Washington State Employees Credit Union Mortgage Rates, Fees & Info

OLYMPIA, WA

LEI: 5493000FWM3I2HHQY149

Tax ID: 91-0683062

5 stars - out of 5 stars, based on 61 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

3,765

Origination Dollar Volume (All Markets)

$852,115,000
Show all (16) awards

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 applications
77.86%

Washington State Employees Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
76.22%

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%