Piedmont Advantage Credit Union Mortgage Rates, Fees & Info
Winston-Salem, NCLEI: 5493002BRQ8SVQPCV108
Tax ID: 56-6048494
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Piedmont Advantage Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Piedmont Advantage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Winston, Hickory, Greensboro, and Mount Airy among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Piedmont Advantage Credit Union has a below average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
87Origination Dollar Volume (All Markets)
$8,675,000Top 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 |
|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 47 | $5,055,000 | $107,553 | $672 | 8.27% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 23 | $2,135,000 | $92,826 | $593 | 8.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $277 | 8.25% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 9 | $345,000 | $38,333 | $481 | 7.56% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $733 | 5.00% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $283 | 7.50% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $277 | 8.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.50% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 9.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 45 | $4,185,000 | $93,000 | n/a | 9.23% |
| Conventional | 42 | $4,490,000 | $106,905 | $589 | 6.88% |
For 2023, Piedmont Advantage Credit Union's most frequently originated type of loan was HELOC, with 45 originations. Their 2nd most popular type was Conventional, with 42 originations.
Loan Reason
For 2023, Piedmont Advantage Credit Union's most frequently cited loan purpose was Other, with 37 originations. The 2nd most popular reason was Home Improvement, with 33 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 59 | $6,835,000 | $115,847 | $1,208 | 8.33% |
| 20 Year | 22 | $1,680,000 | $76,364 | $279 | 7.68% |
| 10 Year | 6 | $160,000 | $26,667 | $279 | 7.25% |
For 2023, Piedmont Advantage Credit Union's most frequently cited loan duration was Other, with 59 originations. The 2nd most popular length was 20 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 42 | $4,490,000 | $106,905 |
Piedmont Advantage Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 42 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 48 | $4,380,000 | $91,250 |
| 7-8% | 16 | $1,060,000 | $66,250 |
| 6-7% | 10 | $690,000 | $69,000 |
| 5-6% | 8 | $1,620,000 | $202,500 |
| 4-5% | 5 | $925,000 | $185,000 |
During 2023, Piedmont Advantage Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 48 originations.
Loan Sizing
2023 saw Piedmont Advantage Credit Union place emphasis on $100,000 or less loans with 56 originations, totaling $2,890,000 in origination value.
Applicant Income
Piedmont Advantage Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $75k-100k, with 23 originations.
Applicant Debt to Income Ratio
Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications62.50%
Piedmont Advantage Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination96.55%
Piedmont Advantage Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 87 | $8,675,000 | $99,713 |