First United Corporation Mortgage Rates, Fees & Info

Oakland, MD

LEI: 549300G54QPXQLB4KN58

Tax ID: 52-0312890

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 by origination volume include: Washington, Morgantown, Hagerstown, Cumberland, and Chambersburg among others. We have data for 23 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

318

Origination Dollar Volume (All Markets)

$86,550,000

Employee count

300

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	84	$24,110,000	$287,024	$0	0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	48	$20,530,000	$427,708	$0	0.00%
MORGANTOWN, WV (FHA\|USDA\|VA)	63	$15,025,000	$238,492	$0	0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA\|USDA\|VA)	55	$12,405,000	$225,545	$0	0.00%
CUMBERLAND, MD-WV (FHA\|USDA\|VA)	25	$3,925,000	$157,000	$0	0.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA\|USDA\|VA)	9	$3,205,000	$356,111	$0	0.00%
Fairmont, WV (FHA\|USDA\|VA)	8	$1,150,000	$143,750	$0	0.00%
WINCHESTER, VA-WV (FHA\|USDA\|VA)	5	$835,000	$167,000	$0	0.00%
SALISBURY, MD-DE (FHA\|USDA\|VA)	3	$655,000	$218,333	$0	0.00%
Morehead City, NC (FHA\|USDA\|VA)	1	$635,000	$635,000	$0	0.00%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$585,000	$585,000	$0	0.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA\|USDA\|VA)	1	$405,000	$405,000	$0	0.00%
PITTSBURGH, PA (FHA\|USDA\|VA)	3	$395,000	$131,667	$0	0.00%
OCEAN CITY, NJ (FHA\|USDA\|VA)	1	$365,000	$365,000	$0	0.00%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$305,000	$305,000	$0	0.00%
Kill Devil Hills, NC (FHA\|USDA\|VA)	1	$275,000	$275,000	$0	0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	2	$270,000	$135,000	$0	0.00%
Easton, MD (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	0.00%
Cambridge, MD (FHA\|USDA\|VA)	1	$255,000	$255,000	$0	0.00%
BURLINGTON, NC (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	0.00%
Clarksburg, WV (FHA\|USDA\|VA)	2	$140,000	$70,000	$0	0.00%

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

Their top states include:

Maryland (FHA|USDA|VA)

West Virginia (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	298	$84,100,000	$282,215	$0	0.00%
USDA	20	$2,450,000	$122,500	$0	0.00%

For 2019, First United Corporation's most frequently originated type of loan was Conventional, with 298 originations. Their 2nd most popular type was USDA, with 20 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	196	$52,890,000	$269,847	$0	0.00%
Cash Out Refi	60	$14,960,000	$249,333	$0	0.00%
Refi	57	$17,845,000	$313,070	$0	0.00%
Home Improvement	4	$650,000	$162,500	$0	0.00%
Other	1	$205,000	$205,000	$0	0.00%

For 2019, First United Corporation's most frequently cited loan purpose was Home Purchase, with 196 originations. The 2nd most popular reason was Cash Out Refi, with 60 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	318	$86,550,000	$272,170	$0	0.00%

For 2019, First United Corporation's most frequently cited loan duration was Other, with 318 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	108	$16,040,000	$148,519	$0	0.00%
$200k-400k	90	$25,020,000	$278,000	$0	0.00%
$100,000 or less	63	$4,755,000	$75,476	$0	0.00%
$400k-600k	27	$12,835,000	$475,370	$0	0.00%
$600k-1MM	19	$13,885,000	$730,789	$0	0.00%
$1MM+	11	$14,015,000	$1,274,091	$0	0.00%

2019 saw First United Corporation place emphasis on $100k-200k loans with 108 originations, totaling $16,040,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	65	$10,555,000	$162,385	$0	0.00%
$150k-250k	49	$17,855,000	$364,388	$0	0.00%
$50k or less	49	$5,495,000	$112,143	$0	0.00%
$75k-100k	46	$8,580,000	$186,522	$0	0.00%
$100k-150k	45	$13,885,000	$308,556	$0	0.00%
$250k+	23	$14,595,000	$634,565	$0	0.00%

First United Corporation lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $150k-250k, with 49 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	318	$86,550,000	$272,170	$0	0.00%

First United Corporation lent most frequently to those with DTI ratios of Exempt%, with 318 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	241	$56,085,000	$232,718	$0	0.00%
Not provided	40	$15,890,000	$397,250	$0	0.00%
Not applicable	27	$12,285,000	$455,000	$0	0.00%
Asian	7	$1,675,000	$239,286	$0	0.00%
American Indian	2	$430,000	$215,000	$0	0.00%
Black	1	$185,000	$185,000	$0	0.00%

Approval Rates

Total approvals of all applications
77.87%

First United Corporation has a below average approval rate.

Pick Rate

Approvals leading to origination
79.87%

First United Corporation has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	318	$86,550,000	$272,170

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	1	$725,000	$725,000
Multifamily:Site-Built	15	$9,035,000	$602,333
Single Family (1-4 Units):Manufactured	24	$2,840,000	$118,333
Single Family (1-4 Units):Site-Built	278	$73,950,000	$266,007

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST HOME MORTGAGE CORPORATION	Other type of mortgage	Struggling to pay mortgage	1	25.0%
FIRST HOME MORTGAGE CORPORATION	Conventional home mortgage	Trouble during payment process	2	50.0%
FIRST HOME MORTGAGE CORPORATION	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%

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	$38,469
First United Bank & Trust	102 Baughman's Lane Frederick, MD 21702	Full Service B&M	$21,811
First United Bank & Trust	1286 Edwin Miller Blvd Martinsburg, WV 25404	Full Service B&M	$67,582
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	$37,753
First United Bank & Trust	14300 Barton Boulevard S. W. Cumberland, MD 21502	Full Service B&M	$22,195
First United Bank & Trust	150 South East Street Frederick, MD 21701	Full Service B&M	$24,813
First United Bank & Trust	1501 Oldtown Road Cumberland, MD 21502	Full Service B&M	$37,985
First United Bank & Trust	1646 Wesel Blvd. Hagerstown, MD 21740	Full Service B&M	$20,848
First United Bank & Trust	19 South Second Street Oakland, MD 21550	Full Service B&M	$240,323
First United Bank & Trust	19405 Emerald Square Hagerstown, MD 21742	Full Service B&M	$2,523
First United Bank & Trust	1990 Mononcacy Boulevard Frederick, MD 21701	Full Service B&M	$69,974
First United Bank & Trust	207-209 Main Street Myersville, MD 21773	Full Service B&M	$59,576
First United Bank & Trust	29 West Southern Drive Keyser, WV 26726	Full Service B&M	$45,579
First United Bank & Trust	320 Southview Drive Suite 104 Bridgeport, WV 26330	Full Service B&M	$3,406
First United Bank & Trust	38 Vacation Way Mc Henry, MD 21541	Full Service B&M	$64,346
First United Bank & Trust	51 Ashfield Street Piedmont, WV 26750	Full Service B&M	$42,933
First United Bank & Trust	651 Suncrest Towne Centre Morgantown, WV 26505	Full Service B&M	$20,790
First United Bank & Trust	7 Chaplin Road Morgantown, WV 26501	Full Service B&M	$50,034
First United Bank & Trust	Centre And Harrison Streets Cumberland, MD 21502	Full Service B&M	$96,272
First United Bank & Trust	Maple Street And First Avenue Friendsville, MD 21531	Full Service B&M	$20,931
First United Bank & Trust	Route 7 East, Tin Mill Crossroads Morgantown, WV 26505	Full Service B&M	$28,152
First United Bank & Trust	U.S. 11 And Grade Road Falling Waters, WV 25419	Full Service B&M	$29,849
First United Bank & Trust	U.S. Route 11 And State Route 51 Inwood, WV 25428	Full Service B&M	$32,540
First United Bank & Trust	U.S. Route 40, Main Street Grantsville, MD 21536	Full Service B&M	$47,929

For 2019, First United Corporation had 25 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$56,972
Net interest income	$46,855
Total noninterest income	$15,498
Gross Fiduciary activities income	$7,148
Service charges on deposit accounts	$2,160
Trading account gains and fees	$0
Additional Noninterest Income	$6,190
Pre-tax net operating income	$17,112
Securities gains (or losses, -)	$0
Income before extraordinary items	$13,646
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$13,646
Minority interest net income	$0
Net income	$13,646
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$13,646

First United Corporation's gross interest income from loans was $56,972,000.
First United Corporation's net interest income from loans was $46,855,000.
First United Corporation's fee based income from loans was $2,160,000.
First United Corporation's net income from loans was $13,646,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$10,117
Provision for credit losses	$1,320
Total noninterest expense	$43,921
Salaries and employee benefits	$24,386
Premises and equipment expense	$6,677
Additional noninterest expense	$12,858
Applicable income taxes	$3,466
Net charge-offs	$-170
Cash dividends	$3,141

First United Corporation's interest expense for loans was $10,117,000.
First United Corporation's payroll and benefits expense were $24,386,000.
First United Corporation's property, plant and equipment expenses $6,677,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	6.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	1.0%
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	$1,144,241
Deposits held in domestic offices	$1,144,241
Deposits by Individuals, partnerships, and corporations	$1,076,998
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$67,243
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$194,287
Demand deposits	$139,019
Nontransaction accounts	$949,954
Money market deposit accounts (MMDAs)	$476,546
Other savings deposits (excluding MMDAs)	$219,500
Total time deposits	$253,908
Total time and savings deposits	$1,005,222
Noninterest-bearing deposits	$294,649
Interest-bearing deposits	$849,592
Retail deposits	$964,373
IRAs and Keogh plan accounts	$31,541
Brokered deposits	$100,983
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,423,446
Cash & Balances due from depository institutions	$49,979
Interest-bearing balances	$35,306
Total securities	$212,119
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,039,581
Loan and leases loss allowance	$12,537
Trading account assets	$0
Bank premises and fixed assets	$38,710
Other real estate owned	$4,127
Goodwill and other intangibles	$11,516
All other assets	$67,414

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,423,446
Total Liabilities	$1,281,156
Total deposits	$1,144,241
Interest-bearing deposits	$849,592
Deposits held in domestic offices	$1,144,241
% insured (estimated)	$82
Federal funds purchased and repurchase agreements	$48,728
Trading liabilities	$0
Other borrowed funds	$70,000
Subordinated debt	$0
All other liabilities	$18,187

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,039,581
Loan and leases loss allowance	$12,537
Total loans and leases (domestic)	$1,052,118
All real estate loans	$893,567
Real estate loans in domestic offices	$893,567
Construction and development loans	$117,891
Residential 1-4 family construction	$10,781
Other construction, all land development and other land	$107,110
Loans secured by nonfarm nonresidential properties	$298,479
Nonfarm nonresidential secured by owner-occupied properties	$129,267
Commercial real estate & other non-farm, non-residential	$169,212
Multifamily residential real estate	$31,415
1-4 family residential loans	$440,173
Farmland loans	$5,609
Loans held in foreign offices	$0
Farm loans	$540
Commercial and industrial loans	$117,242
To non-U.S. addressees	$0
Loans to individuals	$35,936
Credit card loans	$0
Related Plans	$2,899
Consumer Auto Loans	$13,260
Other loans to individuals	$19,777
All other loans & leases	$4,833
Loans to foreign governments and official institutions	$0
Other loans	$4,193
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$3,664
Loans secured by real estate to non-U.S. addressees	$89
Restructured Loans & leases	$3,841
Non 1-4 family restructured loans & leases	$3,011
Total loans and leases (foreign)	$0

First United Corporation had $1,039,581,000 of loans outstanding in 2019. $893,567,000 of loans were in real estate loans. $117,891,000 of loans were in development loans. $31,415,000 of loans were in multifamily mortgage loans. $440,173,000 of loans were in 1-4 family mortgage loans. $540,000 of loans were in farm loans. $0 of loans were in credit card loans. $13,260,000 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	244	$67,647	$277,242
Nonfarm, nonresidential loans - <$100k	32	$1,354	$42,313
Nonfarm, nonresidential loans - $100-250k	78	$9,183	$117,731
Nonfarm, nonresidential loans - $250k-1MM	134	$57,110	$426,194
Commercial & Industrial, US addressed loans - <$1MM	928	$43,226	$46,580
Commercial & Industrial, US addressed loans - <$100k	748	$12,785	$17,092
Commercial & Industrial, US addressed loans - $100-250k	118	$10,437	$88,449
Commercial & Industrial, US addressed loans - $250k-1MM	62	$20,004	$322,645
Farmland loans - <$1MM	19	$1,504	$79,158
Farmland loans - <$100k	7	$188	$26,857
Farmland loans - $100-250k	9	$943	$104,778
Farmland loans - $250k-1MM	3	$373	$124,333
Agriculture operations loans - <$1MM	15	$363	$24,200
Agriculture operations loans - <$100k	14	$253	$18,071
Agriculture operations loans - $100-250k	1	$110	$110,000