Weokie Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 549300W8MJBUGW3ZLQ95

Tax ID: 73-0784198

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Weokie is a smaller mortgage company specializing in Refi and Home Purchase loans. Weokie has a high proportion of conventional loans. Their top markets include Oklahoma City, Tulsa, Mcalester, Weatherford, and Shawnee among others. Weokie 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. Weokie is typically a low fee lendor.


Originations

685

Origination Dollar Volume (All Markets)

$139,985,000

Awards

WEOKIE 30 Year Conventional Loans silver WEOKIE 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Weokie's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Weokie's average total fees for a 30 year fixed rate mortgage are $3,256.

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 667 $136,835,000 $205,150 $2,854 3.20%
TULSA, OK (FHA|USDA|VA) 3 $735,000 $245,000 $4,112 2.66%
McAlester, OK (FHA|USDA|VA) 2 $690,000 $345,000 $3,771 2.50%
Outside of Metro Areas 6 $580,000 $96,667 $2,372 4.77%
Weatherford, OK (FHA|USDA|VA) 2 $420,000 $210,000 $4,774 2.25%
Shawnee, OK (FHA|USDA|VA) 2 $260,000 $130,000 $3,147 2.50%
Elk City, OK (FHA|USDA|VA) 1 $205,000 $205,000 $3,267 2.50%
Ada, OK (FHA|USDA|VA) 1 $195,000 $195,000 $3,768 3.13%
Duncan, OK (FHA|USDA|VA) 1 $65,000 $65,000 $3,240 2.38%

Weokie's top markets include Oklahoma City, Tulsa, Mcalester, Weatherford, and Shawnee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 685 $139,985,000 $204,358 $2,868 3.20%

For the 2021 period, Weokie's most frequently originated loan type of loans were Conventional, with 685 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 242 $62,950,000 $260,124 $2,992 2.83%
Home Purchase 234 $48,590,000 $207,650 $3,135 3.03%
Cash Out Refi 159 $25,755,000 $161,981 $2,942 3.49%
Home Improvement 50 $2,690,000 $53,800 $897 4.85%

For the 2021, Weokie's most frequently cited loan purpose of loans were Refi, with 242 originations. The 2nd most popular reason of loans were Home Purchase, with 234 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 330 $69,560,000 $210,788 $3,256 3.04%
15 Year 199 $53,805,000 $270,377 $2,913 3.03%
10 Year 61 $5,105,000 $83,689 $1,711 4.27%
20 Year 60 $10,500,000 $175,000 $3,317 2.79%
5 Year 26 $730,000 $28,077 $248 4.14%
Other 9 $285,000 $31,667 $111 5.55%

For the 2021, Weokie's most frequently cited loan length of loans were 30 Year, with 330 originations. The 2nd most popular length of loans were 15 Year, with 199 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 523 $94,325,000 $180,354
$<1k 90 $7,020,000 $78,000
$2k-3k 21 $4,205,000 $200,238
$3k-4k 10 $3,300,000 $330,000
$5k+ 3 $1,465,000 $488,333

$3,256 of loans were Weokie's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 523 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 210 $41,650,000 $198,333
<2.5% 208 $39,190,000 $188,413
3-4% 152 $30,620,000 $201,447
4-5% 73 $26,415,000 $361,849
5-6% 25 $1,585,000 $63,400
6-7% 11 $395,000 $35,909
7-8% 6 $130,000 $21,667

During 2021, Weokie's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 210 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 298 $43,500,000 $145,973 $2,969 2.98%
$200k-400k 177 $48,585,000 $274,492 $3,485 2.83%
$100,000 or less 172 $10,280,000 $59,767 $1,846 3.91%
$400k-600k 18 $8,420,000 $467,778 $4,495 2.92%
$1MM+ 12 $23,500,000 $1,958,333 $5,130 4.02%
$600k-1MM 8 $5,700,000 $712,500 $5,258 3.66%

2021 saw Weokie place emphasis on $100k-200k loans with 298 originations, totaling $43,500,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 157 $22,725,000 $144,745 $2,762 3.07%
$100k-150k 143 $27,565,000 $192,762 $2,947 3.17%
$50k or less 134 $14,710,000 $109,776 $2,653 3.34%
$75k-100k 128 $20,500,000 $160,156 $2,865 3.04%
$150k-250k 74 $19,260,000 $260,270 $3,082 3.04%
$250k+ 13 $5,785,000 $445,000 $4,263 2.80%

Weokie lent most frequently to those with incomes in the $50k-75k range, with 157 originations. The second most popular income band? $100k-150k, with 143 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 149 $27,995,000 $187,886 $3,007 2.96%
<20% 136 $19,730,000 $145,074 $2,563 3.30%
30-36% 125 $20,935,000 $167,480 $3,032 2.91%
38% 29 $5,305,000 $182,931 $2,921 2.96%
42% 24 $4,730,000 $197,083 $2,892 3.62%
39% 23 $3,665,000 $159,348 $2,107 3.69%
40% 23 $5,405,000 $235,000 $3,388 3.16%
41% 23 $4,045,000 $175,870 $2,619 3.86%
36% 23 $3,045,000 $132,391 $2,921 3.30%
44% 18 $3,390,000 $188,333 $3,027 3.01%
37% 16 $2,680,000 $167,500 $3,014 3.34%
43% 15 $2,045,000 $136,333 $2,534 3.20%
49% 11 $2,255,000 $205,000 $3,217 2.47%
47% 9 $1,345,000 $149,444 $3,263 2.85%
46% 8 $1,030,000 $128,750 $2,941 2.67%
45% 7 $965,000 $137,857 $2,924 2.80%
48% 5 $1,025,000 $205,000 $2,451 3.35%
50-60% 2 $550,000 $275,000 $3,429 2.63%

Weokie lent most frequently to those with DTI ratios of 20-30%, with 149 originations. The next most common DTI ratio? <20%, with 136 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 470 $81,050,000 $172,447 $2,862 3.17%
Not applicable 36 $29,440,000 $817,778 $0 4.39%
Not provided 62 $11,000,000 $177,419 $2,943 3.10%
Asian 55 $9,525,000 $173,182 $2,966 2.65%
Black 41 $5,615,000 $136,951 $2,733 3.36%
American Indian 7 $1,025,000 $146,429 $2,052 3.07%
Other Asian 3 $715,000 $238,333 $3,428 3.08%
Chinese 2 $450,000 $225,000 $3,057 2.63%
Asian Indian 4 $450,000 $112,500 $2,574 3.12%
Vietnamese 3 $405,000 $135,000 $3,125 4.00%
Other Pacific Islander 1 $175,000 $175,000 $4,806 3.25%
Korean 1 $135,000 $135,000 $3,384 3.00%

Approval Rates

Total approvals of all applications
76.54%

Weokie has a below average approval rate.

Pick Rate

Approvals leading to origination
65.53%

Weokie 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 685 $139,985,000 $204,358

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
685 $139,985,000 $204,358

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 37 $2,845,000 $76,892 $2,032 3.76%
40-60% 98 $14,620,000 $149,184 $2,997 2.76%
60-80% 278 $64,140,000 $230,719 $3,226 3.00%
80-100% 214 $53,540,000 $250,187 $3,168 3.08%
Over 100% 4 $2,420,000 $605,000 $0 4.25%
Under 20% 52 $2,030,000 $39,038 $273 5.11%