Welcome Federal Credit Union Mortgage Rates, Fees & Info
Morrisville, NCLEI: 549300W7E6C5534TB922
Tax ID: 56-1066152
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Mortgage Data
Review & Overview
Welcome Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Welcome Federal Credit Union has a high proportion of conventional loans. Their top two markets are Raleigh and Rocky Mount .Welcome 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. Welcome Federal Credit Union is typically an average 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.
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Originations
2Origination Dollar Volume (All Markets)
$320,000Top 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 |
|---|---|---|---|---|---|
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,639 | 4.63% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,507 | 4.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2 | $320,000 | $160,000 | $5,073 | 4.69% |
For 2018, Welcome Federal Credit Union's most frequently originated type of loan was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 2 | $320,000 | $160,000 | $5,073 | 4.69% |
For 2018, Welcome Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 2 | $320,000 | $160,000 | $5,073 | 4.69% |
For 2018, Welcome Federal Credit Union's most frequently cited loan duration was 30 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $85,000 | $85,000 |
| $5k+ | 1 | $235,000 | $235,000 |
Welcome Federal Credit Union's average total fees were $5,073, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 2 | $320,000 | $160,000 |
During 2018, Welcome Federal Credit Union's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 1 | $85,000 | $85,000 | $2,507 | 4.75% |
| $200k-400k | 1 | $235,000 | $235,000 | $7,639 | 4.63% |
2018 saw Welcome Federal Credit Union place emphasis on $100,000 or less loans with 1 originations, totaling $85,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 2 | $320,000 | $160,000 | $5,073 | 4.69% |
Welcome Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 39% | 1 | $85,000 | $85,000 | $2,507 | 4.75% |
| 42% | 1 | $235,000 | $235,000 | $7,639 | 4.63% |
Welcome Federal Credit Union lent most frequently to those with DTI ratios of 39%, with 1 originations. The next most common DTI ratio? 42%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2 | $320,000 | $160,000 | $5,073 | 4.69% |
Approval Rates
Total approvals of all applications75.00%
Welcome Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination-350.00%
Welcome Federal Credit Union 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 | 2 | $320,000 | $160,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2 | $320,000 | $160,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 1 | $85,000 | $85,000 | $2,507 | 4.75% |
| 80-100% | 1 | $235,000 | $235,000 | $7,639 | 4.63% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| WILSON & ASSOCIATES, PLLC | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |
| WILSON & ASSOCIATES, PLLC | Other type of mortgage | Struggling to pay mortgage | 1 | 50.0% |