The State Credit Union Mortgage Rates, Fees & Info
CHARLESTON, WVLEI: 549300YEIILDTG022408
Tax ID: 55-0613214
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
The State Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. The State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Huntington, Beckley, Bluefield, and Parkersburg among others. We have data for 7 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
52Origination Dollar Volume (All Markets)
$4,590,000Top 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) | 37 | $3,365,000 | $90,946 | $929 | 5.98% |
| Outside of Metro Areas | 7 | $695,000 | $99,286 | $929 | 5.53% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $929 | 7.99% |
| BECKLEY, WV (FHA|USDA|VA) | 4 | $180,000 | $45,000 | $929 | 6.87% |
| Bluefield, WV-VA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $929 | 5.74% |
| PARKERSBURG-VIENNA, WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $929 | 6.74% |
| Mount Gay-Shamrock, WV (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $929 | 7.74% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 52 | $4,590,000 | $88,269 | $929 | 6.07% |
For 2024, The State Credit Union's most frequently originated type of loan was Conventional, with 52 originations.
Loan Reason
For 2024, The State Credit Union's most frequently cited loan purpose was Cash Out Refi, with 23 originations. The 2nd most popular reason was Refi, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 5 Year | 43 | $3,915,000 | $91,047 | $929 | 6.14% |
| 10 Year | 9 | $675,000 | $75,000 | $929 | 5.74% |
For 2024, The State Credit Union's most frequently cited loan duration was 5 Year, with 43 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 52 | $4,590,000 | $88,269 |
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 52 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 17 | $1,405,000 | $82,647 |
| 4-5% | 15 | $1,715,000 | $114,333 |
| 6-7% | 13 | $915,000 | $70,385 |
| 7-8% | 7 | $555,000 | $79,286 |
During 2024, 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 17 originations.
Loan Sizing
2024 saw The State Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,920,000 in origination value.
Applicant Income
The State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
The State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 18 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 52 | $4,590,000 | $88,269 | $929 | 6.07% |
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 | 52 | $4,590,000 | $88,269 |