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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The State Credit Union is a smaller credit union specializing in Cash Out Refi loans. The State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Huntington, Beckley, Clarksburg, and Elkins among others. We have data for 6 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. They have an above average pick rate when compared to similar 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.

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    Originations

    64

    Origination Dollar Volume (All Markets)

    $4,960,000

    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) 44 $3,430,000 $77,955 $1,038 5.18%
    Outside of Metro Areas 8 $580,000 $72,500 $1,101 4.94%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 4 $420,000 $105,000 $1,233 5.51%
    BECKLEY, WV (FHA|USDA|VA) 5 $265,000 $53,000 $1,042 5.39%
    Clarksburg, WV (FHA|USDA|VA) 2 $200,000 $100,000 $683 5.17%
    Elkins, WV (FHA|USDA|VA) 1 $65,000 $65,000 $1,071 5.35%
    The State Credit Union's top markets include Charleston, Huntington, Beckley, Clarksburg, and Elkins 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 64 $4,960,000 $77,500 $1,047 5.19%

    For 2018, The State Credit Union's most frequently originated type of loan was Conventional, with 64 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 28 $2,360,000 $84,286 $994 5.31%
    Refi 11 $845,000 $76,818 $1,065 4.91%
    Home Purchase 10 $770,000 $77,000 $1,293 5.09%
    Home Improvement 9 $535,000 $59,444 $1,000 5.35%
    Other 6 $450,000 $75,000 $925 5.05%

    For 2018, The State Credit Union's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 64 $4,960,000 $77,500 $1,047 5.19%

    For 2018, The State Credit Union's most frequently cited loan duration was Other, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $4,960,000 $77,500

    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 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 49 $3,465,000 $70,714
    4-5% 9 $815,000 $90,556
    3-4% 6 $680,000 $113,333

    During 2018, 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 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 47 $2,475,000 $52,660 $1,031 5.28%
    $100k-200k 15 $1,985,000 $132,333 $1,041 4.89%
    $200k-400k 2 $500,000 $250,000 $1,474 5.23%

    2018 saw The State Credit Union place emphasis on $100,000 or less loans with 47 originations, totaling $2,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 28 $1,500,000 $53,571 $1,030 5.30%
    $50k-75k 18 $1,650,000 $91,667 $1,082 5.08%
    $100k-150k 9 $1,005,000 $111,667 $1,007 5.14%
    $75k-100k 8 $680,000 $85,000 $946 5.14%
    $150k-250k 1 $125,000 $125,000 $2,080 4.99%

    The State Credit Union lent most frequently to those with incomes in the $50k or less range, with 28 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $1,655,000 $87,105 $1,075 5.20%
    30-36% 18 $1,180,000 $65,556 $980 5.29%
    <20% 12 $540,000 $45,000 $1,063 5.15%
    37% 4 $330,000 $82,500 $1,095 5.10%
    38% 4 $380,000 $95,000 $1,461 5.23%
    39% 3 $515,000 $171,667 $1,085 4.48%
    36% 2 $180,000 $90,000 $773 5.58%
    >60% 1 $145,000 $145,000 $588 4.86%
    42% 1 $35,000 $35,000 $600 5.38%

    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 64 $4,960,000 $77,500 $1,047 5.19%

    Approval Rates

    Total approvals of all applications
    92.96%

    The State Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.88%

    The State Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 64 $4,960,000 $77,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 64 $4,960,000 $77,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $400,000 $40,000 $1,025 5.17%
    40-60% 11 $775,000 $70,455 $1,121 5.11%
    60-80% 25 $2,065,000 $82,600 $1,015 5.11%
    80-100% 17 $1,705,000 $100,294 $1,067 5.34%
    Under 20% 1 $15,000 $15,000 $946 5.68%