American 1 Credit Union Mortgage Rates, Fees & Info
Jackson, MILEI: 2549003PJRW71IW7BH70
Tax ID: 38-2323689
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Mortgage Data
Review & Overview
American 1 Credit Union is a smaller credit union specializing in Home Improvement loans. American 1 Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Jackson, Hillsdale, Detroit, Adrian, and Battle Creek among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)American 1 Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
212Origination Dollar Volume (All Markets)
$1,800,000Top 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 |
|---|---|---|---|---|---|
| JACKSON, MI (FHA|USDA|VA) | 125 | $1,075,000 | $8,600 | $0 | 10.32% |
| Hillsdale, MI (FHA|USDA|VA) | 27 | $265,000 | $9,815 | $0 | 10.24% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 16 | $150,000 | $9,375 | $0 | 11.25% |
| Adrian, MI (FHA|USDA|VA) | 12 | $120,000 | $10,000 | $0 | 10.34% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 11 | $65,000 | $5,909 | $0 | 11.55% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $20,000 | $10,000 | $0 | 10.00% |
| Coldwater, MI (FHA|USDA|VA) | 4 | $20,000 | $5,000 | $0 | 10.00% |
| Outside of Metro Areas | 2 | $20,000 | $10,000 | $0 | 9.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 3 | $15,000 | $5,000 | $0 | 11.00% |
| MONROE, MI (FHA|USDA|VA) | 3 | $15,000 | $5,000 | $0 | 11.00% |
| Peru, IN (FHA|USDA|VA) | 2 | $10,000 | $5,000 | $0 | 12.00% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 9.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 9.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 15.00% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 18.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 11.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 212 | $1,800,000 | $8,491 | $0 | 10.51% |
For 2018, American 1 Credit Union's most frequently originated type of loan was Conventional, with 212 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 211 | $1,795,000 | $8,507 | $0 | 10.51% |
| Home Purchase | 1 | $5,000 | $5,000 | $0 | 9.00% |
For 2018, American 1 Credit Union's most frequently cited loan purpose was Home Improvement, with 211 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
For 2018, American 1 Credit Union's most frequently cited loan duration was 5 Year, with 99 originations. The 2nd most popular length was Other, with 77 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 198 | $1,640,000 | $8,283 |
| 2.5-3% | 10 | $120,000 | $12,000 |
| 4-5% | 3 | $25,000 | $8,333 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2018, American 1 Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 198 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 212 | $1,800,000 | $8,491 | $0 | 10.51% |
2018 saw American 1 Credit Union place emphasis on $100,000 or less loans with 212 originations, totaling $1,800,000 in origination value.
Applicant Income
American 1 Credit Union lent most frequently to those with incomes in the $50k or less range, with 97 originations. The second most popular income band? $50k-75k, with 64 originations.
Applicant Debt to Income Ratio
American 1 Credit Union lent most frequently to those with DTI ratios of 30-36%, with 41 originations. The next most common DTI ratio? 20-30%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.43%
American 1 Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination82.08%
American 1 Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 212 | $1,800,000 | $8,491 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 212 | $1,800,000 | $8,491 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICAN FINANCING CORPORATION | Conventional home mortgage | Unable to get your credit report or credit score | 1 | 50.0% |
| AMERICAN FINANCING CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |