Piedmont Advantage Credit Union Mortgage Rates, Fees & Info
Winston-Salem, NCLEI: 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
85Origination Dollar Volume (All Markets)
$9,875,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Their top states include:
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
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
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
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
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
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
Approval Rates
Total approvals of all applications83.64%
Piedmont Advantage Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination91.76%
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 |
LTV Distribution
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% |