West Virginia Federal Credit Union Mortgage Rates, Fees & Info

SOUTH CHARLESTON, WV

LEI: 549300C62MGHXEJVMZ35

Tax ID: 55-0483573

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

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Mortgage Data

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

    • Review & Overview

    West Virginia Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. West Virginia Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Huntington, and Point Pleasant among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    West Virginia Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. West Virginia Federal Credit Union is typically a low 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 about average rates.

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    Originations

    57

    Origination Dollar Volume (All Markets)

    $4,325,000

    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
    CHARLESTON, WV (FHA|USDA|VA) 41 $3,065,000 $74,756 $976 4.26%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 15 $1,225,000 $81,667 $1,067 4.03%
    Point Pleasant, WV-OH (FHA|USDA|VA) 1 $35,000 $35,000 $698 4.99%
    West Virginia Federal Credit Union's top markets include Charleston, Huntington, and Point Pleasant among others.

    Their top states include:
  • West Virginia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 57 $4,325,000 $75,877 $994 4.22%

    For 2018, West Virginia Federal Credit Union's most frequently originated type of loan was Conventional, with 57 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 31 $2,105,000 $67,903 $718 4.11%
    Home Purchase 17 $1,655,000 $97,353 $1,640 4.56%
    Refi 7 $525,000 $75,000 $723 3.75%
    Home Improvement 2 $40,000 $20,000 $579 4.52%

    For 2018, West Virginia Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 19 $975,000 $51,316 $616 4.22%
    Other 13 $1,535,000 $118,077 $1,356 4.35%
    15 Year 11 $945,000 $85,909 $1,027 4.53%
    5 Year 7 $145,000 $20,714 $762 3.22%
    30 Year 5 $545,000 $109,000 $1,602 4.55%
    20 Year 2 $180,000 $90,000 $1,136 4.24%

    For 2018, West Virginia Federal Credit Union's most frequently cited loan duration was 10 Year, with 19 originations. The 2nd most popular length was Other, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $4,270,000 $76,250

    West Virginia Federal Credit Union's average total fees were $1,602, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 25 $2,105,000 $84,200
    3-4% 22 $1,770,000 $80,455
    5-6% 5 $325,000 $65,000
    <2.5% 2 $30,000 $15,000
    2.5-3% 2 $40,000 $20,000
    6-7% 1 $55,000 $55,000

    During 2018, West Virginia Federal Credit Union's average interest rate for loans was 4.55%, while their most frequently originated rate bucket for loans was 4-5%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 43 $2,205,000 $51,279 $885 4.20%
    $100k-200k 12 $1,610,000 $134,167 $1,268 4.24%
    $200k-400k 2 $510,000 $255,000 $1,618 4.37%

    2018 saw West Virginia Federal Credit Union place emphasis on $100,000 or less loans with 43 originations, totaling $2,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 18 $1,060,000 $58,889 $1,112 4.32%
    $50k-75k 15 $875,000 $58,333 $819 4.25%
    $75k-100k 10 $750,000 $75,000 $1,017 4.21%
    $150k-250k 7 $985,000 $140,714 $1,103 4.07%
    $100k-150k 4 $310,000 $77,500 $699 4.12%
    $250k+ 3 $345,000 $115,000 $1,221 3.91%

    West Virginia Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $50k-75k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 24 $1,560,000 $65,000 $1,071 4.28%
    <20% 18 $1,510,000 $83,889 $933 4.09%
    30-36% 4 $440,000 $110,000 $805 4.19%
    37% 3 $235,000 $78,333 $702 4.42%
    38% 2 $120,000 $60,000 $708 3.82%
    39% 2 $70,000 $35,000 $1,151 4.14%
    43% 1 $125,000 $125,000 $1,256 4.63%
    41% 1 $95,000 $95,000 $1,959 4.49%
    42% 1 $35,000 $35,000 $698 4.99%
    36% 1 $135,000 $135,000 $983 3.99%

    West Virginia Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? <20%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $4,110,000 $76,111 $971 4.22%
    Asian 1 $115,000 $115,000 $1,851 4.63%
    Black 2 $100,000 $50,000 $1,152 3.99%

    Approval Rates

    Total approvals of all applications
    74.44%

    West Virginia Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.46%

    West Virginia Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $55,000 $55,000
    NA 56 $4,270,000 $76,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $265,000 $53,000
    Single Family (1-4 Units):Site-Built 52 $4,060,000 $78,077

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $725,000 $48,333 $766 4.09%
    40-60% 7 $605,000 $86,429 $903 4.00%
    60-80% 9 $835,000 $92,778 $1,189 4.98%
    80-100% 14 $1,710,000 $122,143 $1,423 4.34%
    Under 20% 12 $450,000 $37,500 $664 3.78%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Westpark Equity Group, Inc. Other type of mortgage Closing on a mortgage 1 100.0%