West Texas Credit Union Mortgage Rates, Fees & Info

Odessa, TX

LEI: 254900YV8FQT91WWLP52

Tax ID: 75-0918872

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    West Texas Credit Union is a smaller credit union specializing in Other loans. West Texas Credit Union has a high proportion of conventional loans. Their top two markets are Odessa and Midland .

    West Texas Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    38

    Origination Dollar Volume (All Markets)

    $4,430,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    ODESSA, TX (FHA|USDA|VA) 32 $3,990,000 $124,688 $450 4.57%
    Outside of Metro Areas 3 $225,000 $75,000 $466 3.87%
    MIDLAND, TX (FHA|USDA|VA) 3 $215,000 $71,667 $474 4.60%
    West Texas Credit Union's top markets include Odessa and Midland among others.

    Their top states include:
  • Texas (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $4,430,000 $116,579 $454 4.52%

    For 2020, West Texas Credit Union's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 25 $2,955,000 $118,200 $461 4.58%
    Home Improvement 9 $865,000 $96,111 $451 4.35%
    Refi 3 $495,000 $165,000 $413 4.01%
    Cash Out Refi 1 $115,000 $115,000 $413 6.16%

    For 2020, West Texas Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 26 $3,480,000 $133,846 $465 4.71%
    10 Year 5 $295,000 $59,000 $466 3.74%
    20 Year 3 $395,000 $131,667 $413 4.93%
    5 Year 2 $120,000 $60,000 $398 3.69%
    Other 2 $140,000 $70,000 $423 4.30%

    For 2020, West Texas Credit Union's most frequently cited loan duration was 15 Year, with 26 originations. The 2nd most popular length was 10 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2 $120,000 $60,000

    West Texas Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 14 $1,940,000 $138,571
    4-5% 14 $1,560,000 $111,429
    5-6% 4 $400,000 $100,000
    6-7% 4 $310,000 $77,500
    Over 8% 1 $85,000 $85,000

    During 2020, West Texas Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 14 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 18 $1,200,000 $66,667 $428 4.65%
    $100k-200k 17 $2,205,000 $129,706 $473 4.54%
    $200k-400k 2 $520,000 $260,000 $466 3.55%
    $400k-600k 1 $505,000 $505,000 $519 3.61%

    2020 saw West Texas Credit Union place emphasis on $100,000 or less loans with 18 originations, totaling $1,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 12 $1,130,000 $94,167 $451 4.80%
    $100k-150k 9 $1,605,000 $178,333 $474 4.11%
    $50k or less 8 $700,000 $87,500 $468 4.77%
    $75k-100k 6 $660,000 $110,000 $413 4.79%
    $150k-250k 3 $335,000 $111,667 $438 3.48%

    West Texas Credit Union lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,360,000 $113,333 $438 4.45%
    30-36% 9 $715,000 $79,444 $439 4.36%
    <20% 6 $480,000 $80,000 $458 4.03%
    39% 3 $545,000 $181,667 $476 4.79%
    41% 2 $310,000 $155,000 $466 4.97%
    42% 2 $640,000 $320,000 $519 3.61%
    50-60% 1 $65,000 $65,000 $520 6.21%
    37% 1 $115,000 $115,000 $413 6.16%
    40% 1 $145,000 $145,000 $520 4.44%
    44% 1 $55,000 $55,000 $383 5.60%

    West Texas Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $4,205,000 $113,649 $452 4.55%
    Asian 1 $225,000 $225,000 $519 3.22%

    Approval Rates

    Total approvals of all applications
    84.91%

    West Texas Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.58%

    West Texas Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 38 $4,430,000 $116,579

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 38 $4,430,000 $116,579

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $410,000 $68,333 $416 4.45%
    40-60% 9 $665,000 $73,889 $403 4.46%
    60-80% 16 $2,530,000 $158,125 $461 4.76%
    80-100% 5 $655,000 $131,000 $498 4.00%
    Under 20% 1 $35,000 $35,000 $413 4.27%