Southwest Airlines Federal Credit Union Mortgage Rates, Fees & Info
Dallas, TXLEI: 549300DQLGJ1YQRRHH73
Tax ID: 75-1486899
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Mortgage Data
Review & Overview
Southwest Airlines Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Southwest Airlines Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Dallas, Phoenix, Houston, Chicago, and Denver among others. We have data for 46 markets. (Some data included below & more in-depth data is available with an active subscription.)Southwest Airlines Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Southwest Airlines Federal Credit Union 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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.91% | 4/18/24 |
| 30 Year Conventional Refi | 5.94% | 4/18/24 |
| 30 Year Cash-out Refi | 6.62% | 4/18/24 |
| 15 Year Conventional Purchase | 5.63% | 4/18/24 |
| 15 Year Conventional Refi | 5.53% | 4/18/24 |
| 15 Year Cash-out Refi | 5.53% | 4/18/24 |
| 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. | ||
Southwest Airlines Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
196Origination Dollar Volume (All Markets)
$24,250,000Top 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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 80 | $10,270,000 | $128,375 | $3,024 | 4.84% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 20 | $2,220,000 | $111,000 | $1,430 | 4.90% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 14 | $1,260,000 | $90,000 | $2,169 | 4.94% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $4,480 | 4.70% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 6 | $650,000 | $108,333 | $2,543 | 4.87% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 6 | $590,000 | $98,333 | $3,431 | 4.46% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $6,946 | 4.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $2,743 | 4.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $4,248 | 4.08% |
| Outside of Metro Areas | 6 | $560,000 | $93,333 | $2,083 | 5.04% |
| Lufkin, TX (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,391 | 4.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $445,000 | $89,000 | $4,318 | 4.72% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $5,737 | 4.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $340,000 | $85,000 | $2,104 | 4.84% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,073 | 4.62% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $10,948 | 4.50% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,633 | 4.50% |
| Heber, UT (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,848 | 4.63% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $7,907 | 5.13% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,507 | 4.50% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $2,953 | 4.83% |
| TULSA, OK (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,263 | 4.63% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,232 | 4.88% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,999 | 4.75% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,326 | 5.25% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,076 | 5.13% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 5.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,729 | 4.50% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,549 | 4.25% |
| Toccoa, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,445 | 3.63% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $1,596 | 4.94% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $381 | 4.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,057 | 5.00% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $208 | 4.63% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $368 | 4.99% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $218 | 4.99% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $198 | 4.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $128 | 4.99% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $198 | 5.25% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $218 | 4.75% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $198 | 5.00% |
| RENO, NV (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $218 | 4.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $198 | 4.99% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $198 | 5.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Southwest Airlines Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 181 | $23,135,000 | $127,818 | $3,006 | 4.75% |
| HELOC | 15 | $1,115,000 | $74,333 | n/a | 5.55% |
For 2018, Southwest Airlines Federal Credit Union's most frequently originated type of loan was Conventional, with 181 originations. Their 2nd most popular type was HELOC, with 15 originations.
Loan Reason
For 2018, Southwest Airlines Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 122 originations. The 2nd most popular reason was Home Purchase, with 48 originations.
Loan Duration/Length
For 2018, Southwest Airlines Federal Credit Union's most frequently cited loan duration was 15 Year, with 85 originations. The 2nd most popular length was 30 Year, with 58 originations.
Origination Fees/Closing Costs
Southwest Airlines Federal Credit Union's average total fees were $6,338, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 101 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 148 | $19,050,000 | $128,716 |
| 5-6% | 39 | $3,845,000 | $98,590 |
| 3-4% | 7 | $1,035,000 | $147,857 |
| 6-7% | 2 | $320,000 | $160,000 |
During 2018, Southwest Airlines Federal Credit Union's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 4-5%, with 148 originations.
Loan Sizing
2018 saw Southwest Airlines Federal Credit Union place emphasis on $100,000 or less loans with 110 originations, totaling $5,390,000 in origination value.
Applicant Income
Southwest Airlines Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $75k-100k, with 51 originations.
Applicant Debt to Income Ratio
Southwest Airlines Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.57%
Southwest Airlines Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination97.96%
Southwest Airlines 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 | 196 | $24,250,000 | $123,724 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $105,000 | $105,000 |
| Single Family (1-4 Units):Site-Built | 195 | $24,145,000 | $123,821 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Southwest Business Corporation | FHA mortgage | Incorrect information on your report | 1 | 5.3% |
| Southwest Business Corporation | FHA mortgage | Struggling to pay mortgage | 2 | 10.5% |
| Southwest Business Corporation | VA mortgage | Trouble during payment process | 2 | 10.5% |
| Southwest Business Corporation | VA mortgage | Struggling to pay mortgage | 3 | 15.8% |
| Southwest Business Corporation | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 5.3% |
| Southwest Business Corporation | Other type of mortgage | Trouble during payment process | 1 | 5.3% |
| Southwest Business Corporation | Other type of mortgage | Struggling to pay mortgage | 1 | 5.3% |
| Southwest Business Corporation | FHA mortgage | Trouble during payment process | 2 | 10.5% |
| Southwest Business Corporation | Conventional home mortgage | Incorrect information on your report | 1 | 5.3% |
| Southwest Business Corporation | Conventional home mortgage | Struggling to pay mortgage | 2 | 10.5% |
| Southwest Business Corporation | Conventional home mortgage | Trouble during payment process | 3 | 15.8% |