Wake Forest Federal Savings And Loan Association Mortgage Rates, Fees & Info

Wake Forest, NC

LEI: 5493007OYHUX3OJQ2537

Tax ID: 56-0440967

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Mortgage Data

Bank Data

Review & Overview

Wake Forest Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase and Refi loans. Wake Forest Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Durham, and Henderson among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Wake Forest Federal Savings And Loan Association has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

39

Origination Dollar Volume (All Markets)

$9,825,000

Employee count

8

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
RALEIGH-CARY, NC (FHA|USDA|VA) 34 $7,660,000 $225,294 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $1,385,000 $461,667 $0 0.00%
Outside of Metro Areas 1 $495,000 $495,000 $0 0.00%
Henderson, NC (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
Wake Forest Federal Savings And Loan Association's top markets include Raleigh, Durham, and Henderson among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 39 $9,825,000 $251,923 $0 0.00%

    For 2019, Wake Forest Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $5,255,000 $309,118 $0 0.00%
    Refi 16 $3,480,000 $217,500 $0 0.00%
    Other 4 $610,000 $152,500 $0 0.00%
    Home Improvement 1 $125,000 $125,000 $0 0.00%
    Cash Out Refi 1 $355,000 $355,000 $0 0.00%

    For 2019, Wake Forest Federal Savings And Loan Association's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 39 $9,825,000 $251,923 $0 0.00%

    For 2019, Wake Forest Federal Savings And Loan Association's most frequently cited loan duration was Other, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 11 $775,000 $70,455 $0 0.00%
    $100k-200k 10 $1,320,000 $132,000 $0 0.00%
    $200k-400k 10 $3,120,000 $312,000 $0 0.00%
    $400k-600k 7 $3,425,000 $489,286 $0 0.00%
    $1MM+ 1 $1,185,000 $1,185,000 $0 0.00%

    2019 saw Wake Forest Federal Savings And Loan Association place emphasis on $100,000 or less loans with 11 originations, totaling $775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 10 $3,010,000 $301,000 $0 0.00%
    $100k-150k 8 $1,490,000 $186,250 $0 0.00%
    $250k+ 4 $1,170,000 $292,500 $0 0.00%
    $75k-100k 3 $375,000 $125,000 $0 0.00%
    $50k or less 2 $110,000 $55,000 $0 0.00%

    Wake Forest Federal Savings And Loan Association lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 39 $9,825,000 $251,923 $0 0.00%

    Wake Forest Federal Savings And Loan Association lent most frequently to those with DTI ratios of Exempt%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 26 $5,560,000 $213,846 $0 0.00%
    Not applicable 10 $3,400,000 $340,000 $0 0.00%
    Black 3 $865,000 $288,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.56%

    Wake Forest Federal Savings And Loan Association has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    97.44%

    Wake Forest Federal Savings And Loan Association has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 39 $9,825,000 $251,923

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 3 $1,845,000 $615,000
    Single Family (1-4 Units):Manufactured 2 $250,000 $125,000
    Single Family (1-4 Units):Site-Built 34 $7,730,000 $227,353

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Wake Forest Federal Savings and Loan Association 302 South Brooks Street Wake Forest, NC 27587 Full Service B&M $77,425

    For 2019, Wake Forest Federal Savings And Loan Association had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $4,672
    Net interest income $3,667
    Total noninterest income $98
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $26
    Trading account gains and fees $0
    Additional Noninterest Income $72
    Pre-tax net operating income $2,007
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,551
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,551
    Minority interest net income $0
    Net income $1,551
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,551

    Wake Forest Federal Savings And Loan Association's gross interest income from loans was $4,672,000.
    Wake Forest Federal Savings And Loan Association's net interest income from loans was $3,667,000.
    Wake Forest Federal Savings And Loan Association's fee based income from loans was $26,000.
    Wake Forest Federal Savings And Loan Association's net income from loans was $1,551,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,005
    Provision for credit losses $15
    Total noninterest expense $1,743
    Salaries and employee benefits $1,044
    Premises and equipment expense $100
    Additional noninterest expense $599
    Applicable income taxes $456
    Net charge-offs $0
    Cash dividends $364

    Wake Forest Federal Savings And Loan Association's interest expense for loans was $1,005,000.
    Wake Forest Federal Savings And Loan Association's payroll and benefits expense were $1,044,000.
    Wake Forest Federal Savings And Loan Association's property, plant and equipment expenses $100,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $76,185
    Deposits held in domestic offices $76,185
    Deposits by Individuals, partnerships, and corporations $75,248
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $937
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $8,128
    Demand deposits $8,128
    Nontransaction accounts $68,057
    Money market deposit accounts (MMDAs) $25,901
    Other savings deposits (excluding MMDAs) $3,024
    Total time deposits $39,133
    Total time and savings deposits $68,057
    Noninterest-bearing deposits $5,317
    Interest-bearing deposits $70,868
    Retail deposits $70,250
    IRAs and Keogh plan accounts $9,501
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $101,810
    Cash & Balances due from depository institutions $30,902
    Interest-bearing balances $27,278
    Total securities $1,926
    Federal funds sold & reverse repurchase $0
    Net loans and leases $66,113
    Loan and leases loss allowance $1,434
    Trading account assets $0
    Bank premises and fixed assets $327
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,542

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $101,810
    Total Liabilities $77,518
    Total deposits $76,185
    Interest-bearing deposits $70,868
    Deposits held in domestic offices $76,185
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,333

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $66,113
    Loan and leases loss allowance $1,434
    Total loans and leases (domestic) $67,547
    All real estate loans $67,180
    Real estate loans in domestic offices $67,180
    Construction and development loans $19,309
    Residential 1-4 family construction $11,830
    Other construction, all land development and other land $7,479
    Loans secured by nonfarm nonresidential properties $9,037
    Nonfarm nonresidential secured by owner-occupied properties $7,594
    Commercial real estate & other non-farm, non-residential $1,443
    Multifamily residential real estate $728
    1-4 family residential loans $38,106
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $367
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $367
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Wake Forest Federal Savings and Loan Association had $66,113,000 of loans outstanding in 2019. $67,180,000 of loans were in real estate loans. $19,309,000 of loans were in development loans. $728,000 of loans were in multifamily mortgage loans. $38,106,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 18 $3,715 $206,389
    Nonfarm, nonresidential loans - <$100k 5 $211 $42,200
    Nonfarm, nonresidential loans - $100-250k 5 $675 $135,000
    Nonfarm, nonresidential loans - $250k-1MM 8 $2,829 $353,625