Educational Employees Credit Union Mortgage Rates, Fees & Info
Fresno, CALEI: 2549004OC91L41W9XR37
Tax ID: 94-1031345
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Mortgage Data
Review & 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 by origination volume include: Fresno, Visalia, Madera, Hanford, and Merced among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)Educational Employees 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. Educational Employees 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.43% | 4/22/24 |
| 30 Year Conventional Refi | 5.81% | 4/22/24 |
| 30 Year Cash-out Refi | 6.45% | 4/22/24 |
| 15 Year Conventional Purchase | 4.58% | 4/22/24 |
| 15 Year Conventional Refi | 5.71% | 4/22/24 |
| 15 Year Cash-out Refi | 5.71% | 4/22/24 |
| 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. | ||
Educational Employees Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,275Origination Dollar Volume (All Markets)
$162,155,000Awards
Educational Employees Credit Union - 2021
Educational Employees Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Educational Employees Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 753 | $57,255,000 | $76,036 | n/a | 4.00% |
| Conventional | 522 | $104,900,000 | $200,958 | $1,657 | 3.10% |
For 2021, Educational Employees Credit Union's most frequently originated type of loan was HELOC, with 753 originations. Their 2nd most popular type was Conventional, with 522 originations.
Loan Reason
For 2021, Educational Employees Credit Union's most frequently cited loan purpose was Home Improvement, with 582 originations. The 2nd most popular reason was Refi, with 463 originations.
Loan Duration/Length
For 2021, Educational Employees Credit Union's most frequently cited loan duration was Other, with 752 originations. The 2nd most popular length was 30 Year, with 234 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | 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 |
Educational Employees Credit Union's average total fees were $1,874, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.32%, while their most frequently originated rate bucket for loans was 3-4%, with 1,030 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications58.59%
Educational Employees Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination89.73%
Educational Employees Credit Union has an 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 |