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

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Wake Forest Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase 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 Rocky Mount among others. We have data for 3 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    22

    Origination Dollar Volume (All Markets)

    $6,390,000

    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) 20 $5,690,000 $284,500 $0 0.00%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    ROCKY MOUNT, NC (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Wake Forest Federal Savings And Loan Association's top markets include Raleigh, Durham, and Rocky Mount among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 22 $6,390,000 $290,455 $0 0.00%

    For 2021, Wake Forest Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 14 $5,100,000 $364,286 $0 0.00%
    Cash Out Refi 6 $1,140,000 $190,000 $0 0.00%
    Home Improvement 2 $150,000 $75,000 $0 0.00%

    For 2021, Wake Forest Federal Savings And Loan Association's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 22 $6,390,000 $290,455 $0 0.00%

    For 2021, Wake Forest Federal Savings And Loan Association's most frequently cited loan duration was Other, with 22 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 8 $2,210,000 $276,250 $0 0.00%
    $100k-200k 6 $910,000 $151,667 $0 0.00%
    $400k-600k 5 $2,375,000 $475,000 $0 0.00%
    $100,000 or less 2 $140,000 $70,000 $0 0.00%
    $600k-1MM 1 $755,000 $755,000 $0 0.00%

    2021 saw Wake Forest Federal Savings And Loan Association place emphasis on $200k-400k loans with 8 originations, totaling $2,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 5 $1,635,000 $327,000 $0 0.00%
    $150k-250k 3 $825,000 $275,000 $0 0.00%
    $250k+ 2 $950,000 $475,000 $0 0.00%
    $50k-75k 1 $355,000 $355,000 $0 0.00%
    $50k or less 1 $165,000 $165,000 $0 0.00%
    $75k-100k 1 $355,000 $355,000 $0 0.00%

    Wake Forest Federal Savings And Loan Association lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $150k-250k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 22 $6,390,000 $290,455 $0 0.00%

    Wake Forest Federal Savings And Loan Association lent most frequently to those with DTI ratios of Exempt%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 12 $4,090,000 $340,833 $0 0.00%
    Not applicable 9 $2,105,000 $233,889 $0 0.00%
    Black 1 $195,000 $195,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.67%

    Wake Forest Federal Savings And Loan Association has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 22 $6,390,000 $290,455

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    22 $6,390,000 $290,455

    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 $85,172

    For 2021, Wake Forest Federal Savings And Loan Association had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,749
    Net interest income $3,310
    Total noninterest income $105
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $34
    Trading account gains and fees $0
    Additional Noninterest Income $71
    Pre-tax net operating income $1,641
    Securities gains (or losses, -) $-12
    Income before extraordinary items $1,268
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,268
    Minority interest net income $0
    Net income $1,268
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,277

    Wake Forest Federal Savings And Loan Association's gross interest income from loans was $3,749,000.
    Wake Forest Federal Savings And Loan Association's net interest income from loans was $3,310,000.
    Wake Forest Federal Savings And Loan Association's fee based income from loans was $34,000.
    Wake Forest Federal Savings And Loan Association's net income from loans was $1,268,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $439
    Provision for credit losses $0
    Total noninterest expense $1,774
    Salaries and employee benefits $1,126
    Premises and equipment expense $102
    Additional noninterest expense $546
    Applicable income taxes $361
    Net charge-offs $0
    Cash dividends $433

    Wake Forest Federal Savings And Loan Association's interest expense for loans was $439,000.
    Wake Forest Federal Savings And Loan Association's payroll and benefits expense were $1,126,000.
    Wake Forest Federal Savings And Loan Association's property, plant and equipment expenses $102,000.

    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 $81,108
    Deposits held in domestic offices $81,108
    Deposits by Individuals, partnerships, and corporations $79,971
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,137
    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 $11,314
    Demand deposits $7,001
    Nontransaction accounts $69,794
    Money market deposit accounts (MMDAs) $33,396
    Other savings deposits (excluding MMDAs) $4,299
    Total time deposits $32,099
    Total time and savings deposits $74,107
    Noninterest-bearing deposits $7,216
    Interest-bearing deposits $73,892
    Retail deposits $75,955
    IRAs and Keogh plan accounts $7,670
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $108,285
    Cash & Balances due from depository institutions $38,345
    Interest-bearing balances $34,244
    Total securities $3,648
    Federal funds sold & reverse repurchase $0
    Net loans and leases $63,505
    Loan and leases loss allowance $1,434
    Trading account assets $0
    Bank premises and fixed assets $273
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,514

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $108,285
    Total Liabilities $82,435
    Total deposits $81,108
    Interest-bearing deposits $73,892
    Deposits held in domestic offices $81,108
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,327

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $63,505
    Loan and leases loss allowance $1,434
    Total loans and leases (domestic) $64,939
    All real estate loans $64,544
    Real estate loans in domestic offices $64,544
    Construction and development loans $16,686
    Residential 1-4 family construction $10,183
    Other construction, all land development and other land $6,503
    Loans secured by nonfarm nonresidential properties $10,345
    Nonfarm nonresidential secured by owner-occupied properties $7,578
    Commercial real estate & other non-farm, non-residential $2,767
    Multifamily residential real estate $1,803
    1-4 family residential loans $35,710
    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 $395
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $395
    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 $63,505,000 of loans outstanding in 2021. $64,544,000 of loans were in real estate loans. $16,686,000 of loans were in development loans. $1,803,000 of loans were in multifamily mortgage loans. $35,710,000 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 20 $3,803 $190,150
    Nonfarm, nonresidential loans - <$100k 5 $96 $19,200
    Nonfarm, nonresidential loans - $100-250k 6 $726 $121,000
    Nonfarm, nonresidential loans - $250k-1MM 9 $2,981 $331,222