Westmark Credit Union Mortgage Rates, Fees & Info

Idaho Falls, ID

LEI: 5493006LGHJCBICSE610

Tax ID: 82-0218879

3.8 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Westmark Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Westmark 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 include Idaho Falls, Boise City, Blackfoot, Pocatello, and Twin Falls among others. Westmark Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Westmark Credit Union is typically a high fee lendor.


Originations

965

Origination Dollar Volume (All Markets)

$140,455,000
Show all (5) awards

Relative Rate

Westmark Credit Union's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Westmark Credit Union's average total fees for a 30 year fixed rate mortgage are $6,711.

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
IDAHO FALLS, ID (FHA|USDA|VA) 421 $59,395,000 $141,081 $4,812 3.05%
BOISE CITY, ID (FHA|USDA|VA) 254 $40,130,000 $157,992 $4,780 3.15%
Blackfoot, ID (FHA|USDA|VA) 88 $11,930,000 $135,568 $4,019 3.09%
POCATELLO, ID (FHA|USDA|VA) 72 $10,170,000 $141,250 $4,799 3.01%
TWIN FALLS, ID (FHA|USDA|VA) 58 $7,660,000 $132,069 $3,785 3.21%
Outside of Metro Areas 21 $3,695,000 $175,952 $4,197 3.02%
Rexburg, ID (FHA|USDA|VA) 23 $2,945,000 $128,043 $4,499 2.84%
Jackson, WY-ID (FHA|USDA|VA) 6 $980,000 $163,333 $2,876 4.09%
LOGAN, UT-ID (FHA|USDA|VA) 4 $870,000 $217,500 $5,223 3.43%
Ontario, OR-ID (FHA|USDA|VA) 8 $830,000 $103,750 $4,192 2.96%
Sandpoint, ID (FHA|USDA|VA) 3 $525,000 $175,000 $5,657 2.62%
Hailey, ID (FHA|USDA|VA) 2 $440,000 $220,000 $0 3.93%
Burley, ID (FHA|USDA|VA) 2 $330,000 $165,000 $0 4.18%
Mountain Home, ID (FHA|USDA|VA) 2 $310,000 $155,000 $0 3.71%
Outside of Metro Areas 1 $245,000 $245,000 $6,273 2.38%

Westmark Credit Union's top markets include Idaho Falls, Boise City, Blackfoot, Pocatello, and Twin Falls among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 948 $134,720,000 $142,110 $4,584 3.10%
VA 13 $4,785,000 $368,077 $8,652 2.82%
FHA 4 $950,000 $237,500 $4,796 2.63%

For the 2021 period, Westmark Credit Union's most frequently originated loan type of loans were Conventional, with 948 originations. Their 2nd most popular type is VA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 424 $23,160,000 $54,623 $57 3.38%
Home Purchase 325 $77,395,000 $238,138 $5,946 2.77%
Cash Out Refi 143 $31,835,000 $222,622 $6,048 2.75%
Refi 73 $8,065,000 $110,479 $1,124 3.56%

For the 2021, Westmark Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 424 originations. The 2nd most popular reason of loans were Home Purchase, with 325 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 556 $50,190,000 $90,270 $3,458 3.08%
30 Year 271 $73,265,000 $270,351 $6,711 2.90%
10 Year 65 $5,455,000 $83,923 $916 3.85%
20 Year 49 $10,265,000 $209,490 $5,882 2.82%
Other 15 $1,005,000 $67,000 $0 3.87%
5 Year 9 $275,000 $30,556 $0 4.26%

For the 2021, Westmark Credit Union's most frequently cited loan length of loans were 15 Year, with 556 originations. The 2nd most popular length of loans were 30 Year, with 271 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 144 $10,820,000 $75,139
$2k-3k 134 $23,160,000 $172,836
$3k-4k 124 $31,560,000 $254,516
$5k+ 87 $35,595,000 $409,138
$1k-2k 64 $6,820,000 $106,563

$6,711 of loans were Westmark Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 144 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 616 $88,880,000 $144,286
<2.5% 144 $28,270,000 $196,319
3-4% 103 $15,275,000 $148,301
4-5% 102 $8,030,000 $78,725

During 2021, Westmark Credit Union's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 616 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 495 $25,785,000 $52,091 $818 3.31%
$100k-200k 223 $34,035,000 $152,623 $4,137 2.89%
$200k-400k 204 $55,690,000 $272,990 $6,988 2.83%
$400k-600k 32 $15,370,000 $480,313 $9,508 2.87%
$600k-1MM 9 $6,535,000 $726,111 $13,322 2.83%
$1MM+ 2 $3,040,000 $1,520,000 $20,107 2.94%

2021 saw Westmark Credit Union place emphasis on $100,000 or less loans with 495 originations, totaling $25,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 266 $40,440,000 $152,030 $5,254 3.02%
$50k-75k 213 $24,965,000 $117,207 $4,086 3.04%
$75k-100k 191 $25,685,000 $134,476 $4,353 3.15%
$150k-250k 129 $22,475,000 $174,225 $5,089 3.22%
$50k or less 110 $11,250,000 $102,273 $3,136 3.05%
$250k+ 44 $14,610,000 $332,045 $8,140 3.24%

Westmark Credit Union lent most frequently to those with incomes in the $100k-150k range, with 266 originations. The second most popular income band? $50k-75k, with 213 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 247 $40,105,000 $162,368 $4,873 2.96%
30-36% 184 $27,520,000 $149,565 $4,888 3.09%
<20% 150 $22,500,000 $150,000 $4,153 2.94%
41% 56 $7,440,000 $132,857 $4,771 3.16%
42% 49 $5,185,000 $105,816 $4,343 3.29%
36% 43 $5,845,000 $135,930 $4,637 3.18%
37% 36 $4,500,000 $125,000 $4,136 3.20%
43% 35 $4,485,000 $128,143 $4,438 3.29%
40% 34 $5,150,000 $151,471 $4,746 3.24%
38% 30 $2,890,000 $96,333 $2,274 3.48%
39% 26 $2,300,000 $88,462 $2,482 3.35%
46% 14 $3,080,000 $220,000 $7,479 2.77%
45% 13 $1,515,000 $116,538 $4,654 3.29%
44% 12 $2,230,000 $185,833 $5,679 2.81%
50-60% 11 $1,675,000 $152,273 $4,593 3.68%
49% 9 $1,095,000 $121,667 $4,074 3.31%
47% 8 $1,570,000 $196,250 $6,880 2.76%
>60% 4 $480,000 $120,000 $1,378 3.51%
48% 3 $475,000 $158,333 $4,399 3.31%

Westmark Credit Union lent most frequently to those with DTI ratios of 20-30%, with 247 originations. The next most common DTI ratio? 30-36%, with 184 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 926 $131,560,000 $142,073 $4,552 3.10%
Not provided 27 $7,025,000 $260,185 $5,671 2.75%
Asian 7 $945,000 $135,000 $0 2.82%
American Indian 4 $880,000 $220,000 $5,685 3.17%
Black 1 $45,000 $45,000 $0 2.99%

Approval Rates

Total approvals of all applications
84.59%

Westmark Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
70.03%

Westmark Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 965 $140,455,000 $145,549

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
965 $140,455,000 $145,549

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 165 $18,535,000 $112,333 $2,968 3.10%
40-60% 169 $33,605,000 $198,846 $4,972 2.76%
60-80% 151 $42,665,000 $282,550 $7,346 2.81%
80-100% 70 $24,760,000 $353,714 $7,972 2.84%
Under 20% 407 $20,105,000 $49,398 $349 3.38%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
West One Capital Group Inc. Conventional home mortgage Trouble during payment process 1 100.0%