Olympia Federal Savings & Loan Association Mortgage Rates, Fees & Info

Olympia, WA

LEI: 2549008GIE3QVYB2FT28

Tax ID: 91-0346300

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Olympia Federal Savings & Loan Association is a smaller mortgage company specializing in Home Purchase and Refi loans. Olympia Federal Savings & Loan Association has a high proportion of conventional loans. Their top markets include Olympia, Shelton, Centralia, Aberdeen, and Seattle among others. Olympia Federal Savings & Loan Association has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Olympia Federal Savings & Loan Association is typically a low fee lendor.


Originations

439

Origination Dollar Volume (All Markets)

$165,985,000

Employee count

130

Awards

Olympia Federal Savings & Loan Association 30 Year Conventional Loans gold Olympia Federal Savings & Loan Association 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Olympia Federal Savings & Loan Association's average 30 year fixed rate mortgage of loans were 3.44%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.29%.

Relative Fees

Olympia Federal Savings & Loan Association's average total fees for a 30 year fixed rate mortgage are $3,175.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 253 $98,015,000 $387,411 $3,818 3.48%
Shelton, WA (FHA|USDA|VA) 72 $22,430,000 $311,528 $5,043 3.50%
Centralia, WA (FHA|USDA|VA) 34 $14,880,000 $437,647 $5,584 3.57%
Aberdeen, WA (FHA|USDA|VA) 40 $13,610,000 $340,250 $7,175 3.67%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 24 $11,350,000 $472,917 $7,566 3.63%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 9 $3,475,000 $386,111 $4,696 3.32%
Outside of Metro Areas 4 $1,420,000 $355,000 $4,522 3.38%
Port Angeles, WA (FHA|USDA|VA) 1 $355,000 $355,000 $6,181 3.63%
BELLINGHAM, WA (FHA|USDA|VA) 1 $355,000 $355,000 $4,188 3.13%
LONGVIEW, WA (FHA|USDA|VA) 1 $95,000 $95,000 $4,055 3.25%

Olympia Federal Savings & Loan Association's top markets include Olympia, Shelton, Centralia, Aberdeen, and Seattle among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 439 $165,985,000 $378,098 $4,729 3.51%

For the 2021 period, Olympia Federal Savings & Loan Association's most frequently originated loan type of loans were Conventional, with 439 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 242 $100,290,000 $414,421 $7,060 3.68%
Refi 173 $60,185,000 $347,890 $2,115 3.24%
Home Improvement 13 $3,365,000 $258,846 $1,426 3.41%
Other 11 $2,145,000 $195,000 $1,376 4.14%

For the 2021, Olympia Federal Savings & Loan Association's most frequently cited loan purpose of loans were Home Purchase, with 242 originations. The 2nd most popular reason of loans were Refi, with 173 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 190 $66,390,000 $349,421 $3,175 3.44%
30+ year 141 $67,455,000 $478,404 $8,075 3.66%
15 Year 37 $9,435,000 $255,000 $2,035 2.91%
20 Year 34 $7,910,000 $232,647 $2,024 3.43%
10 Year 18 $8,810,000 $489,444 $1,295 3.13%
Other 18 $5,830,000 $323,889 $3,746 4.75%
5 Year 1 $155,000 $155,000 $5,278 6.00%

For the 2021, Olympia Federal Savings & Loan Association's most frequently cited loan length of loans were 30 Year, with 190 originations. The 2nd most popular length of loans were 30+ year, with 141 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 192 $58,380,000 $304,063
$5k+ 94 $50,670,000 $539,043
$3k-4k 67 $26,025,000 $388,433
$1k-2k 19 $4,405,000 $231,842
$2k-3k 15 $4,325,000 $288,333

$3,175 of loans were Olympia Federal Savings & Loan Association's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 192 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 321 $131,505,000 $409,673
2.5-3% 77 $21,645,000 $281,104
4-5% 15 $9,335,000 $622,333
<2.5% 12 $2,540,000 $211,667
5-6% 12 $880,000 $73,333
6-7% 2 $80,000 $40,000

During 2021, Olympia Federal Savings & Loan Association's average interest rate of loans were 3.44%, while their most frequently originated rate bucket of loans were 3-4%, with 321 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 157 $47,055,000 $299,713 $3,946 3.38%
$400k-600k 106 $50,900,000 $480,189 $6,180 3.48%
$100k-200k 88 $13,560,000 $154,091 $2,506 3.37%
$600k-1MM 58 $41,370,000 $713,276 $8,070 3.67%
$100,000 or less 24 $1,490,000 $62,083 $1,332 4.53%
$1MM+ 6 $11,610,000 $1,935,000 $6,625 3.89%

2021 saw Olympia Federal Savings & Loan Association place emphasis on $200k-400k loans with 157 originations, totaling $47,055,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 133 $44,965,000 $338,083 $4,983 3.58%
$150k-250k 112 $50,730,000 $452,946 $5,605 3.50%
$75k-100k 69 $18,725,000 $271,377 $4,177 3.51%
$250k+ 42 $22,590,000 $537,857 $5,464 3.51%
$50k-75k 40 $8,080,000 $202,000 $3,269 3.43%
$50k or less 15 $2,025,000 $135,000 $2,190 3.05%

Olympia Federal Savings & Loan Association lent most frequently to those with incomes in the $100k-150k range, with 133 originations. The second most popular income band? $150k-250k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 132 $47,920,000 $363,030 $4,138 3.45%
30-36% 85 $31,585,000 $371,588 $4,807 3.48%
<20% 53 $13,715,000 $258,774 $2,847 3.38%
40% 31 $11,165,000 $360,161 $5,802 3.64%
37% 21 $7,285,000 $346,905 $5,633 3.42%
39% 20 $8,090,000 $404,500 $5,757 3.61%
38% 19 $8,015,000 $421,842 $6,473 3.48%
36% 19 $8,655,000 $455,526 $6,301 3.50%
41% 16 $4,290,000 $268,125 $4,936 3.78%
42% 12 $4,560,000 $380,000 $6,149 3.56%
44% 3 $1,205,000 $401,667 $5,382 4.29%
45% 3 $915,000 $305,000 $8,740 3.42%
43% 2 $790,000 $395,000 $5,214 3.38%
50-60% 1 $465,000 $465,000 $8,356 3.38%

Olympia Federal Savings & Loan Association lent most frequently to those with DTI ratios of 20-30%, with 132 originations. The next most common DTI ratio? 30-36%, with 85 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 308 $110,890,000 $360,032 $4,792 3.48%
Not provided 88 $31,050,000 $352,841 $4,788 3.56%
Not applicable 22 $17,330,000 $787,727 $3,345 3.84%
American Indian 8 $3,110,000 $388,750 $4,269 3.44%
Asian 7 $1,525,000 $217,857 $3,253 3.30%
Japanese 1 $695,000 $695,000 $12,371 4.00%
Black 1 $615,000 $615,000 $7,147 3.25%
Guamanian 2 $490,000 $245,000 $1,665 3.19%
Native Hawaiian 1 $185,000 $185,000 $1,423 3.13%
Filipino 1 $95,000 $95,000 $998 3.00%

Approval Rates

Total approvals of all applications
92.36%

Olympia Federal Savings & Loan Association has an average approval rate.

Pick Rate

Approvals leading to origination
72.57%

Olympia Federal Savings & Loan Association has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
1500.0 1 $155,000 $155,000
65.0 1 $45,000 $45,000
723.5 1 $75,000 $75,000
777.5 1 $85,000 $85,000
960.0 1 $95,000 $95,000
NA 434 $165,530,000 $381,406

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
439 $165,985,000 $378,098

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 44 $7,720,000 $175,455 $2,018 3.17%
40-60% 93 $28,135,000 $302,527 $2,969 3.29%
60-80% 200 $87,560,000 $437,800 $5,390 3.59%
80-100% 84 $40,600,000 $483,333 $7,046 3.51%
Under 20% 18 $1,970,000 $109,444 $861 4.60%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Olympia Federal Savings and Loan Association 24081 Ne State Route 3 Belfair, WA 98528 Full Service B&M $53,849
Olympia Federal Savings and Loan Association 2420 Harrison Ave Ne Olympia, WA 98502 Full Service B&M $113,653
Olympia Federal Savings and Loan Association 303 Cleveland Ave. Se Tumwater, WA 98501 Full Service B&M $74,683
Olympia Federal Savings and Loan Association 421 Capitol Way S Olympia, WA 98501 Full Service B&M $178,887
Olympia Federal Savings and Loan Association 4310 6th Ave Se Lacey, WA 98503 Full Service B&M $99,766
Olympia Federal Savings and Loan Association 4860 Yelm Highway Southeast Lacey, WA 98503 Full Service B&M $80,638
Olympia Federal Savings and Loan Association 8300 Quinault Dr Ne Olympia, WA 98516 Full Service B&M $54,018
Olympia Federal Savings and Loan Association 907 Yelm Avenue W Yelm, WA 98597 Full Service B&M $17,618

For 2021, Olympia Federal Savings & Loan Association had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $26,882
Net interest income $23,725
Total noninterest income $1,779
Gross Fiduciary activities income $0
Service charges on deposit accounts $30
Trading account gains and fees $0
Additional Noninterest Income $1,749
Pre-tax net operating income $4,446
Securities gains (or losses, -) $0
Income before extraordinary items $3,629
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,629
Minority interest net income $0
Net income $3,629
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,629

Olympia Federal Savings & Loan Association's gross interest income from loans was $26,882,000.
Olympia Federal Savings & Loan Association's net interest income from loans was $23,725,000.
Olympia Federal Savings & Loan Association's fee based income from loans was $30,000.
Olympia Federal Savings & Loan Association's net income from loans was $3,629,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,157
Provision for credit losses $200
Total noninterest expense $20,858
Salaries and employee benefits $13,449
Premises and equipment expense $1,791
Additional noninterest expense $5,618
Applicable income taxes $817
Net charge-offs $-145
Cash dividends $0

Olympia Federal Savings & Loan Association's interest expense for loans was $3,157,000.
Olympia Federal Savings & Loan Association's payroll and benefits expense were $13,449,000.
Olympia Federal Savings & Loan Association's property, plant and equipment expenses $1,791,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 2.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $696,475
Deposits held in domestic offices $696,475
Deposits by Individuals, partnerships, and corporations $691,742
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $4,731
Deposits by Commercial banks and other depository institutions in U.S. $2
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $176,219
Demand deposits $100,175
Nontransaction accounts $520,256
Money market deposit accounts (MMDAs) $196,164
Other savings deposits (excluding MMDAs) $143,406
Total time deposits $180,687
Total time and savings deposits $596,300
Noninterest-bearing deposits $58,513
Interest-bearing deposits $637,962
Retail deposits $675,769
IRAs and Keogh plan accounts $34,184
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $853,367
Cash & Balances due from depository institutions $92,858
Interest-bearing balances $89,450
Total securities $77,044
Federal funds sold & reverse repurchase $0
Net loans and leases $634,513
Loan and leases loss allowance $2,430
Trading account assets $0
Bank premises and fixed assets $16,023
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $32,929

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $853,367
Total Liabilities $743,970
Total deposits $696,475
Interest-bearing deposits $637,962
Deposits held in domestic offices $696,475
% insured (estimated) $88
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $43,194
Subordinated debt $0
All other liabilities $4,301

Issued Loan Types

Type Value (in 000's)
Net loans and leases $634,513
Loan and leases loss allowance $2,430
Total loans and leases (domestic) $636,943
All real estate loans $629,246
Real estate loans in domestic offices $629,246
Construction and development loans $49,824
Residential 1-4 family construction $28,805
Other construction, all land development and other land $21,019
Loans secured by nonfarm nonresidential properties $45,366
Nonfarm nonresidential secured by owner-occupied properties $8,494
Commercial real estate & other non-farm, non-residential $36,872
Multifamily residential real estate $47,101
1-4 family residential loans $486,955
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $2,597
To non-U.S. addressees $0
Loans to individuals $3,941
Credit card loans $0
Related Plans $1,131
Consumer Auto Loans $488
Other loans to individuals $2,322
All other loans & leases $1,159
Loans to foreign governments and official institutions $0
Other loans $1,159
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $145
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Olympia Federal Savings & Loan Association had $634,513,000 of loans outstanding in 2021. $629,246,000 of loans were in real estate loans. $49,824,000 of loans were in development loans. $47,101,000 of loans were in multifamily mortgage loans. $486,955,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $488,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 43 $13,574 $315,674
Nonfarm, nonresidential loans - <$100k 3 $48 $16,000
Nonfarm, nonresidential loans - $100-250k 13 $1,606 $123,538
Nonfarm, nonresidential loans - $250k-1MM 27 $11,920 $441,481
Commercial & Industrial, US addressed loans - <$1MM 40 $2,597 $64,925
Commercial & Industrial, US addressed loans - <$100k 30 $785 $26,167
Commercial & Industrial, US addressed loans - $100-250k 5 $344 $68,800
Commercial & Industrial, US addressed loans - $250k-1MM 5 $1,468 $293,600