.14%
Bank Rhode Island has a below average approval rate.
Pick Rate
Approvals leading to origination
85.44%
Bank Rhode Island has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
647 |
$277,695,000 |
$429,204 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
647 |
$277,695,000 |
$429,204 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
124 |
$43,400,000 |
$350,000 |
$2,288 |
3.44% |
| 40-60% |
127 |
$58,725,000 |
$462,402 |
$3,052 |
3.31% |
| 60-80% |
222 |
$133,560,000 |
$601,622 |
$3,208 |
3.43% |
| 80-100% |
60 |
$28,780,000 |
$479,667 |
$3,222 |
3.28% |
| Under 20% |
113 |
$12,145,000 |
$107,478 |
$793 |
3.64% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| BANCORPSOUTH BANK |
Conventional home mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
8.3% |
| BANCORPSOUTH BANK |
Conventional home mortgage |
Incorrect information on your report |
1 |
8.3% |
| BANCORPSOUTH BANK |
Conventional home mortgage |
Trouble during payment process |
7 |
58.3% |
| BANCORPSOUTH BANK |
FHA mortgage |
Trouble during payment process |
1 |
8.3% |
| BANCORPSOUTH BANK |
Other type of mortgage |
Closing on a mortgage |
1 |
8.3% |
| BANCORPSOUTH BANK |
VA mortgage |
Struggling to pay mortgage |
1 |
8.3% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Bank Rhode Island |
290 Main Street Wakefield, RI 2879 |
Full Service B&M
|
$106,384 |
| Bank Rhode Island |
1 Turks Head Pl Providence, RI 2903 |
Full Service B&M
|
$497,914 |
| Bank Rhode Island |
1047 Park Avenue Cranston, RI 2910 |
Full Service B&M
|
$292,918 |
| Bank Rhode Island |
1140 Ten Rod Road North Kingstown, RI 2852 |
Full Service B&M
|
$133,671 |
| Bank Rhode Island |
1175 Cumberland Hill Road Woonsocket, RI 2895 |
Full Service B&M
|
$82,445 |
| Bank Rhode Island |
1269 South County Trail East Greenwich, RI 2818 |
Full Service B&M
|
$130,818 |
| Bank Rhode Island |
1300 Warwick Avenue Warwick, RI 2888 |
Full Service B&M
|
$116,498 |
| Bank Rhode Island |
132 East Main Road Middletown, RI 2842 |
Full Service B&M
|
$25,408 |
| Bank Rhode Island |
137 Pitman Street Providence, RI 2906 |
Full Service B&M
|
$161,670 |
| Bank Rhode Island |
1450 Hartford Avenue Johnston, RI 2919 |
Full Service B&M
|
$112,174 |
| Bank Rhode Island |
195 Taunton Avenue East Providence, RI 2914 |
Full Service B&M
|
$104,779 |
| Bank Rhode Island |
2104 Plainfield Pike Cranston, RI 2921 |
Full Service B&M
|
$38,967 |
| Bank Rhode Island |
265 Jefferson Blvd Warwick, RI 2888 |
Full Service B&M
|
$197,223 |
| Bank Rhode Island |
2975 West Shore Road Warwick, RI 2886 |
Full Service B&M
|
$93,116 |
| Bank Rhode Island |
3 Coventry Shoppers Park Coventry, RI 2816 |
Full Service B&M
|
$45,306 |
| Bank Rhode Island |
383 Atwood Avenue Cranston, RI 2920 |
Full Service B&M
|
$111,274 |
| Bank Rhode Island |
445 Putnam Pike Smithfield, RI 2828 |
Full Service B&M
|
$141,781 |
| Bank Rhode Island |
499 Smithfield Avenue Pawtucket, RI 2860 |
Full Service B&M
|
$71,861 |
| Bank Rhode Island |
625b George Washington Highway Lincoln, RI 2865 |
Full Service B&M
|
$99,497 |
| Bank Rhode Island |
77 Highland Avenue East Providence, RI 2914 |
Full Service B&M
|
$121,157 |
For 2021, Bank Rhode Island had 20 branches.
Yearly Performance Overview
Bank Income
Bank Rhode Island's gross interest income from loans was $101,266,000.
Bank Rhode Island's net interest income from loans was $92,306,000.
Bank Rhode Island's fee based income from loans was $2,607,000.
Bank Rhode Island's net income from loans was $38,980,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$8,960 |
| Provision for credit losses |
$-3,362 |
| Total noninterest expense |
$56,681 |
| Salaries and employee benefits |
$35,775 |
| Premises and equipment expense |
$6,473 |
| Additional noninterest expense |
$14,433 |
| Applicable income taxes |
$12,705 |
| Net charge-offs |
$1,673 |
| Cash dividends |
$18,000 |
Bank Rhode Island's interest expense for loans was $8,960,000.
Bank Rhode Island's payroll and benefits expense were $35,775,000.
Bank Rhode Island's property, plant and equipment expenses $6,473,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$2,679,977 |
| Deposits held in domestic offices |
$2,679,977 |
| Deposits by Individuals, partnerships, and corporations |
$2,576,802 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$102,597 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$578 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$407,811 |
| Demand deposits |
$351,808 |
| Nontransaction accounts |
$2,272,166 |
| Money market deposit accounts (MMDAs) |
$743,956 |
| Other savings deposits (excluding MMDAs) |
$1,207,373 |
| Total time deposits |
$320,837 |
| Total time and savings deposits |
$2,328,169 |
| Noninterest-bearing deposits |
$879,154 |
| Interest-bearing deposits |
$1,800,823 |
| Retail deposits |
$2,563,013 |
| IRAs and Keogh plan accounts |
$45,051 |
| Brokered deposits |
$10,145 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$3,188,881 |
| Cash & Balances due from depository institutions |
$142,767 |
| Interest-bearing balances |
$115,760 |
| Total securities |
$385,211 |
| Federal funds sold & reverse repurchase |
$200,000 |
| Net loans and leases |
$2,251,615 |
| Loan and leases loss allowance |
$30,675 |
| Trading account assets |
$12,196 |
| Bank premises and fixed assets |
$25,128 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$93,937 |
| All other assets |
$78,027 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$3,188,881 |
| Total Liabilities |
$2,834,520 |
| Total deposits |
$2,679,977 |
| Interest-bearing deposits |
$1,800,823 |
| Deposits held in domestic offices |
$2,679,977 |
| % insured (estimated) |
$53 |
| Federal funds purchased and repurchase agreements |
$84,563 |
| Trading liabilities |
$12,259 |
| Other borrowed funds |
$12,154 |
| Subordinated debt |
$0 |
| All other liabilities |
$45,567 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$2,251,615 |
| Loan and leases loss allowance |
$30,675 |
| Total loans and leases (domestic) |
$2,282,290 |
| All real estate loans |
$1,692,728 |
| Real estate loans in domestic offices |
$1,692,728 |
| Construction and development loans |
$72,278 |
| Residential 1-4 family construction |
$4,512 |
| Other construction, all land development and other land |
$67,766 |
| Loans secured by nonfarm nonresidential properties |
$940,804 |
| Nonfarm nonresidential secured by owner-occupied properties |
$359,316 |
| Commercial real estate & other non-farm, non-residential |
$581,488 |
| Multifamily residential real estate |
$265,613 |
| 1-4 family residential loans |
$414,033 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$524,195 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$802 |
| Credit card loans |
$0 |
| Related Plans |
$407 |
| Consumer Auto Loans |
$0 |
| Other loans to individuals |
$395 |
| All other loans & leases |
$64,565 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$618 |
| 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 |
$5,226 |
| Non 1-4 family restructured loans & leases |
$3,932 |
| Total loans and leases (foreign) |
$0 |
Bank Rhode Island had $2,251,615,000 of loans outstanding in 2021. $1,692,728,000 of loans were in real estate loans.
$72,278,000 of loans were in development loans. $265,613,000 of loans were in multifamily mortgage loans.
$414,033,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $0 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 |
492 |
$164,470 |
$334,289 |
| Nonfarm, nonresidential loans - <$100k |
20 |
$1,069 |
$53,450 |
| Nonfarm, nonresidential loans - $100-250k |
129 |
$17,076 |
$132,372 |
| Nonfarm, nonresidential loans - $250k-1MM |
343 |
$146,325 |
$426,603 |
| Commercial & Industrial, US addressed loans - <$1MM |
1,127 |
$74,175 |
$65,816 |
| Commercial & Industrial, US addressed loans - <$100k |
646 |
$9,054 |
$14,015 |
| Commercial & Industrial, US addressed loans - $100-250k |
234 |
$14,900 |
$63,675 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
247 |
$50,221 |
$203,324 |
