Educational Employees Credit Union Mortgage Rates, Fees & Info

Fresno, CA

LEI: 2549004OC91L41W9XR37

Tax ID: 94-1031345

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Educational Employees Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Educational Employees Credit Union has a high proportion of conventional loans. Their top markets include Fresno, Visalia, Madera, Hanford, and Merced among others. Educational Employees Credit Union has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Educational Employees Credit Union is typically a low fee lendor.


Originations

1,275

Origination Dollar Volume (All Markets)

$162,155,000

Awards

Educational Employees Credit Union 30 Year Conventional Loans gold Educational Employees Credit Union 30 Year Conventional Loans gold Educational Employees Credit Union 30 Year Conventional Loans gold Educational Employees Credit Union 30 Year Conventional Loans gold
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Relative Rate

Educational Employees Credit Union's average 30 year fixed rate mortgage of loans were 3.32%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.17%.

Relative Fees

Educational Employees Credit Union's average total fees for a 30 year fixed rate mortgage are $1,874.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FRESNO, CA (FHA|USDA|VA) 901 $117,955,000 $130,916 $1,655 3.62%
VISALIA, CA (FHA|USDA|VA) 174 $18,950,000 $108,908 $1,508 3.67%
MADERA, CA (FHA|USDA|VA) 61 $8,055,000 $132,049 $1,639 3.56%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 47 $4,825,000 $102,660 $1,514 3.68%
MERCED, CA (FHA|USDA|VA) 36 $4,400,000 $122,222 $1,841 3.64%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 8 $2,030,000 $253,750 $2,031 3.52%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 8 $1,490,000 $186,250 $1,855 3.56%
MODESTO, CA (FHA|USDA|VA) 9 $1,125,000 $125,000 $1,228 3.70%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $615,000 $205,000 $0 4.00%
Outside of Metro Areas 3 $495,000 $165,000 $2,549 3.75%
SALINAS, CA (FHA|USDA|VA) 3 $365,000 $121,667 $0 4.00%
BAKERSFIELD, CA (FHA|USDA|VA) 4 $250,000 $62,500 $0 4.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $245,000 $81,667 $3,460 3.33%
RENO, NV (FHA|USDA|VA) 1 $225,000 $225,000 $4,115 2.38%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $185,000 $61,667 $0 4.00%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $185,000 $185,000 $3,364 2.38%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.00%
YUBA CITY, CA (FHA|USDA|VA) 3 $115,000 $38,333 $0 4.00%
STOCKTON, CA (FHA|USDA|VA) 2 $80,000 $40,000 $0 4.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%

Educational Employees Credit Union's top markets include Fresno, Visalia, Madera, Hanford, and Merced among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,275 $162,155,000 $127,180 $1,657 3.63%

For the 2021 period, Educational Employees Credit Union's most frequently originated loan type of loans were Conventional, with 1,275 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 582 $45,440,000 $78,076 $959 3.98%
Refi 463 $91,805,000 $198,283 $1,589 3.08%
Other 186 $14,440,000 $77,634 $116 4.00%
Home Purchase 33 $8,695,000 $263,485 $3,173 3.18%
Cash Out Refi 11 $1,775,000 $161,364 $1,703 3.32%

For the 2021, Educational Employees Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 582 originations. The 2nd most popular reason of loans were Refi, with 463 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 752 $57,240,000 $76,117 $0 4.00%
30 Year 234 $56,220,000 $240,256 $1,874 3.32%
15 Year 149 $23,355,000 $156,745 $1,341 3.02%
10 Year 77 $11,455,000 $148,766 $1,657 2.63%
20 Year 63 $13,885,000 $220,397 $1,656 3.11%

For the 2021, Educational Employees Credit Union's most frequently cited loan length of loans were Other, with 752 originations. The 2nd most popular length of loans were 30 Year, with 234 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 496 $100,890,000 $203,407
$1k-2k 5 $835,000 $167,000
$2k-3k 3 $975,000 $325,000

$1,874 of loans were Educational Employees Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 496 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,030 $115,800,000 $112,427
2.5-3% 174 $34,500,000 $198,276
<2.5% 65 $11,455,000 $176,231
4-5% 4 $160,000 $40,000

During 2021, Educational Employees Credit Union's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 1,030 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 635 $33,145,000 $52,197 $1,152 3.88%
$100k-200k 352 $48,260,000 $137,102 $1,641 3.53%
$200k-400k 265 $69,145,000 $260,925 $1,843 3.21%
$400k-600k 19 $8,905,000 $468,684 $1,902 3.15%
$600k-1MM 4 $2,700,000 $675,000 $2,580 3.28%

2021 saw Educational Employees Credit Union place emphasis on $100,000 or less loans with 635 originations, totaling $33,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 378 $48,120,000 $127,302 $1,691 3.67%
$150k-250k 324 $44,470,000 $137,253 $1,675 3.74%
$75k-100k 202 $24,950,000 $123,515 $1,626 3.55%
$50k-75k 186 $19,530,000 $105,000 $1,641 3.49%
$250k+ 98 $16,190,000 $165,204 $1,630 3.78%
$50k or less 79 $7,225,000 $91,456 $1,630 3.44%

Educational Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 378 originations. The second most popular income band? $150k-250k, with 324 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 460 $59,590,000 $129,543 $1,626 3.59%
<20% 266 $35,210,000 $132,368 $1,681 3.60%
30-36% 255 $31,825,000 $124,804 $1,599 3.66%
36% 38 $5,430,000 $142,895 $1,702 3.59%
38% 38 $5,300,000 $139,474 $1,613 3.65%
39% 33 $4,425,000 $134,091 $1,513 3.66%
41% 33 $4,565,000 $138,333 $1,647 3.55%
42% 31 $4,155,000 $134,032 $1,985 3.61%
40% 26 $3,430,000 $131,923 $1,686 3.65%
37% 25 $3,055,000 $122,200 $1,622 3.68%
43% 17 $1,195,000 $70,294 $0 4.00%
44% 13 $895,000 $68,846 $0 4.00%
47% 10 $640,000 $64,000 $6,896 3.94%
45% 10 $660,000 $66,000 $0 4.00%
46% 5 $315,000 $63,000 $0 4.00%
50-60% 5 $455,000 $91,000 $0 4.00%
>60% 4 $250,000 $62,500 $0 4.00%
48% 4 $700,000 $175,000 $3,039 3.78%
49% 2 $60,000 $30,000 $0 4.00%

Educational Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 460 originations. The next most common DTI ratio? <20%, with 266 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 727 $89,605,000 $123,253 $1,654 3.63%
Not provided 453 $59,675,000 $131,733 $1,671 3.64%
Asian 37 $5,705,000 $154,189 $1,587 3.50%
American Indian 19 $3,025,000 $159,211 $1,640 3.38%
Black 15 $1,925,000 $128,333 $1,658 3.50%
Other Asian 4 $630,000 $157,500 $1,661 3.84%
Filipino 6 $420,000 $70,000 $0 4.00%
Native Hawaiian 2 $370,000 $185,000 $1,636 3.69%
4 $280,000 $70,000 $0 4.00%
Japanese 1 $105,000 $105,000 $0 4.00%
Chinese 2 $100,000 $50,000 $0 4.00%
Asian Indian 1 $75,000 $75,000 $0 4.00%
Korean 1 $65,000 $65,000 $0 4.00%
Vietnamese 1 $65,000 $65,000 $0 4.00%
Not applicable 1 $55,000 $55,000 $0 4.00%
Native Hawiian 1 $55,000 $55,000 $0 4.00%

Approval Rates

Total approvals of all applications
60.39%

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

Pick Rate

Approvals leading to origination
83.91%

Educational Employees Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 91 $6,955,000 $76,429
NA 1,184 $155,200,000 $131,081

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,275 $162,155,000 $127,180

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 289 $36,095,000 $124,896 $1,585 3.55%
40-60% 183 $38,625,000 $211,066 $1,733 3.16%
60-80% 179 $47,595,000 $265,894 $1,758 3.22%
80-100% 18 $5,440,000 $302,222 $3,104 3.11%
Under 20% 606 $34,400,000 $56,766 $715 3.95%