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, 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, Las Vegas, and Atlanta among others. We have data for 94 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. 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
425Origination Dollar Volume (All Markets)
$81,275,000Top 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) | 133 | $25,265,000 | $189,962 | $4,085 | 3.25% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 43 | $6,595,000 | $153,372 | $2,810 | 3.72% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 35 | $4,285,000 | $122,429 | $2,856 | 3.39% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 14 | $3,330,000 | $237,857 | $4,765 | 2.70% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 13 | $2,555,000 | $196,538 | $4,649 | 2.84% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 10 | $2,350,000 | $235,000 | $5,654 | 2.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 7 | $1,965,000 | $280,714 | $5,570 | 3.77% |
| Outside of Metro Areas | 8 | $1,730,000 | $216,250 | $5,282 | 2.58% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 10 | $1,600,000 | $160,000 | $3,760 | 2.93% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $5,928 | 3.05% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 8 | $1,120,000 | $140,000 | $3,601 | 2.73% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $8,479 | 3.33% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $1,095,000 | $156,429 | $3,359 | 3.55% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 6 | $1,050,000 | $175,000 | $4,853 | 3.04% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $7,853 | 2.88% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $6,598 | 2.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $7,654 | 2.92% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $4,079 | 3.25% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $5,279 | 3.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 6 | $930,000 | $155,000 | $2,611 | 3.54% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $7,701 | 2.94% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $5,774 | 2.56% |
| SALEM, OR (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $7,950 | 3.00% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $11,233 | 2.63% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $3,851 | 3.41% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $3,192 | 3.58% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $6,978 | 2.63% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $3,123 | 3.83% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,852 | 2.88% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,393 | 2.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $5,258 | 2.75% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $5,670 | 2.94% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,324 | 2.88% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,499 | 3.00% |
| RENO, NV (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,333 | 2.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $5,271 | 2.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,221 | 3.38% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,806 | 2.63% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,844 | 2.50% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,617 | 3.13% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $2,871 | 3.54% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,820 | 3.56% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,400 | 2.88% |
| Granbury, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,446 | 2.25% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,517 | 2.50% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,185 | 3.38% |
| Roswell, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,971 | 3.13% |
| VICTORIA, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,593 | 2.88% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,329 | 2.75% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $3,637 | 2.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,590 | 3.63% |
| Bogalusa, LA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,819 | 2.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,369 | 2.63% |
| MADERA, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,199 | 3.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,159 | 2.50% |
| ROME, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,945 | 2.75% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,028 | 3.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,383 | 2.25% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,203 | 2.75% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,813 | 2.63% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,698 | 3.38% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,015 | 2.75% |
| AKRON, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,329 | 3.25% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,697 | 2.88% |
| Vidalia, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,861 | 2.88% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,369 | 3.50% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,886 | 4.00% |
| TULSA, OK (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,519 | 2.75% |
| Fort Payne, AL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,253 | 2.25% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 4.25% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,382 | 4.25% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,544 | 2.63% |
| Bonham, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,389 | 3.38% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $606 | 4.50% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,620 | 3.50% |
| Sulphur Springs, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,948 | 2.25% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,240 | 2.38% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.25% |
| FLINT, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,639 | 2.88% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,176 | 2.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,977 | 2.13% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $514 | 4.25% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $616 | 4.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $359 | 4.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $444 | 4.50% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $3,115 | 2.13% |
| Payson, AZ (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $289 | 4.50% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $281 | 4.50% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $364 | 4.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $314 | 4.25% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $314 | 4.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $809 | 4.50% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $306 | 4.50% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 400 | $79,430,000 | $198,575 | $4,087 | 3.17% |
| HELOC | 25 | $1,845,000 | $73,800 | n/a | 4.25% |
For 2021, Southwest Airlines Federal Credit Union's most frequently originated type of loan was Conventional, with 400 originations. Their 2nd most popular type was HELOC, with 25 originations.
Loan Reason
For 2021, Southwest Airlines Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 137 originations. The 2nd most popular reason was Refi, with 116 originations.
Loan Duration/Length
For 2021, Southwest Airlines Federal Credit Union's most frequently cited loan duration was 30 Year, with 163 originations. The 2nd most popular length was 15 Year, with 130 originations.
Origination Fees/Closing Costs
Southwest Airlines Federal Credit Union's average total fees were $5,707, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 118 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 164 | $41,980,000 | $255,976 |
| 4-5% | 99 | $6,755,000 | $68,232 |
| 3-4% | 82 | $17,360,000 | $211,707 |
| <2.5% | 77 | $14,415,000 | $187,208 |
| 5-6% | 2 | $200,000 | $100,000 |
During 2021, Southwest Airlines Federal Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 164 originations.
Loan Sizing
2021 saw Southwest Airlines Federal Credit Union place emphasis on $200k-400k loans with 153 originations, totaling $41,425,000 in origination value.
Applicant Income
Southwest Airlines Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 117 originations. The second most popular income band? $150k-250k, with 90 originations.
Applicant Debt to Income Ratio
Southwest Airlines Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? <20%, with 90 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.91%
Southwest Airlines Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 425 | $81,275,000 | $191,235 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Southwest Business Corporation | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 15.0% |
| Southwest Business Corporation | Conventional home mortgage | Struggling to pay mortgage | 3 | 15.0% |
| Southwest Business Corporation | Conventional home mortgage | Closing on a mortgage | 1 | 5.0% |
| Southwest Business Corporation | VA mortgage | Struggling to pay mortgage | 3 | 15.0% |
| Southwest Business Corporation | FHA mortgage | Trouble during payment process | 3 | 15.0% |
| Southwest Business Corporation | FHA mortgage | Struggling to pay mortgage | 2 | 10.0% |
| Southwest Business Corporation | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 5.0% |
| Southwest Business Corporation | Conventional home mortgage | Trouble during payment process | 4 | 20.0% |