Spokane Teachers Mortgage Rates, Fees & Info

Liberty Lake, WA

LEI: 549300TUSRLWD8ETNR90

Tax ID: 91-0565128

3.2 stars - out of 5 stars, based on 75 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Spokane Teachers is a small mortgage company specializing in Cash Out Refi and Home Purchase loans. Spokane Teachers has a high proportion of conventional loans. Their top markets include Spokane, Kennewick, Sandpoint, Seattle, and Yakima among others. Spokane Teachers has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Spokane Teachers is typically an average fee lendor.


Originations

5,673

Origination Dollar Volume (All Markets)

$1,135,635,000

Awards

SPOKANE TEACHERS 30 Year Conventional Loans bronze SPOKANE TEACHERS 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Spokane Teachers's average 30 year fixed rate mortgage of loans were 3.65%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.5%.

Relative Fees

Spokane Teachers's average total fees for a 30 year fixed rate mortgage are $5,008.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3,995 $721,905,000 $180,702 $4,407 3.43%
Outside of Metro Areas 769 $202,565,000 $263,414 $5,594 3.52%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 250 $64,220,000 $256,880 $4,844 3.44%
Sandpoint, ID (FHA|USDA|VA) 184 $35,050,000 $190,489 $6,179 3.48%
Outside of Metro Areas 192 $32,280,000 $168,125 $4,678 3.36%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 65 $28,335,000 $435,923 $6,366 3.49%
YAKIMA, WA (FHA|USDA|VA) 15 $8,805,000 $587,000 $4,121 3.51%
Moses Lake, WA (FHA|USDA|VA) 39 $7,385,000 $189,359 $4,940 3.37%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 13 $3,545,000 $272,692 $5,936 3.04%
Othello, WA (FHA|USDA|VA) 23 $3,445,000 $149,783 $3,822 3.74%
Pullman, WA (FHA|USDA|VA) 17 $3,285,000 $193,235 $4,220 2.95%
BOISE CITY, ID (FHA|USDA|VA) 12 $2,410,000 $200,833 $4,172 3.01%
WENATCHEE, WA (FHA|USDA|VA) 8 $2,150,000 $268,750 $6,246 3.45%
Aberdeen, WA (FHA|USDA|VA) 3 $2,075,000 $691,667 $4,321 3.12%
Ellensburg, WA (FHA|USDA|VA) 10 $2,030,000 $203,000 $6,539 4.01%
BELLINGHAM, WA (FHA|USDA|VA) 7 $1,715,000 $245,000 $5,507 3.30%
MISSOULA, MT (FHA|USDA|VA) 4 $1,590,000 $397,500 $11,593 3.44%
WALLA WALLA, WA (FHA|USDA|VA) 8 $1,340,000 $167,500 $6,384 3.65%
Moscow, ID (FHA|USDA|VA) 7 $1,225,000 $175,000 $4,336 3.80%
BEND, OR (FHA|USDA|VA) 3 $1,065,000 $355,000 $6,180 2.71%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 5 $1,055,000 $211,000 $4,766 3.37%
LEWISTON, ID-WA (FHA|USDA|VA) 6 $950,000 $158,333 $4,363 3.17%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 3 $905,000 $301,667 $4,917 2.88%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 8 $890,000 $111,250 $2,065 3.48%
Hermiston-Pendleton, OR (FHA|USDA|VA) 6 $870,000 $145,000 $4,320 3.45%
Hood River, OR (FHA|USDA|VA) 1 $545,000 $545,000 $16,871 2.75%
Centralia, WA (FHA|USDA|VA) 1 $545,000 $545,000 $9,314 3.00%
Port Angeles, WA (FHA|USDA|VA) 3 $475,000 $158,333 $4,086 2.63%
BILLINGS, MT (FHA|USDA|VA) 1 $385,000 $385,000 $6,830 3.00%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $345,000 $345,000 $6,544 3.50%
Newport, OR (FHA|USDA|VA) 1 $335,000 $335,000 $7,570 3.00%
Kalispell, MT (FHA|USDA|VA) 1 $325,000 $325,000 $2,340 2.88%
La Grande, OR (FHA|USDA|VA) 2 $290,000 $145,000 $4,798 3.06%
Helena, MT (FHA|USDA|VA) 1 $245,000 $245,000 $6,361 2.75%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $235,000 $235,000 $6,957 2.88%
Bozeman, MT (FHA|USDA|VA) 1 $165,000 $165,000 $3,691 2.88%
Oak Harbor, WA (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.49%
LONGVIEW, WA (FHA|USDA|VA) 1 $145,000 $145,000 $3,134 2.38%
GRANTS PASS, OR (FHA|USDA|VA) 1 $105,000 $105,000 $3,122 3.13%
Rexburg, ID (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.74%
Klamath Falls, OR (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.74%
The Dalles, OR (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.74%

Spokane Teachers's top markets include Spokane, Kennewick, Sandpoint, Seattle, and Yakima among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,673 $1,135,635,000 $200,182 $4,702 3.44%

For the 2021 period, Spokane Teachers's most frequently originated loan type of loans were Conventional, with 5,673 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 1,897 $496,585,000 $261,774 $4,628 3.09%
Home Improvement 1,271 $95,415,000 $75,071 $1,947 4.17%
Refi 980 $201,150,000 $205,255 $4,086 2.70%
Other 837 $80,455,000 $96,123 $998 4.25%
Home Purchase 688 $262,030,000 $380,858 $6,314 3.11%

For the 2021, Spokane Teachers's most frequently cited loan purpose of loans were Cash Out Refi, with 1,897 originations. The 2nd most popular reason of loans were Home Improvement, with 1,271 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,386 $751,730,000 $171,393 $5,008 3.65%
15 Year 795 $149,825,000 $188,459 $3,923 2.40%
20 Year 293 $59,315,000 $202,440 $4,096 3.02%
10 Year 127 $140,985,000 $1,110,118 $1,548 3.56%
30+ year 48 $23,840,000 $496,667 $14,495 2.96%
5 Year 15 $535,000 $35,667 $610 6.14%
Other 9 $9,405,000 $1,045,000 $8,645 3.34%

For the 2021, Spokane Teachers's most frequently cited loan length of loans were 30 Year, with 4,386 originations. The 2nd most popular length of loans were 15 Year, with 795 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 1,005 $197,465,000 $196,483
$3k-4k 967 $287,645,000 $297,461
$1k-2k 557 $66,565,000 $119,506
$5k+ 304 $146,960,000 $483,421
$<1k 224 $43,000,000 $191,964

$5,008 of loans were Spokane Teachers's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 1,005 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,530 $519,330,000 $205,269
2.5-3% 1,589 $411,425,000 $258,921
<2.5% 745 $136,145,000 $182,745
4-5% 595 $56,585,000 $95,101
5-6% 84 $4,860,000 $57,857
6-7% 65 $3,635,000 $55,923
Over 8% 42 $2,360,000 $56,190
7-8% 23 $1,295,000 $56,304

During 2021, Spokane Teachers's average interest rate of loans were 3.65%, while their most frequently originated rate bucket of loans were 3-4%, with 2,530 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,791 $102,035,000 $56,971 $2,199 4.11%
$100k-200k 1,780 $247,880,000 $139,258 $3,543 3.22%
$200k-400k 1,691 $463,785,000 $274,267 $5,022 3.05%
$400k-600k 335 $157,325,000 $469,627 $7,984 3.05%
$600k-1MM 51 $38,165,000 $748,333 $13,861 3.06%
$1MM+ 25 $126,445,000 $5,057,800 $16,580 3.71%

2021 saw Spokane Teachers place emphasis on $100,000 or less loans with 1,791 originations, totaling $102,035,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,424 $272,410,000 $191,299 $5,307 3.51%
$50k-75k 1,234 $186,340,000 $151,005 $4,183 3.36%
$75k-100k 1,072 $184,610,000 $172,211 $4,672 3.47%
$150k-250k 858 $184,800,000 $215,385 $6,488 3.53%
$50k or less 678 $83,620,000 $123,333 $3,609 3.30%
$250k+ 187 $49,845,000 $266,551 $8,299 3.48%

Spokane Teachers lent most frequently to those with incomes in the $100k-150k range, with 1,424 originations. The second most popular income band? $50k-75k, with 1,234 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,585 $274,305,000 $173,063 $4,419 3.31%
30-36% 1,086 $196,460,000 $180,902 $4,824 3.48%
<20% 664 $105,380,000 $158,705 $4,069 3.15%
40% 219 $39,715,000 $181,347 $4,777 3.62%
39% 197 $36,555,000 $185,558 $5,051 3.61%
38% 196 $35,740,000 $182,347 $4,849 3.56%
42% 192 $37,400,000 $194,792 $5,247 3.61%
41% 185 $35,125,000 $189,865 $5,277 3.65%
37% 180 $34,750,000 $193,056 $5,227 3.64%
36% 165 $32,725,000 $198,333 $4,909 3.45%
44% 164 $33,450,000 $203,963 $5,100 3.37%
50-60% 150 $19,190,000 $127,933 $4,568 3.98%
45% 139 $29,045,000 $208,957 $5,402 3.40%
43% 113 $23,825,000 $210,841 $5,600 3.38%
46% 107 $19,445,000 $181,729 $5,130 3.63%
49% 88 $16,400,000 $186,364 $5,052 3.46%
47% 74 $11,720,000 $158,378 $4,257 3.60%
48% 70 $9,930,000 $141,857 $4,300 3.73%
>60% 49 $7,595,000 $155,000 $3,739 3.96%

Spokane Teachers lent most frequently to those with DTI ratios of 20-30%, with 1,585 originations. The next most common DTI ratio? 30-36%, with 1,086 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,752 $839,820,000 $176,730 $4,678 3.44%
Not applicable 44 $133,710,000 $3,038,864 $0 3.74%
Not provided 668 $125,470,000 $187,829 $4,899 3.37%
Asian 82 $16,270,000 $198,415 $4,940 3.54%
American Indian 63 $9,555,000 $151,667 $4,007 3.59%
Black 39 $6,015,000 $154,231 $4,643 4.09%
Native Hawaiian 9 $1,315,000 $146,111 $3,484 4.10%
Filipino 8 $1,220,000 $152,500 $3,999 3.58%
Other Asian 3 $1,015,000 $338,333 $5,897 2.88%
Vietnamese 2 $440,000 $220,000 $9,198 3.93%
Chinese 1 $365,000 $365,000 $6,711 3.13%
1 $305,000 $305,000 $4,793 2.88%
Japanese 1 $135,000 $135,000 $0 3.74%

Approval Rates

Total approvals of all applications
89.55%

Spokane Teachers has an average approval rate.

Pick Rate

Approvals leading to origination
62.41%

Spokane Teachers has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 5,673 $1,135,635,000 $200,182

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,673 $1,135,635,000 $200,182

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,210 $156,420,000 $129,273 $3,470 3.49%
40-60% 1,155 $257,575,000 $223,009 $4,288 2.86%
60-80% 1,257 $486,205,000 $386,798 $5,532 3.10%
80-100% 407 $134,045,000 $329,349 $5,896 3.06%
Under 20% 1,644 $101,390,000 $61,673 $1,870 4.16%