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 Refi, Cash Out Refi, and Home Purchase loans. Welcome Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Durham, Greenville, New York, and Philadelphia among others. We have data for 12 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.

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

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    Originations

    30

    Origination Dollar Volume (All Markets)

    $6,700,000

    Awards

    WELCOME Federal Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    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) 11 $2,915,000 $265,000 $2,060 2.94%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $865,000 $173,000 $1,834 3.13%
    GREENVILLE, NC (FHA|USDA|VA) 4 $670,000 $167,500 $1,672 2.97%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $505,000 $505,000 $4,052 2.88%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $355,000 $355,000 $4,591 2.50%
    Morehead City, NC (FHA|USDA|VA) 2 $340,000 $170,000 $2,304 3.06%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $255,000 $255,000 $1,992 2.88%
    Boone, NC (FHA|USDA|VA) 1 $185,000 $185,000 $1,520 3.25%
    BURLINGTON, NC (FHA|USDA|VA) 1 $185,000 $185,000 $1,791 2.75%
    WINSTON-SALEM, NC (FHA|USDA|VA) 1 $165,000 $165,000 $2,265 3.00%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $155,000 $155,000 $1,285 2.88%
    Kinston, NC (FHA|USDA|VA) 1 $105,000 $105,000 $2,098 2.63%
    Welcome Federal Credit Union's top markets include Raleigh, Durham, Greenville, New York, and Philadelphia among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 30 $6,700,000 $223,333 $2,100 2.96%

    For 2020, Welcome Federal Credit Union's most frequently originated type of loan was Conventional, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 18 $3,720,000 $206,667 $2,100 2.88%
    Cash Out Refi 7 $1,385,000 $197,857 $2,030 3.03%
    Home Purchase 5 $1,595,000 $319,000 $2,194 3.13%

    For 2020, Welcome Federal Credit Union's most frequently cited loan purpose was Refi, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 13 $3,245,000 $249,615 $1,956 3.17%
    15 Year 12 $2,370,000 $197,500 $2,294 2.72%
    20 Year 3 $585,000 $195,000 $1,947 3.04%
    10 Year 2 $500,000 $250,000 $2,023 2.85%

    For 2020, Welcome Federal Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 28 $6,300,000 $225,000
    $1k-2k 1 $295,000 $295,000

    Welcome Federal Credit Union's average total fees were $1,956, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 19 $4,825,000 $253,947
    3-4% 7 $1,065,000 $152,143
    <2.5% 4 $810,000 $202,500

    During 2020, Welcome Federal Credit Union's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 2.5-3%, with 19 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 19 $2,815,000 $148,158 $1,893 2.94%
    $200k-400k 8 $2,350,000 $293,750 $2,402 2.99%
    $400k-600k 2 $930,000 $465,000 $2,864 2.94%
    $600k-1MM 1 $605,000 $605,000 $1,867 3.00%

    2020 saw Welcome Federal Credit Union place emphasis on $100k-200k loans with 19 originations, totaling $2,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 9 $1,265,000 $140,556 $1,941 2.90%
    $100k-150k 8 $1,290,000 $161,250 $1,883 2.94%
    $150k-250k 7 $2,145,000 $306,429 $1,962 3.06%
    $250k+ 3 $1,115,000 $371,667 $2,416 3.04%
    $50k-75k 3 $885,000 $295,000 $3,105 2.83%

    Welcome Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 9 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $3,135,000 $209,000 $1,927 2.96%
    <20% 6 $1,640,000 $273,333 $2,280 2.96%
    30-36% 4 $950,000 $237,500 $2,139 2.93%
    40% 1 $195,000 $195,000 $2,443 3.00%
    41% 1 $165,000 $165,000 $2,265 3.00%
    48% 1 $355,000 $355,000 $4,591 2.50%
    36% 1 $105,000 $105,000 $1,089 3.50%
    39% 1 $155,000 $155,000 $1,285 2.88%

    Welcome Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? <20%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 24 $5,720,000 $238,333 $2,145 2.95%
    Not provided 3 $635,000 $211,667 $1,879 3.00%
    Black 2 $220,000 $110,000 $1,710 2.94%
    Asian 1 $125,000 $125,000 $2,048 3.00%

    Approval Rates

    Total approvals of all applications
    89.74%

    Welcome Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    10.00%

    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 30 $6,700,000 $223,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 30 $6,700,000 $223,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $135,000 $135,000 $2,571 2.75%
    40-60% 10 $1,750,000 $175,000 $1,941 2.78%
    60-80% 15 $3,455,000 $230,333 $2,191 3.08%
    80-100% 4 $1,360,000 $340,000 $2,057 3.00%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WILSON & ASSOCIATES, PLLC Conventional home mortgage Trouble during payment process 1 100.0%