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 Home Purchase and Refi loans. Westmoreland Federal Savings has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, Indiana, Johnstown, and Somerset among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    73

    Origination Dollar Volume (All Markets)

    $10,725,000

    Employee count

    21

    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) 68 $9,940,000 $146,176 $0 0.00%
    Indiana, PA (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
    JOHNSTOWN, PA (FHA|USDA|VA) 2 $240,000 $120,000 $0 0.00%
    Somerset, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Westmoreland Federal Savings's top markets include Pittsburgh, Indiana, Johnstown, and Somerset 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.

    TRI BORO
    Similarity Rank: 70
    American Financial Mortgage Corporation
    Similarity Rank: 172
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 210
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 237
    M. S. Flynn, Inc.
    Similarity Rank: 252
    NEW FED MORTGAGE, CORP.
    Similarity Rank: 328
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 344
    ARMCO CREDIT UNION
    Similarity Rank: 490
    PENNSYLVANIA STATE EMPLOYEES Credit Union
    Similarity Rank: 494
    NEXTIER BANK, NATIONAL ASSOCIATION
    Similarity Rank: 775

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $10,725,000 $146,918 $0 0.00%

    For 2019, Westmoreland Federal Savings's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 31 $5,385,000 $173,710 $0 0.00%
    Refi 30 $4,660,000 $155,333 $0 0.00%
    Home Improvement 9 $415,000 $46,111 $0 0.00%
    Other 3 $265,000 $88,333 $0 0.00%

    For 2019, Westmoreland Federal Savings's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 73 $10,725,000 $146,918 $0 0.00%

    For 2019, Westmoreland Federal Savings's most frequently cited loan duration was Other, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 37 $5,105,000 $137,973 $0 0.00%
    $100,000 or less 21 $1,085,000 $51,667 $0 0.00%
    $200k-400k 13 $3,575,000 $275,000 $0 0.00%
    $400k-600k 2 $960,000 $480,000 $0 0.00%

    2019 saw Westmoreland Federal Savings place emphasis on $100k-200k loans with 37 originations, totaling $5,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $3,215,000 $169,211 $0 0.00%
    $50k-75k 18 $2,010,000 $111,667 $0 0.00%
    $75k-100k 13 $1,775,000 $136,538 $0 0.00%
    $50k or less 12 $1,000,000 $83,333 $0 0.00%
    $150k-250k 7 $1,965,000 $280,714 $0 0.00%
    $250k+ 1 $395,000 $395,000 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 73 $10,725,000 $146,918 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with DTI ratios of Exempt%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 69 $10,035,000 $145,435 $0 0.00%
    Not provided 2 $390,000 $195,000 $0 0.00%
    Asian 1 $195,000 $195,000 $0 0.00%
    Not applicable 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.16%

    Westmoreland Federal Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.71%

    Westmoreland Federal Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 73 $10,725,000 $146,918

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 73 $10,725,000 $146,918

    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 $129,388

    For 2019, Westmoreland Federal Savings had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $4,596
    Net interest income $2,816
    Total noninterest income $26
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3
    Trading account gains and fees $0
    Additional Noninterest Income $23
    Pre-tax net operating income $273
    Securities gains (or losses, -) $0
    Income before extraordinary items $233
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $233
    Minority interest net income $0
    Net income $233
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $233

    Westmoreland Federal Savings's gross interest income from loans was $4,596,000.
    Westmoreland Federal Savings's net interest income from loans was $2,816,000.
    Westmoreland Federal Savings's fee based income from loans was $3,000.
    Westmoreland Federal Savings's net income from loans was $233,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,780
    Provision for credit losses $0
    Total noninterest expense $2,569
    Salaries and employee benefits $1,658
    Premises and equipment expense $231
    Additional noninterest expense $680
    Applicable income taxes $40
    Net charge-offs $0
    Cash dividends $0

    Westmoreland Federal Savings's interest expense for loans was $1,780,000.
    Westmoreland Federal Savings's payroll and benefits expense were $1,658,000.
    Westmoreland Federal Savings's property, plant and equipment expenses $231,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    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 $129,971
    Deposits held in domestic offices $129,971
    Deposits by Individuals, partnerships, and corporations $129,971
    Deposits by U.S. Government $0
    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 $7,188
    Demand deposits $7,188
    Nontransaction accounts $122,783
    Money market deposit accounts (MMDAs) $14,797
    Other savings deposits (excluding MMDAs) $36,537
    Total time deposits $71,449
    Total time and savings deposits $122,783
    Noninterest-bearing deposits $2,471
    Interest-bearing deposits $127,500
    Retail deposits $125,524
    IRAs and Keogh plan accounts $14,936
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $172,696
    Cash & Balances due from depository institutions $37,074
    Interest-bearing balances $36,440
    Total securities $68,344
    Federal funds sold & reverse repurchase $0
    Net loans and leases $66,446
    Loan and leases loss allowance $385
    Trading account assets $0
    Bank premises and fixed assets $258
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $574

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $172,696
    Total Liabilities $130,085
    Total deposits $129,971
    Interest-bearing deposits $127,500
    Deposits held in domestic offices $129,971
    % insured (estimated) $98
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $114

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $66,446
    Loan and leases loss allowance $385
    Total loans and leases (domestic) $66,831
    All real estate loans $66,809
    Real estate loans in domestic offices $66,809
    Construction and development loans $135
    Residential 1-4 family construction $135
    Other construction, all land development and other land $0
    Loans secured by nonfarm nonresidential properties $93
    Nonfarm nonresidential secured by owner-occupied properties $93
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $16
    1-4 family residential loans $66,565
    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 $22
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $22
    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 $66,446,000 of loans outstanding in 2019. $66,809,000 of loans were in real estate loans. $135,000 of loans were in development loans. $16,000 of loans were in multifamily mortgage loans. $66,565,000 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
    Nonfarm, nonresidential loans - <$1MM 1 $93 $93,000
    Nonfarm, nonresidential loans - <$100k 1 $93 $93,000