The State Credit Union Mortgage Rates, Fees & Info

CHARLESTON, WV

LEI: 549300YEIILDTG022408

Tax ID: 55-0613214

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

Jump to:

Mortgage Data

Review & Overview

The State Credit Union is a smaller credit union specializing in Refi loans. The State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Beckley, Huntington, and Clarksburg among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

The State Credit Union has an above average approval rate when compared to the average across all lenders.

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

31

Origination Dollar Volume (All Markets)

$2,935,000

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
CHARLESTON, WV (FHA|USDA|VA) 22 $2,010,000 $91,364 $929 6.32%
Outside of Metro Areas 6 $620,000 $103,333 $929 5.91%
BECKLEY, WV (FHA|USDA|VA) 1 $205,000 $205,000 $929 6.99%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $65,000 $65,000 $929 5.99%
Clarksburg, WV (FHA|USDA|VA) 1 $35,000 $35,000 $929 5.49%
The State Credit Union's top markets include Charleston, Beckley, Huntington, and Clarksburg among others.

Their top states include:
  • West Virginia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $2,935,000 $94,677 $929 6.22%

    For 2023, The State Credit Union's most frequently originated type of loan was Conventional, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 20 $2,050,000 $102,500 $929 6.19%
    Cash Out Refi 7 $545,000 $77,857 $929 6.31%
    Home Purchase 4 $340,000 $85,000 $929 6.24%

    For 2023, The State Credit Union's most frequently cited loan purpose was Refi, with 20 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
    5 Year 30 $2,900,000 $96,667 $929 6.22%
    3 Year 1 $35,000 $35,000 $929 6.24%

    For 2023, The State Credit Union's most frequently cited loan duration was 5 Year, with 30 originations. The 2nd most popular length was 3 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 31 $2,935,000 $94,677

    The State Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 20 $1,780,000 $89,000
    6-7% 11 $1,155,000 $105,000

    During 2023, The State Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,360,000 $68,000 $929 6.18%
    $100k-200k 10 $1,370,000 $137,000 $929 6.24%
    $200k-400k 1 $205,000 $205,000 $929 6.99%

    2023 saw The State Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 11 $1,045,000 $95,000 $929 6.33%
    $100k-150k 8 $680,000 $85,000 $929 6.33%
    $50k-75k 7 $755,000 $107,857 $929 6.06%
    $50k or less 3 $205,000 $68,333 $929 5.99%
    $150k-250k 2 $250,000 $125,000 $929 6.12%

    The State Credit Union lent most frequently to those with incomes in the $75k-100k range, with 11 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% 11 $865,000 $78,636 $929 6.04%
    30-36% 9 $805,000 $89,444 $929 6.24%
    20-30% 4 $390,000 $97,500 $929 6.68%
    36% 2 $220,000 $110,000 $929 6.37%
    39% 2 $350,000 $175,000 $929 5.99%
    38% 2 $230,000 $115,000 $929 6.49%
    37% 1 $75,000 $75,000 $929 5.99%

    The State Credit Union lent most frequently to those with DTI ratios of <20%, with 11 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $2,820,000 $94,000 $929 6.23%
    Black 1 $115,000 $115,000 $929 5.99%

    Approval Rates

    Total approvals of all applications
    100.00%

    The State Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 31 $2,935,000 $94,677

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    31 $2,935,000 $94,677

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $55,000 $55,000 $929 5.74%
    40-60% 5 $315,000 $63,000 $929 6.34%
    60-80% 18 $1,860,000 $103,333 $929 6.31%
    80-100% 6 $690,000 $115,000 $929 6.03%
    Under 20% 1 $15,000 $15,000 $929 5.74%