West Virginia Federal Credit Union Mortgage Rates, Fees & Info
SOUTH CHARLESTON, WVLEI: 549300C62MGHXEJVMZ35
Tax ID: 55-0483573
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Mortgage Data
Review & Overview
West Virginia Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. West Virginia Federal Credit Union has a high proportion of conventional loans. Their top two markets are Charleston and Huntington .West Virginia Federal Credit Union 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
67Origination Dollar Volume (All Markets)
$4,605,000Top 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 |
|---|---|---|---|---|---|
| CHARLESTON, WV (FHA|USDA|VA) | 53 | $3,475,000 | $65,566 | $924 | 5.54% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 14 | $1,130,000 | $80,714 | $1,032 | 5.29% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 67 | $4,605,000 | $68,731 | $946 | 5.49% |
For 2023, West Virginia Federal Credit Union's most frequently originated type of loan was Conventional, with 67 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 54 | $3,460,000 | $64,074 | $789 | 5.49% |
| Home Purchase | 9 | $765,000 | $85,000 | $1,981 | 5.49% |
| Refi | 4 | $380,000 | $95,000 | $747 | 5.37% |
For 2023, West Virginia Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 54 originations. The 2nd most popular reason was Home Purchase, with 9 originations.
Loan Duration/Length
For 2023, West Virginia Federal Credit Union's most frequently cited loan duration was 10 Year, with 29 originations. The 2nd most popular length was 15 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 64 | $4,200,000 | $65,625 |
| $1k-2k | 2 | $200,000 | $100,000 |
| $2k-3k | 1 | $205,000 | $205,000 |
West Virginia Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 64 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 34 | $2,770,000 | $81,471 |
| 4-5% | 24 | $1,480,000 | $61,667 |
| 6-7% | 5 | $195,000 | $39,000 |
| 7-8% | 4 | $160,000 | $40,000 |
During 2023, West Virginia Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 34 originations.
Loan Sizing
2023 saw West Virginia Federal Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,180,000 in origination value.
Applicant Income
West Virginia Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
West Virginia Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 23 originations. The next most common DTI ratio? 20-30%, with 17 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 66 | $4,550,000 | $68,939 | $949 | 5.49% |
| Black | 1 | $55,000 | $55,000 | $762 | 5.49% |
Approval Rates
Total approvals of all applications94.87%
West Virginia Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination95.52%
West Virginia Federal Credit Union 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 |
|---|---|---|---|
| NA | 67 | $4,605,000 | $68,731 |