First United Corporation Mortgage Rates, Fees & Info

Oakland, MD

LEI: 549300G54QPXQLB4KN58

Tax ID: 52-0312890

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Mortgage Data

Bank Data

Review & Overview

First United Corporation is a smaller mortgage company specializing in Home Purchase loans. First United Corporation has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Hagerstown, Morgantown, Cumberland, and Chambersburg among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

First United Corporation has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

279

Origination Dollar Volume (All Markets)

$71,575,000

Employee count

331

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
Outside of Metro Areas 75 $21,415,000 $285,533 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 52 $16,500,000 $317,308 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 56 $12,220,000 $218,214 $0 0.00%
MORGANTOWN, WV (FHA|USDA|VA) 40 $9,960,000 $249,000 $0 0.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 22 $3,160,000 $143,636 $0 0.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 10 $2,340,000 $234,000 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $875,000 $291,667 $0 0.00%
Fairmont, WV (FHA|USDA|VA) 5 $865,000 $173,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 5 $795,000 $159,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $700,000 $350,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $665,000 $665,000 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $445,000 $445,000 $0 0.00%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
Clarksburg, WV (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Cambridge, MD (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
First United Corporation's top markets include Washington, Hagerstown, Morgantown, Cumberland, and Chambersburg among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 264 $69,310,000 $262,538 $0 0.00%
    USDA 15 $2,265,000 $151,000 $0 0.00%

    For 2018, First United Corporation's most frequently originated type of loan was Conventional, with 264 originations. Their 2nd most popular type was USDA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 200 $54,040,000 $270,200 $0 0.00%
    Cash Out Refi 43 $9,585,000 $222,907 $0 0.00%
    Refi 32 $7,530,000 $235,313 $0 0.00%
    Home Improvement 4 $420,000 $105,000 $0 0.00%

    For 2018, First United Corporation's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 279 $71,575,000 $256,541 $0 0.00%

    For 2018, First United Corporation's most frequently cited loan duration was Other, with 279 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 97 $26,445,000 $272,629 $0 0.00%
    $100k-200k 90 $12,650,000 $140,556 $0 0.00%
    $100,000 or less 47 $3,365,000 $71,596 $0 0.00%
    $400k-600k 27 $12,795,000 $473,889 $0 0.00%
    $600k-1MM 15 $11,295,000 $753,000 $0 0.00%
    $1MM+ 3 $5,025,000 $1,675,000 $0 0.00%

    2018 saw First United Corporation place emphasis on $200k-400k loans with 97 originations, totaling $26,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 50 $5,650,000 $113,000 $0 0.00%
    $50k-75k 45 $7,825,000 $173,889 $0 0.00%
    $75k-100k 42 $8,470,000 $201,667 $0 0.00%
    $100k-150k 41 $10,795,000 $263,293 $0 0.00%
    $150k-250k 41 $16,295,000 $397,439 $0 0.00%
    $250k+ 26 $13,960,000 $536,923 $0 0.00%

    First United Corporation lent most frequently to those with incomes in the $50k or less range, with 50 originations. The second most popular income band? $50k-75k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 279 $71,575,000 $256,541 $0 0.00%

    First United Corporation lent most frequently to those with DTI ratios of Exempt%, with 279 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 209 $54,355,000 $260,072 $0 0.00%
    Not provided 38 $8,640,000 $227,368 $0 0.00%
    Not applicable 22 $6,060,000 $275,455 $0 0.00%
    Asian 4 $1,110,000 $277,500 $0 0.00%
    Black 5 $1,005,000 $201,000 $0 0.00%
    Native Hawaiian or Islander 1 $405,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    79.30%

    First United Corporation has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.00%

    First United Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 279 $71,575,000 $256,541

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $4,085,000 $583,571
    Single Family (1-4 Units):Manufactured 23 $2,785,000 $121,087
    Single Family (1-4 Units):Site-Built 249 $64,705,000 $259,859

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST MORTGAGE CORPORATION FHA mortgage Closing on a mortgage 1 100.0%

    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 $37,171
    First United Bank & Trust 102 Baughman's Lane Frederick, MD 21702 Full Service B&M $18,882
    First United Bank & Trust 1286 Edwin Miller Blvd Martinsburg, WV 25404 Full Service B&M $65,311
    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 $35,784
    First United Bank & Trust 14300 Barton Boulevard S. W. Cumberland, MD 21502 Full Service B&M $21,986
    First United Bank & Trust 150 South East Street Frederick, MD 21701 Full Service B&M $20,505
    First United Bank & Trust 1501 Oldtown Road Cumberland, MD 21502 Full Service B&M $37,769
    First United Bank & Trust 1646 Wesel Blvd. Hagerstown, MD 21740 Full Service B&M $18,243
    First United Bank & Trust 19 South Second Street Oakland, MD 21550 Full Service B&M $204,198
    First United Bank & Trust 1990 Mononcacy Boulevard Frederick, MD 21701 Full Service B&M $61,643
    First United Bank & Trust 207-209 Main Street Myersville, MD 21773 Full Service B&M $58,265
    First United Bank & Trust 29 West Southern Drive Keyser, WV 26726 Full Service B&M $45,818
    First United Bank & Trust 320 Southview Drive Suite 104 Bridgeport, WV 26330 Full Service B&M $1,668
    First United Bank & Trust 38 Vacation Way Mc Henry, MD 21541 Full Service B&M $62,483
    First United Bank & Trust 51 Ashfield Street Piedmont, WV 26750 Full Service B&M $43,830
    First United Bank & Trust 651 Suncrest Towne Centre Morgantown, WV 26505 Full Service B&M $20,841
    First United Bank & Trust 7 Chaplin Road Morgantown, WV 26501 Full Service B&M $51,024
    First United Bank & Trust Centre And Harrison Streets Cumberland, MD 21502 Full Service B&M $88,471
    First United Bank & Trust Maple Street And First Avenue Friendsville, MD 21531 Full Service B&M $19,814
    First United Bank & Trust Route 7 East, Tin Mill Crossroads Morgantown, WV 26505 Full Service B&M $26,867
    First United Bank & Trust U.S. 11 And Grade Road Falling Waters, WV 25419 Full Service B&M $27,441
    First United Bank & Trust U.S. Route 11 And State Route 51 Inwood, WV 25428 Full Service B&M $30,213
    First United Bank & Trust U.S. Route 40, Main Street Grantsville, MD 21536 Full Service B&M $46,566

    For 2018, First United Corporation had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,398
    Net interest income $44,610
    Total noninterest income $14,030
    Gross Fiduciary activities income $6,692
    Service charges on deposit accounts $2,248
    Trading account gains and fees $0
    Additional Noninterest Income $5,090
    Pre-tax net operating income $14,004
    Securities gains (or losses, -) $112
    Income before extraordinary items $12,180
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,180
    Minority interest net income $0
    Net income $12,180
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,083

    First United Corporation's gross interest income from loans was $51,398,000.
    First United Corporation's net interest income from loans was $44,610,000.
    First United Corporation's fee based income from loans was $2,248,000.
    First United Corporation's net income from loans was $12,180,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,788
    Provision for credit losses $2,111
    Total noninterest expense $42,525
    Salaries and employee benefits $23,931
    Premises and equipment expense $5,695
    Additional noninterest expense $12,899
    Applicable income taxes $1,936
    Net charge-offs $1,035
    Cash dividends $1,989

    First United Corporation's interest expense for loans was $6,788,000.
    First United Corporation's payroll and benefits expense were $23,931,000.
    First United Corporation's property, plant and equipment expenses $5,695,000.

    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 $1,069,783
    Deposits held in domestic offices $1,069,783
    Deposits by Individuals, partnerships, and corporations $1,014,523
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $55,022
    Deposits by Commercial banks and other depository institutions in U.S. $238
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $165,849
    Demand deposits $111,321
    Nontransaction accounts $903,934
    Money market deposit accounts (MMDAs) $460,582
    Other savings deposits (excluding MMDAs) $191,680
    Total time deposits $251,672
    Total time and savings deposits $958,462
    Noninterest-bearing deposits $262,250
    Interest-bearing deposits $807,533
    Retail deposits $905,818
    IRAs and Keogh plan accounts $32,384
    Brokered deposits $92,630
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,364,794
    Cash & Balances due from depository institutions $23,541
    Interest-bearing balances $2,597
    Total securities $217,659
    Federal funds sold & reverse repurchase $0
    Net loans and leases $996,668
    Loan and leases loss allowance $11,046
    Trading account assets $0
    Bank premises and fixed assets $37,855
    Other real estate owned $6,598
    Goodwill and other intangibles $11,443
    All other assets $71,030

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,364,794
    Total Liabilities $1,232,977
    Total deposits $1,069,783
    Interest-bearing deposits $807,533
    Deposits held in domestic offices $1,069,783
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $52,706
    Trading liabilities $0
    Other borrowed funds $95,000
    Subordinated debt $0
    All other liabilities $15,488

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $996,668
    Loan and leases loss allowance $11,046
    Total loans and leases (domestic) $1,007,714
    All real estate loans $862,093
    Real estate loans in domestic offices $862,093
    Construction and development loans $118,265
    Residential 1-4 family construction $16,187
    Other construction, all land development and other land $102,078
    Loans secured by nonfarm nonresidential properties $269,988
    Nonfarm nonresidential secured by owner-occupied properties $119,476
    Commercial real estate & other non-farm, non-residential $150,512
    Multifamily residential real estate $29,324
    1-4 family residential loans $436,907
    Farmland loans $7,609
    Loans held in foreign offices $0
    Farm loans $290
    Commercial and industrial loans $106,897
    To non-U.S. addressees $0
    Loans to individuals $33,808
    Credit card loans $0
    Related Plans $2,795
    Consumer Auto Loans $11,449
    Other loans to individuals $19,564
    All other loans & leases $4,626
    Loans to foreign governments and official institutions $0
    Other loans $3,491
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,237
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $4,565
    Non 1-4 family restructured loans & leases $3,456
    Total loans and leases (foreign) $0

    First United Corporation had $996,668,000 of loans outstanding in 2018. $862,093,000 of loans were in real estate loans. $118,265,000 of loans were in development loans. $29,324,000 of loans were in multifamily mortgage loans. $436,907,000 of loans were in 1-4 family mortgage loans. $290,000 of loans were in farm loans. $0 of loans were in credit card loans. $11,449,000 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 250 $67,455 $269,820
    Nonfarm, nonresidential loans - <$100k 38 $1,647 $43,342
    Nonfarm, nonresidential loans - $100-250k 84 $10,145 $120,774
    Nonfarm, nonresidential loans - $250k-1MM 128 $55,663 $434,867
    Commercial & Industrial, US addressed loans - <$1MM 841 $38,461 $45,732
    Commercial & Industrial, US addressed loans - <$100k 666 $10,889 $16,350
    Commercial & Industrial, US addressed loans - $100-250k 110 $9,427 $85,700
    Commercial & Industrial, US addressed loans - $250k-1MM 65 $18,145 $279,154
    Farmland loans - <$1MM 18 $1,503 $83,500
    Farmland loans - <$100k 6 $217 $36,167
    Farmland loans - $100-250k 9 $897 $99,667
    Farmland loans - $250k-1MM 3 $389 $129,667
    Agriculture operations loans - <$1MM 10 $107 $10,700
    Agriculture operations loans - <$100k 10 $107 $10,700