Somerset Federal Credit Union in Rhode Island vs the state
16.2%Denial rate-2.52 pts vs state
24.4%Decision denial rate+1.27 pts vs state
50.0%Origination rate-9.75 pts vs state
6.25%Median rate-0.50 pts vs state
—Rate spread (pts)
$78kMedian applicant income
34Loans originated
11Denied
Trend in Rhode Island
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 70 | 35 | 21.4% | 5.68% | #75 |
| 2024 | 70 | 29 | 28.6% | 6.00% | #73 |
| 2025 | 68 | 34 | 16.2% | 6.25% | #81 |
What Somerset Federal Credit Union lends in Rhode Island
By loan purpose
By loan type
Why it denied Rhode Island applicants
Where in Rhode Island
Counties with the most Somerset Federal Credit Union applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Newport County | 21 | 11 | 4 | 19.0% |
| Kent County | 21 | 9 | 4 | 19.0% |
| Providence County | 13 | 7 | 2 | 15.4% |
| Washington County | 11 | 5 | 1 | 9.1% |
| Bristol County | 2 | 2 | 0 | 0.0% |
Other large lenders in Rhode Island
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Citizens Bank | C | 6,329 | 27.8% | 7.40% |
| Navigant Credit Union | B | 2,847 | 16.1% | 6.50% |
| COASTAL1 Credit Union | B | 1,931 | 24.3% | 6.75% |
| The Washington Trust Company, of Westerly | C | 1,755 | 21.9% | 6.38% |
| Rocket Mortgage | C | 1,430 | 19.7% | 6.75% |
| Movement Mortgage | A | 1,308 | 3.6% | 6.63% |
| Bank of America | F | 1,298 | 39.1% | 6.24% |
| Primary Residential Mortgage | C | 1,056 | 8.4% | 6.63% |
| BankNewport | B | 1,014 | 19.7% | 6.63% |
| CMG Mortgage | A | 992 | 7.6% | 6.63% |
Frequently asked questions
Rhode Island: 68 applications in 2025, of which 34 were originated and 11 denied.
16.2% of all applications, or 24.4% of the applications it actually decided on. The Rhode Island statewide average across all lenders was 18.7%.
The median rate on loans Somerset Federal Credit Union originated in Rhode Island in 2025 was 6.25%, against a statewide median of 6.75%.
About this data. Figures are Somerset Federal Credit Union's own HMDA filing for properties located in Rhode Island, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology