First United Corporation Mortgage Rates, Fees & Info
Oakland, MDLEI: 549300G54QPXQLB4KN58
Tax ID: 52-0312890
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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 Baltimore among others. We have data for 25 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
557Origination Dollar Volume (All Markets)
$155,975,000Employee count
301Top 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 | 131 | $45,185,000 | $344,924 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 88 | $30,240,000 | $343,636 | $0 | 0.00% |
| MORGANTOWN, WV (FHA|USDA|VA) | 95 | $24,455,000 | $257,421 | $0 | 0.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 102 | $21,960,000 | $215,294 | $0 | 0.00% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 65 | $10,705,000 | $164,692 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 11 | $5,355,000 | $486,818 | $0 | 0.00% |
| Fairmont, WV (FHA|USDA|VA) | 9 | $3,755,000 | $417,222 | $0 | 0.00% |
| Clarksburg, WV (FHA|USDA|VA) | 6 | $3,190,000 | $531,667 | $0 | 0.00% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 9 | $1,965,000 | $218,333 | $0 | 0.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 10 | $1,410,000 | $141,000 | $0 | 0.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 5 | $1,005,000 | $201,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $0 | 0.00% |
| GETTYSBURG, PA (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $0 | 0.00% |
| Somerset, PA (FHA|USDA|VA) | 4 | $480,000 | $120,000 | $0 | 0.00% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $0 | 0.00% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| WHEELING, WV-OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Bluefield, WV-VA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 531 | $151,615,000 | $285,527 | $0 | 0.00% |
| USDA | 26 | $4,360,000 | $167,692 | $0 | 0.00% |
For 2020, First United Corporation's most frequently originated type of loan was Conventional, with 531 originations. Their 2nd most popular type was USDA, with 26 originations.
Loan Reason
For 2020, First United Corporation's most frequently cited loan purpose was Home Purchase, with 224 originations. The 2nd most popular reason was Refi, with 200 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 557 | $155,975,000 | $280,027 | $0 | 0.00% |
For 2020, First United Corporation's most frequently cited loan duration was Other, with 557 originations.
Loan Sizing
2020 saw First United Corporation place emphasis on $100k-200k loans with 198 originations, totaling $29,420,000 in origination value.
Applicant Income
First United Corporation lent most frequently to those with incomes in the $150k-250k range, with 98 originations. The second most popular income band? $75k-100k, with 98 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 557 | $155,975,000 | $280,027 | $0 | 0.00% |
First United Corporation lent most frequently to those with DTI ratios of Exempt%, with 557 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.07%
First United Corporation has an average approval rate.
Pick Rate
Approvals leading to origination75.76%
First United Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 557 | $155,975,000 | $280,027 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Struggling to pay mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Struggling to pay 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 | $42,447 |
| First United Bank & Trust | 102 Baughman's Lane Frederick, MD 21702 | Full Service B&M | $19,601 |
| First United Bank & Trust | 1286 Edwin Miller Blvd Martinsburg, WV 25404 | Full Service B&M | $72,634 |
| 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 | $62,893 |
| First United Bank & Trust | 14300 Barton Boulevard S. W. Cumberland, MD 21502 | Full Service B&M | $31,815 |
| First United Bank & Trust | 150 South East Street Frederick, MD 21701 | Full Service B&M | $31,278 |
| First United Bank & Trust | 1501 Oldtown Road Cumberland, MD 21502 | Full Service B&M | $46,529 |
| First United Bank & Trust | 1646 Wesel Blvd. Hagerstown, MD 21740 | Full Service B&M | $20,260 |
| First United Bank & Trust | 19 South Second Street Oakland, MD 21550 | Full Service B&M | $297,067 |
| First United Bank & Trust | 19405 Emerald Square Hagerstown, MD 21742 | Full Service B&M | $2,157 |
| First United Bank & Trust | 1990 Mononcacy Boulevard Frederick, MD 21701 | Full Service B&M | $75,434 |
| First United Bank & Trust | 207-209 Main Street Myersville, MD 21773 | Full Service B&M | $63,356 |
| First United Bank & Trust | 29 West Southern Drive Keyser, WV 26726 | Full Service B&M | $65,571 |
| First United Bank & Trust | 320 Southview Drive Suite 104 Bridgeport, WV 26330 | Full Service B&M | $7,282 |
| First United Bank & Trust | 38 Vacation Way Mc Henry, MD 21541 | Full Service B&M | $78,632 |
| First United Bank & Trust | 51 Ashfield Street Piedmont, WV 26750 | Full Service B&M | $44,094 |
| First United Bank & Trust | 651 Suncrest Towne Centre Morgantown, WV 26505 | Full Service B&M | $31,621 |
| First United Bank & Trust | 7 Chaplin Road Morgantown, WV 26501 | Full Service B&M | $49,902 |
| First United Bank & Trust | Centre And Harrison Streets Cumberland, MD 21502 | Full Service B&M | $124,283 |
| First United Bank & Trust | Maple Street And First Avenue Friendsville, MD 21531 | Full Service B&M | $22,327 |
| First United Bank & Trust | Route 7 East, Tin Mill Crossroads Morgantown, WV 26505 | Full Service B&M | $33,991 |
| First United Bank & Trust | U.S. 11 And Grade Road Falling Waters, WV 25419 | Full Service B&M | $34,368 |
| First United Bank & Trust | U.S. Route 11 And State Route 51 Inwood, WV 25428 | Full Service B&M | $36,042 |
| First United Bank & Trust | U.S. Route 40, Main Street Grantsville, MD 21536 | Full Service B&M | $61,256 |
For 2020, First United Corporation had 25 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $57,598 |
| Net interest income | $49,292 |
| Total noninterest income | $18,195 |
| Gross Fiduciary activities income | $7,446 |
| Service charges on deposit accounts | $1,907 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $8,842 |
| Pre-tax net operating income | $21,550 |
| Securities gains (or losses, -) | $535 |
| Income before extraordinary items | $17,156 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,156 |
| Minority interest net income | $0 |
| Net income | $17,156 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $16,733 |
First United Corporation's gross interest income from loans was $57,598,000.
First United Corporation's net interest income from loans was $49,292,000.
First United Corporation's fee based income from loans was $1,907,000.
First United Corporation's net income from loans was $17,156,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $8,306 |
| Provision for credit losses | $5,401 |
| Total noninterest expense | $40,536 |
| Salaries and employee benefits | $20,865 |
| Premises and equipment expense | $6,750 |
| Additional noninterest expense | $12,921 |
| Applicable income taxes | $4,929 |
| Net charge-offs | $1,452 |
| Cash dividends | $7,328 |
First United Corporation's interest expense for loans was $8,306,000.
First United Corporation's payroll and benefits expense were $20,865,000.
First United Corporation's property, plant and equipment expenses $6,750,000.
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 | $1,424,243 |
| Deposits held in domestic offices | $1,424,243 |
| Deposits by Individuals, partnerships, and corporations | $1,362,449 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $61,462 |
| Deposits by Commercial banks and other depository institutions in U.S. | $332 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $255,342 |
| Demand deposits | $192,929 |
| Nontransaction accounts | $1,168,901 |
| Money market deposit accounts (MMDAs) | $625,032 |
| Other savings deposits (excluding MMDAs) | $315,640 |
| Total time deposits | $228,229 |
| Total time and savings deposits | $1,231,314 |
| Noninterest-bearing deposits | $420,427 |
| Interest-bearing deposits | $1,003,816 |
| Retail deposits | $1,193,803 |
| IRAs and Keogh plan accounts | $30,733 |
| Brokered deposits | $165,861 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,718,792 |
| Cash & Balances due from depository institutions | $149,432 |
| Interest-bearing balances | $128,083 |
| Total securities | $282,949 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,154,872 |
| Loan and leases loss allowance | $16,486 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $36,863 |
| Other real estate owned | $9,386 |
| Goodwill and other intangibles | $11,789 |
| All other assets | $73,501 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,718,792 |
| Total Liabilities | $1,567,896 |
| Total deposits | $1,424,243 |
| Interest-bearing deposits | $1,003,816 |
| Deposits held in domestic offices | $1,424,243 |
| % insured (estimated) | $80 |
| Federal funds purchased and repurchase agreements | $49,160 |
| Trading liabilities | $0 |
| Other borrowed funds | $70,000 |
| Subordinated debt | $0 |
| All other liabilities | $24,493 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,154,872 |
| Loan and leases loss allowance | $16,486 |
| Total loans and leases (domestic) | $1,171,358 |
| All real estate loans | $868,853 |
| Real estate loans in domestic offices | $868,853 |
| Construction and development loans | $116,961 |
| Residential 1-4 family construction | $18,920 |
| Other construction, all land development and other land | $98,041 |
| Loans secured by nonfarm nonresidential properties | $327,099 |
| Nonfarm nonresidential secured by owner-occupied properties | $136,731 |
| Commercial real estate & other non-farm, non-residential | $190,368 |
| Multifamily residential real estate | $36,823 |
| 1-4 family residential loans | $382,716 |
| Farmland loans | $5,254 |
| Loans held in foreign offices | $0 |
| Farm loans | $394 |
| Commercial and industrial loans | $250,634 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $35,515 |
| Credit card loans | $0 |
| Related Plans | $2,559 |
| Consumer Auto Loans | $13,451 |
| Other loans to individuals | $19,505 |
| All other loans & leases | $15,961 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $14,599 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $2,970 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $3,657 |
| Non 1-4 family restructured loans & leases | $2,908 |
| Total loans and leases (foreign) | $0 |
First United Corporation had $1,154,872,000 of loans outstanding in 2020. $868,853,000 of loans were in real estate loans. $116,961,000 of loans were in development loans. $36,823,000 of loans were in multifamily mortgage loans. $382,716,000 of loans were in 1-4 family mortgage loans. $394,000 of loans were in farm loans. $0 of loans were in credit card loans. $13,451,000 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 | 258 | $73,665 | $285,523 |
| Nonfarm, nonresidential loans - <$100k | 32 | $1,265 | $39,531 |
| Nonfarm, nonresidential loans - $100-250k | 83 | $10,887 | $131,169 |
| Nonfarm, nonresidential loans - $250k-1MM | 143 | $61,513 | $430,161 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,529 | $101,592 | $66,443 |
| Commercial & Industrial, US addressed loans - <$100k | 1,171 | $28,934 | $24,709 |
| Commercial & Industrial, US addressed loans - $100-250k | 230 | $26,783 | $116,448 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 128 | $45,875 | $358,398 |
| Farmland loans - <$1MM | 18 | $1,119 | $62,167 |
| Farmland loans - <$100k | 7 | $173 | $24,714 |
| Farmland loans - $100-250k | 8 | $682 | $85,250 |
| Farmland loans - $250k-1MM | 3 | $264 | $88,000 |
| Agriculture operations loans - <$1MM | 16 | $283 | $17,688 |
| Agriculture operations loans - <$100k | 16 | $283 | $17,688 |