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 and Refi 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 Columbia 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.25% 4/21/24
    30 Year Conventional Refi 6.52% 4/21/24
    30 Year Cash-out Refi 6.58% 4/21/24
    15 Year Conventional Purchase 5.99% 4/21/24
    15 Year Conventional Refi 6.02% 4/21/24
    15 Year Cash-out Refi 6.02% 4/21/24
    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






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


    Originations

    502

    Origination Dollar Volume (All Markets)

    $114,240,000

    Employee count

    84

    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) 281 $65,145,000 $231,833 $4,660 4.63%
    Gaffney, SC (FHA|USDA|VA) 166 $30,970,000 $186,566 $3,755 3.25%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 49 $16,545,000 $337,653 $5,632 3.63%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $740,000 $370,000 $5,117 3.19%
    COLUMBIA, SC (FHA|USDA|VA) 2 $640,000 $320,000 $6,003 3.75%
    Seneca, SC (FHA|USDA|VA) 2 $200,000 $100,000 $0 5.00%
    First Piedmont Federal Savings And Loan Association Of Gaffney's top markets include Spartanburg, Gaffney, Greenville, Charlotte, and Columbia 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 Heritage Federal Credit Union
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    Similarity Rank: 1554
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    Similarity Rank: 1584
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 2016
    MIDLAND MORTGAGE CORPORATION
    Similarity Rank: 2449
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 2658

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 502 $114,240,000 $227,570 $4,446 4.07%

    For 2020, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently originated type of loan was Conventional, with 502 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 217 $53,855,000 $248,180 $5,009 5.54%
    Refi 190 $39,840,000 $209,684 $3,966 2.83%
    Cash Out Refi 94 $20,250,000 $215,426 $4,173 3.19%
    Home Improvement 1 $295,000 $295,000 $4,997 4.13%

    For 2020, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan purpose was Home Purchase, with 217 originations. The 2nd most popular reason was Refi, with 190 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 316 $77,770,000 $246,108 $4,705 4.70%
    15 Year 114 $20,260,000 $177,719 $3,891 2.75%
    20 Year 39 $8,295,000 $212,692 $4,282 3.10%
    Other 12 $2,680,000 $223,333 $3,749 2.88%
    5 Year 11 $3,905,000 $355,000 $0 4.45%
    10 Year 6 $790,000 $131,667 $2,821 3.10%
    3 Year 3 $435,000 $145,000 $0 5.33%
    1 Year 1 $105,000 $105,000 $0 5.75%

    For 2020, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan duration was 30 Year, with 316 originations. The 2nd most popular length was 15 Year, with 114 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 182 $40,450,000 $222,253
    $1k-2k 148 $19,500,000 $131,757
    $3k-4k 83 $25,745,000 $310,181
    $4k-5k 36 $15,050,000 $418,056
    $<1k 19 $2,795,000 $147,105
    $5k+ 9 $5,025,000 $558,333

    First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees were $4,705, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 182 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 161 $33,225,000 $206,366
    3-4% 124 $30,700,000 $247,581
    4-5% 113 $31,305,000 $277,035
    <2.5% 93 $17,705,000 $190,376
    5-6% 10 $990,000 $99,000
    Over 8% 1 $315,000 $315,000

    During 2020, First Piedmont Federal Savings And Loan Association Of Gaffney's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 2.5-3%, with 161 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 219 $60,265,000 $275,183 $5,021 5.10%
    $100k-200k 191 $28,495,000 $149,188 $3,714 3.13%
    $100,000 or less 51 $3,825,000 $75,000 $2,506 3.48%
    $400k-600k 35 $16,195,000 $462,714 $6,566 3.66%
    $600k-1MM 5 $3,955,000 $791,000 $9,050 4.00%
    $1MM+ 1 $1,505,000 $1,505,000 $0 3.75%

    2020 saw First Piedmont Federal Savings And Loan Association Of Gaffney place emphasis on $200k-400k loans with 219 originations, totaling $60,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 135 $34,625,000 $256,481 $4,867 3.26%
    $50k-75k 104 $18,450,000 $177,404 $3,989 3.20%
    $75k-100k 87 $20,195,000 $232,126 $4,639 3.34%
    $50k or less 69 $8,615,000 $124,855 $3,385 3.26%
    $150k-250k 68 $20,430,000 $300,441 $5,283 9.01%
    $250k+ 17 $5,925,000 $348,529 $5,464 3.14%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with incomes in the $100k-150k range, with 135 originations. The second most popular income band? $50k-75k, with 104 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 150 $33,800,000 $225,333 $4,475 3.13%
    30-36% 100 $22,760,000 $227,600 $4,452 3.31%
    <20% 92 $18,090,000 $196,630 $4,127 2.88%
    37% 18 $4,370,000 $242,778 $4,661 3.74%
    36% 15 $2,765,000 $184,333 $4,118 3.51%
    38% 15 $3,195,000 $213,000 $4,309 3.47%
    41% 13 $2,855,000 $219,615 $4,407 3.71%
    43% 11 $3,895,000 $354,091 $5,860 3.88%
    39% 11 $2,695,000 $245,000 $4,433 3.28%
    45% 10 $3,240,000 $324,000 $5,554 3.64%
    44% 9 $1,745,000 $193,889 $4,484 3.28%
    42% 8 $2,390,000 $298,750 $5,454 51.41%
    46% 6 $1,770,000 $295,000 $5,334 3.44%
    40% 5 $1,075,000 $215,000 $4,670 3.83%
    49% 4 $1,140,000 $285,000 $5,353 3.78%
    47% 3 $565,000 $188,333 $4,286 3.75%
    48% 1 $345,000 $345,000 $6,729 4.13%
    50-60% 1 $515,000 $515,000 $7,802 4.13%
    >60% 1 $65,000 $65,000 $2,451 4.50%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 100 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 465 $103,405,000 $222,376 $4,423 4.09%
    Not applicable 13 $4,175,000 $321,154 $0 4.62%
    Black 7 $2,295,000 $327,857 $6,086 3.96%
    Not provided 8 $2,140,000 $267,500 $4,444 2.75%
    Asian 8 $2,080,000 $260,000 $4,391 3.58%
    Asian Indian 1 $145,000 $145,000 $4,000 3.00%

    Approval Rates

    Total approvals of all applications
    98.03%

    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
    91.04%

    First Piedmont Federal Savings And Loan Association Of Gaffney has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 502 $114,240,000 $227,570

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $2,330,000 $1,165,000
    Single Family (1-4 Units):Site-Built 500 $111,910,000 $223,820

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $2,205,000 $116,053 $3,074 2.91%
    40-60% 76 $13,290,000 $174,868 $3,864 2.99%
    60-80% 261 $62,465,000 $239,330 $4,488 4.78%
    80-100% 140 $35,890,000 $256,357 $4,945 3.50%
    Under 20% 6 $390,000 $65,000 $2,101 4.02%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Piedmont Federal Savings and Loan Association of Gaffney 1229 W Floyd Baker Blvd Gaffney, SC 29341 Full Service B&M $134,609
    First Piedmont Federal Savings and Loan Association of Gaffney 1510 John B White Blvd. Spartanburg, SC 29301 Full Service B&M $45,102
    First Piedmont Federal Savings and Loan Association of Gaffney 210 S Limestone St Gaffney, SC 29340 Full Service B&M $58,815
    First Piedmont Federal Savings and Loan Association of Gaffney 2101 Boiling Springs Rd Boiling Springs, SC 29316 Full Service B&M $41,844
    First Piedmont Federal Savings and Loan Association of Gaffney 503 N Granard St Gaffney, SC 29340 Full Service B&M $41,415
    First Piedmont Federal Savings and Loan Association of Gaffney 901 E Main St Spartanburg, SC 29304 Full Service B&M $21,694

    For 2020, 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 $16,160
    Net interest income $16,135
    Total noninterest income $6,555
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $956
    Trading account gains and fees $0
    Additional Noninterest Income $5,599
    Pre-tax net operating income $8,594
    Securities gains (or losses, -) $14
    Income before extraordinary items $6,456
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,456
    Minority interest net income $0
    Net income $6,456
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,444

    First Piedmont Federal Savings And Loan Association Of Gaffney's gross interest income from loans was $16,160,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's net interest income from loans was $16,135,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's fee based income from loans was $956,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's net income from loans was $6,456,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $25
    Provision for credit losses $180
    Total noninterest expense $13,916
    Salaries and employee benefits $7,264
    Premises and equipment expense $1,047
    Additional noninterest expense $5,605
    Applicable income taxes $2,152
    Net charge-offs $0
    Cash dividends $0

    First Piedmont Federal Savings And Loan Association Of Gaffney's interest expense for loans was $25,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's payroll and benefits expense were $7,264,000.
    First Piedmont Federal Savings And Loan Association Of Gaffney's property, plant and equipment expenses $1,047,000.

    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 $354,647
    Deposits held in domestic offices $354,647
    Deposits by Individuals, partnerships, and corporations $354,647
    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 $192,011
    Demand deposits $142,668
    Nontransaction accounts $162,636
    Money market deposit accounts (MMDAs) $26,739
    Other savings deposits (excluding MMDAs) $84,278
    Total time deposits $51,619
    Total time and savings deposits $211,979
    Noninterest-bearing deposits $144,245
    Interest-bearing deposits $210,402
    Retail deposits $344,475
    IRAs and Keogh plan accounts $19,995
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $485,786
    Cash & Balances due from depository institutions $186,413
    Interest-bearing balances $181,268
    Total securities $6,346
    Federal funds sold & reverse repurchase $0
    Net loans and leases $272,268
    Loan and leases loss allowance $2,292
    Trading account assets $0
    Bank premises and fixed assets $7,393
    Other real estate owned $0
    Goodwill and other intangibles $221
    All other assets $13,145

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $485,786
    Total Liabilities $361,891
    Total deposits $354,647
    Interest-bearing deposits $210,402
    Deposits held in domestic offices $354,647
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $7,244

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $272,268
    Loan and leases loss allowance $2,292
    Total loans and leases (domestic) $274,560
    All real estate loans $261,946
    Real estate loans in domestic offices $261,946
    Construction and development loans $44,630
    Residential 1-4 family construction $24,231
    Other construction, all land development and other land $20,399
    Loans secured by nonfarm nonresidential properties $31,920
    Nonfarm nonresidential secured by owner-occupied properties $9,062
    Commercial real estate & other non-farm, non-residential $22,858
    Multifamily residential real estate $2,868
    1-4 family residential loans $182,528
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $8,863
    To non-U.S. addressees $0
    Loans to individuals $3,751
    Credit card loans $0
    Related Plans $141
    Consumer Auto Loans $2,591
    Other loans to individuals $1,019
    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 $485
    Non 1-4 family restructured loans & leases $485
    Total loans and leases (foreign) $0

    First Piedmont Federal Savings and Loan Association of Gaffney had $272,268,000 of loans outstanding in 2020. $261,946,000 of loans were in real estate loans. $44,630,000 of loans were in development loans. $2,868,000 of loans were in multifamily mortgage loans. $182,528,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,591,000 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 106 $19,495 $183,915
    Nonfarm, nonresidential loans - <$100k 24 $1,034 $43,083
    Nonfarm, nonresidential loans - $100-250k 37 $4,654 $125,784
    Nonfarm, nonresidential loans - $250k-1MM 45 $13,807 $306,822
    Commercial & Industrial, US addressed loans - <$1MM 100 $5,373 $53,730
    Commercial & Industrial, US addressed loans - <$100k 59 $1,353 $22,932
    Commercial & Industrial, US addressed loans - $100-250k 27 $1,347 $49,889
    Commercial & Industrial, US addressed loans - $250k-1MM 14 $2,673 $190,929