Water And Power Community Credit Union Mortgage Rates, Fees & InfoLOS ANGELES, CA
Tax ID: 95-0952237
Review & OverviewWater And Power Community Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Water And Power Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Oxnard, San Luis Obispo, and San Jose among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)
Water And Power Community 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. Water And Power Community 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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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||6.74%||12/4/22|
|30 Year Conventional Purchase||6.56%||12/4/22|
|30 Year Conventional Refi||6.59%||12/4/22|
|30 Year Cash-out Refi||6.73%||12/4/22|
|30 Year FHA Purchase||6.58%||12/4/22|
|15 Year Conventional Purchase||5.76%||12/4/22|
|15 Year Conventional Refi||5.87%||12/4/22|
|15 Year Cash-out Refi||5.87%||12/4/22|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$78,025,000
Water And Power Community Credit Union's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.16%.
Relative Fees (Closing Costs)
Water And Power Community Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,851.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||231||$70,415,000||$304,827||$2,550||3.37%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||19||$5,105,000||$268,684||$2,745||3.47%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||6||$1,310,000||$218,333||$3,337||3.67%|
|SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA)||1||$705,000||$705,000||$3,375||3.13%|
|Outside of Metro Areas||2||$340,000||$170,000||$2,270||3.94%|
|SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)||1||$105,000||$105,000||$0||4.25%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||1||$45,000||$45,000||$0||4.75%|
We use machine learning to identify the top lenders compared against Water and Power Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Water And Power Community Credit Union's most frequently originated type of loan was Conventional, with 183 originations. Their 2nd most popular type was HELOC, with 78 originations.
For 2021, Water And Power Community Credit Union's most frequently cited loan purpose was Home Improvement, with 125 originations. The 2nd most popular reason was Refi, with 117 originations.
For 2021, Water And Power Community Credit Union's most frequently cited loan duration was 30 Year, with 108 originations. The 2nd most popular length was Other, with 80 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Water And Power Community Credit Union's average total fees were $2,851, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 161 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Water And Power Community Credit Union's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 2.5-3%, with 84 originations.
2021 saw Water And Power Community Credit Union place emphasis on $200k-400k loans with 81 originations, totaling $23,785,000 in origination value.
Water And Power Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 92 originations. The second most popular income band? $150k-250k, with 73 originations.
Applicant Debt to Income Ratio
Water And Power Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 42 originations.
Approval RatesTotal approvals of all applications
Water And Power Community Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Water And Power Community 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|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|WATERMARK CAPITAL, INC.||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||4||44.4%|
|WATERMARK CAPITAL, INC.||Conventional home mortgage||Closing on a mortgage||1||11.1%|
|WATERMARK CAPITAL, INC.||Conventional home mortgage||Trouble during payment process||4||44.4%|