Piedmont Advantage Credit Union Mortgage Rates, Fees & Info

Winston-Salem, NC

LEI: 5493002BRQ8SVQPCV108

Tax ID: 56-6048494

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

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Mortgage Data

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

    Piedmont Advantage Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Piedmont Advantage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Winston, Greensboro, Wilmington, and Jacksonville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Piedmont Advantage 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. Piedmont Advantage 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.

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    Originations

    86

    Origination Dollar Volume (All Markets)

    $9,060,000

    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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 37 $3,505,000 $94,730 $1,296 4.28%
    WINSTON-SALEM, NC (FHA|USDA|VA) 27 $3,485,000 $129,074 $1,701 4.60%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 9 $945,000 $105,000 $672 3.82%
    WILMINGTON, NC (FHA|USDA|VA) 5 $485,000 $97,000 $816 3.28%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $175,000 $175,000 $683 3.63%
    Outside of Metro Areas 2 $100,000 $50,000 $720 3.38%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $95,000 $95,000 $683 3.38%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $85,000 $85,000 $1,573 3.38%
    Mount Airy, NC (FHA|USDA|VA) 1 $65,000 $65,000 $647 3.38%
    Danville, VA (FHA|USDA|VA) 1 $65,000 $65,000 $801 3.38%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
    Piedmont Advantage Credit Union's top markets include Charlotte, Winston, Greensboro, Wilmington, and Jacksonville among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 86 $9,060,000 $105,349 $1,292 4.21%

    For 2018, Piedmont Advantage Credit Union's most frequently originated type of loan was Conventional, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 24 $2,340,000 $97,500 $910 3.55%
    Cash Out Refi 24 $2,010,000 $83,750 $926 4.36%
    Home Purchase 15 $3,285,000 $219,000 $3,411 4.59%
    Other 12 $530,000 $44,167 $671 5.07%
    Home Improvement 11 $895,000 $81,364 $657 3.86%

    For 2018, Piedmont Advantage Credit Union's most frequently cited loan purpose was Refi, with 24 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 48 $4,700,000 $97,917 $803 3.60%
    20 Year 16 $1,660,000 $103,750 $1,178 5.15%
    15 Year 9 $615,000 $68,333 $1,462 4.73%
    30 Year 9 $1,915,000 $212,778 $4,167 5.04%
    Other 3 $155,000 $51,667 $770 4.21%
    5 Year 1 $15,000 $15,000 $678 6.25%

    For 2018, Piedmont Advantage Credit Union's most frequently cited loan duration was 10 Year, with 48 originations. The 2nd most popular length was 20 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 7 $1,035,000 $147,857
    $2k-3k 4 $680,000 $170,000
    $1k-2k 2 $140,000 $70,000
    $3k-4k 2 $520,000 $260,000
    $4k-5k 1 $305,000 $305,000
    $5k+ 1 $345,000 $345,000

    Piedmont Advantage Credit Union's average total fees were $4,167, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 45 $4,665,000 $103,667
    4-5% 29 $2,615,000 $90,172
    5-6% 6 $1,300,000 $216,667
    6-7% 5 $345,000 $69,000
    2.5-3% 1 $135,000 $135,000

    During 2018, Piedmont Advantage Credit Union's average interest rate for loans was 5.04%, while their most frequently originated rate bucket for loans was 3-4%, with 45 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 52 $2,970,000 $57,115 $808 4.23%
    $100k-200k 23 $3,225,000 $140,217 $1,437 3.83%
    $200k-400k 11 $2,865,000 $260,455 $3,236 4.90%

    2018 saw Piedmont Advantage Credit Union place emphasis on $100,000 or less loans with 52 originations, totaling $2,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 22 $1,680,000 $76,364 $1,128 3.88%
    $100k-150k 17 $2,545,000 $149,706 $1,310 4.17%
    $50k or less 16 $930,000 $58,125 $1,078 4.26%
    $75k-100k 16 $1,650,000 $103,125 $1,281 4.22%
    $150k-250k 11 $1,585,000 $144,091 $1,391 4.39%
    $250k+ 4 $670,000 $167,500 $2,750 5.40%

    Piedmont Advantage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $100k-150k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $2,980,000 $106,429 $1,457 4.39%
    <20% 20 $1,850,000 $92,500 $818 3.83%
    30-36% 16 $1,800,000 $112,500 $1,176 4.43%
    >60% 4 $280,000 $70,000 $694 3.78%
    40% 3 $375,000 $125,000 $1,936 4.33%
    41% 3 $395,000 $131,667 $2,598 5.04%
    46% 2 $150,000 $75,000 $935 3.69%
    49% 2 $100,000 $50,000 $677 4.75%
    36% 2 $250,000 $125,000 $3,204 3.88%
    39% 2 $140,000 $70,000 $687 4.18%
    43% 1 $145,000 $145,000 $683 3.88%
    38% 1 $375,000 $375,000 $2,040 3.63%
    37% 1 $55,000 $55,000 $677 4.25%
    48% 1 $165,000 $165,000 $4,536 3.75%

    Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? <20%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 67 $6,755,000 $100,821 $1,082 4.15%
    Not provided 13 $1,665,000 $128,077 $2,167 4.23%
    American Indian 2 $410,000 $205,000 $3,883 4.25%
    Black 4 $230,000 $57,500 $616 5.12%

    Approval Rates

    Total approvals of all applications
    88.43%

    Piedmont Advantage Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.74%

    Piedmont Advantage Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 86 $9,060,000 $105,349

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $65,000 $65,000
    Single Family (1-4 Units):Site-Built 85 $8,995,000 $105,824

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $2,300,000 $71,875 $769 4.18%
    40-60% 11 $1,105,000 $100,455 $1,005 3.63%
    60-80% 13 $2,125,000 $163,462 $2,836 3.87%
    80-100% 12 $2,350,000 $195,833 $2,208 4.36%
    Over 100% 2 $300,000 $150,000 $524 4.81%
    Under 20% 16 $880,000 $55,000 $652 4.76%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Podium Mortgage Capital LLC Other type of mortgage Trouble during payment process 1 100.0%