Seattle Metropolitan Credit Union Mortgage Rates, Fees & Info

Seattle, WA

LEI: 5493007QERYQSQ3QNH02

Tax ID: 91-0176215

2.8 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Seattle Metropolitan Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Seattle Metropolitan Credit Union has a high proportion of conventional loans. Their top markets include Seattle, Bremerton, Bellingham, Oak Harbor, and Olympia among others. Seattle Metropolitan 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. Seattle Metropolitan Credit Union is typically a high fee lendor.


Originations

367

Origination Dollar Volume (All Markets)

$158,965,000

Relative Rate

Seattle Metropolitan Credit Union's average 30 year fixed rate mortgage of loans were 3.4%.

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

Seattle Metropolitan Credit Union's average total fees for a 30 year fixed rate mortgage are $6,181.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 318 $141,220,000 $444,088 $5,180 3.64%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 10 $3,140,000 $314,000 $5,257 3.80%
BELLINGHAM, WA (FHA|USDA|VA) 5 $2,645,000 $529,000 $5,614 3.18%
Oak Harbor, WA (FHA|USDA|VA) 5 $1,955,000 $391,000 $5,985 3.13%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 5 $1,845,000 $369,000 $5,595 2.93%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 4 $1,450,000 $362,500 $3,375 3.37%
Ellensburg, WA (FHA|USDA|VA) 3 $1,095,000 $365,000 $4,941 4.04%
LONGVIEW, WA (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 3.44%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $985,000 $985,000 $6,817 2.88%
Outside of Metro Areas 3 $895,000 $298,333 $5,443 3.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $710,000 $355,000 $7,251 5.88%
YAKIMA, WA (FHA|USDA|VA) 4 $660,000 $165,000 $3,314 4.09%
WENATCHEE, WA (FHA|USDA|VA) 1 $635,000 $635,000 $5,274 3.38%
Shelton, WA (FHA|USDA|VA) 2 $410,000 $205,000 $5,107 2.75%
Aberdeen, WA (FHA|USDA|VA) 1 $175,000 $175,000 $3,639 3.00%
Othello, WA (FHA|USDA|VA) 1 $95,000 $95,000 $3,421 3.00%
Port Angeles, WA (FHA|USDA|VA) 1 $35,000 $35,000 $750 9.24%

Seattle Metropolitan Credit Union's top markets include Seattle, Bremerton, Bellingham, Oak Harbor, and Olympia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 367 $158,965,000 $433,147 $5,159 3.63%

For the 2021 period, Seattle Metropolitan Credit Union's most frequently originated loan type of loans were Conventional, with 367 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 132 $59,030,000 $447,197 $5,830 3.10%
Refi 102 $42,540,000 $417,059 $5,186 3.04%
Home Purchase 76 $45,400,000 $597,368 $6,399 4.04%
Home Improvement 34 $5,220,000 $153,529 $945 6.30%
Other 23 $6,775,000 $294,565 $3,516 4.07%

For the 2021, Seattle Metropolitan Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 132 originations. The 2nd most popular reason of loans were Refi, with 102 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 234 $115,360,000 $492,991 $6,181 3.40%
15 Year 62 $14,530,000 $234,355 $3,834 3.26%
20 Year 43 $10,095,000 $234,767 $3,251 4.91%
10 Year 19 $2,065,000 $108,684 $1,722 4.82%
5 Year 6 $10,230,000 $1,705,000 $375 3.93%
Other 2 $5,720,000 $2,860,000 $0 3.52%
3 Year 1 $965,000 $965,000 $0 3.30%

For the 2021, Seattle Metropolitan Credit Union's most frequently cited loan length of loans were 30 Year, with 234 originations. The 2nd most popular length of loans were 15 Year, with 62 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 124 $42,000,000 $338,710
$2k-3k 66 $19,960,000 $302,424
$5k+ 66 $36,360,000 $550,909
$<1k 56 $12,630,000 $225,536
$1k-2k 48 $31,150,000 $648,958

$6,181 of loans were Seattle Metropolitan Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 124 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 153 $69,525,000 $454,412
3-4% 104 $65,930,000 $633,942
<2.5% 41 $10,365,000 $252,805
5-6% 31 $7,535,000 $243,065
6-7% 18 $4,000,000 $222,222
7-8% 9 $885,000 $98,333
Over 8% 9 $675,000 $75,000
4-5% 2 $50,000 $25,000

During 2021, Seattle Metropolitan Credit Union's average interest rate of loans were 3.40%, while their most frequently originated rate bucket of loans were 2.5-3%, with 153 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 137 $40,755,000 $297,482 $5,781 3.45%
$100k-200k 68 $10,260,000 $150,882 $3,237 3.65%
$400k-600k 67 $32,305,000 $482,164 $7,495 3.23%
$600k-1MM 41 $31,595,000 $770,610 $5,049 3.16%
$100,000 or less 31 $1,695,000 $54,677 $754 6.25%
$1MM+ 23 $42,355,000 $1,841,522 $6,820 3.18%

2021 saw Seattle Metropolitan Credit Union place emphasis on $200k-400k loans with 137 originations, totaling $40,755,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 117 $39,195,000 $335,000 $4,906 3.88%
$150k-250k 72 $32,910,000 $457,083 $5,190 3.65%
$75k-100k 62 $16,870,000 $272,097 $5,221 3.86%
$50k-75k 53 $12,935,000 $244,057 $5,016 3.33%
$250k+ 32 $35,220,000 $1,100,625 $6,542 3.14%
$50k or less 19 $3,025,000 $159,211 $4,265 3.20%

Seattle Metropolitan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $150k-250k, with 72 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 89 $32,045,000 $360,056 $4,780 3.23%
30-36% 62 $27,930,000 $450,484 $5,260 3.87%
<20% 35 $13,805,000 $394,429 $5,097 2.98%
39% 19 $7,255,000 $381,842 $5,912 3.66%
44% 16 $5,860,000 $366,250 $5,951 4.19%
43% 16 $6,630,000 $414,375 $5,616 4.22%
41% 15 $8,225,000 $548,333 $5,454 3.84%
38% 15 $5,825,000 $388,333 $5,039 3.87%
40% 12 $6,240,000 $520,000 $8,524 3.22%
37% 11 $4,615,000 $419,545 $5,087 3.52%
49% 11 $1,605,000 $145,909 $2,122 5.80%
45% 11 $4,065,000 $369,545 $5,803 3.66%
42% 10 $3,740,000 $374,000 $4,258 3.70%
48% 10 $3,110,000 $311,000 $4,388 3.37%
46% 9 $3,735,000 $415,000 $4,951 3.53%
36% 8 $4,280,000 $535,000 $5,654 3.45%
50-60% 6 $1,340,000 $223,333 $3,801 5.23%
47% 5 $1,795,000 $359,000 $5,620 2.98%

Seattle Metropolitan Credit Union lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 62 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 244 $93,220,000 $382,049 $5,062 3.68%
Not provided 53 $20,515,000 $387,075 $5,774 3.17%
Asian 29 $19,365,000 $667,759 $5,646 3.65%
Not applicable 7 $16,865,000 $2,409,286 $0 3.49%
Black 28 $7,560,000 $270,000 $4,496 3.92%
American Indian 6 $1,440,000 $240,000 $4,434 4.42%

Approval Rates

Total approvals of all applications
90.02%

Seattle Metropolitan Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
56.08%

Seattle Metropolitan 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 367 $158,965,000 $433,147

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
367 $158,965,000 $433,147

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 59 $12,495,000 $211,780 $3,848 3.51%
40-60% 109 $46,055,000 $422,523 $5,701 3.01%
60-80% 94 $63,480,000 $675,319 $6,508 3.31%
80-100% 55 $31,985,000 $581,545 $6,585 3.99%
Under 20% 50 $4,950,000 $99,000 $1,592 5.37%