First United Corporation Mortgage Rates, Fees & Info

Oakland, MD

LEI: 549300G54QPXQLB4KN58

Tax ID: 52-0312890

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First United Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. First United Corporation has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Washington, Morgantown, Hagerstown, Cumberland, and Chambersburg among others. First United Corporation has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

394

Origination Dollar Volume (All Markets)

$133,350,000

Employee count

286

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 122 $52,520,000 $430,492 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 42 $21,510,000 $512,143 $0 0.00%
MORGANTOWN, WV (FHA|USDA|VA) 56 $16,290,000 $290,893 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 56 $14,600,000 $260,714 $0 0.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 66 $11,050,000 $167,424 $0 0.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 7 $2,595,000 $370,714 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 4 $2,400,000 $600,000 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 6 $1,330,000 $221,667 $0 0.00%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 3 $1,095,000 $365,000 $0 0.00%
Fairmont, WV (FHA|USDA|VA) 8 $1,040,000 $130,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,030,000 $515,000 $0 0.00%
Georgetown, SC (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $525,000 $525,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
Clarksburg, WV (FHA|USDA|VA) 3 $495,000 $165,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
Breckenridge, CO (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
Somerset, PA (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
CHARLESTON, WV (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
GETTYSBURG, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%

First United Corporation's top markets include Washington, Morgantown, Hagerstown, Cumberland, and Chambersburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 379 $130,905,000 $345,396 $0 0.00%
USDA 15 $2,445,000 $163,000 $0 0.00%

For the 2021 period, First United Corporation's most frequently originated loan type of loans were Conventional, with 379 originations. Their 2nd most popular type is USDA, with 15 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 200 $71,530,000 $357,650 $0 0.00%
Refi 118 $40,320,000 $341,695 $0 0.00%
Cash Out Refi 74 $21,220,000 $286,757 $0 0.00%
Home Improvement 1 $45,000 $45,000 $0 0.00%
Other 1 $235,000 $235,000 $0 0.00%

For the 2021, First United Corporation's most frequently cited loan purpose of loans were Home Purchase, with 200 originations. The 2nd most popular reason of loans were Refi, with 118 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 394 $133,350,000 $338,452 $0 0.00%

For the 2021, First United Corporation's most frequently cited loan length of loans were Other, with 394 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 126 $19,290,000 $153,095 $0 0.00%
$200k-400k 115 $31,245,000 $271,696 $0 0.00%
$100,000 or less 50 $3,530,000 $70,600 $0 0.00%
$400k-600k 45 $21,645,000 $481,000 $0 0.00%
$600k-1MM 37 $27,875,000 $753,378 $0 0.00%
$1MM+ 21 $29,765,000 $1,417,381 $0 0.00%

2021 saw First United Corporation place emphasis on $100k-200k loans with 126 originations, totaling $19,290,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 66 $17,840,000 $270,303 $0 0.00%
$250k+ 65 $49,565,000 $762,538 $0 0.00%
$50k-75k 57 $10,015,000 $175,702 $0 0.00%
$150k-250k 55 $22,145,000 $402,636 $0 0.00%
$50k or less 55 $7,625,000 $138,636 $0 0.00%
$75k-100k 54 $11,850,000 $219,444 $0 0.00%

First United Corporation lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $250k+, with 65 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 394 $133,350,000 $338,452 $0 0.00%

First United Corporation lent most frequently to those with DTI ratios of Exempt%, with 394 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 291 $94,675,000 $325,344 $0 0.00%
Not provided 54 $17,560,000 $325,185 $0 0.00%
Not applicable 33 $13,105,000 $397,121 $0 0.00%
Asian 8 $5,010,000 $626,250 $0 0.00%
Black 6 $2,370,000 $395,000 $0 0.00%
Native Hawaiian 2 $630,000 $315,000 $0 0.00%

Approval Rates

Total approvals of all applications
83.33%

First United Corporation has a below average approval rate.

Pick Rate

Approvals leading to origination
78.94%

First United Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 394 $133,350,000 $338,452

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
394 $133,350,000 $338,452

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST MERCHANTS CORPORATION Conventional home mortgage Trouble during payment process 2 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First United Bank & Trust 100 South Main Street Smithsburg, MD 21783 Full Service B&M $44,003
First United Bank & Trust 651 Suncrest Towne Centre Morgantown, WV 26505 Full Service B&M $43,481
First United Bank & Trust 7 Chaplin Road Morgantown, WV 26501 Full Service B&M $29,585
First United Bank & Trust Centre And Harrison Streets Cumberland, MD 21502 Full Service B&M $175,180
First United Bank & Trust Maple Street And First Avenue Friendsville, MD 21531 Full Service B&M $16,974
First United Bank & Trust Route 7 East, Tin Mill Crossroads Morgantown, WV 26505 Full Service B&M $46,804
First United Bank & Trust U.S. 11 And Grade Road Falling Waters, WV 25419 Full Service B&M $42,919
First United Bank & Trust U.S. Route 11 And State Route 51 Inwood, WV 25428 Full Service B&M $43,340
First United Bank & Trust U.S. Route 40, Main Street Grantsville, MD 21536 Full Service B&M $81,743
First United Bank & Trust 14300 Barton Boulevard S. W. Cumberland, MD 21502 Full Service B&M $27,677
First United Bank & Trust 150 South East Street Frederick, MD 21701 Full Service B&M $32,087
First United Bank & Trust 1501 Oldtown Road Cumberland, MD 21502 Full Service B&M $40,431
First United Bank & Trust 1646 Wesel Blvd. Hagerstown, MD 21740 Full Service B&M $31,592
First United Bank & Trust 19 South Second Street Oakland, MD 21550 Full Service B&M $240,671
First United Bank & Trust 19405 Emerald Square Hagerstown, MD 21742 Full Service B&M $12,683
First United Bank & Trust 1990 Mononcacy Boulevard Frederick, MD 21701 Full Service B&M $75,944
First United Bank & Trust 207-209 Main Street Myersville, MD 21773 Full Service B&M $65,795
First United Bank & Trust 22 Sweetbrier Ln Bridgeport, WV 26330 Full Service B&M $9,062
First United Bank & Trust 29 West Southern Drive Keyser, WV 26726 Full Service B&M $76,850
First United Bank & Trust 38 Vacation Way Mc Henry, MD 21541 Full Service B&M $94,217
First United Bank & Trust 51 Ashfield Street Piedmont, WV 26750 Full Service B&M $45,184
First United Bank & Trust 102 Baughman's Lane Frederick, MD 21702 Full Service B&M $53,816
First United Bank & Trust 1286 Edwin Miller Blvd Martinsburg, WV 25404 Full Service B&M $77,571
First United Bank & Trust 12894 Garrett Highway Oakland, MD 21550 Limited, Drive-thru $0
First United Bank & Trust 130 South Edgewood Drive Hagerstown, MD 21740 Full Service B&M $51,476

For 2021, First United Corporation had 25 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $57,776
Net interest income $53,311
Total noninterest income $20,349
Gross Fiduciary activities income $8,650
Service charges on deposit accounts $1,756
Trading account gains and fees $0
Additional Noninterest Income $9,943
Pre-tax net operating income $31,601
Securities gains (or losses, -) $100
Income before extraordinary items $23,969
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $23,969
Minority interest net income $0
Net income $23,969
Sale, conversion, retirement of capital stock, net $0
Net operating income $23,890

First United Corporation's gross interest income from loans was $57,776,000.
First United Corporation's net interest income from loans was $53,311,000.
First United Corporation's fee based income from loans was $1,756,000.
First United Corporation's net income from loans was $23,969,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,465
Provision for credit losses $-817
Total noninterest expense $42,876
Salaries and employee benefits $21,810
Premises and equipment expense $6,673
Additional noninterest expense $14,393
Applicable income taxes $7,732
Net charge-offs $-285
Cash dividends $18,791

First United Corporation's interest expense for loans was $4,465,000.
First United Corporation's payroll and benefits expense were $21,810,000.
First United Corporation's property, plant and equipment expenses $6,673,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,471,149
Deposits held in domestic offices $1,471,149
Deposits by Individuals, partnerships, and corporations $1,405,790
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $64,967
Deposits by Commercial banks and other depository institutions in U.S. $392
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $294,589
Demand deposits $223,193
Nontransaction accounts $1,176,560
Money market deposit accounts (MMDAs) $628,781
Other savings deposits (excluding MMDAs) $384,550
Total time deposits $163,228
Total time and savings deposits $1,247,956
Noninterest-bearing deposits $501,627
Interest-bearing deposits $969,522
Retail deposits $1,349,112
IRAs and Keogh plan accounts $26,160
Brokered deposits $77,391
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,706,545
Cash & Balances due from depository institutions $115,720
Interest-bearing balances $103,317
Total securities $327,214
Federal funds sold & reverse repurchase $0
Net loans and leases $1,137,800
Loan and leases loss allowance $15,954
Trading account assets $0
Bank premises and fixed assets $34,697
Other real estate owned $4,476
Goodwill and other intangibles $12,854
All other assets $73,784

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,706,545
Total Liabilities $1,552,140
Total deposits $1,471,149
Interest-bearing deposits $969,522
Deposits held in domestic offices $1,471,149
% insured (estimated) $74
Federal funds purchased and repurchase agreements $57,699
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $23,292

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,137,800
Loan and leases loss allowance $15,954
Total loans and leases (domestic) $1,153,754
All real estate loans $907,121
Real estate loans in domestic offices $907,121
Construction and development loans $128,077
Residential 1-4 family construction $19,925
Other construction, all land development and other land $108,152
Loans secured by nonfarm nonresidential properties $327,245
Nonfarm nonresidential secured by owner-occupied properties $134,882
Commercial real estate & other non-farm, non-residential $192,363
Multifamily residential real estate $41,557
1-4 family residential loans $404,753
Farmland loans $5,489
Loans held in foreign offices $0
Farm loans $541
Commercial and industrial loans $169,942
To non-U.S. addressees $0
Loans to individuals $64,794
Credit card loans $0
Related Plans $2,411
Consumer Auto Loans $16,884
Other loans to individuals $45,499
All other loans & leases $11,357
Loans to foreign governments and official institutions $0
Other loans $9,542
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $7,088
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $3,265
Non 1-4 family restructured loans & leases $2,523
Total loans and leases (foreign) $0

First United Corporation had $1,137,800,000 of loans outstanding in 2021. $907,121,000 of loans were in real estate loans. $128,077,000 of loans were in development loans. $41,557,000 of loans were in multifamily mortgage loans. $404,753,000 of loans were in 1-4 family mortgage loans. $541,000 of loans were in farm loans. $0 of loans were in credit card loans. $16,884,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 251 $67,550 $269,124
Nonfarm, nonresidential loans - <$100k 30 $1,307 $43,567
Nonfarm, nonresidential loans - $100-250k 89 $11,493 $129,135
Nonfarm, nonresidential loans - $250k-1MM 132 $54,750 $414,773
Commercial & Industrial, US addressed loans - <$1MM 876 $58,709 $67,019
Commercial & Industrial, US addressed loans - <$100k 629 $15,147 $24,081
Commercial & Industrial, US addressed loans - $100-250k 160 $15,631 $97,694
Commercial & Industrial, US addressed loans - $250k-1MM 87 $27,931 $321,046
Farmland loans - <$1MM 24 $2,704 $112,667
Farmland loans - <$100k 7 $138 $19,714
Farmland loans - $100-250k 11 $1,047 $95,182
Farmland loans - $250k-1MM 6 $1,519 $253,167
Agriculture operations loans - <$1MM 21 $437 $20,810
Agriculture operations loans - <$100k 21 $437 $20,810