Home Loan Investment Bank, F.S.B. is headquartered in Warwick and is the 6th largest bank in the state of Rhode Island. It is also the 2,035th largest bank in the nation. It was established in 1979 and as of September of 2020, it had grown to 104 employees at 3 locations. Home Loan Investment Bank, F.S.B.'s savings rates are 2X the national average, and it has an A health rating.
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Great Bank
I went to a local branch in person on 1/4/20. I understood that in order to get that rate I had to go in person and not open online. I received immediate service at the Warwick, RI branch to open 2 accounts. The CD rate at that time was 3.00% and I opened without any problems. Then I needed an account to have the monthly interest payment transferred to. They recommended the checking account at 1.75% with maintaining a minimum balance of $2,500. I did not have the $2500 on me and they said they would wait to fund the account without any penalty fees as I would return with the deposit within 24 hours. Works for me and they even gave me a sheet of printed starter checks for free. I gave them $100 to get started and then came back with the $2,500 within a few minutes. This branch was extremely accommodating and I felt very good about my choice. Like clockwork on the 30th day of January, 2020 the interest was placed into my checking account without one bit of trouble. And I can view all of the transactions online as well as making any online transactions myself. I will be banking at Home Loan for many years to come, especially if the customer service continues the same way!
Very Impressive!
It was very easy to apply online for their 18 months CD account with 3.15% APY! In a matter of minutes (in the end of the process) they had already approved and gave me my account number. I was very impressed because it takes other financial institutions days (and even weeks Andrews FCU).
All's Well That Ends Well
Shortly after 9 a.m. this morning, I began the process of opening a new CD with this bank on line based on their advertised rate of 2.50%. All was well until I got to the Truth in Savings disclosure, which showed an APY of 2.00%.
I spoke to customer service, who told me that the 2.50% rate was no longer good because they were changing the rates today. When I suggested the bank might be guilty of false advertising she contacted her supervisor. I was then advised that they would honor the higher rate if my application was completed before 9:30 a.m. I scrambled to complete the process (which of course took much longer than it should have) and got an email at precisely 9:30 a.m. telling me the application was complete.
At this point the T-I-S statement still shows a 2.00% rate. I believe they will honor their commitment to give me the higher rate, but I haven't seen it in writing yet. I'll update this review once that happens.
UPDATE: I was able to log in to the new account, and the rate shown is the higher rate as promised. So, kudos to the bank for honoring its word, but thumbs down for continuing to show the outdated rate on their website.
Horrible Experience
If I could rate a zero I would. YEARS ago, I went through HLIB for a loan for a new roof for my house. At the time, I honestly did not even know it was considered a lien against my mortgage. I thought it was just a loan. Not a huge deal, as I paid it off early (within 2 years). Recently (YEARS later), I tried to re-finance my home and it was STILL showing as a lien. VERY long story short, they said they had sent me the pay off paperwork and that I WAS SUPPOSED TO FILE IT WITH THE COURTS. I am 50 years old and have had a lot of loans in my life. NEVER have I had to do that. They offered to re-send me the paperwork at a 50.00 fee. Another LONG story short and a lot of arguing, they finally waived the fee. After 2 reminders and @ 4 months, I finally received the paperwork. I now have to go file it with the courts. I find this ridiculous!! Any lender worth anything should do this for their customers. BEWARE if you have had a loan with this company. I would do a search to see if you have any liens. It does NOT show up on your credit report. It only bites you when you try and re-finance, sell, etc. Dealing with this company has has been a nightmare!!
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27417 |
| Year Established | 1979 |
| Employees | 104 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.13% |
| Return on Equity - YTD | 12.15% |
| Annual Interest Income | $16.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $370.1MM$346.0MM |
| Loans | Q3 2020vs Q3 2019 | $321.2MM$307.8MM |
| Deposits | Q3 2020vs Q3 2019 | $329.5MM$293.6MM |
| Equity Capital | Q3 2020vs Q3 2019 | $34.6MM$30.1MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $7.1MM$4.6MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $3.3MM$3.7MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $415.00K$341.00K |