Washington State Employees Credit Union Mortgage Rates, Fees & Info
OLYMPIA, WALEI: 5493000FWM3I2HHQY149
Tax ID: 91-0683062
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Mortgage Data
Review & Overview
Washington State Employees Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Washington State Employees Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Seattle, Olympia, Spokane, Bremerton, and Pullman among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)Washington State Employees 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. Washington State Employees Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 4/18/24 |
| 30 Year Conventional Refi | 6.40% | 4/18/24 |
| 30 Year Cash-out Refi | 6.66% | 4/18/24 |
| 30 Year FHA Purchase | 6.82% | 4/18/24 |
| 15 Year Conventional Purchase | 5.81% | 4/18/24 |
| 15 Year Conventional Refi | 6.46% | 4/18/24 |
| 15 Year Cash-out Refi | 6.46% | 4/18/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Washington State Employees Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,758Origination Dollar Volume (All Markets)
$378,730,000Awards
WASHINGTON STATE EMPLOYEES Credit Union - 2018
WASHINGTON STATE EMPLOYEES Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 940 | $135,630,000 | $144,287 | $4,309 | 5.14% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 861 | $95,785,000 | $111,249 | $4,203 | 5.24% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 239 | $27,815,000 | $116,381 | $4,670 | 5.19% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 57 | $19,395,000 | $340,263 | $5,726 | 4.86% |
| Pullman, WA (FHA|USDA|VA) | 104 | $15,990,000 | $153,750 | $4,990 | 4.89% |
| YAKIMA, WA (FHA|USDA|VA) | 68 | $15,070,000 | $221,618 | $4,617 | 5.04% |
| Centralia, WA (FHA|USDA|VA) | 131 | $13,185,000 | $100,649 | $4,195 | 5.20% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 15 | $6,855,000 | $457,000 | $3,452 | 5.05% |
| Outside of Metro Areas | 37 | $5,335,000 | $144,189 | $4,251 | 5.03% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 38 | $5,290,000 | $139,211 | $2,852 | 5.34% |
| Aberdeen, WA (FHA|USDA|VA) | 47 | $5,275,000 | $112,234 | $3,845 | 5.39% |
| Shelton, WA (FHA|USDA|VA) | 50 | $4,960,000 | $99,200 | $4,200 | 5.20% |
| Ellensburg, WA (FHA|USDA|VA) | 42 | $4,430,000 | $105,476 | $3,148 | 5.40% |
| Oak Harbor, WA (FHA|USDA|VA) | 17 | $3,345,000 | $196,765 | $5,116 | 5.36% |
| Moses Lake, WA (FHA|USDA|VA) | 11 | $2,995,000 | $272,273 | $4,659 | 5.21% |
| Sandpoint, ID (FHA|USDA|VA) | 1 | $2,605,000 | $2,605,000 | $0 | 4.80% |
| WENATCHEE, WA (FHA|USDA|VA) | 13 | $2,395,000 | $184,231 | $3,378 | 4.86% |
| Moscow, ID (FHA|USDA|VA) | 13 | $1,635,000 | $125,769 | $3,296 | 5.11% |
| BELLINGHAM, WA (FHA|USDA|VA) | 14 | $1,360,000 | $97,143 | $4,672 | 5.71% |
| Outside of Metro Areas | 7 | $1,135,000 | $162,143 | $5,074 | 4.93% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 11 | $1,045,000 | $95,000 | $0 | 5.10% |
| BOISE CITY, ID (FHA|USDA|VA) | 6 | $1,030,000 | $171,667 | $6,370 | 4.64% |
| SALEM, OR (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $4,649 | 4.63% |
| LONGVIEW, WA (FHA|USDA|VA) | 5 | $835,000 | $167,000 | $3,195 | 5.00% |
| Port Angeles, WA (FHA|USDA|VA) | 7 | $775,000 | $110,714 | $3,529 | 5.20% |
| WALLA WALLA, WA (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $1,497 | 5.28% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $4,331 | 4.75% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 4.56% |
| BEND, OR (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $6,845 | 3.88% |
| Newport, OR (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,026 | 5.00% |
| MEDFORD, OR (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,745 | 4.50% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 4.50% |
| Klamath Falls, OR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,742 | 4.00% |
| La Grande, OR (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.38% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.50% |
| Othello, WA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.62% |
Similar Lenders
We use machine learning to identify the top lenders compared against WASHINGTON STATE EMPLOYEES Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Washington State Employees Credit Union's most frequently originated type of loan was Conventional, with 1,802 originations. Their 2nd most popular type was HELOC, with 918 originations.
Loan Reason
For 2018, Washington State Employees Credit Union's most frequently cited loan purpose was Other, with 877 originations. The 2nd most popular reason was Home Improvement, with 642 originations.
Loan Duration/Length
For 2018, Washington State Employees Credit Union's most frequently cited loan duration was 30 Year, with 1,522 originations. The 2nd most popular length was 20 Year, with 752 originations.
Origination Fees/Closing Costs
Washington State Employees Credit Union's average total fees were $5,467, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,034 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,631 | $264,115,000 | $161,934 |
| 5-6% | 550 | $49,430,000 | $89,873 |
| 7-8% | 252 | $19,060,000 | $75,635 |
| 6-7% | 181 | $12,105,000 | $66,878 |
| 3-4% | 138 | $31,280,000 | $226,667 |
During 2018, Washington State Employees Credit Union's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 1,631 originations.
Loan Sizing
2018 saw Washington State Employees Credit Union place emphasis on $100,000 or less loans with 1,548 originations, totaling $74,450,000 in origination value.
Applicant Income
Washington State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 713 originations. The second most popular income band? $75k-100k, with 549 originations.
Applicant Debt to Income Ratio
Washington State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 681 originations. The next most common DTI ratio? 30-36%, with 560 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.62%
Washington State Employees Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.29%
Washington State Employees Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,758 | $378,730,000 | $137,321 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 1 | 14.3% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 1 | 14.3% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION | Other type of mortgage | Closing on a mortgage | 3 | 42.9% |