Omega Federal Credit Union Mortgage Rates, Fees & Info

Wexford, PA

LEI: 549300PPIXNO2E1B5V55

Tax ID: 25-0977923

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Omega Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Omega Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Pittsburgh, New Castle, Indiana, Youngstown, and Oil City among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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. Omega Federal Credit Union 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    192

    Origination Dollar Volume (All Markets)

    $13,720,000

    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) 183 $13,345,000 $72,923 $244 3.41%
    New Castle, PA (FHA|USDA|VA) 3 $115,000 $38,333 $199 3.82%
    Indiana, PA (FHA|USDA|VA) 1 $95,000 $95,000 $168 3.24%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $80,000 $40,000 $170 3.37%
    Oil City, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.25%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $25,000 $25,000 $185 3.24%
    Outside of Metro Areas 1 $25,000 $25,000 $144 3.24%
    Omega Federal Credit Union's top markets include Pittsburgh, New Castle, Indiana, Youngstown, and Oil City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $13,260,000 $71,290 $241 3.43%
    HELOC 6 $460,000 $76,667 n/a 2.71%

    For 2021, Omega Federal Credit Union's most frequently originated type of loan was Conventional, with 186 originations. Their 2nd most popular type was HELOC, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 106 $6,300,000 $59,434 $233 3.34%
    Refi 49 $5,515,000 $112,551 $277 3.67%
    Other 30 $1,500,000 $50,000 $218 3.23%
    NA 5 $265,000 $53,000 $78 3.44%
    Home Purchase 2 $140,000 $70,000 $144 3.49%

    For 2021, Omega Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 106 originations. The 2nd most popular reason was Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 79 $5,415,000 $68,544 $233 3.39%
    10 Year 44 $2,360,000 $53,636 $201 3.27%
    5 Year 28 $930,000 $33,214 $188 2.99%
    20 Year 24 $3,240,000 $135,000 $246 4.24%
    Other 9 $755,000 $83,889 $1,261 2.81%
    30 Year 8 $1,020,000 $127,500 $485 3.89%

    For 2021, Omega Federal Credit Union's most frequently cited loan duration was 15 Year, with 79 originations. The 2nd most popular length was 10 Year, with 44 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 133 $9,175,000 $68,985
    2.5-3% 29 $945,000 $32,586
    4-5% 28 $3,490,000 $124,643
    <2.5% 1 $15,000 $15,000

    During 2021, Omega Federal Credit Union's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 133 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 158 $8,080,000 $51,139 $210 3.32%
    $100k-200k 26 $3,550,000 $136,538 $411 3.76%
    $200k-400k 7 $1,665,000 $237,857 $257 4.03%
    $400k-600k 1 $425,000 $425,000 $199 3.49%

    2021 saw Omega Federal Credit Union place emphasis on $100,000 or less loans with 158 originations, totaling $8,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 48 $2,220,000 $46,250 $212 3.29%
    $100k-150k 35 $2,005,000 $57,286 $231 3.34%
    $75k-100k 31 $1,935,000 $62,419 $208 3.27%
    $150k-250k 30 $2,670,000 $89,000 $356 3.24%
    $50k or less 15 $935,000 $62,333 $211 3.28%
    $250k+ 14 $1,310,000 $93,571 $193 3.70%

    Omega Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 48 originations. The second most popular income band? $100k-150k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 52 $3,410,000 $65,577 $207 3.33%
    <20% 44 $2,850,000 $64,773 $266 3.40%
    30-36% 38 $2,320,000 $61,053 $231 3.19%
    44% 7 $895,000 $127,857 $257 3.85%
    49% 7 $615,000 $87,857 $232 3.78%
    38% 7 $1,005,000 $143,571 $212 3.46%
    37% 5 $295,000 $59,000 $223 3.39%
    50-60% 5 $665,000 $133,000 $257 3.99%
    43% 5 $285,000 $57,000 $617 3.35%
    36% 4 $310,000 $77,500 $199 3.56%
    45% 4 $130,000 $32,500 $168 3.62%
    42% 3 $255,000 $85,000 $237 3.41%
    39% 3 $235,000 $78,333 $196 3.49%
    40% 3 $105,000 $35,000 $196 3.41%
    47% 1 $65,000 $65,000 $257 4.24%
    48% 1 $75,000 $75,000 $261 3.49%
    46% 1 $35,000 $35,000 $257 3.24%
    41% 1 $115,000 $115,000 $257 4.24%
    >60% 1 $55,000 $55,000 $182 4.00%

    Omega Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? <20%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 85 $4,705,000 $55,353 $236 3.33%
    White 62 $4,630,000 $74,677 $252 3.28%
    Not applicable 39 $3,915,000 $100,385 $241 3.78%
    Black 5 $445,000 $89,000 $258 3.49%
    American Indian 1 $25,000 $25,000 $75 2.99%

    Approval Rates

    Total approvals of all applications
    92.98%

    Omega Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.81%

    Omega Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    256.5 1 $5,000 $5,000
    NA 191 $13,715,000 $71,806

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    192 $13,720,000 $71,458

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $3,560,000 $65,926 $267 3.33%
    40-60% 26 $2,220,000 $85,385 $232 3.39%
    60-80% 31 $4,235,000 $136,613 $242 3.86%
    80-100% 14 $1,510,000 $107,857 $336 3.85%
    Under 20% 66 $2,180,000 $33,030 $201 3.22%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    On Q Financial Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 12.5%
    On Q Financial Conventional home mortgage Trouble during payment process 3 37.5%
    On Q Financial FHA mortgage Struggling to pay mortgage 2 25.0%
    On Q Financial VA mortgage Trouble during payment process 2 25.0%