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. Their top markets by origination volume include: Seattle, Olympia, Spokane, Yakima, and Centralia 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    3,765

    Origination Dollar Volume (All Markets)

    $852,115,000
    Show all (16) 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) 1,218 $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.

    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.

    People's Community Federal Credit Union
    Similarity Rank: 86
    SPOKANE FIREFIGHTERS CREDIT UNION
    Similarity Rank: 360
    O BEE
    Similarity Rank: 447
    PENINSULA COMMUNITY
    Similarity Rank: 539
    CASTPARTS EMPLOYEES
    Similarity Rank: 660
    Cashmere Valley Bank
    Similarity Rank: 688
    Olympia Federal Savings & Loan Association
    Similarity Rank: 1250
    Pacific NW Federal Credit Union
    Similarity Rank: 1406
    SELCO COMMUNITY
    Similarity Rank: 1725
    Wauna Federal Credit Union
    Similarity Rank: 1908

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,767 $745,335,000 $269,366 $2,333 3.11%
    HELOC 998 $106,780,000 $106,994 n/a 3.89%

    For 2021, Washington State Employees Credit Union's most frequently originated type of loan was Conventional, with 2,767 originations. Their 2nd most popular type was HELOC, with 998 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Washington State Employees Credit Union's most frequently cited loan purpose was Other, with 1,331 originations. The 2nd most popular reason was 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 2021, Washington State Employees Credit Union's most frequently cited loan duration was 30 Year, with 2,363 originations. The 2nd most popular length was 20 Year, with 677 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 77 $28,275,000 $367,208
    $5k+ 43 $18,165,000 $422,442
    $4k-5k 41 $14,145,000 $345,000

    Washington State Employees Credit Union's average total fees were $3,226, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.41%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    77.01%

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

    Pick Rate

    Approvals leading to origination
    82.07%

    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%