Largest mortgage lenders in Rhode Island
By applications received in 2025. Grade is the lender's national grade.
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | Citizens Bank | C | 6,329 | 3,762 | 27.8% | 7.40% |
| 2 | Navigant Credit Union | B | 2,847 | 1,833 | 16.1% | 6.50% |
| 3 | COASTAL1 Credit Union | B | 1,931 | 1,317 | 24.3% | 6.75% |
| 4 | The Washington Trust Company, of Westerly | C | 1,755 | 1,040 | 21.9% | 6.38% |
| 5 | Rocket Mortgage | C | 1,430 | 1,016 | 19.7% | 6.75% |
| 6 | Movement Mortgage | A | 1,308 | 1,001 | 3.6% | 6.63% |
| 7 | Bank of America | F | 1,298 | 432 | 39.1% | 6.24% |
| 8 | Primary Residential Mortgage | C | 1,056 | 690 | 8.4% | 6.63% |
| 9 | BankNewport | B | 1,014 | 656 | 19.7% | 6.63% |
| 10 | CMG Mortgage | A | 992 | 587 | 7.6% | 6.63% |
| 11 | United Shore Financial Services | B | 780 | 531 | 18.0% | 6.38% |
| 12 | Guild Mortgage | A | 731 | 556 | 3.2% | 6.63% |
| 13 | Loandepot.Com | D | 684 | 410 | 24.4% | 6.88% |
| 14 | Newrez | D | 638 | 250 | 19.4% | 6.63% |
| 15 | Freedom Mortgage | B | 584 | 211 | 7.7% | 6.25% |
| 16 | Westerly Community | C | 575 | 346 | 17.2% | 6.99% |
| 17 | Pennymac Loan Services | C | 557 | 260 | 12.4% | 6.50% |
| 18 | NFM | A | 556 | 459 | 1.6% | 6.75% |
| 19 | Rhode Island Credit Union | F | 551 | 285 | 31.0% | 6.99% |
| 20 | Baycoast Mortgage Company | A | 548 | 429 | 2.9% | 6.50% |
| 21 | Centreville Bank | B | 542 | 409 | 12.9% | 6.49% |
| 22 | Navy Federal Credit Union | D | 526 | 294 | 16.7% | 7.34% |
| 23 | Broker Solutions | D | 522 | 174 | 6.1% | 6.63% |
| 24 | Greenwood Credit Union | C | 499 | 315 | 23.5% | 6.75% |
| 25 | American Neighborhood Mortgage Acceptance Company | B | 488 | 334 | 3.9% | 6.63% |
Best approval odds in Rhode Island
Lowest decision denial rate among lenders that decided at least 300 Rhode Island applications in 2025.
| # | Lender | Decided | Decision denial rate | Median rate |
|---|---|---|---|---|
| 1 | NFM | 470 | 1.9% | 6.75% |
| 2 | Baycoast Mortgage Company | 447 | 3.6% | 6.50% |
| 3 | Guild Mortgage | 606 | 3.8% | 6.63% |
| 4 | Movement Mortgage | 1,145 | 4.1% | 6.63% |
| 5 | American Neighborhood Mortgage Acceptance Company | 354 | 5.4% | 6.63% |
| 6 | Province Mortgage Associates | 312 | 7.1% | 6.75% |
| 7 | CMG Mortgage | 703 | 10.7% | 6.63% |
| 8 | Primary Residential Mortgage | 779 | 11.4% | 6.63% |
| 9 | Centreville Bank | 496 | 14.1% | 6.49% |
| 10 | Navigant Credit Union | 2,351 | 19.4% | 6.50% |
Lowest median rates in Rhode Island
Among lenders reporting rates on at least 100 originated loans. Product mix matters: a VA specialist will show a lower median than a jumbo lender.
| # | Lender | Priced loans | Median rate | Denial rate |
|---|---|---|---|---|
| 1 | Bank of America | 432 | 6.24% | 39.1% |
| 2 | Mortgage Research Center | 176 | 6.25% | 22.3% |
| 3 | Freedom Mortgage | 211 | 6.25% | 7.7% |
| 4 | Leader Bank | 124 | 6.38% | 2.0% |
| 5 | JPMorgan Chase Bank | 145 | 6.38% | 9.5% |
| 6 | United Shore Financial Services | 531 | 6.38% | 18.0% |
| 7 | The Washington Trust Company, of Westerly | 1,040 | 6.38% | 21.9% |
| 8 | Centreville Bank | 408 | 6.49% | 12.9% |
| 9 | Pennymac Loan Services | 260 | 6.50% | 12.4% |
| 10 | Mortgage Equity Partners | 137 | 6.50% | 1.8% |
What Rhode Island borrowers applied for
By loan purpose
By loan type
Denial rate by applicant income
Why Rhode Island applications were denied
Rhode Island mortgage market by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan | Lenders |
|---|---|---|---|---|---|---|
| 2023 | 35,860 | 20,714 | 22.7% | 6.99% | $205,000 | 418 |
| 2024 | 38,836 | 22,713 | 21.0% | 6.99% | $225,000 | 427 |
| 2025 | 43,522 | 26,004 | 18.7% | 6.75% | $255,000 | 453 |
Rhode Island counties
Counties with at least 200 applications in 2025, most active first.
Frequently asked questions
18.7% of mortgage applications in Rhode Island were denied in 2025 (23.2% of applications that reached a decision). Nationally the rate was 18.0%.
Citizens Bank handled the most applications in Rhode Island in 2025: 6,329, with a denial rate of 27.8%.
Among lenders that decided at least 300 applications in Rhode Island, NFM had the lowest decision denial rate at 1.9%.
The median interest rate on loans originated in Rhode Island in 2025 was 6.75%. That is the rate borrowers actually received, reported by lenders under HMDA, not an advertised rate.