Omega Federal Credit Union Mortgage Rates, Fees & Info

Wexford, PA

LEI: 549300PPIXNO2E1B5V55

Tax ID: 25-0977923

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

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Mortgage Data

Review & Overview

Omega Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Their top two markets are Pittsburgh and New Castle .

Omega Federal Credit Union 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/17/24
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.

Omega Federal Credit Union Mortgage Calculator






Your Estimates

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This is not an official calculator from Omega Federal Credit Union. 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

58

Origination Dollar Volume (All Markets)

$4,290,000

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) 57 $4,245,000 $74,474 $0 4.74%
New Castle, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.25%
Omega Federal Credit Union's top markets include Pittsburgh and New Castle among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 58 $4,290,000 $73,966 n/a 4.71%

    For 2022, Omega Federal Credit Union's most frequently originated type of loan was HELOC, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 57 $4,165,000 $73,070 $0 4.70%
    NA 1 $125,000 $125,000 $0 5.50%

    For 2022, Omega Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 57 originations. The 2nd most popular reason was NA, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 58 $4,290,000 $73,966 $0 4.71%

    For 2022, Omega Federal Credit Union's most frequently cited loan duration was Other, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 28 $1,900,000 $67,857
    5-6% 12 $860,000 $71,667
    6-7% 9 $1,045,000 $116,111
    4-5% 8 $430,000 $53,750
    7-8% 1 $55,000 $55,000

    During 2022, Omega Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 28 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 48 $2,520,000 $52,500 $0 4.53%
    $100k-200k 8 $1,340,000 $167,500 $0 5.69%
    $200k-400k 2 $430,000 $215,000 $0 5.13%

    2022 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $720,000 $45,000 $0 4.48%
    $50k-75k 10 $600,000 $60,000 $0 4.53%
    $50k or less 9 $505,000 $56,111 $0 4.47%
    $150k-250k 8 $610,000 $76,250 $0 4.50%
    $75k-100k 8 $740,000 $92,500 $0 4.56%
    $250k+ 6 $990,000 $165,000 $0 6.33%

    Omega Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $1,495,000 $78,684 $0 4.88%
    <20% 15 $1,065,000 $71,000 $0 4.67%
    30-36% 8 $360,000 $45,000 $0 4.56%
    37% 3 $295,000 $98,333 $0 5.00%
    47% 3 $285,000 $95,000 $0 5.92%
    45% 3 $185,000 $61,667 $0 5.50%
    39% 2 $250,000 $125,000 $0 3.38%
    49% 1 $75,000 $75,000 $0 3.25%
    41% 1 $85,000 $85,000 $0 3.50%
    43% 1 $55,000 $55,000 $0 4.00%
    46% 1 $95,000 $95,000 $0 4.00%
    48% 1 $45,000 $45,000 $0 3.25%

    Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? <20%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 43 $2,575,000 $59,884 $0 4.55%
    Not applicable 8 $1,160,000 $145,000 $0 5.94%
    Black 7 $555,000 $79,286 $0 4.32%

    Approval Rates

    Total approvals of all applications
    96.97%

    Omega Federal Credit Union 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
    89.66%

    Omega Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 58 $4,290,000 $73,966

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    58 $4,290,000 $73,966

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,235,000 $65,000 $0 4.71%
    40-60% 4 $300,000 $75,000 $0 4.25%
    60-80% 10 $1,390,000 $139,000 $0 5.12%
    80-100% 2 $390,000 $195,000 $0 6.75%
    Under 20% 23 $975,000 $42,391 $0 4.43%