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Ocean State Credit Union

COVENTRY, RI

Ocean State Credit Union processed 158 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 111 loans with a 14.6% denial rate. Home Purchase was the primary loan purpose. Based in COVENTRY, RI. The approval rate of 70.3% reflects originated loans as a share of all applications.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% - HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Ocean State Credit Union's 70.3% origination rate tells you how often an application turned into funded money; the 14.6% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Credit history, Debt-to-income ratio, Unverifiable information, which together explain the majority of rejections. Most activity concentrated in Conventional loans (157 applications).

How to read this page. These figures are aggregate HMDA disclosures, they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting, it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

158
Applications
111
Originated
14.6%
Denial Rate
$170,570
Avg Loan Amount
Avg Interest Rate: 7.106% Avg Applicant Income: $32,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 157 110 23 $167,484
VA 1 1 0 $655,000

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Ocean State Credit Union (LEI: 549300OITV2T766YLP15) · 2024 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Credit history
14
Debt-to-income ratio
7
Unverifiable information
2
Collateral
2
Employment history
2
Other
2
Credit application incomplete
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 86 58 $209,419
Home Improvement 39 27 $100,128
Refinancing 26 20 $115,000
Cash-out Refinancing 7 6 $292,143

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 145 71.7% 15.9%
Asian * 2 50.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 144 71.5% 16.0%
Hispanic or Latino * 3 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Nearby Lenders in RI

Other HMDA-reporting lenders in RI with similar activity. Compare any two side-by-side.

CBNA Year to Date

Providence, RI

116,492 apps 55,183 originated 26.6% denied

Embrace Home Loans, Inc.

Middletown, RI

7,798 apps 4,738 originated 6.8% denied

Beeline Loans, INC.

PROVIDENCE, RI

4,692 apps 320 originated 42.4% denied

Navigant Credit Union

Smithfield, RI

3,426 apps 2,143 originated 19.2% denied

Coastal1 Credit Union

PAWTUCKET, RI

2,133 apps 1,456 originated 24.1% denied
Compare Ocean State Credit Union vs CBNA Year to Date →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Ocean State Credit Union process?
Ocean State Credit Union processed 158 mortgage applications in the 2024 HMDA reporting year. Of these, 111 were originated (approved and funded), 20 were withdrawn by the applicant, and 23 were denied.
What is Ocean State Credit Union's mortgage approval rate?
Ocean State Credit Union has an approval (origination) rate of 70.3%, meaning 70.3% of all applications resulted in a funded mortgage. The denial rate is 14.6%.
What is the average loan amount at Ocean State Credit Union?
The average mortgage loan amount at Ocean State Credit Union is $170,570. The average interest rate is 7.106%. The average applicant income is $32,000.
What are the most common reasons for mortgage denial at Ocean State Credit Union?
The most common reasons for mortgage denial at Ocean State Credit Union are: Credit history, Debt-to-income ratio, Unverifiable information. In total, 23 applications were denied out of 158 total applications.
What types of mortgage loans does Ocean State Credit Union offer?
Ocean State Credit Union processes Conventional, VA loans. The most common type is Conventional with 157 applications and an average loan amount of $167,484.
What loan purposes does Ocean State Credit Union serve?
Ocean State Credit Union serves the following loan purposes: Home Purchase (86 applications), Home Improvement (39 applications), Refinancing (26 applications), Cash-out Refinancing (7 applications). Home Purchase is the most common purpose.
Where is Ocean State Credit Union located?
Ocean State Credit Union is headquartered in COVENTRY, RI. The lender is identified by LEI 549300OITV2T766YLP15 in HMDA data.
How does Ocean State Credit Union compare in lending across racial demographics?
Ocean State Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 71.7% and denial rate of 15.9%; Asian applicants have an approval rate of 50.0% and denial rate of 0.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.