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, Denver, and Atlanta among others. We have data for 67 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% | 4/21/24 |
| 30 Year Conventional Refi | 5.94% | 4/21/24 |
| 30 Year Cash-out Refi | 6.62% | 4/21/24 |
| 15 Year Conventional Purchase | 5.63% | 4/21/24 |
| 15 Year Conventional Refi | 5.53% | 4/21/24 |
| 15 Year Cash-out Refi | 5.53% | 4/21/24 |
| 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
325Origination Dollar Volume (All Markets)
$51,245,000Top 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) | 123 | $19,295,000 | $156,870 | $3,817 | 4.68% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 28 | $3,550,000 | $126,786 | $2,329 | 4.64% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 23 | $3,065,000 | $133,261 | $4,183 | 4.68% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 13 | $2,485,000 | $191,154 | $4,242 | 4.86% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 17 | $2,245,000 | $132,059 | $3,705 | 4.68% |
| Outside of Metro Areas | 8 | $1,570,000 | $196,250 | $3,664 | 4.56% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,550,000 | $387,500 | $7,786 | 4.59% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 11 | $1,315,000 | $119,545 | $3,493 | 4.76% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $7,997 | 4.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 8 | $1,100,000 | $137,500 | $2,127 | 4.98% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $7,089 | 4.54% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $7,507 | 4.58% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $13,669 | 3.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $5,545 | 4.13% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $3,534 | 4.79% |
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $620,000 | $155,000 | $4,301 | 4.41% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $4,773 | 4.33% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $1,897 | 4.84% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $445,000 | $89,000 | $4,142 | 4.73% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,055 | 3.56% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $12,357 | 5.13% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,624 | 4.56% |
| RENO, NV (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,987 | 4.94% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,192 | 4.81% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,099 | 3.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $2,868 | 4.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $6,145 | 3.88% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,752 | 3.63% |
| Payson, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,758 | 3.88% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,716 | 3.75% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,965 | 4.75% |
| WENATCHEE, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,555 | 3.88% |
| MONROE, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,728 | 4.38% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,261 | 3.00% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,273 | 3.88% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,039 | 3.75% |
| Deming, NM (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,140 | 4.75% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,142 | 4.00% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,454 | 4.38% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,024 | 4.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,629 | 3.75% |
| Gainesville, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,110 | 4.13% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,009 | 5.25% |
| TULSA, OK (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,167 | 3.25% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,547 | 4.00% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $283 | 2.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,313 | 4.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,776 | 4.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $466 | 5.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| PINE BLUFF, AR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,689 | 4.50% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,199 | 4.38% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $761 | 5.50% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,656 | 6.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,644 | 3.13% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.00% |
| Fairmont, WV (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 6.50% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $373 | 5.25% |
| Greenville, OH (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $466 | 5.00% |
| Brevard, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $283 | 5.50% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $0 | 6.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $281 | 5.50% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $263 | 5.00% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $208 | 5.50% |
| POCATELLO, ID (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $466 | 5.50% |
| Duncan, OK (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $2,629 | 4.63% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $188 | 5.50% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 311 | $50,345,000 | $161,881 | $3,859 | 4.60% |
| HELOC | 14 | $900,000 | $64,286 | n/a | 5.39% |
For 2019, Southwest Airlines Federal Credit Union's most frequently originated type of loan was Conventional, with 311 originations. Their 2nd most popular type was HELOC, with 14 originations.
Loan Reason
For 2019, Southwest Airlines Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 187 originations. The 2nd most popular reason was Home Purchase, with 103 originations.
Loan Duration/Length
For 2019, Southwest Airlines Federal Credit Union's most frequently cited loan duration was 30 Year, with 121 originations. The 2nd most popular length was 15 Year, with 109 originations.
Origination Fees/Closing Costs
Southwest Airlines Federal Credit Union's average total fees were $6,712, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.
Interest Rates
During 2019, Southwest Airlines Federal Credit Union's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 5-6%, with 114 originations.
Loan Sizing
2019 saw Southwest Airlines Federal Credit Union place emphasis on $100,000 or less loans with 145 originations, totaling $7,465,000 in origination value.
Applicant Income
Southwest Airlines Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $75k-100k, with 61 originations.
Applicant Debt to Income Ratio
Southwest Airlines Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 55 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.19%
Southwest Airlines Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination99.69%
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 |
|---|---|---|---|
| 0.0 | 6 | $460,000 | $76,667 |
| NA | 319 | $50,785,000 | $159,201 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 325 | $51,245,000 | $157,677 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Southwest Business Corporation | VA mortgage | Struggling to pay mortgage | 3 | 37.5% |
| Southwest Business Corporation | Conventional home mortgage | Trouble during payment process | 1 | 12.5% |
| Southwest Business Corporation | VA mortgage | Trouble during payment process | 1 | 12.5% |
| Southwest Business Corporation | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 12.5% |
| Southwest Business Corporation | VA mortgage | Closing on a mortgage | 1 | 12.5% |
| Southwest Business Corporation | Conventional home mortgage | Struggling to pay mortgage | 1 | 12.5% |