First Piedmont Federal Savings And Loan Association Of Gaffney Mortgage Rates, Fees & Info

Gaffney, SC

LEI: 549300JH8TVR84H1BL45

Tax ID: 57-0226455

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

    First Piedmont Federal Savings And Loan Association Of Gaffney is a smaller mortgage company specializing in Home Purchase loans. First Piedmont Federal Savings And Loan Association Of Gaffney has a high proportion of conventional loans. Their top markets by origination volume include: Spartanburg, Gaffney, Greenville, Charlotte, and Union among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Piedmont Federal Savings And Loan Association Of Gaffney 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. First Piedmont Federal Savings And Loan Association Of Gaffney is typically an average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.25% 12/4/24
    30 Year Conventional Refi 6.52% 12/4/24
    30 Year Cash-out Refi 6.58% 12/4/24
    15 Year Conventional Purchase 5.99% 12/4/24
    15 Year Conventional Refi 6.02% 12/4/24
    15 Year Cash-out Refi 6.02% 12/4/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    First Piedmont Federal Savings And Loan Association Of Gaffney Mortgage Calculator






    Your Estimates

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    This is not an official calculator from First Piedmont Federal Savings And Loan Association Of Gaffney. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    259

    Origination Dollar Volume (All Markets)

    $52,165,000

    Employee count

    79

    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
    SPARTANBURG, SC (FHA|USDA|VA) 150 $32,100,000 $214,000 $4,877 5.22%
    Gaffney, SC (FHA|USDA|VA) 81 $11,265,000 $139,074 $3,824 4.97%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 22 $7,300,000 $331,818 $6,213 4.60%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $975,000 $325,000 $5,168 4.75%
    Union, SC (FHA|USDA|VA) 2 $360,000 $180,000 $4,669 4.38%
    Newberry, SC (FHA|USDA|VA) 1 $165,000 $165,000 $4,019 5.75%
    First Piedmont Federal Savings And Loan Association Of Gaffney's top markets include Spartanburg, Gaffney, Greenville, Charlotte, and Union among others.

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

    • Similar Lenders

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

    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 285
    BLMC, INC
    Similarity Rank: 755
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 990
    Entegra Bank
    Similarity Rank: 1036
    Amerisouth Mortgage Company
    Similarity Rank: 1131
    CAROLINA ALLIANCE BANK
    Similarity Rank: 1176
    CPM Federal Credit Union
    Similarity Rank: 1372
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 1386
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 1444
    MTC Federal Credit Union
    Similarity Rank: 1751

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 259 $52,165,000 $201,409 $4,704 5.08%

    For 2018, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently originated type of loan was Conventional, with 259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 219 $47,115,000 $215,137 $4,980 4.96%
    Cash Out Refi 23 $2,125,000 $92,391 $2,676 4.95%
    Refi 16 $2,890,000 $180,625 $4,655 6.86%
    Home Improvement 1 $35,000 $35,000 $835 5.00%

    For 2018, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan purpose was Home Purchase, with 219 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 177 $41,565,000 $234,831 $5,003 5.08%
    15 Year 31 $5,205,000 $167,903 $4,263 4.46%
    10 Year 22 $1,310,000 $59,545 $2,295 5.46%
    Other 14 $1,040,000 $74,286 $1,675 5.54%
    5 Year 12 $2,310,000 $192,500 $1,350 5.65%
    20 Year 2 $440,000 $220,000 $5,108 4.00%
    3 Year 1 $295,000 $295,000 $4,836 4.25%

    For 2018, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan duration was 30 Year, with 177 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 79 $14,375,000 $181,962
    $3k-4k 76 $19,770,000 $260,132
    $1k-2k 23 $2,125,000 $92,391
    $4k-5k 22 $7,830,000 $355,909
    $<1k 14 $1,090,000 $77,857
    $5k+ 5 $2,395,000 $479,000

    First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees were $5,003, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 79 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 182 $41,630,000 $228,736
    5-6% 58 $7,060,000 $121,724
    3-4% 16 $3,030,000 $189,375
    Over 8% 2 $420,000 $210,000
    6-7% 1 $25,000 $25,000

    During 2018, First Piedmont Federal Savings And Loan Association Of Gaffney's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 182 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 94 $14,440,000 $153,617 $4,117 5.09%
    $200k-400k 89 $24,465,000 $274,888 $5,476 5.01%
    $100,000 or less 58 $3,490,000 $60,172 $2,690 5.29%
    $400k-600k 16 $7,580,000 $473,750 $7,076 4.60%
    $1MM+ 1 $1,285,000 $1,285,000 $0 5.25%
    $600k-1MM 1 $905,000 $905,000 $8,897 4.63%

    2018 saw First Piedmont Federal Savings And Loan Association Of Gaffney place emphasis on $100k-200k loans with 94 originations, totaling $14,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 58 $13,730,000 $236,724 $5,442 4.77%
    $50k-75k 53 $8,145,000 $153,679 $4,314 5.47%
    $75k-100k 48 $9,440,000 $196,667 $4,421 5.58%
    $50k or less 40 $4,900,000 $122,500 $3,643 4.75%
    $150k-250k 25 $8,285,000 $331,400 $5,824 4.62%
    $250k+ 15 $4,625,000 $308,333 $6,207 4.44%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with incomes in the $100k-150k range, with 58 originations. The second most popular income band? $50k-75k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 72 $14,330,000 $199,028 $4,672 5.23%
    30-36% 37 $8,815,000 $238,243 $4,941 4.67%
    <20% 20 $3,820,000 $191,000 $4,444 4.65%
    43% 14 $2,950,000 $210,714 $4,748 4.78%
    42% 11 $2,495,000 $226,818 $4,957 4.84%
    37% 10 $1,540,000 $154,000 $5,126 4.86%
    44% 10 $2,000,000 $200,000 $4,708 8.11%
    36% 8 $1,600,000 $200,000 $4,412 4.70%
    48% 7 $1,525,000 $217,857 $5,622 4.66%
    38% 6 $1,550,000 $258,333 $4,416 5.17%
    41% 6 $2,010,000 $335,000 $5,980 4.52%
    45% 6 $1,200,000 $200,000 $5,138 4.38%
    50-60% 6 $840,000 $140,000 $3,875 5.08%
    49% 5 $575,000 $115,000 $3,238 4.90%
    40% 5 $1,085,000 $217,000 $4,674 4.85%
    47% 4 $1,130,000 $282,500 $5,859 4.50%
    46% 2 $280,000 $140,000 $3,686 4.56%
    39% 2 $380,000 $190,000 $4,486 4.63%
    >60% 1 $325,000 $325,000 $6,152 4.63%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with DTI ratios of 20-30%, with 72 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 235 $46,545,000 $198,064 $4,670 5.05%
    Not applicable 15 $2,445,000 $163,000 $0 5.70%
    Asian 5 $2,285,000 $457,000 $6,472 4.88%
    Black 4 $890,000 $222,500 $4,304 4.91%

    Approval Rates

    Total approvals of all applications
    96.07%

    First Piedmont Federal Savings And Loan Association Of Gaffney 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
    96.14%

    First Piedmont Federal Savings And Loan Association Of Gaffney has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 259 $52,165,000 $201,409

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $1,285,000 $1,285,000
    Single Family (1-4 Units):Site-Built 258 $50,880,000 $197,209

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $890,000 $89,000 $2,565 4.99%
    40-60% 28 $3,960,000 $141,429 $3,997 4.87%
    60-80% 112 $23,460,000 $209,464 $4,766 5.48%
    80-100% 102 $23,520,000 $230,588 $5,093 4.71%
    Under 20% 7 $335,000 $47,857 $3,125 5.09%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Piedmont Federal Savings and Loan Association of Gaffney 1229 West Floyd Baker Boulevard Gaffney, SC 29340 Full Service B&M $120,280
    First Piedmont Federal Savings and Loan Association of Gaffney 1510 John B White Blvd. Spartanburg, SC 29301 Full Service B&M $36,056
    First Piedmont Federal Savings and Loan Association of Gaffney 210 S Limestone St Gaffney, SC 29340 Full Service B&M $56,552
    First Piedmont Federal Savings and Loan Association of Gaffney 2101 Boiling Springs Rd Boiling Springs, SC 29316 Full Service B&M $29,915
    First Piedmont Federal Savings and Loan Association of Gaffney 503 N Granard St Gaffney, SC 29340 Full Service B&M $34,168
    First Piedmont Federal Savings and Loan Association of Gaffney 901 E Main St Spartanburg, SC 29304 Full Service B&M $17,195

    For 2018, First Piedmont Federal Savings And Loan Association Of Gaffney had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,350
    Net interest income $16,320
    Total noninterest income $4,231
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,123
    Trading account gains and fees $0
    Additional Noninterest Income $3,108
    Pre-tax net operating income $8,507
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,541
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,541
    Minority interest net income $0
    Net income $6,541
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,541

    First Piedmont Federal Savings And Loan Association Of Gaffney's gross interest income from loans was $16,350,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's net interest income from loans was $16,320,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's fee based income from loans was $1,123,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's net income from loans was $6,541,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $30
    Provision for credit losses $22
    Total noninterest expense $12,022
    Salaries and employee benefits $6,549
    Premises and equipment expense $1,071
    Additional noninterest expense $4,402
    Applicable income taxes $1,966
    Net charge-offs $15
    Cash dividends $0

    First Piedmont Federal Savings And Loan Association Of Gaffney's interest expense for loans was $30,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's payroll and benefits expense were $6,549,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's property, plant and equipment expenses $1,071,000.

    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 $292,901
    Deposits held in domestic offices $292,901
    Deposits by Individuals, partnerships, and corporations $292,901
    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 $143,076
    Demand deposits $103,666
    Nontransaction accounts $149,825
    Money market deposit accounts (MMDAs) $21,481
    Other savings deposits (excluding MMDAs) $67,540
    Total time deposits $60,804
    Total time and savings deposits $189,235
    Noninterest-bearing deposits $104,972
    Interest-bearing deposits $187,929
    Retail deposits $282,868
    IRAs and Keogh plan accounts $22,815
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $409,237
    Cash & Balances due from depository institutions $93,335
    Interest-bearing balances $89,326
    Total securities $2,900
    Federal funds sold & reverse repurchase $0
    Net loans and leases $293,348
    Loan and leases loss allowance $1,949
    Trading account assets $0
    Bank premises and fixed assets $4,705
    Other real estate owned $41
    Goodwill and other intangibles $157
    All other assets $14,751

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $409,237
    Total Liabilities $299,208
    Total deposits $292,901
    Interest-bearing deposits $187,929
    Deposits held in domestic offices $292,901
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,307

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $293,348
    Loan and leases loss allowance $1,949
    Total loans and leases (domestic) $295,297
    All real estate loans $280,913
    Real estate loans in domestic offices $280,913
    Construction and development loans $48,141
    Residential 1-4 family construction $22,305
    Other construction, all land development and other land $25,836
    Loans secured by nonfarm nonresidential properties $34,271
    Nonfarm nonresidential secured by owner-occupied properties $11,340
    Commercial real estate & other non-farm, non-residential $22,931
    Multifamily residential real estate $5,387
    1-4 family residential loans $193,114
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $10,491
    To non-U.S. addressees $0
    Loans to individuals $3,893
    Credit card loans $0
    Related Plans $241
    Consumer Auto Loans $2,640
    Other loans to individuals $1,012
    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 $709
    Non 1-4 family restructured loans & leases $709
    Total loans and leases (foreign) $0

    First Piedmont Federal Savings and Loan Association of Gaffney had $293,348,000 of loans outstanding in 2018. $280,913,000 of loans were in real estate loans. $48,141,000 of loans were in development loans. $5,387,000 of loans were in multifamily mortgage loans. $193,114,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,640,000 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 127 $25,872 $203,717
    Nonfarm, nonresidential loans - <$100k 34 $1,364 $40,118
    Nonfarm, nonresidential loans - $100-250k 40 $5,224 $130,600
    Nonfarm, nonresidential loans - $250k-1MM 53 $19,284 $363,849
    Commercial & Industrial, US addressed loans - <$1MM 112 $7,459 $66,598
    Commercial & Industrial, US addressed loans - <$100k 66 $2,044 $30,970
    Commercial & Industrial, US addressed loans - $100-250k 31 $2,508 $80,903
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $2,907 $193,800