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Shoreham Bank

Warwick, RI

Shoreham Bank processed 1,680 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 725 loans with a 28.7% denial rate. Home Improvement was the primary loan purpose. Based in Warwick, RI. The approval rate of 43.2% 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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Shoreham Bank's 43.2% origination rate tells you how often an application turned into funded money; the 28.7% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in FHA loans (1,242 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.

1,680
Applications
725
Originated
28.7%
Denial Rate
$132,768
Avg Loan Amount
Avg Interest Rate: 7.769% Avg Applicant Income: $39,000

Lending Activity

Type Applications Originated Denied Avg Loan
FHA 1,242 387 458 $46,159
Conventional 423 327 22 $375,733
VA 15 11 2 $452,333

Top loan types - Shoreham Bank

Top loan types - Shoreham Bank Horizontal bar chart of the top 3 items by value (applications). Top loan types - Shoreham Bank Top 3 1. FHA 1,242 2. Conventional 423 3. VA 15 Top 5 loan types by application volume at Shoreham Bank (HMDA 2024). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Shoreham Bank (LEI: 549300LLQD0X2OTG0Y27) · 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

Debt-to-income ratio
262
Credit history
181
Collateral
23
Other
14
Unverifiable information
3
Employment history
3
Insufficient cash
2
Mortgage insurance denied
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Improvement 1,167 342 $22,472
Home Purchase 353 274 $462,790
Cash-out Refinancing 60 42 $220,333
Other 59 41 $114,831
Refinancing 41 26 $328,415

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 1,390 44.9% 27.8%
Black or African American 124 29.0% 38.7%
Asian * 29 51.7% 24.1%
Joint * 23 69.6% 4.3%
2 or more minority races * 2 50.0% 0.0%
American Indian or Alaska Native * 2 100.0% 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 1,422 44.7% 26.8%
Hispanic or Latino 136 33.1% 47.1%
Joint * 17 76.5% 11.8%

* 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 Shoreham Bank vs CBNA Year to Date →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Shoreham Bank process?
Shoreham Bank processed 1,680 mortgage applications in the 2024 HMDA reporting year. Of these, 725 were originated (approved and funded), 460 were withdrawn by the applicant, and 482 were denied.
What is Shoreham Bank's mortgage approval rate?
Shoreham Bank has an approval (origination) rate of 43.2%, meaning 43.2% of all applications resulted in a funded mortgage. The denial rate is 28.7%.
What is the average loan amount at Shoreham Bank?
The average mortgage loan amount at Shoreham Bank is $132,768. The average interest rate is 7.769%. The average applicant income is $39,000.
What are the most common reasons for mortgage denial at Shoreham Bank?
The most common reasons for mortgage denial at Shoreham Bank are: Debt-to-income ratio, Credit history, Collateral. In total, 482 applications were denied out of 1,680 total applications.
What types of mortgage loans does Shoreham Bank offer?
Shoreham Bank processes FHA, Conventional, VA loans. The most common type is FHA with 1,242 applications and an average loan amount of $46,159.
What loan purposes does Shoreham Bank serve?
Shoreham Bank serves the following loan purposes: Home Improvement (1,167 applications), Home Purchase (353 applications), Cash-out Refinancing (60 applications), Other (59 applications), Refinancing (41 applications). Home Improvement is the most common purpose.
Where is Shoreham Bank located?
Shoreham Bank is headquartered in Warwick, RI. The lender is identified by LEI 549300LLQD0X2OTG0Y27 in HMDA data.
How does Shoreham Bank compare in lending across racial demographics?
Shoreham Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 44.9% and denial rate of 27.8%; Black or African American applicants have an approval rate of 29.0% and denial rate of 38.7%; Asian applicants have an approval rate of 51.7% and denial rate of 24.1%. 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.