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
  • 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, Home Purchase, and Refi loans. West Virginia Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Huntington, Beckley, and Mount Gay among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    West Virginia Federal Credit Union 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 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.

    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

    54

    Origination Dollar Volume (All Markets)

    $3,990,000

    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) 43 $3,015,000 $70,116 $1,156 4.37%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 8 $800,000 $100,000 $867 4.19%
    Outside of Metro Areas 1 $105,000 $105,000 $2,058 4.49%
    BECKLEY, WV (FHA|USDA|VA) 1 $35,000 $35,000 $2,368 4.24%
    Mount Gay-Shamrock, WV (FHA|USDA|VA) 1 $35,000 $35,000 $1,083 4.63%
    West Virginia Federal Credit Union's top markets include Charleston, Huntington, Beckley, and Mount Gay 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 54 $3,990,000 $73,889 $1,151 4.35%

    For 2019, West Virginia Federal Credit Union's most frequently originated type of loan was Conventional, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 28 $1,630,000 $58,214 $808 4.37%
    Home Purchase 15 $1,235,000 $82,333 $1,847 4.36%
    Refi 11 $1,125,000 $102,273 $1,075 4.26%

    For 2019, West Virginia Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Home Purchase, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 13 $925,000 $71,154 $826 4.36%
    Other 12 $900,000 $75,000 $1,446 4.36%
    10 Year 11 $615,000 $55,909 $703 4.53%
    30 Year 9 $945,000 $105,000 $1,786 4.40%
    5 Year 6 $150,000 $25,000 $697 4.26%
    20 Year 3 $455,000 $151,667 $2,027 3.63%

    For 2019, West Virginia Federal Credit Union's most frequently cited loan duration was 15 Year, with 13 originations. The 2nd most popular length was Other, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 50 $3,610,000 $72,200
    $1k-2k 4 $380,000 $95,000

    West Virginia Federal Credit Union's average total fees were $1,786, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 50 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 28 $2,060,000 $73,571
    3-4% 20 $1,620,000 $81,000
    5-6% 6 $310,000 $51,667

    During 2019, West Virginia Federal Credit Union's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 28 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,580,000 $43,889 $918 4.44%
    $100k-200k 17 $2,205,000 $129,706 $1,668 4.19%
    $200k-400k 1 $205,000 $205,000 $773 3.89%

    2019 saw West Virginia Federal Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $1,115,000 $74,333 $1,058 4.48%
    $50k or less 15 $715,000 $47,667 $1,117 4.40%
    $50k-75k 11 $945,000 $85,909 $1,502 4.44%
    $75k-100k 9 $875,000 $97,222 $1,012 4.14%
    $150k-250k 3 $155,000 $51,667 $590 3.96%
    $250k+ 1 $185,000 $185,000 $2,119 3.63%

    West Virginia Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k or less, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 20 $1,160,000 $58,000 $1,037 4.21%
    20-30% 14 $1,050,000 $75,000 $1,125 4.50%
    30-36% 8 $910,000 $113,750 $1,265 4.31%
    36% 3 $325,000 $108,333 $1,830 4.25%
    40% 3 $175,000 $58,333 $1,599 4.36%
    38% 2 $110,000 $55,000 $897 4.62%
    39% 2 $160,000 $80,000 $715 4.99%
    43% 1 $85,000 $85,000 $1,376 4.25%
    37% 1 $15,000 $15,000 $659 3.74%

    West Virginia Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 20 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 52 $3,830,000 $73,654 $1,156 4.32%
    Not applicable 1 $105,000 $105,000 $1,387 4.25%
    Black 1 $55,000 $55,000 $659 5.99%

    Approval Rates

    Total approvals of all applications
    92.96%

    West Virginia Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.04%

    West Virginia Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 54 $3,990,000 $73,889

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 54 $3,990,000 $73,889

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $575,000 $38,333 $716 4.25%
    40-60% 6 $560,000 $93,333 $737 4.42%
    60-80% 17 $1,545,000 $90,882 $1,492 4.27%
    80-100% 11 $1,205,000 $109,545 $1,663 4.50%
    Under 20% 5 $105,000 $21,000 $668 4.50%