Summit Funding in Rhode Island vs the state
34.5%Denial rate+15.78 pts vs state
41.7%Decision denial rate+18.50 pts vs state
48.3%Origination rate-11.47 pts vs state
7.00%Median rate+0.25 pts vs state
0.56Rate spread (pts)+0.38 pts vs state
$138kMedian applicant income
14Loans originated
10Denied
Trend in Rhode Island
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2024 | 19 | 14 | 10.5% | 6.25% | #134 |
| 2025 | 29 | 14 | 34.5% | 7.00% | #127 |
What Summit Funding lends in Rhode Island
By loan purpose
By loan type
Why it denied Rhode Island applicants
Where in Rhode Island
Counties with the most Summit Funding applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Providence County | 25 | 11 | 9 | 36.0% |
| Kent County | 3 | 2 | 1 | 33.3% |
| Washington County | 1 | 1 | 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: 29 applications in 2025, of which 14 were originated and 10 denied.
34.5% of all applications, or 41.7% of the applications it actually decided on. The Rhode Island statewide average across all lenders was 18.7%.
The median rate on loans Summit Funding originated in Rhode Island in 2025 was 7.00%, against a statewide median of 6.75%.
About this data. Figures are Summit Funding'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