Washington State Employees Credit Union Mortgage Rates, Fees & Info
OLYMPIA, WALEI: 5493000FWM3I2HHQY149
Tax ID: 91-0683062
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Washington State Employees Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Washington State Employees Credit Union has a high proportion of conventional loans. Their top markets include Seattle, Olympia, Spokane, Yakima, and Centralia among others. Washington State Employees Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Washington State Employees Credit Union is typically a low fee lendor.Originations
3,765Origination Dollar Volume (All Markets)
$852,115,000Awards
WASHINGTON STATE EMPLOYEES Credit Union - 2021
WASHINGTON STATE EMPLOYEES Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Washington State Employees Credit Union's average 30 year fixed rate mortgage of loans were
3.41%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.26%.
Relative Fees
Washington State Employees Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,226.
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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1,218 | $317,410,000 | $260,599 | $2,463 | 3.38% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1,209 | $229,145,000 | $189,533 | $2,257 | 3.29% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 333 | $65,435,000 | $196,502 | $2,058 | 3.28% |
| YAKIMA, WA (FHA|USDA|VA) | 120 | $50,240,000 | $418,667 | $2,117 | 3.35% |
| Centralia, WA (FHA|USDA|VA) | 174 | $31,400,000 | $180,460 | $2,346 | 3.31% |
| Pullman, WA (FHA|USDA|VA) | 133 | $23,245,000 | $174,774 | $2,283 | 3.16% |
| BELLINGHAM, WA (FHA|USDA|VA) | 21 | $19,715,000 | $938,810 | $1,842 | 3.51% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 54 | $17,160,000 | $317,778 | $2,067 | 3.40% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 59 | $16,955,000 | $287,373 | $2,850 | 3.40% |
| Shelton, WA (FHA|USDA|VA) | 97 | $15,355,000 | $158,299 | $2,319 | 3.32% |
| Aberdeen, WA (FHA|USDA|VA) | 58 | $10,510,000 | $181,207 | $2,890 | 3.17% |
| Outside of Metro Areas | 52 | $9,560,000 | $183,846 | $2,224 | 3.30% |
| Ellensburg, WA (FHA|USDA|VA) | 56 | $8,490,000 | $151,607 | $2,380 | 3.30% |
| Oak Harbor, WA (FHA|USDA|VA) | 23 | $6,175,000 | $268,478 | $2,451 | 3.19% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 25 | $5,665,000 | $226,600 | $2,411 | 3.12% |
| WENATCHEE, WA (FHA|USDA|VA) | 24 | $4,080,000 | $170,000 | $2,516 | 3.24% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 17 | $3,735,000 | $219,706 | $2,346 | 3.59% |
| Port Angeles, WA (FHA|USDA|VA) | 15 | $2,865,000 | $191,000 | $2,436 | 3.27% |
| Outside of Metro Areas | 12 | $2,680,000 | $223,333 | $2,860 | 3.42% |
| Moscow, ID (FHA|USDA|VA) | 13 | $2,305,000 | $177,308 | $2,972 | 2.94% |
| WALLA WALLA, WA (FHA|USDA|VA) | 11 | $1,905,000 | $173,182 | $2,934 | 3.18% |
| Moses Lake, WA (FHA|USDA|VA) | 7 | $1,455,000 | $207,857 | $2,741 | 3.20% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 5 | $1,345,000 | $269,000 | $2,929 | 2.85% |
| Sandpoint, ID (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $2,816 | 3.09% |
| BEND, OR (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $2,353 | 3.08% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $2,793 | 2.75% |
| SALEM, OR (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,431 | 3.00% |
| LONGVIEW, WA (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $2,817 | 2.92% |
| Newport, OR (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,201 | 3.50% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,248 | 3.50% |
| MEDFORD, OR (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 3.84% |
| CORVALLIS, OR (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,813 | 2.94% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $0 | 3.81% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,377 | 2.25% |
| Othello, WA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.69% |
| Coos Bay, OR (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 3.89% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.93% |
Washington State Employees Credit Union's top markets include Seattle, Olympia, Spokane, Yakima, and Centralia among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 3,765 | $852,115,000 | $226,325 | $2,333 | 3.32% |
For the 2021 period, Washington State Employees Credit Union's most frequently originated loan type of loans were Conventional, with 3,765 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 1,331 | $153,645,000 | $115,436 | $1,128 | 3.83% |
| Cash Out Refi | 1,071 | $356,245,000 | $332,628 | $3,041 | 2.95% |
| Refi | 691 | $138,165,000 | $199,949 | $1,870 | 2.96% |
| Home Purchase | 449 | $187,875,000 | $418,430 | $3,444 | 2.94% |
| Home Improvement | 223 | $16,185,000 | $72,578 | $73 | 3.92% |
For the 2021, Washington State Employees Credit Union's most frequently cited loan purpose of loans were Other, with 1,331 originations. The 2nd most popular reason of loans were Cash Out Refi, with 1,071 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 2,363 | $548,185,000 | $231,987 | $3,226 | 3.41% |
| 20 Year | 677 | $84,955,000 | $125,487 | $868 | 3.58% |
| 15 Year | 595 | $110,785,000 | $186,193 | $1,969 | 2.77% |
| 10 Year | 121 | $106,245,000 | $878,058 | $2,226 | 2.76% |
| Other | 9 | $1,945,000 | $216,111 | $2,076 | 2.68% |
For the 2021, Washington State Employees Credit Union's most frequently cited loan length of loans were 30 Year, with 2,363 originations. The 2nd most popular length of loans were 20 Year, with 677 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2,057 | $451,845,000 | $219,662 |
| $1k-2k | 374 | $99,930,000 | $267,193 |
| $2k-3k | 138 | $40,670,000 | $294,710 |
| $3k-4k | 118 | $42,420,000 | $359,492 |
| $5k+ | 43 | $18,165,000 | $422,442 |
$3,226 of loans were Washington State Employees Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,057 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 2,121 | $414,255,000 | $195,311 |
| 2.5-3% | 1,094 | $327,880,000 | $299,707 |
| <2.5% | 431 | $94,815,000 | $219,988 |
| 5-6% | 81 | $7,315,000 | $90,309 |
| 4-5% | 37 | $7,795,000 | $210,676 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2021, Washington State Employees Credit Union's average interest rate of loans were 3.41%, while their most frequently originated rate bucket of loans were 3-4%, with 2,121 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 1,283 | $353,725,000 | $275,701 | $3,004 | 3.06% |
| $100,000 or less | 1,086 | $60,050,000 | $55,295 | $371 | 3.80% |
| $100k-200k | 1,007 | $145,715,000 | $144,702 | $1,960 | 3.24% |
| $400k-600k | 278 | $133,330,000 | $479,604 | $3,887 | 3.01% |
| $600k-1MM | 81 | $60,035,000 | $741,173 | $4,204 | 3.05% |
| $1MM+ | 30 | $99,260,000 | $3,308,667 | $4,234 | 3.24% |
2021 saw Washington State Employees Credit Union place emphasis on $200k-400k loans with 1,283 originations, totaling $353,725,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1,060 | $220,540,000 | $208,057 | $2,426 | 3.33% |
| $150k-250k | 741 | $178,235,000 | $240,533 | $2,398 | 3.41% |
| $75k-100k | 737 | $143,175,000 | $194,267 | $2,376 | 3.24% |
| $50k-75k | 675 | $110,535,000 | $163,756 | $2,172 | 3.26% |
| $50k or less | 267 | $32,695,000 | $122,453 | $1,780 | 3.21% |
| $250k+ | 169 | $57,575,000 | $340,680 | $3,059 | 3.48% |
Washington State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,060 originations. The second most popular income band? $150k-250k, with 741 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1,127 | $219,615,000 | $194,867 | $2,243 | 3.26% |
| 30-36% | 890 | $174,040,000 | $195,551 | $2,401 | 3.44% |
| <20% | 547 | $93,355,000 | $170,667 | $2,011 | 3.23% |
| 39% | 148 | $28,930,000 | $195,473 | $1,865 | 3.60% |
| 37% | 139 | $29,315,000 | $210,899 | $2,208 | 3.35% |
| 42% | 136 | $28,240,000 | $207,647 | $2,303 | 3.35% |
| 38% | 134 | $28,150,000 | $210,075 | $2,078 | 3.46% |
| 36% | 124 | $25,270,000 | $203,790 | $2,173 | 3.37% |
| 40% | 113 | $25,585,000 | $226,416 | $2,491 | 3.31% |
| 41% | 102 | $26,140,000 | $256,275 | $2,713 | 3.25% |
| 43% | 63 | $20,245,000 | $321,349 | $3,645 | 3.06% |
| 44% | 60 | $18,420,000 | $307,000 | $3,186 | 3.10% |
| 45% | 42 | $11,090,000 | $264,048 | $2,591 | 2.99% |
| 47% | 33 | $10,715,000 | $324,697 | $3,109 | 2.89% |
| 46% | 27 | $7,945,000 | $294,259 | $2,960 | 2.94% |
| 49% | 22 | $5,830,000 | $265,000 | $3,166 | 3.11% |
| 48% | 18 | $5,290,000 | $293,889 | $2,975 | 2.94% |
| >60% | 3 | $1,295,000 | $431,667 | $2,949 | 3.21% |
Washington State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,127 originations. The next most common DTI ratio? 30-36%, with 890 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2,828 | $570,420,000 | $201,704 | $2,307 | 3.32% |
| Not provided | 547 | $112,015,000 | $204,781 | $2,310 | 3.27% |
| Not applicable | 31 | $89,365,000 | $2,882,742 | $0 | 3.65% |
| Asian | 201 | $49,715,000 | $247,338 | $2,670 | 3.24% |
| Black | 86 | $16,470,000 | $191,512 | $2,499 | 3.58% |
| American Indian | 56 | $11,170,000 | $199,464 | $2,474 | 3.29% |
| Native Hawaiian | 15 | $2,755,000 | $183,667 | $2,148 | 3.43% |
| Japanese | 1 | $205,000 | $205,000 | $0 | 3.75% |
Approval Rates
Total approvals of all applications77.86%
Washington State Employees Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.22%
Washington State Employees Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,765 | $852,115,000 | $226,325 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3,765 | $852,115,000 | $226,325 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 730 | $116,100,000 | $159,041 | $1,697 | 3.33% |
| 40-60% | 806 | $198,030,000 | $245,695 | $2,499 | 2.93% |
| 60-80% | 785 | $341,435,000 | $434,949 | $3,447 | 3.06% |
| 80-100% | 291 | $116,685,000 | $400,979 | $3,646 | 3.01% |
| Under 20% | 1,153 | $79,865,000 | $69,267 | $261 | 3.84% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 1 | 16.7% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 3 | 50.0% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
