Washington State Employees Credit Union Mortgage Rates, Fees & Info

OLYMPIA, WA

LEI: 5493000FWM3I2HHQY149

Tax ID: 91-0683062

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    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. 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, Centralia, and Yakima 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.45% 12/16/24
    30 Year Conventional Refi 6.40% 12/16/24
    30 Year Cash-out Refi 6.66% 12/16/24
    30 Year FHA Purchase 6.82% 12/16/24
    15 Year Conventional Purchase 5.81% 12/16/24
    15 Year Conventional Refi 6.46% 12/16/24
    15 Year Cash-out Refi 6.46% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Washington State Employees Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    3,092

    Origination Dollar Volume (All Markets)

    $521,130,000
    Show all (8) awards

    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) 984 $208,430,000 $211,819 $4,207 5.02%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1,060 $148,820,000 $140,396 $4,396 4.97%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 285 $39,155,000 $137,386 $4,255 4.90%
    Centralia, WA (FHA|USDA|VA) 161 $19,475,000 $120,963 $4,620 4.95%
    YAKIMA, WA (FHA|USDA|VA) 89 $17,555,000 $197,247 $4,208 4.95%
    Pullman, WA (FHA|USDA|VA) 113 $15,505,000 $137,212 $4,035 4.87%
    Aberdeen, WA (FHA|USDA|VA) 56 $9,680,000 $172,857 $3,755 4.82%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 39 $8,945,000 $229,359 $5,162 5.10%
    Shelton, WA (FHA|USDA|VA) 63 $7,545,000 $119,762 $3,754 5.16%
    Ellensburg, WA (FHA|USDA|VA) 46 $6,750,000 $146,739 $4,206 5.01%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 31 $5,505,000 $177,581 $4,450 5.42%
    Outside of Metro Areas 26 $5,390,000 $207,308 $4,214 4.48%
    BELLINGHAM, WA (FHA|USDA|VA) 13 $3,955,000 $304,231 $4,011 4.97%
    Moscow, ID (FHA|USDA|VA) 18 $2,850,000 $158,333 $5,668 4.85%
    Outside of Metro Areas 11 $2,755,000 $250,455 $5,280 4.07%
    Oak Harbor, WA (FHA|USDA|VA) 13 $2,705,000 $208,077 $5,634 5.08%
    WENATCHEE, WA (FHA|USDA|VA) 11 $2,245,000 $204,091 $3,575 4.54%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 19 $2,235,000 $117,632 $4,052 5.84%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 12 $2,180,000 $181,667 $4,446 4.87%
    LONGVIEW, WA (FHA|USDA|VA) 4 $1,690,000 $422,500 $0 5.23%
    Port Angeles, WA (FHA|USDA|VA) 7 $1,305,000 $186,429 $5,850 4.09%
    LEWISTON, ID-WA (FHA|USDA|VA) 6 $1,080,000 $180,000 $5,810 4.27%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 2 $940,000 $470,000 $4,803 4.19%
    WALLA WALLA, WA (FHA|USDA|VA) 2 $770,000 $385,000 $655 5.33%
    BEND, OR (FHA|USDA|VA) 2 $770,000 $385,000 $5,979 4.81%
    Moses Lake, WA (FHA|USDA|VA) 3 $765,000 $255,000 $0 5.48%
    BOISE CITY, ID (FHA|USDA|VA) 3 $545,000 $181,667 $7,346 4.50%
    Newport, OR (FHA|USDA|VA) 2 $310,000 $155,000 $6,320 4.87%
    Sandpoint, ID (FHA|USDA|VA) 3 $295,000 $98,333 $6,298 6.36%
    Astoria, OR (FHA|USDA|VA) 1 $225,000 $225,000 $5,090 4.00%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $215,000 $215,000 $4,311 3.75%
    SALEM, OR (FHA|USDA|VA) 2 $200,000 $100,000 $5,257 4.68%
    TWIN FALLS, ID (FHA|USDA|VA) 1 $175,000 $175,000 $4,576 4.13%
    Othello, WA (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.24%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.00%
    IDAHO FALLS, ID (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.00%
    Washington State Employees Credit Union's top markets include Seattle, Olympia, Spokane, Centralia, and Yakima among others.

    Their top states include:
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)

    • 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.

    Potlatch No. 1 Financial Credit Union
    Similarity Rank: 66
    KITSAP Credit Union
    Similarity Rank: 418
    INROADS
    Similarity Rank: 549
    Ukrainian Federal Credit Union
    Similarity Rank: 657
    Yakima Federal Savings and Loan Association
    Similarity Rank: 720
    iQ Credit Union
    Similarity Rank: 851
    Clackamas Federal Credit Union
    Similarity Rank: 918
    OREGONIANS CREDIT UNION
    Similarity Rank: 948
    Sno Falls Credit Union
    Similarity Rank: 1090
    O BEE
    Similarity Rank: 1162

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,054 $427,790,000 $208,272 $4,250 4.64%
    HELOC 1,016 $86,660,000 $85,295 n/a 5.69%
    VA 14 $4,500,000 $321,429 $8,954 3.78%
    FHA 8 $2,180,000 $272,500 $9,051 3.99%

    For 2019, Washington State Employees Credit Union's most frequently originated type of loan was Conventional, with 2,054 originations. Their 2nd most popular type was HELOC, with 1,016 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,278 $100,060,000 $78,294 $1,027 5.73%
    Refi 551 $101,005,000 $183,312 $3,128 4.72%
    Cash Out Refi 541 $169,675,000 $313,632 $4,448 3.84%
    Home Purchase 434 $133,830,000 $308,364 $5,327 4.05%
    Home Improvement 288 $16,560,000 $57,500 $988 5.65%

    For 2019, Washington State Employees Credit Union's most frequently cited loan purpose was Other, with 1,278 originations. The 2nd most popular reason was Refi, with 551 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,927 $364,745,000 $189,281 $4,834 4.85%
    20 Year 614 $57,110,000 $93,013 $2,489 5.66%
    15 Year 285 $41,435,000 $145,386 $3,897 4.35%
    10 Year 230 $50,760,000 $220,696 $2,637 5.26%
    Other 36 $7,080,000 $196,667 $2,382 3.20%

    For 2019, Washington State Employees Credit Union's most frequently cited loan duration was 30 Year, with 1,927 originations. The 2nd most popular length was 20 Year, with 614 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 352 $129,950,000 $369,176
    $2k-3k 274 $57,430,000 $209,599
    $3k-4k 203 $57,635,000 $283,916
    $1k-2k 152 $21,510,000 $141,513
    $4k-5k 120 $38,580,000 $321,500
    $5k+ 96 $33,100,000 $344,792

    Washington State Employees Credit Union's average total fees were $4,834, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 352 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 1,194 $95,030,000 $79,590
    3-4% 847 $254,995,000 $301,057
    4-5% 700 $138,730,000 $198,186
    7-8% 147 $9,925,000 $67,517
    6-7% 82 $5,600,000 $68,293
    Over 8% 74 $6,110,000 $82,568
    2.5-3% 48 $10,740,000 $223,750

    During 2019, Washington State Employees Credit Union's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 5-6%, with 1,194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,474 $72,380,000 $49,104 $1,427 5.69%
    $200k-400k 750 $208,260,000 $277,680 $5,209 4.07%
    $100k-200k 645 $92,985,000 $144,163 $3,700 4.76%
    $400k-600k 157 $75,495,000 $480,860 $4,606 3.87%
    $600k-1MM 46 $32,970,000 $716,739 $3,239 4.00%
    $1MM+ 20 $39,040,000 $1,952,000 $3,397 4.23%

    2019 saw Washington State Employees Credit Union place emphasis on $100,000 or less loans with 1,474 originations, totaling $72,380,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 836 $135,310,000 $161,854 $4,579 5.05%
    $75k-100k 676 $94,030,000 $139,098 $4,595 4.98%
    $50k-75k 599 $69,695,000 $116,352 $4,298 4.84%
    $150k-250k 514 $117,580,000 $228,755 $4,239 5.01%
    $50k or less 265 $21,915,000 $82,698 $3,384 4.85%
    $250k+ 105 $30,775,000 $293,095 $3,550 5.20%

    Washington State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 836 originations. The second most popular income band? $75k-100k, with 676 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 787 $124,505,000 $158,202 $4,187 4.77%
    30-36% 651 $106,225,000 $163,172 $4,458 5.03%
    <20% 336 $45,770,000 $136,220 $4,234 4.69%
    39% 177 $25,345,000 $143,192 $4,071 5.79%
    38% 142 $24,330,000 $171,338 $3,695 5.16%
    42% 137 $22,555,000 $164,635 $4,670 4.96%
    36% 121 $20,235,000 $167,231 $4,685 5.15%
    41% 116 $20,420,000 $176,034 $4,577 4.96%
    40% 115 $17,185,000 $149,435 $4,199 5.02%
    37% 105 $15,865,000 $151,095 $4,264 5.27%
    43% 89 $15,415,000 $173,202 $4,495 4.94%
    44% 79 $13,265,000 $167,911 $4,647 4.88%
    47% 47 $5,655,000 $120,319 $5,216 5.20%
    49% 42 $4,730,000 $112,619 $4,830 5.08%
    46% 41 $6,365,000 $155,244 $4,351 4.90%
    45% 34 $4,920,000 $144,706 $3,647 5.21%
    48% 34 $4,620,000 $135,882 $4,316 5.26%
    >60% 3 $955,000 $318,333 $3,601 3.38%
    50-60% 2 $780,000 $390,000 $21,542 3.68%

    Washington State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 787 originations. The next most common DTI ratio? 30-36%, with 651 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,437 $361,985,000 $148,537 $4,296 5.03%
    Not provided 374 $77,760,000 $207,914 $4,485 4.60%
    Not applicable 26 $38,510,000 $1,481,154 $0 4.74%
    Asian 124 $24,250,000 $195,565 $3,761 4.78%
    Black 70 $10,560,000 $150,857 $5,207 5.40%
    American Indian 35 $4,235,000 $121,000 $3,913 5.18%
    Native Hawaiian or Islander 16 $1,290,000 $80,625 $5,785 5.51%
    Japanese 2 $790,000 $395,000 $0 5.38%
    Chinese 1 $715,000 $715,000 $9,936 2.88%
    Other Asian 2 $360,000 $180,000 $1,976 4.75%
    Asian Indian 2 $270,000 $135,000 $0 6.37%
    Other Pacific Islander 1 $195,000 $195,000 $383 4.95%
    Filipino 1 $105,000 $105,000 $0 5.24%
    Korean 1 $105,000 $105,000 $0 5.24%

    Approval Rates

    Total approvals of all applications
    77.00%

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

    Pick Rate

    Approvals leading to origination
    73.67%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,092 $521,130,000 $168,541

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 5 $5,185,000 $1,037,000
    Multifamily:Site-Built 18 $30,220,000 $1,678,889
    Single Family (1-4 Units):Manufactured 71 $8,195,000 $115,423
    Single Family (1-4 Units):Site-Built 2,998 $477,530,000 $159,283

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 586 $69,540,000 $118,669 $2,477 5.51%
    40-60% 339 $73,725,000 $217,478 $3,876 4.33%
    60-80% 566 $193,610,000 $342,067 $4,712 3.95%
    80-100% 357 $116,405,000 $326,064 $5,289 3.95%
    Over 100% 3 $2,385,000 $795,000 $11,261 3.79%
    Under 20% 1,226 $61,480,000 $50,147 $905 5.69%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 60.0%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 1 20.0%