First Basin Credit Union Mortgage Rates, Fees & Info

Odessa, TX

LEI: 25490031FYE1X5QNTK83

Tax ID: 75-1084210

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    First Basin Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. First Basin Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Odessa, Midland, Andrews, Houston, and College Station among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Basin Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Basin Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.73% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    15 Year Conventional Purchase 5.78% 11/21/24
    15 Year Conventional Refi 5.68% 11/21/24
    15 Year Cash-out Refi 5.68% 11/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    First Basin Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from First Basin Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    33

    Origination Dollar Volume (All Markets)

    $5,155,000

    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
    ODESSA, TX (FHA|USDA|VA) 22 $3,080,000 $140,000 $2,732 3.88%
    MIDLAND, TX (FHA|USDA|VA) 4 $660,000 $165,000 $3,141 3.69%
    Andrews, TX (FHA|USDA|VA) 4 $450,000 $112,500 $2,375 3.88%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $405,000 $405,000 $5,250 3.88%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $305,000 $305,000 $4,247 3.88%
    Outside of Metro Areas 1 $255,000 $255,000 $5,307 5.63%
    First Basin Credit Union's top markets include Odessa, Midland, Andrews, Houston, and College Station among others.

    Their top states include:
  • Texas (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $5,155,000 $156,212 $2,939 3.91%

    For 2020, First Basin Credit Union's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 18 $2,280,000 $126,667 $2,429 3.72%
    Home Purchase 8 $1,840,000 $230,000 $4,441 4.38%
    Refi 6 $950,000 $158,333 $2,586 3.85%
    Home Improvement 1 $85,000 $85,000 $2,216 3.88%

    For 2020, First Basin Credit Union's most frequently cited loan purpose was Cash Out Refi, with 18 originations. The 2nd most popular reason was Home Purchase, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 22 $2,970,000 $135,000 $2,461 3.73%
    30 Year 11 $2,185,000 $198,636 $3,894 4.25%

    For 2020, First Basin Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 30 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $5,155,000 $156,212

    First Basin Credit Union's average total fees were $3,894, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 26 $4,000,000 $153,846
    4-5% 5 $745,000 $149,000
    5-6% 2 $410,000 $205,000

    During 2020, First Basin Credit Union's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 19 $2,725,000 $143,421 $2,899 3.87%
    $100,000 or less 8 $650,000 $81,250 $2,085 3.80%
    $200k-400k 5 $1,375,000 $275,000 $3,991 4.23%
    $400k-600k 1 $405,000 $405,000 $5,250 3.88%

    2020 saw First Basin Credit Union place emphasis on $100k-200k loans with 19 originations, totaling $2,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 11 $1,965,000 $178,636 $3,218 3.85%
    $75k-100k 10 $1,470,000 $147,000 $3,087 4.01%
    $50k-75k 5 $605,000 $121,000 $2,324 3.63%
    $150k-250k 4 $820,000 $205,000 $3,440 4.28%
    $50k or less 2 $150,000 $75,000 $1,798 3.81%
    $250k+ 1 $145,000 $145,000 $1,744 3.50%

    First Basin Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $75k-100k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $1,665,000 $151,364 $2,901 3.93%
    30-36% 7 $1,425,000 $203,571 $3,184 4.02%
    <20% 5 $625,000 $125,000 $2,853 3.75%
    37% 3 $365,000 $121,667 $2,654 4.00%
    40% 2 $240,000 $120,000 $3,189 4.06%
    42% 2 $290,000 $145,000 $3,100 3.63%
    36% 1 $105,000 $105,000 $3,000 4.00%
    38% 1 $185,000 $185,000 $2,271 3.88%
    45% 1 $255,000 $255,000 $2,706 3.50%

    First Basin Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $5,155,000 $156,212 $2,939 3.91%

    Approval Rates

    Total approvals of all applications
    58.02%

    First Basin Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    -39.39%

    First Basin Credit Union 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 33 $5,155,000 $156,212

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 33 $5,155,000 $156,212

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $170,000 $85,000 $1,801 3.81%
    40-60% 4 $460,000 $115,000 $2,358 3.69%
    60-80% 13 $2,065,000 $158,846 $2,772 3.91%
    80-100% 14 $2,460,000 $175,714 $3,422 3.97%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%