The State Credit Union Mortgage Rates, Fees & Info
CHARLESTON, WVLEI: 549300YEIILDTG022408
Tax ID: 55-0613214
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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.
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Originations
31Origination Dollar Volume (All Markets)
$2,935,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Their top states include:
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
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
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
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 applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $2,935,000 | $94,677 |