Piedmont Advantage Credit Union Mortgage Rates, Fees & Info

Winston-Salem, NC

LEI: 5493002BRQ8SVQPCV108

Tax ID: 56-6048494

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Mortgage Data

Review & Overview

Piedmont Advantage Credit Union is a smaller credit union specializing in Refi loans. Piedmont Advantage 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: Winston, Charlotte, Greensboro, Wilmington, and Spartanburg 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 an 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.

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Originations

85

Origination Dollar Volume (All Markets)

$9,875,000

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
WINSTON-SALEM, NC (FHA|USDA|VA) 28 $4,070,000 $145,357 $1,002 2.87%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 33 $3,665,000 $111,061 $671 2.89%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 10 $950,000 $95,000 $1,172 2.70%
Outside of Metro Areas 4 $380,000 $95,000 $747 2.69%
WILMINGTON, NC (FHA|USDA|VA) 4 $290,000 $72,500 $682 2.69%
SPARTANBURG, SC (FHA|USDA|VA) 1 $185,000 $185,000 $1,537 2.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $135,000 $135,000 $681 2.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $65,000 $65,000 $681 2.75%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $65,000 $65,000 $681 2.75%
Mount Airy, NC (FHA|USDA|VA) 1 $45,000 $45,000 $680 2.75%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $25,000 $25,000 $681 2.75%
Piedmont Advantage Credit Union's top markets include Winston, Charlotte, Greensboro, Wilmington, and Spartanburg among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 84 $9,750,000 $116,071 $856 2.83%
    FHA 1 $125,000 $125,000 $687 2.75%

    For 2021, Piedmont Advantage Credit Union's most frequently originated type of loan was Conventional, with 84 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 61 $7,665,000 $125,656 $763 2.72%
    Cash Out Refi 12 $1,370,000 $114,167 $944 2.72%
    Home Improvement 7 $425,000 $60,714 $622 3.61%
    Home Purchase 3 $355,000 $118,333 $3,089 3.04%
    Other 2 $60,000 $30,000 $527 3.88%

    For 2021, Piedmont Advantage Credit Union's most frequently cited loan purpose was Refi, with 61 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 72 $8,660,000 $120,278 $764 2.71%
    10 Year 7 $715,000 $102,143 $722 2.71%
    20 Year 3 $85,000 $28,333 $360 5.50%
    30 Year 3 $415,000 $138,333 $3,808 3.33%

    For 2021, Piedmont Advantage Credit Union's most frequently cited loan duration was Other, with 72 originations. The 2nd most popular length was 10 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 2 $280,000 $140,000
    $1k-2k 1 $135,000 $135,000

    Piedmont Advantage Credit Union's average total fees were $3,808, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 66 $7,860,000 $119,091
    <2.5% 13 $1,515,000 $116,538
    3-4% 3 $415,000 $138,333
    4-5% 2 $40,000 $20,000
    6-7% 1 $45,000 $45,000

    During 2021, Piedmont Advantage Credit Union's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 2.5-3%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 43 $2,635,000 $61,279 $694 2.91%
    $100k-200k 30 $4,120,000 $137,333 $1,150 2.76%
    $200k-400k 12 $3,120,000 $260,000 $686 2.73%

    2021 saw Piedmont Advantage Credit Union place emphasis on $100,000 or less loans with 43 originations, totaling $2,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 55 $5,715,000 $103,909 $817 2.88%
    $100k-150k 11 $1,315,000 $119,545 $1,024 2.70%
    $75k-100k 10 $1,620,000 $162,000 $666 2.73%
    $150k-250k 5 $795,000 $159,000 $1,397 2.88%
    $50k-75k 4 $430,000 $107,500 $681 2.75%

    Piedmont Advantage Credit Union lent most frequently to those with incomes in the $50k or less range, with 55 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% 32 $2,830,000 $88,438 $836 2.77%
    20-30% 19 $2,405,000 $126,579 $682 2.70%
    30-36% 11 $1,345,000 $122,273 $956 2.97%
    40% 3 $345,000 $115,000 $683 2.75%
    37% 3 $665,000 $221,667 $685 2.67%
    38% 3 $375,000 $125,000 $569 4.00%
    43% 2 $240,000 $120,000 $687 2.75%
    45% 2 $320,000 $160,000 $687 2.75%
    47% 2 $280,000 $140,000 $2,481 3.06%
    36% 2 $190,000 $95,000 $1,925 3.00%
    >60% 1 $225,000 $225,000 $687 2.75%
    39% 1 $25,000 $25,000 $681 2.75%
    41% 1 $135,000 $135,000 $681 2.75%
    44% 1 $145,000 $145,000 $681 2.75%
    46% 1 $165,000 $165,000 $681 2.75%
    50-60% 1 $185,000 $185,000 $1,537 2.75%

    Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of <20%, with 32 originations. The next most common DTI ratio? 20-30%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 69 $8,035,000 $116,449 $893 2.85%
    Black 11 $1,105,000 $100,455 $683 2.73%
    Not provided 3 $405,000 $135,000 $683 2.75%
    Asian 2 $330,000 $165,000 $681 2.75%

    Approval Rates

    Total approvals of all applications
    83.64%

    Piedmont Advantage Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    91.76%

    Piedmont Advantage Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 85 $9,875,000 $116,176

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    85 $9,875,000 $116,176

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,115,000 $100,714 $915 2.69%
    40-60% 27 $3,595,000 $133,148 $683 2.70%
    60-80% 14 $2,300,000 $164,286 $733 2.73%
    80-100% 6 $1,080,000 $180,000 $2,247 3.04%
    Under 20% 17 $785,000 $46,176 $656 3.21%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Podium Mortgage Capital LLC Conventional home mortgage Struggling to pay mortgage 1 100.0%