Wichita Falls Teachers Federal Credit Union Mortgage Rates, Fees & Info

Wichita Falls, TX

LEI: 549300DCAVODU8W5UW13

Tax ID: 75-0861333

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

    Wichita Falls Teachers Federal Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Other loans. Wichita Falls Teachers Federal Credit Union has a high proportion of conventional loans. Their top two markets are Wichita Falls and Vernon .

    Wichita Falls Teachers Federal Credit Union has an above average approval rate when compared to the average across all lenders.

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    Originations

    35

    Origination Dollar Volume (All Markets)

    $1,925,000

    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
    WICHITA FALLS, TX (FHA|USDA|VA) 33 $1,805,000 $54,697 $394 4.76%
    Vernon, TX (FHA|USDA|VA) 1 $95,000 $95,000 $222 4.50%
    Outside of Metro Areas 1 $25,000 $25,000 $284 5.00%
    Wichita Falls Teachers Federal Credit Union's top markets include Wichita Falls and Vernon among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $1,925,000 $55,000 $386 4.76%

    For 2018, Wichita Falls Teachers Federal Credit Union's most frequently originated type of loan was Conventional, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 16 $730,000 $45,625 $362 4.89%
    Cash Out Refi 10 $590,000 $59,000 $395 4.65%
    Other 8 $530,000 $66,250 $446 4.66%
    Refi 1 $75,000 $75,000 $222 4.50%

    For 2018, Wichita Falls Teachers Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 16 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 14 $1,120,000 $80,000 $594 5.29%
    5 Year 10 $250,000 $25,000 $253 4.10%
    10 Year 9 $445,000 $49,444 $248 4.81%
    Other 2 $110,000 $55,000 $222 4.13%

    For 2018, Wichita Falls Teachers Federal Credit Union's most frequently cited loan duration was 15 Year, with 14 originations. The 2nd most popular length was 5 Year, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 15 $1,005,000 $67,000
    3-4% 10 $300,000 $30,000
    6-7% 6 $450,000 $75,000
    5-6% 4 $170,000 $42,500

    During 2018, Wichita Falls Teachers Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,430,000 $44,688 $263 4.66%
    $100k-200k 2 $250,000 $125,000 $1,722 6.50%
    $200k-400k 1 $245,000 $245,000 $1,678 4.50%

    2018 saw Wichita Falls Teachers Federal Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 9 $365,000 $40,556 $248 4.33%
    $50k or less 9 $375,000 $41,667 $229 5.19%
    $50k-75k 8 $490,000 $61,250 $493 4.97%
    $75k-100k 5 $395,000 $79,000 $530 4.20%
    $150k-250k 4 $300,000 $75,000 $660 5.00%

    Wichita Falls Teachers Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $50k or less, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $525,000 $47,727 $306 4.68%
    <20% 5 $145,000 $29,000 $256 4.20%
    >60% 5 $375,000 $75,000 $472 5.35%
    50-60% 4 $240,000 $60,000 $654 4.75%
    36% 3 $85,000 $28,333 $243 4.83%
    37% 2 $300,000 $150,000 $992 4.50%
    38% 2 $110,000 $55,000 $264 6.00%
    39% 1 $85,000 $85,000 $222 4.50%
    45% 1 $25,000 $25,000 $222 4.00%
    30-36% 1 $35,000 $35,000 $222 4.25%

    Wichita Falls Teachers Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? <20%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $1,585,000 $51,129 $355 4.69%
    Asian Indian 1 $245,000 $245,000 $1,678 4.50%
    Not applicable 1 $55,000 $55,000 $306 6.50%
    Black 2 $40,000 $20,000 $264 5.13%

    Approval Rates

    Total approvals of all applications
    100.00%

    Wichita Falls Teachers Federal Credit Union 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 35 $1,925,000 $55,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 35 $1,925,000 $55,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $300,000 $37,500 $264 4.19%
    40-60% 5 $285,000 $57,000 $234 4.70%
    60-80% 9 $395,000 $43,889 $238 5.33%
    80-100% 8 $810,000 $101,250 $810 5.06%
    Under 20% 5 $135,000 $27,000 $322 4.20%

    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%