Westmoreland Federal Savings Mortgage Rates, Fees & Info

Latrobe, PA

LEI: 549300I1IE35O2I0WT71

Tax ID: 25-0988279

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

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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

    100

    Origination Dollar Volume (All Markets)

    $17,860,000

    Employee count

    20

    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) 99 $17,725,000 $179,040 $0 0.00%
    Indiana, PA (FHA|USDA|VA) 1 $135,000 $135,000 $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.

    TRI BORO
    Similarity Rank: 208
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 414
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 524
    Standard Bank, PaSB
    Similarity Rank: 584
    First Federal Savings and Loan Association of Greene Co
    Similarity Rank: 639
    Clear Mountain Bank
    Similarity Rank: 928
    AmeriServ Financial Bank
    Similarity Rank: 1120
    Community Bank
    Similarity Rank: 1260
    InFirst Bank
    Similarity Rank: 1450
    The Farmers National Bank of Emlenton
    Similarity Rank: 1476

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 100 $17,860,000 $178,600 $0 0.00%

    For 2021, Westmoreland Federal Savings's most frequently originated type of loan was Conventional, with 100 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 65 $10,815,000 $166,385 $0 0.00%
    Home Purchase 25 $5,135,000 $205,400 $0 0.00%
    Home Improvement 6 $740,000 $123,333 $0 0.00%
    Other 4 $1,170,000 $292,500 $0 0.00%

    For 2021, Westmoreland Federal Savings's most frequently cited loan purpose was Refi, with 65 originations. The 2nd most popular reason was Home Purchase, with 25 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 100 $17,860,000 $178,600 $0 0.00%

    For 2021, Westmoreland Federal Savings's most frequently cited loan duration was Other, with 100 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 56 $7,860,000 $140,357 $0 0.00%
    $200k-400k 19 $4,735,000 $249,211 $0 0.00%
    $100,000 or less 18 $1,170,000 $65,000 $0 0.00%
    $400k-600k 5 $2,405,000 $481,000 $0 0.00%
    $600k-1MM 2 $1,690,000 $845,000 $0 0.00%

    2021 saw Westmoreland Federal Savings place emphasis on $100k-200k loans with 56 originations, totaling $7,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 24 $5,650,000 $235,417 $0 0.00%
    $75k-100k 23 $3,595,000 $156,304 $0 0.00%
    $100k-150k 20 $3,110,000 $155,500 $0 0.00%
    $50k-75k 17 $1,995,000 $117,353 $0 0.00%
    $50k or less 9 $795,000 $88,333 $0 0.00%
    $250k+ 4 $2,420,000 $605,000 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with incomes in the $150k-250k range, with 24 originations. The second most popular income band? $75k-100k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 100 $17,860,000 $178,600 $0 0.00%

    Westmoreland Federal Savings lent most frequently to those with DTI ratios of Exempt%, with 100 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 98 $17,480,000 $178,367 $0 0.00%
    Not provided 2 $380,000 $190,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.04%

    Westmoreland Federal Savings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.00%

    Westmoreland Federal Savings has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 100 $17,860,000 $178,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    100 $17,860,000 $178,600

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    West One Capital Group Inc. Conventional home 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 $129,430

    For 2021, Westmoreland Federal Savings had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,047
    Net interest income $2,431
    Total noninterest income $22
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2
    Trading account gains and fees $0
    Additional Noninterest Income $20
    Pre-tax net operating income $-68
    Securities gains (or losses, -) $-136
    Income before extraordinary items $-137
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $-137
    Minority interest net income $0
    Net income $-137
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $-29

    Westmoreland Federal Savings's gross interest income from loans was $3,047,000.
    Westmoreland Federal Savings's net interest income from loans was $2,431,000.
    Westmoreland Federal Savings's fee based income from loans was $2,000.
    Westmoreland Federal Savings's net income from loans was $-137,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $616
    Provision for credit losses $7
    Total noninterest expense $2,514
    Salaries and employee benefits $1,574
    Premises and equipment expense $196
    Additional noninterest expense $744
    Applicable income taxes $-67
    Net charge-offs $1
    Cash dividends $0

    Westmoreland Federal Savings's interest expense for loans was $616,000.
    Westmoreland Federal Savings's payroll and benefits expense were $1,574,000.
    Westmoreland Federal Savings's property, plant and equipment expenses $196,000.

    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 $128,127
    Deposits held in domestic offices $128,127
    Deposits by Individuals, partnerships, and corporations $128,127
    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 $7,956
    Demand deposits $7,956
    Nontransaction accounts $120,171
    Money market deposit accounts (MMDAs) $19,690
    Other savings deposits (excluding MMDAs) $46,857
    Total time deposits $53,624
    Total time and savings deposits $120,171
    Noninterest-bearing deposits $2,190
    Interest-bearing deposits $125,937
    Retail deposits $124,927
    IRAs and Keogh plan accounts $13,997
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $170,370
    Cash & Balances due from depository institutions $17,582
    Interest-bearing balances $16,881
    Total securities $76,062
    Federal funds sold & reverse repurchase $0
    Net loans and leases $75,759
    Loan and leases loss allowance $409
    Trading account assets $0
    Bank premises and fixed assets $143
    Other real estate owned $190
    Goodwill and other intangibles $0
    All other assets $634

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $170,370
    Total Liabilities $128,141
    Total deposits $128,127
    Interest-bearing deposits $125,937
    Deposits held in domestic offices $128,127
    % insured (estimated) $94
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $14

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $75,759
    Loan and leases loss allowance $409
    Total loans and leases (domestic) $76,168
    All real estate loans $76,166
    Real estate loans in domestic offices $76,166
    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 $66
    Nonfarm nonresidential secured by owner-occupied properties $66
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $0
    1-4 family residential loans $76,100
    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 $2
    Loans to foreign governments and official institutions $0
    Other loans $2
    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 $75,759,000 of loans outstanding in 2021. $76,166,000 of loans were in real estate loans. $0 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $76,100,000 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 $66 $66,000
    Nonfarm, nonresidential loans - <$100k 1 $66 $66,000