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
  • Complaints
  • 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.

    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

    113

    Origination Dollar Volume (All Markets)

    $20,345,000

    Employee count

    19

    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) 110 $19,950,000 $181,364 $0 0.00%
    Indiana, PA (FHA|USDA|VA) 3 $395,000 $131,667 $0 0.00%
    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.

    M. S. Flynn, Inc.
    Similarity Rank: 236
    TRI BORO
    Similarity Rank: 264
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 456
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 623
    NEW FED MORTGAGE, CORP.
    Similarity Rank: 644
    ARMCO CREDIT UNION
    Similarity Rank: 645
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 670
    PRINCETON FINANCIAL LLC
    Similarity Rank: 754
    Standard Bank, PaSB
    Similarity Rank: 756
    COLONIAL MORTGAGE SERVICE COMPANY OF AMERICA
    Similarity Rank: 1122

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 113 $20,345,000 $180,044 $0 0.00%

    For 2020, Westmoreland Federal Savings's most frequently originated type of loan was Conventional, with 113 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 78 $15,320,000 $196,410 $0 0.00%
    Home Purchase 28 $4,620,000 $165,000 $0 0.00%
    Home Improvement 6 $380,000 $63,333 $0 0.00%
    Other 1 $25,000 $25,000 $0 0.00%

    For 2020, Westmoreland Federal Savings's most frequently cited loan purpose was Refi, with 78 originations. The 2nd most popular reason was Home Purchase, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 113 $20,345,000 $180,044 $0 0.00%

    For 2020, Westmoreland Federal Savings's most frequently cited loan duration was Other, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 59 $8,185,000 $138,729 $0 0.00%
    $200k-400k 25 $6,755,000 $270,200 $0 0.00%
    $100,000 or less 22 $1,370,000 $62,273 $0 0.00%
    $400k-600k 6 $3,070,000 $511,667 $0 0.00%
    $600k-1MM 1 $965,000 $965,000 $0 0.00%

    2020 saw Westmoreland Federal Savings place emphasis on $100k-200k loans with 59 originations, totaling $8,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $3,200,000 $106,667 $0 0.00%
    $100k-150k 23 $4,495,000 $195,435 $0 0.00%
    $75k-100k 21 $3,355,000 $159,762 $0 0.00%
    $150k-250k 16 $3,540,000 $221,250 $0 0.00%
    $250k+ 11 $4,685,000 $425,909 $0 0.00%
    $50k or less 11 $995,000 $90,455 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $100k-150k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 113 $20,345,000 $180,044 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with DTI ratios of Exempt%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 104 $19,000,000 $182,692 $0 0.00%
    Not provided 6 $950,000 $158,333 $0 0.00%
    Asian Indian 1 $245,000 $245,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%
    Black 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.62%

    Westmoreland Federal Savings has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.81%

    Westmoreland Federal Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 113 $20,345,000 $180,044

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 113 $20,345,000 $180,044

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WCDA WYOMING COMMUNITY DEVELOPMENT AUTHORITY FHA mortgage Trouble during payment process 1 100.0%

    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 $131,396

    For 2020, Westmoreland Federal Savings had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,602
    Net interest income $2,019
    Total noninterest income $16
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2
    Trading account gains and fees $0
    Additional Noninterest Income $14
    Pre-tax net operating income $-357
    Securities gains (or losses, -) $-61
    Income before extraordinary items $-286
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $-286
    Minority interest net income $0
    Net income $-286
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $-237

    Westmoreland Federal Savings's gross interest income from loans was $3,602,000.
    Westmoreland Federal Savings's net interest income from loans was $2,019,000.
    Westmoreland Federal Savings's fee based income from loans was $2,000.
    Westmoreland Federal Savings's net income from loans was $-286,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,583
    Provision for credit losses $18
    Total noninterest expense $2,374
    Salaries and employee benefits $1,452
    Premises and equipment expense $212
    Additional noninterest expense $710
    Applicable income taxes $-132
    Net charge-offs $0
    Cash dividends $0

    Westmoreland Federal Savings's interest expense for loans was $1,583,000.
    Westmoreland Federal Savings's payroll and benefits expense were $1,452,000.
    Westmoreland Federal Savings's property, plant and equipment expenses $212,000.

    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 $129,329
    Deposits held in domestic offices $129,329
    Deposits by Individuals, partnerships, and corporations $129,328
    Deposits by U.S. Government $1
    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 $7,372
    Demand deposits $7,366
    Nontransaction accounts $121,957
    Money market deposit accounts (MMDAs) $17,065
    Other savings deposits (excluding MMDAs) $42,332
    Total time deposits $62,560
    Total time and savings deposits $121,963
    Noninterest-bearing deposits $1,944
    Interest-bearing deposits $127,385
    Retail deposits $125,657
    IRAs and Keogh plan accounts $15,088
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $171,873
    Cash & Balances due from depository institutions $33,283
    Interest-bearing balances $32,568
    Total securities $65,605
    Federal funds sold & reverse repurchase $0
    Net loans and leases $72,306
    Loan and leases loss allowance $403
    Trading account assets $0
    Bank premises and fixed assets $199
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $480

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $171,873
    Total Liabilities $129,344
    Total deposits $129,329
    Interest-bearing deposits $127,385
    Deposits held in domestic offices $129,329
    % insured (estimated) $97
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $15

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $72,306
    Loan and leases loss allowance $403
    Total loans and leases (domestic) $72,709
    All real estate loans $72,706
    Real estate loans in domestic offices $72,706
    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 $76
    Nonfarm nonresidential secured by owner-occupied properties $76
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $0
    1-4 family residential loans $72,630
    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 $0
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $0
    All other loans & leases $3
    Loans to foreign governments and official institutions $0
    Other loans $3
    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 $72,306,000 of loans outstanding in 2020. $72,706,000 of loans were in real estate loans. $0 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $72,630,000 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 $76 $76,000
    Nonfarm, nonresidential loans - <$100k 1 $76 $76,000