Welcome Federal Credit Union Mortgage Rates, Fees & Info

Morrisville, NC

LEI: 549300W7E6C5534TB922

Tax ID: 56-1066152

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

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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

    Welcome Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Welcome Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Durham, Greenville, Atlanta, and Greensboro among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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 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.

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    Originations

    10

    Origination Dollar Volume (All Markets)

    $2,080,000

    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
    RALEIGH-CARY, NC (FHA|USDA|VA) 3 $745,000 $248,333 $2,644 3.79%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $575,000 $191,667 $1,733 3.71%
    GREENVILLE, NC (FHA|USDA|VA) 2 $390,000 $195,000 $2,389 4.19%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $215,000 $215,000 $534 4.00%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,032 4.38%
    Welcome Federal Credit Union's top markets include Raleigh, Durham, Greenville, Atlanta, and Greensboro among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10 $2,080,000 $208,000 $2,048 3.93%

    For 2019, Welcome Federal Credit Union's most frequently originated type of loan was Conventional, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6 $1,210,000 $201,667 $1,745 4.10%
    Cash Out Refi 3 $565,000 $188,333 $2,379 3.71%
    Refi 1 $305,000 $305,000 $2,870 3.50%

    For 2019, Welcome Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6 $1,290,000 $215,000 $1,773 4.17%
    20 Year 3 $665,000 $221,667 $2,542 3.50%
    15 Year 1 $125,000 $125,000 $2,213 3.75%

    For 2019, Welcome Federal Credit Union's most frequently cited loan duration was 30 Year, with 6 originations. The 2nd most popular length was 20 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 8 $1,750,000 $218,750
    $1k-2k 2 $330,000 $165,000

    Welcome Federal Credit Union's average total fees were $1,773, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 6 $1,280,000 $213,333
    4-5% 4 $800,000 $200,000

    During 2019, Welcome Federal Credit Union's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 3-4%, with 6 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 5 $825,000 $165,000 $2,279 3.88%
    $200k-400k 5 $1,255,000 $251,000 $1,816 3.98%

    2019 saw Welcome Federal Credit Union place emphasis on $100k-200k loans with 5 originations, totaling $825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 3 $515,000 $171,667 $2,127 3.79%
    $150k-250k 3 $835,000 $278,333 $2,055 3.92%
    $50k-75k 2 $400,000 $200,000 $1,465 4.13%
    $50k or less 1 $155,000 $155,000 $2,032 4.38%
    $75k-100k 1 $175,000 $175,000 $2,970 3.50%

    Welcome Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 3 originations. The second most popular income band? $150k-250k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 4 $960,000 $240,000 $2,094 3.88%
    <20% 1 $185,000 $185,000 $1,787 3.50%
    37% 1 $205,000 $205,000 $2,382 4.13%
    38% 1 $185,000 $185,000 $2,396 4.25%
    45% 1 $155,000 $155,000 $2,032 4.38%
    47% 1 $215,000 $215,000 $534 4.00%

    Welcome Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? <20%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 9 $1,895,000 $210,556 $2,009 3.89%
    Black 1 $185,000 $185,000 $2,396 4.25%

    Approval Rates

    Total approvals of all applications
    73.91%

    Welcome Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    40.00%

    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 10 $2,080,000 $208,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 10 $2,080,000 $208,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 1 $185,000 $185,000 $1,787 3.50%
    60-80% 5 $1,115,000 $223,000 $2,054 3.88%
    80-100% 4 $780,000 $195,000 $2,105 4.09%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    WILSON & ASSOCIATES, PLLC FHA mortgage Struggling to pay mortgage 1 100.0%