Westmoreland Federal Savings Mortgage Rates, Fees & Info

Latrobe, PA

LEI: 549300I1IE35O2I0WT71

Tax ID: 25-0988279

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Westmoreland Federal Savings is a smaller mortgage company specializing in Refi and Home Purchase loans. Westmoreland Federal Savings has a high proportion of conventional loans. Their top two markets are Pittsburgh and Indiana .

    Westmoreland Federal Savings has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Westmoreland Federal Savings is typically a low 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    80

    Origination Dollar Volume (All Markets)

    $11,440,000

    Employee count

    22

    Awards

    Westmoreland Federal Savings 30 Year Conventional Loans gold Westmoreland Federal Savings 30 Year Conventional Loans bronze Westmoreland Federal Savings 30 Year Conventional Loans gold Westmoreland Federal Savings 30 Year Conventional Loans gold
    Show all (4) awards

    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
    PITTSBURGH, PA (FHA|USDA|VA) 79 $11,345,000 $143,608 $1,967 3.92%
    Indiana, PA (FHA|USDA|VA) 1 $95,000 $95,000 $2,155 4.50%
    Westmoreland Federal Savings's top markets include Pittsburgh and Indiana among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Westmoreland Federal Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Westmoreland Federal Savings
    Similarity Rank: 12
    TRI BORO
    Similarity Rank: 25
    Commercial Bank and Trust of PA
    Similarity Rank: 57
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 88
    West View Savings Bank
    Similarity Rank: 102
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 152
    M. S. Flynn, Inc.
    Similarity Rank: 204
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 348
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 570
    The Farmers National Bank of Emlenton
    Similarity Rank: 700

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 80 $11,440,000 $143,000 $1,969 3.93%

    For 2018, Westmoreland Federal Savings's most frequently originated type of loan was Conventional, with 80 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 37 $5,455,000 $147,432 $1,750 3.69%
    Home Purchase 33 $5,225,000 $158,333 $2,600 4.00%
    Other 8 $720,000 $90,000 $1,003 4.55%
    Home Improvement 2 $40,000 $20,000 $0 4.75%

    For 2018, Westmoreland Federal Savings's most frequently cited loan purpose was Refi, with 37 originations. The 2nd most popular reason was Home Purchase, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 30 $4,220,000 $140,667 $2,057 3.51%
    30 Year 23 $4,905,000 $213,261 $2,613 4.21%
    10 Year 10 $1,050,000 $105,000 $1,267 3.88%
    Other 10 $400,000 $40,000 $455 4.48%
    20 Year 6 $610,000 $101,667 $1,940 4.00%
    30+ year 1 $255,000 $255,000 $6,330 4.50%

    For 2018, Westmoreland Federal Savings's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 30 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 76 $11,050,000 $145,395
    $2k-3k 1 $255,000 $255,000

    Westmoreland Federal Savings's average total fees were $2,613, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 35 $5,205,000 $148,714
    4-5% 29 $3,885,000 $133,966
    2.5-3% 13 $2,255,000 $173,462
    5-6% 3 $95,000 $31,667

    During 2018, Westmoreland Federal Savings's average interest rate for loans was 4.21%, while their most frequently originated rate bucket for loans was 3-4%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 35 $1,835,000 $52,429 $1,082 4.18%
    $100k-200k 25 $3,575,000 $143,000 $2,213 3.67%
    $200k-400k 17 $4,745,000 $279,118 $2,996 3.82%
    $400k-600k 3 $1,285,000 $428,333 $3,574 3.83%

    2018 saw Westmoreland Federal Savings place emphasis on $100,000 or less loans with 35 originations, totaling $1,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $3,810,000 $190,500 $2,330 3.84%
    $75k-100k 17 $2,125,000 $125,000 $1,815 3.82%
    $50k-75k 16 $1,150,000 $71,875 $1,419 4.18%
    $50k or less 13 $965,000 $74,231 $1,663 4.12%
    $150k-250k 8 $1,860,000 $232,500 $2,471 3.86%
    $250k+ 5 $1,505,000 $301,000 $2,824 3.48%

    Westmoreland Federal Savings lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $75k-100k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $4,725,000 $143,182 $2,111 3.84%
    30-36% 33 $4,905,000 $148,636 $1,878 4.03%
    <20% 10 $1,210,000 $121,000 $1,753 3.79%
    46% 2 $450,000 $225,000 $2,381 4.19%
    38% 1 $125,000 $125,000 $2,803 4.38%

    Westmoreland Federal Savings lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $10,125,000 $135,000 $1,892 3.92%
    Not provided 5 $1,315,000 $263,000 $3,078 4.10%

    Approval Rates

    Total approvals of all applications
    93.27%

    Westmoreland Federal Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    Westmoreland Federal Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 80 $11,440,000 $143,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 80 $11,440,000 $143,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,295,000 $99,615 $1,580 3.78%
    40-60% 15 $2,445,000 $163,000 $2,581 3.61%
    60-80% 28 $4,840,000 $172,857 $2,303 3.85%
    80-100% 12 $2,490,000 $207,500 $2,620 3.94%
    Under 20% 12 $370,000 $30,833 $325 4.67%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Westmoreland Federal Savings and Loan Association 322 Main Street Latrobe, PA 15650 Full Service B&M $126,887

    For 2018, Westmoreland Federal Savings had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $4,332
    Net interest income $3,005
    Total noninterest income $35
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3
    Trading account gains and fees $0
    Additional Noninterest Income $32
    Pre-tax net operating income $519
    Securities gains (or losses, -) $0
    Income before extraordinary items $413
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $413
    Minority interest net income $0
    Net income $413
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $413

    Westmoreland Federal Savings's gross interest income from loans was $4,332,000.
    Westmoreland Federal Savings's net interest income from loans was $3,005,000.
    Westmoreland Federal Savings's fee based income from loans was $3,000.
    Westmoreland Federal Savings's net income from loans was $413,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,327
    Provision for credit losses $0
    Total noninterest expense $2,521
    Salaries and employee benefits $1,613
    Premises and equipment expense $216
    Additional noninterest expense $692
    Applicable income taxes $106
    Net charge-offs $0
    Cash dividends $0

    Westmoreland Federal Savings's interest expense for loans was $1,327,000.
    Westmoreland Federal Savings's payroll and benefits expense were $1,613,000.
    Westmoreland Federal Savings's property, plant and equipment expenses $216,000.

    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 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $127,231
    Deposits held in domestic offices $127,231
    Deposits by Individuals, partnerships, and corporations $127,228
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $0
    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 $5,994
    Demand deposits $5,977
    Nontransaction accounts $121,237
    Money market deposit accounts (MMDAs) $16,320
    Other savings deposits (excluding MMDAs) $39,573
    Total time deposits $65,344
    Total time and savings deposits $121,254
    Noninterest-bearing deposits $1,772
    Interest-bearing deposits $125,459
    Retail deposits $124,165
    IRAs and Keogh plan accounts $14,449
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $169,289
    Cash & Balances due from depository institutions $25,207
    Interest-bearing balances $24,508
    Total securities $74,758
    Federal funds sold & reverse repurchase $0
    Net loans and leases $68,116
    Loan and leases loss allowance $385
    Trading account assets $0
    Bank premises and fixed assets $307
    Other real estate owned $225
    Goodwill and other intangibles $0
    All other assets $676

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $169,289
    Total Liabilities $127,355
    Total deposits $127,231
    Interest-bearing deposits $125,459
    Deposits held in domestic offices $127,231
    % insured (estimated) $98
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $124

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $68,116
    Loan and leases loss allowance $385
    Total loans and leases (domestic) $68,501
    All real estate loans $68,474
    Real estate loans in domestic offices $68,474
    Construction and development loans $0
    Residential 1-4 family construction $0
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $0
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $28
    1-4 family residential loans $68,446
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $27
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $27
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Westmoreland Federal Savings had $68,116,000 of loans outstanding in 2018. $68,474,000 of loans were in real estate loans. $0 of loans were in development loans. $28,000 of loans were in multifamily mortgage loans. $68,446,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan