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, Adrian, Ann Arbor, Hillsdale, and Battle Creek among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)American 1 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.
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Originations
26Origination Dollar Volume (All Markets)
$1,140,000Top 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) | 11 | $395,000 | $35,909 | $0 | 6.11% |
| Adrian, MI (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $0 | 5.25% |
| ANN ARBOR, MI (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $0 | 5.25% |
| Hillsdale, MI (FHA|USDA|VA) | 3 | $105,000 | $35,000 | $0 | 5.17% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 8.38% |
| MONROE, MI (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 5.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 5.75% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $1,140,000 | $43,846 | $0 | 5.93% |
For 2019, American 1 Credit Union's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 26 | $1,140,000 | $43,846 | $0 | 5.93% |
For 2019, American 1 Credit Union's most frequently cited loan purpose was Home Improvement, with 26 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 20 | $960,000 | $48,000 | $0 | 5.21% |
| 10 Year | 6 | $180,000 | $30,000 | $0 | 8.33% |
For 2019, American 1 Credit Union's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was 10 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 14 | $750,000 | $53,571 |
| 5-6% | 6 | $210,000 | $35,000 |
| 7-8% | 4 | $90,000 | $22,500 |
| Over 8% | 2 | $90,000 | $45,000 |
During 2019, American 1 Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 24 | $850,000 | $35,417 | $0 | 6.01% |
| $100k-200k | 2 | $290,000 | $145,000 | $0 | 5.00% |
2019 saw American 1 Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $850,000 in origination value.
Applicant Income
American 1 Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
American 1 Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 25 | $1,105,000 | $44,200 | $0 | 5.94% |
| Black | 1 | $35,000 | $35,000 | $0 | 5.75% |
Approval Rates
Total approvals of all applications66.25%
American 1 Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination0.00%
American 1 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 | 26 | $1,140,000 | $43,846 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 26 | $1,140,000 | $43,846 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICA FIRST FEDERAL CREDIT UNION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 100.0% |