West Penn Financial Service Center Mortgage Rates, Fees & Info

ALLISON PARK, PA

LEI: 54930080F7BZFCWNV450

Tax ID: 25-1438513

5 stars - Updated: 6/16/24 - out of 5 stars, based on 29 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

West Penn Financial Service Center is a smaller mortgage company specializing in Home Purchase loans. West Penn Financial Service Center has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Pittsburgh, Youngstown, Akron, Cleveland, and New Castle among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

West Penn Financial Service Center has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. West Penn Financial Service Center is typically an average 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 relatively high rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.24% 6/16/24
30 Year Conventional Refi 4.12% 6/16/24
30 Year Cash-out Refi 4.09% 6/16/24
30 Year FHA Purchase 6.12% 6/16/24
30 Year FHA Refi 3.87% 6/16/24
30 Year VA Purchase 5.01% 6/16/24
30 Year USDA Purchase 5.26% 6/16/24
15 Year Conventional Purchase 4.25% 6/16/24
15 Year Conventional Refi 3.17% 6/16/24
15 Year Cash-out Refi 3.17% 6/16/24
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.

West Penn Financial Service Center Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from West Penn Financial Service Center. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

836

Origination Dollar Volume (All Markets)

$165,430,000
Show all (5) awards

Relative Rate

West Penn Financial Service Center's average 30 year fixed mortgage rate was 6.6%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.12%.

Relative Fees (Closing Costs)

West Penn Financial Service Center's average total fees/closing costs for a 30 year fixed rate mortgage were $5,970.

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 $9,089.

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
PITTSBURGH, PA (FHA|USDA|VA) 557 $117,885,000 $211,643 $6,083 6.59%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 131 $21,105,000 $161,107 $5,629 6.63%
AKRON, OH (FHA|USDA|VA) 45 $7,485,000 $166,333 $5,853 6.54%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 31 $6,905,000 $222,742 $5,722 6.78%
New Castle, PA (FHA|USDA|VA) 22 $2,950,000 $134,091 $4,968 6.38%
Somerset, PA (FHA|USDA|VA) 12 $2,070,000 $172,500 $6,555 6.57%
Salem, OH (FHA|USDA|VA) 11 $1,875,000 $170,455 $6,934 6.68%
DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $1,485,000 $297,000 $9,307 6.45%
CANTON-MASSILLON, OH (FHA|USDA|VA) 8 $1,480,000 $185,000 $5,633 7.08%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $405,000 $405,000 $4,920 6.50%
Ashtabula, OH (FHA|USDA|VA) 1 $335,000 $335,000 $16,780 7.25%
Outside of Metro Areas 2 $260,000 $130,000 $5,900 6.56%
JOHNSTOWN, PA (FHA|USDA|VA) 4 $250,000 $62,500 $4,595 6.91%
Wooster, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,828 6.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $195,000 $195,000 $4,236 6.50%
Zanesville, OH (FHA|USDA|VA) 1 $155,000 $155,000 $4,237 5.88%
Meadville, PA (FHA|USDA|VA) 1 $135,000 $135,000 $5,147 6.13%
Oil City, PA (FHA|USDA|VA) 1 $135,000 $135,000 $4,917 5.88%
DuBois, PA (FHA|USDA|VA) 1 $115,000 $115,000 $6,646 6.50%
West Penn Financial Service Center's top markets include Pittsburgh, Youngstown, Akron, Cleveland, and New Castle among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against WEST PENN FINANCIAL SERVICE CENTER based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRESTONE
    Similarity Rank: 9
    TRI BORO
    Similarity Rank: 24
    InFirst Bank
    Similarity Rank: 300
    AmeriServ Financial Bank
    Similarity Rank: 384
    Community Star Credit Union
    Similarity Rank: 465
    Ohio Catholic Federal Credit Union
    Similarity Rank: 504
    Washington Financial Bank
    Similarity Rank: 510

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 647 $133,705,000 $206,654 $5,534 6.63%
    FHA 149 $23,475,000 $157,550 $7,374 6.56%
    VA 32 $7,330,000 $229,063 $8,749 6.40%
    USDA 8 $920,000 $115,000 $5,450 6.33%

    For 2023, West Penn Financial Service Center's most frequently originated type of loan was Conventional, with 647 originations. Their 2nd most popular type was FHA, with 149 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 827 $163,855,000 $198,132 $5,982 6.60%
    Cash Out Refi 8 $1,270,000 $158,750 $5,562 6.95%
    Refi 1 $305,000 $305,000 $11,041 6.13%

    For 2023, West Penn Financial Service Center's most frequently cited loan purpose was Home Purchase, with 827 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 827 $162,605,000 $196,620 $5,970 6.60%
    15 Year 8 $2,570,000 $321,250 $7,641 6.61%
    10 Year 1 $255,000 $255,000 $4,705 6.50%

    For 2023, West Penn Financial Service Center's most frequently cited loan duration was 30 Year, with 827 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 480 $84,490,000 $176,021
    $2k-3k 120 $21,290,000 $177,417
    $3k-4k 72 $16,020,000 $222,500
    $5k+ 63 $21,415,000 $339,921
    $<1k 52 $8,720,000 $167,692
    $4k-5k 46 $12,860,000 $279,565

    West Penn Financial Service Center's average total fees were $5,970, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 480 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 489 $97,515,000 $199,417
    7-8% 182 $36,530,000 $200,714
    5-6% 162 $30,940,000 $190,988
    Over 8% 2 $280,000 $140,000
    3-4% 1 $165,000 $165,000

    During 2023, West Penn Financial Service Center's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 489 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 379 $56,785,000 $149,828 $5,318 6.50%
    $200k-400k 305 $79,305,000 $260,016 $7,018 6.70%
    $100,000 or less 109 $8,035,000 $73,716 $4,289 6.70%
    $400k-600k 38 $17,780,000 $467,895 $8,662 6.60%
    $600k-1MM 5 $3,525,000 $705,000 $10,300 6.40%

    2023 saw West Penn Financial Service Center place emphasis on $100k-200k loans with 379 originations, totaling $56,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 253 $39,805,000 $157,332 $5,317 6.52%
    $100k-150k 173 $42,245,000 $244,191 $6,609 6.71%
    $75k-100k 157 $31,685,000 $201,815 $6,169 6.58%
    $50k or less 145 $16,155,000 $111,414 $4,940 6.50%
    $150k-250k 81 $24,885,000 $307,222 $7,585 6.73%
    $250k+ 27 $10,655,000 $394,630 $7,996 6.92%

    West Penn Financial Service Center lent most frequently to those with incomes in the $50k-75k range, with 253 originations. The second most popular income band? $100k-150k, with 173 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 192 $38,210,000 $199,010 $5,608 6.56%
    30-36% 158 $32,840,000 $207,848 $5,980 6.64%
    <20% 53 $11,015,000 $207,830 $5,579 6.62%
    50-60% 44 $8,210,000 $186,591 $7,880 6.60%
    41% 41 $7,825,000 $190,854 $5,712 6.69%
    42% 35 $6,515,000 $186,143 $6,042 6.51%
    37% 32 $6,700,000 $209,375 $5,900 6.66%
    39% 32 $5,640,000 $176,250 $5,671 6.55%
    44% 31 $6,135,000 $197,903 $5,932 6.49%
    36% 29 $6,205,000 $213,966 $5,970 6.53%
    48% 26 $4,980,000 $191,538 $6,128 6.56%
    38% 25 $4,495,000 $179,800 $6,180 6.75%
    49% 25 $4,665,000 $186,600 $5,625 6.69%
    45% 24 $4,350,000 $181,250 $5,511 6.55%
    43% 23 $4,595,000 $199,783 $6,238 6.49%
    46% 22 $4,230,000 $192,273 $6,896 6.74%
    47% 21 $3,755,000 $178,810 $5,600 6.80%
    40% 21 $4,345,000 $206,905 $6,917 6.64%
    >60% 2 $720,000 $360,000 $10,568 5.94%

    West Penn Financial Service Center lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 158 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 496 $94,100,000 $189,718 $5,793 6.63%
    White 305 $64,495,000 $211,459 $6,269 6.54%
    Asian 12 $3,050,000 $254,167 $6,586 6.77%
    Black 18 $2,860,000 $158,889 $5,986 6.60%
    Other Asian 3 $555,000 $185,000 $6,904 6.67%
    American Indian 1 $185,000 $185,000 $4,536 6.88%
    Asian Indian 1 $185,000 $185,000 $6,101 7.25%

    Approval Rates

    Total approvals of all applications
    96.12%

    West Penn Financial Service Center 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
    87.44%

    West Penn Financial Service Center has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 836 $165,430,000 $197,883

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    836 $165,430,000 $197,883

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $955,000 $106,111 $4,311 6.21%
    40-60% 34 $5,140,000 $151,176 $4,949 6.55%
    60-80% 178 $38,180,000 $214,494 $5,690 6.68%
    80-100% 611 $120,005,000 $196,408 $6,099 6.59%
    Over 100% 4 $1,150,000 $287,500 $14,141 6.72%