Bank Rhode Island at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 412 home-equity (HELOC) lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
36th29.4% deniedPricingmedian rate spread over APOR, weight 30%
59th-0.01 ptsProcesswithdrawn + incomplete share, weight 15%
35th15.1%Closing coststotal loan costs ÷ loan amount, weight 10%
83rd1.77% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 567 | 342 | 25.2% | 28.8% | 7.50% | $145M |
| 2024 | 550 | 343 | 23.5% | 27.0% | 7.75% | $140M |
| 2025 | 312 | 186 | 25.0% | 29.4% | 7.25% | $80M |
What Bank Rhode Island lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 219 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 25 investment properties.
Why Bank Rhode Island denies applications
Primary reason reported for each of the 78 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Bank Rhode Island
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 32 | 7 | 72.0% |
| $50k – $100k | 63 | 32 | 43.9% |
| $100k – $150k | 64 | 35 | 28.6% |
| $150k – $250k | 82 | 56 | 18.6% |
| Over $250k | 50 | 37 | 14.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 26 | 16 | 30.4% |
| 35–44 | 68 | 38 | 32.1% |
| 45–54 | 75 | 41 | 35.9% |
| 55–64 | 65 | 39 | 30.4% |
| 65–74 | 41 | 24 | 25.0% |
| Over 74 | 20 | 12 | 23.5% |
Where Bank Rhode Island lends
6 states and 17 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Rhode Island | 277 | 165 | 26.4% | 7.25% | #38 |
| Massachusetts | 27 | 17 | 14.8% | 7.25% | #388 |
Frequently asked questions
Bank Rhode Island denied 29.4% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 36th percentile of home-equity (HELOC) lenders.
The most common reason Bank Rhode Island gave in 2025 was "debt-to-income ratio", cited on 60.3% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Bank Rhode Island originated in 2025 was 7.25%, and its median rate spread over the average prime offer rate was -0.01 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 18% of its applications were for home purchases, 35% for refinancing (including cash-out), and 47% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.