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

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  • 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 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, Centralia, and Pullman among others. We have data for 37 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 a low 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% 11/17/24
    30 Year Conventional Refi 6.40% 11/17/24
    30 Year Cash-out Refi 6.66% 11/17/24
    30 Year FHA Purchase 6.82% 11/17/24
    15 Year Conventional Purchase 5.81% 11/17/24
    15 Year Conventional Refi 6.46% 11/17/24
    15 Year Cash-out Refi 6.46% 11/17/24
    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

    3,206

    Origination Dollar Volume (All Markets)

    $708,290,000

    Awards

    WASHINGTON STATE EMPLOYEES Credit Union 30 Year Conventional Loans bronze
    Show all (1) 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) 1,016 $280,090,000 $275,679 $3,687 3.55%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1,047 $203,635,000 $194,494 $3,655 3.57%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 295 $48,015,000 $162,763 $3,383 3.60%
    Centralia, WA (FHA|USDA|VA) 179 $32,005,000 $178,799 $3,517 3.60%
    Pullman, WA (FHA|USDA|VA) 118 $21,600,000 $183,051 $3,979 3.48%
    YAKIMA, WA (FHA|USDA|VA) 97 $18,385,000 $189,536 $3,574 3.49%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 40 $16,280,000 $407,000 $4,474 3.53%
    Shelton, WA (FHA|USDA|VA) 69 $13,335,000 $193,261 $3,809 3.39%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 42 $10,670,000 $254,048 $3,967 3.47%
    Ellensburg, WA (FHA|USDA|VA) 44 $8,850,000 $201,136 $3,799 3.51%
    Aberdeen, WA (FHA|USDA|VA) 42 $7,050,000 $167,857 $3,611 3.55%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 21 $5,845,000 $278,333 $4,694 3.42%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 18 $5,760,000 $320,000 $2,666 3.75%
    Outside of Metro Areas 33 $5,095,000 $154,394 $3,572 3.59%
    WENATCHEE, WA (FHA|USDA|VA) 14 $3,540,000 $252,857 $4,666 3.46%
    Moscow, ID (FHA|USDA|VA) 21 $3,465,000 $165,000 $4,102 3.56%
    Sandpoint, ID (FHA|USDA|VA) 3 $3,275,000 $1,091,667 $4,119 3.68%
    Oak Harbor, WA (FHA|USDA|VA) 17 $3,185,000 $187,353 $3,320 4.02%
    Coos Bay, OR (FHA|USDA|VA) 1 $2,725,000 $2,725,000 $0 4.88%
    Port Angeles, WA (FHA|USDA|VA) 16 $2,640,000 $165,000 $4,094 3.52%
    BELLINGHAM, WA (FHA|USDA|VA) 13 $2,335,000 $179,615 $2,482 3.69%
    Outside of Metro Areas 12 $2,200,000 $183,333 $4,038 3.71%
    Moses Lake, WA (FHA|USDA|VA) 10 $2,090,000 $209,000 $3,732 3.45%
    LEWISTON, ID-WA (FHA|USDA|VA) 9 $1,125,000 $125,000 $3,522 3.86%
    WALLA WALLA, WA (FHA|USDA|VA) 6 $1,110,000 $185,000 $4,264 3.17%
    LONGVIEW, WA (FHA|USDA|VA) 6 $910,000 $151,667 $4,594 3.77%
    BOISE CITY, ID (FHA|USDA|VA) 3 $765,000 $255,000 $5,389 2.92%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 2 $530,000 $265,000 $4,304 4.84%
    Astoria, OR (FHA|USDA|VA) 1 $285,000 $285,000 $6,067 2.75%
    Othello, WA (FHA|USDA|VA) 2 $240,000 $120,000 $2,142 3.67%
    Burley, ID (FHA|USDA|VA) 1 $235,000 $235,000 $5,784 3.50%
    BEND, OR (FHA|USDA|VA) 1 $215,000 $215,000 $5,998 3.25%
    IDAHO FALLS, ID (FHA|USDA|VA) 2 $210,000 $105,000 $4,453 3.38%
    SALEM, OR (FHA|USDA|VA) 2 $180,000 $90,000 $3,124 3.50%
    CORVALLIS, OR (FHA|USDA|VA) 1 $175,000 $175,000 $4,278 2.88%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $155,000 $155,000 $3,963 2.88%
    Newport, OR (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.75%
    Washington State Employees Credit Union's top markets include Seattle, Olympia, Spokane, Centralia, and Pullman 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.

    SPOKANE FIREFIGHTERS CREDIT UNION
    Similarity Rank: 231
    TRISTAR FINANCE, INC.
    Similarity Rank: 378
    People's Community Federal Credit Union
    Similarity Rank: 434
    CASTPARTS EMPLOYEES
    Similarity Rank: 524
    OREGONIANS CREDIT UNION
    Similarity Rank: 948
    LOANSNAP, INC.
    Similarity Rank: 1106
    Potlatch No. 1 Financial Credit Union
    Similarity Rank: 1342
    Pacific NW Federal Credit Union
    Similarity Rank: 1344
    Wauna Federal Credit Union
    Similarity Rank: 1644
    COAST 2 COAST FUNDING GROUP, INC.
    Similarity Rank: 1653

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,593 $648,325,000 $250,029 $3,661 3.41%
    HELOC 609 $58,785,000 $96,527 n/a 4.21%
    FHA 2 $580,000 $290,000 $7,903 3.25%
    VA 2 $600,000 $300,000 $10,713 3.38%

    For 2020, Washington State Employees Credit Union's most frequently originated type of loan was Conventional, with 2,593 originations. Their 2nd most popular type was HELOC, with 609 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 1,059 $300,855,000 $284,093 $4,597 3.22%
    Refi 934 $220,720,000 $236,317 $3,212 3.33%
    Other 743 $64,625,000 $86,978 $25 4.27%
    Home Purchase 331 $114,655,000 $346,390 $5,126 3.29%
    Home Improvement 139 $7,435,000 $53,489 $36 4.54%

    For 2020, Washington State Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 1,059 originations. The 2nd most popular reason was Refi, with 934 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,016 $472,670,000 $234,459 $4,570 3.57%
    15 Year 557 $106,065,000 $190,422 $3,363 3.20%
    20 Year 487 $69,105,000 $141,899 $1,697 4.05%
    10 Year 80 $46,160,000 $577,000 $2,793 3.40%
    Other 66 $14,290,000 $216,515 $2,271 2.90%

    For 2020, Washington State Employees Credit Union's most frequently cited loan duration was 30 Year, with 2,016 originations. The 2nd most popular length was 15 Year, with 557 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 939 $205,025,000 $218,344
    $2k-3k 477 $103,135,000 $216,216
    $1k-2k 375 $63,385,000 $169,027
    $3k-4k 365 $100,995,000 $276,699
    $4k-5k 218 $70,250,000 $322,248
    $5k+ 183 $67,305,000 $367,787

    Washington State Employees Credit Union's average total fees were $4,570, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 939 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,719 $406,645,000 $236,559
    2.5-3% 814 $211,990,000 $260,430
    4-5% 462 $60,840,000 $131,688
    5-6% 77 $8,555,000 $111,104
    <2.5% 67 $15,685,000 $234,104
    6-7% 42 $2,750,000 $65,476
    7-8% 25 $1,825,000 $73,000

    During 2020, Washington State Employees Credit Union's average interest rate for loans was 3.57%, while their most frequently originated rate bucket for loans was 3-4%, with 1,719 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,220 $338,340,000 $277,328 $4,899 3.26%
    $100k-200k 847 $126,795,000 $149,699 $3,144 3.41%
    $100,000 or less 819 $42,295,000 $51,642 $455 4.26%
    $400k-600k 230 $108,180,000 $470,348 $5,368 3.30%
    $600k-1MM 61 $45,615,000 $747,787 $3,601 3.28%
    $1MM+ 29 $47,065,000 $1,622,931 $3,748 3.61%

    2020 saw Washington State Employees Credit Union place emphasis on $200k-400k loans with 1,220 originations, totaling $338,340,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 877 $197,325,000 $225,000 $3,918 3.53%
    $75k-100k 671 $125,565,000 $187,131 $3,806 3.55%
    $150k-250k 595 $152,065,000 $255,571 $3,776 3.62%
    $50k-75k 580 $89,170,000 $153,741 $3,309 3.53%
    $50k or less 237 $29,865,000 $126,013 $2,953 3.51%
    $250k+ 130 $58,220,000 $447,846 $4,090 3.57%

    Washington State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 877 originations. The second most popular income band? $75k-100k, with 671 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 991 $204,135,000 $205,989 $3,452 3.52%
    30-36% 702 $147,390,000 $209,957 $3,807 3.61%
    <20% 494 $92,350,000 $186,943 $3,386 3.36%
    39% 129 $23,005,000 $178,333 $3,213 4.02%
    42% 111 $23,355,000 $210,405 $3,645 3.61%
    37% 110 $22,630,000 $205,727 $3,746 3.57%
    36% 109 $23,455,000 $215,183 $3,675 3.72%
    41% 100 $23,430,000 $234,300 $3,678 3.70%
    38% 98 $21,390,000 $218,265 $3,371 3.73%
    40% 90 $23,390,000 $259,889 $4,081 3.52%
    43% 68 $20,750,000 $305,147 $4,581 3.47%
    44% 59 $16,275,000 $275,847 $5,188 3.43%
    47% 28 $6,990,000 $249,643 $4,320 3.35%
    45% 22 $6,200,000 $281,818 $4,641 3.23%
    46% 20 $4,950,000 $247,500 $4,635 3.29%
    48% 17 $3,165,000 $186,176 $4,358 3.72%
    49% 17 $3,685,000 $216,765 $4,785 3.33%
    50-60% 1 $325,000 $325,000 $11,448 3.38%
    >60% 1 $385,000 $385,000 $5,403 3.50%

    Washington State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 991 originations. The next most common DTI ratio? 30-36%, with 702 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,454 $503,590,000 $205,212 $3,579 3.59%
    Not provided 483 $111,295,000 $230,424 $4,168 3.40%
    Asian 136 $36,530,000 $268,603 $3,568 3.40%
    Not applicable 30 $35,590,000 $1,186,333 $383 4.16%
    Black 57 $13,345,000 $234,123 $3,972 3.59%
    American Indian 23 $3,195,000 $138,913 $2,565 3.69%
    Native Hawaiian or Islander 10 $1,540,000 $154,000 $2,696 3.81%
    6 $1,530,000 $255,000 $4,691 3.17%
    Vietnamese 2 $1,170,000 $585,000 $0 3.92%
    Other Asian 4 $310,000 $77,500 $3,588 3.78%
    Asian Indian 1 $195,000 $195,000 $2,380 3.00%

    Approval Rates

    Total approvals of all applications
    79.79%

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

    Pick Rate

    Approvals leading to origination
    71.74%

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

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $45,000 $45,000
    NA 3,205 $708,245,000 $220,981

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 4 $5,330,000 $1,332,500
    Multifamily:Site-Built 23 $31,365,000 $1,363,696
    Single Family (1-4 Units):Manufactured 73 $10,745,000 $147,192
    Single Family (1-4 Units):Site-Built 3,106 $660,850,000 $212,766

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 535 $81,135,000 $151,654 $2,342 3.71%
    40-60% 694 $165,350,000 $238,256 $3,751 3.17%
    60-80% 929 $312,395,000 $336,270 $4,877 3.29%
    80-100% 323 $108,335,000 $335,402 $5,382 3.30%
    Under 20% 721 $39,395,000 $54,639 $230 4.28%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 2 33.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 16.7%
    WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Struggling to pay mortgage 1 16.7%