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 Cash Out Refi and Home Improvement loans. Piedmont Advantage Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Charlotte, Winston, Hickory, Greensboro, and Wilmington among others. We have data for 10 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 an above average pick rate when compared to similar lenders.

    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

    52

    Origination Dollar Volume (All Markets)

    $3,550,000

    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) 21 $1,105,000 $52,619 $439 5.95%
    WINSTON-SALEM, NC (FHA|USDA|VA) 14 $850,000 $60,714 $601 4.41%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $455,000 $455,000 $773 4.99%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 4 $370,000 $92,500 $422 4.65%
    WILMINGTON, NC (FHA|USDA|VA) 4 $230,000 $57,500 $394 6.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $175,000 $58,333 $573 4.58%
    Outside of Metro Areas 2 $170,000 $85,000 $677 4.50%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $4,050 3.63%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $75,000 $75,000 $382 4.99%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $15,000 $15,000 $603 4.99%
    Piedmont Advantage Credit Union's top markets include Charlotte, Winston, Hickory, Greensboro, and Wilmington among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 51 $3,095,000 $60,686 $569 5.21%
    FHA 1 $455,000 $455,000 $773 4.99%

    For 2019, Piedmont Advantage Credit Union's most frequently originated type of loan was Conventional, with 51 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 16 $1,190,000 $74,375 $747 4.52%
    Home Improvement 15 $1,235,000 $82,333 $450 6.19%
    Other 12 $520,000 $43,333 $500 5.38%
    Refi 9 $605,000 $67,222 $574 4.54%

    For 2019, Piedmont Advantage Credit Union's most frequently cited loan purpose was Cash Out Refi, with 16 originations. The 2nd most popular reason was Home Improvement, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 26 $1,580,000 $60,769 $551 4.77%
    20 Year 19 $1,615,000 $85,000 $443 5.27%
    15 Year 4 $230,000 $57,500 $1,315 5.16%
    Other 2 $70,000 $35,000 $692 3.94%
    5 Year 1 $55,000 $55,000 $373 18.00%

    For 2019, Piedmont Advantage Credit Union's most frequently cited loan duration was 10 Year, with 26 originations. The 2nd most popular length was 20 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1 $105,000 $105,000

    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-2k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 20 $1,110,000 $55,500
    4-5% 18 $1,420,000 $78,889
    3-4% 10 $860,000 $86,000
    6-7% 2 $60,000 $30,000
    7-8% 1 $45,000 $45,000
    Over 8% 1 $55,000 $55,000

    During 2019, Piedmont Advantage Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 42 $2,000,000 $47,619 $488 5.43%
    $100k-200k 9 $1,095,000 $121,667 $931 4.19%
    $400k-600k 1 $455,000 $455,000 $773 4.99%

    2019 saw Piedmont Advantage Credit Union place emphasis on $100,000 or less loans with 42 originations, totaling $2,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 16 $1,000,000 $62,500 $698 5.15%
    $100k-150k 11 $795,000 $72,273 $457 5.83%
    $50k or less 10 $460,000 $46,000 $610 4.37%
    $75k-100k 9 $545,000 $60,556 $456 5.43%
    $250k+ 5 $695,000 $139,000 $637 5.19%
    $150k-250k 1 $55,000 $55,000 $408 5.50%

    Piedmont Advantage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $100k-150k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $935,000 $85,000 $506 5.19%
    <20% 11 $685,000 $62,273 $573 4.75%
    30-36% 8 $630,000 $78,750 $557 4.14%
    50-60% 4 $330,000 $82,500 $390 5.56%
    39% 3 $205,000 $68,333 $478 5.00%
    43% 3 $155,000 $51,667 $407 5.50%
    38% 2 $130,000 $65,000 $2,229 5.06%
    47% 1 $55,000 $55,000 $414 5.25%
    >60% 1 $45,000 $45,000 $414 5.25%
    36% 1 $115,000 $115,000 $619 4.25%
    40% 1 $55,000 $55,000 $373 18.00%
    41% 1 $25,000 $25,000 $569 4.99%
    42% 1 $45,000 $45,000 $681 3.63%
    44% 1 $15,000 $15,000 $348 4.99%
    45% 1 $35,000 $35,000 $408 6.00%

    Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 42 $2,870,000 $68,333 $506 5.26%
    Not provided 5 $375,000 $75,000 $1,182 4.70%
    Black 5 $305,000 $61,000 $505 5.23%

    Approval Rates

    Total approvals of all applications
    88.52%

    Piedmont Advantage Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.15%

    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 52 $3,550,000 $68,269

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 52 $3,550,000 $68,269

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $1,495,000 $65,000 $680 5.41%
    40-60% 8 $1,180,000 $147,500 $559 4.37%
    60-80% 2 $200,000 $100,000 $682 3.94%
    Under 20% 19 $675,000 $35,526 $450 5.45%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Podium Mortgage Capital LLC Conventional home mortgage Trouble during payment process 3 100.0%