Whatcom Educational Credit Union Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493003Q3L1PO9NBVK64

Tax ID: 91-0712539

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Whatcom Educational Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Whatcom Educational Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Bellingham, Mount Vernon, Seattle, Oak Harbor, and Olympia among others. Whatcom Educational Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Whatcom Educational Credit Union is typically an average fee lendor.


Originations

1,293

Origination Dollar Volume (All Markets)

$451,465,000

Awards

WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans bronze WHATCOM EDUCATIONAL CREDIT UNION 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Whatcom Educational Credit Union's average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

Whatcom Educational Credit Union's average total fees for a 30 year fixed rate mortgage are $3,384.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BELLINGHAM, WA (FHA|USDA|VA) 1,171 $412,805,000 $352,523 $3,098 2.85%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 47 $13,615,000 $289,681 $3,306 3.01%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 30 $12,350,000 $411,667 $4,065 2.99%
Oak Harbor, WA (FHA|USDA|VA) 10 $2,570,000 $257,000 $2,544 2.91%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 6 $2,460,000 $410,000 $4,363 2.90%
WENATCHEE, WA (FHA|USDA|VA) 5 $2,015,000 $403,000 $3,751 3.15%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $1,465,000 $293,000 $3,884 2.88%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $990,000 $247,500 $4,229 3.78%
Outside of Metro Areas 4 $840,000 $210,000 $3,310 2.97%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 4 $790,000 $197,500 $2,751 2.81%
Ellensburg, WA (FHA|USDA|VA) 2 $510,000 $255,000 $3,488 2.75%
Shelton, WA (FHA|USDA|VA) 1 $415,000 $415,000 $2,449 3.25%
Port Angeles, WA (FHA|USDA|VA) 2 $250,000 $125,000 $3,180 2.38%
Aberdeen, WA (FHA|USDA|VA) 1 $245,000 $245,000 $3,538 3.00%
YAKIMA, WA (FHA|USDA|VA) 1 $145,000 $145,000 $1,573 2.25%

Whatcom Educational Credit Union's top markets include Bellingham, Mount Vernon, Seattle, Oak Harbor, and Olympia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,292 $451,070,000 $349,125 $3,135 2.87%
USDA 1 $395,000 $395,000 $6,696 2.38%

For the 2021 period, Whatcom Educational Credit Union's most frequently originated loan type of loans were Conventional, with 1,292 originations. Their 2nd most popular type is USDA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 531 $190,145,000 $358,089 $3,132 2.93%
Refi 515 $168,175,000 $326,553 $2,594 2.71%
Home Purchase 210 $87,690,000 $417,571 $4,751 2.95%
Home Improvement 23 $2,505,000 $108,913 $1,301 3.58%
Other 14 $2,950,000 $210,714 $2,026 3.81%

For the 2021, Whatcom Educational Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 531 originations. The 2nd most popular reason of loans were Refi, with 515 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 675 $219,625,000 $325,370 $3,384 3.11%
15 Year 387 $122,495,000 $316,525 $2,608 2.43%
20 Year 127 $32,275,000 $254,134 $2,860 2.93%
10 Year 74 $19,950,000 $269,595 $2,043 2.56%
30+ year 14 $9,180,000 $655,714 $13,022 2.99%
Other 11 $47,695,000 $4,335,909 $17,443 3.59%
5 Year 5 $245,000 $49,000 $471 4.00%

For the 2021, Whatcom Educational Credit Union's most frequently cited loan length of loans were 30 Year, with 675 originations. The 2nd most popular length of loans were 15 Year, with 387 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 592 $150,830,000 $254,780
$1k-2k 358 $94,150,000 $262,989
$2k-3k 131 $40,805,000 $311,489
$3k-4k 114 $38,290,000 $335,877
$5k+ 63 $33,985,000 $539,444

$3,384 of loans were Whatcom Educational Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 592 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 549 $165,725,000 $301,867
<2.5% 365 $83,045,000 $227,521
3-4% 356 $158,780,000 $446,011
4-5% 20 $43,750,000 $2,187,500
6-7% 3 $165,000 $55,000

During 2021, Whatcom Educational Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 549 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 625 $179,305,000 $286,888 $3,096 2.91%
$100k-200k 347 $52,345,000 $150,850 $2,318 2.63%
$400k-600k 160 $75,440,000 $471,500 $4,301 3.03%
$100,000 or less 80 $5,980,000 $74,750 $1,650 2.99%
$600k-1MM 57 $42,215,000 $740,614 $6,471 3.01%
$1MM+ 24 $96,180,000 $4,007,500 $11,911 3.41%

2021 saw Whatcom Educational Credit Union place emphasis on $200k-400k loans with 625 originations, totaling $179,305,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 340 $98,980,000 $291,118 $3,062 2.86%
$75k-100k 264 $71,010,000 $268,977 $2,972 2.84%
$50k-75k 249 $54,605,000 $219,297 $2,829 2.83%
$150k-250k 170 $64,220,000 $377,765 $3,757 2.85%
$50k or less 136 $19,490,000 $143,309 $2,311 2.80%
$250k+ 61 $38,395,000 $629,426 $5,860 2.97%

Whatcom Educational Credit Union lent most frequently to those with incomes in the $100k-150k range, with 340 originations. The second most popular income band? $75k-100k, with 264 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 397 $105,085,000 $264,698 $3,033 2.80%
30-36% 264 $75,890,000 $287,462 $3,236 2.88%
<20% 192 $46,910,000 $244,323 $2,719 2.74%
37% 47 $12,445,000 $264,787 $2,840 2.88%
36% 43 $12,225,000 $284,302 $3,141 2.87%
38% 41 $13,025,000 $317,683 $3,842 2.92%
42% 37 $11,715,000 $316,622 $3,496 2.96%
40% 33 $14,675,000 $444,697 $3,620 2.88%
41% 32 $11,980,000 $374,375 $3,409 2.94%
39% 31 $9,545,000 $307,903 $3,379 2.94%
43% 30 $9,280,000 $309,333 $2,988 2.87%
44% 30 $8,300,000 $276,667 $2,995 3.03%
45% 28 $8,760,000 $312,857 $3,755 2.90%
47% 20 $7,090,000 $354,500 $3,086 2.94%
46% 19 $7,265,000 $382,368 $4,520 2.94%
48% 10 $3,390,000 $339,000 $2,817 2.99%
49% 7 $1,765,000 $252,143 $3,852 2.77%
>60% 1 $255,000 $255,000 $3,026 4.00%

Whatcom Educational Credit Union lent most frequently to those with DTI ratios of 20-30%, with 397 originations. The next most common DTI ratio? 30-36%, with 264 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 999 $282,795,000 $283,078 $3,101 2.84%
Not applicable 28 $90,440,000 $3,230,000 $0 3.63%
Not provided 209 $61,715,000 $295,287 $3,354 2.87%
Asian 41 $12,565,000 $306,463 $3,125 2.84%
American Indian 13 $3,355,000 $258,077 $2,626 2.98%
Black 2 $380,000 $190,000 $3,202 2.56%
Native Hawaiian 1 $215,000 $215,000 $1,606 3.25%

Approval Rates

Total approvals of all applications
90.41%

Whatcom Educational Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
60.16%

Whatcom Educational Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,293 $451,465,000 $349,161

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,293 $451,465,000 $349,161

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 354 $67,930,000 $191,893 $2,497 2.64%
40-60% 410 $125,630,000 $306,415 $2,892 2.84%
60-80% 352 $209,520,000 $595,227 $3,968 3.11%
80-100% 84 $39,040,000 $464,762 $5,188 2.99%
Under 20% 93 $9,345,000 $100,484 $1,794 2.84%