Omega Federal Credit Union Mortgage Rates, Fees & Info
Wexford, PALEI: 549300PPIXNO2E1B5V55
Tax ID: 25-0977923
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Mortgage Data
Review & Overview
Omega Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Omega Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, Tampa, Washington, New Castle, and Indiana among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Omega Federal Credit Union has an 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% | 11/21/24 |
| 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. | ||
Omega Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
157Origination Dollar Volume (All Markets)
$7,295,000Top 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) | 153 | $6,895,000 | $45,065 | $203 | 4.16% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,601 | 5.99% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $925 | 4.74% |
| New Castle, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Indiana, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 156 | $7,240,000 | $46,410 | $235 | 4.19% |
| HELOC | 1 | $55,000 | $55,000 | n/a | 4.25% |
For 2018, Omega Federal Credit Union's most frequently originated type of loan was Conventional, with 156 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2018, Omega Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 72 originations. The 2nd most popular reason was Other, with 69 originations.
Loan Duration/Length
For 2018, Omega Federal Credit Union's most frequently cited loan duration was 15 Year, with 63 originations. The 2nd most popular length was 10 Year, with 50 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 49 | $3,135,000 | $63,980 |
| 3-4% | 42 | $1,430,000 | $34,048 |
| 2.5-3% | 3 | $75,000 | $25,000 |
| 5-6% | 1 | $155,000 | $155,000 |
| Over 8% | 1 | $15,000 | $15,000 |
During 2018, Omega Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 49 originations.
Loan Sizing
2018 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 144 originations, totaling $5,490,000 in origination value.
Applicant Income
Omega Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 46 originations. The second most popular income band? $100k-150k, with 39 originations.
Applicant Debt to Income Ratio
Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.36%
Omega Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination86.62%
Omega Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 157 | $7,295,000 | $46,465 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 157 | $7,295,000 | $46,465 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| On Q Financial | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| On Q Financial | FHA mortgage | Struggling to pay mortgage | 1 | 50.0% |