Champion Credit Union Mortgage Rates, Fees & Info
Canton, NCLEI: 25490080ZZ98MNHU5R63
Tax ID: 56-0172675
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Champion Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Champion Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Asheville, Cullowhee, Brevard, Greenville, and Forest City among others. Champion Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Champion Credit Union is typically an average fee lendor.Originations
389Origination Dollar Volume (All Markets)
$90,085,000Relative Rate
Champion Credit Union's average 30 year fixed rate mortgage of loans were
3.19%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.04%.
Relative Fees
Champion Credit Union's average total fees for a 30 year fixed rate
mortgage are $4,502.
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 |
|---|---|---|---|---|---|
| ASHEVILLE, NC (FHA|USDA|VA) | 327 | $76,095,000 | $232,706 | $4,380 | 3.15% |
| Cullowhee, NC (FHA|USDA|VA) | 26 | $6,120,000 | $235,385 | $5,294 | 3.46% |
| Outside of Metro Areas | 15 | $3,525,000 | $235,000 | $3,907 | 3.07% |
| Brevard, NC (FHA|USDA|VA) | 6 | $1,210,000 | $201,667 | $4,048 | 2.94% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $3,580 | 2.81% |
| Forest City, NC (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $4,038 | 2.63% |
| Marion, NC (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $4,163 | 3.91% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,970 | 2.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,446 | 2.13% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,025 | 3.50% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,370 | 2.88% |
Champion Credit Union's top markets include Asheville, Cullowhee, Brevard, Greenville, and Forest City among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 381 | $88,055,000 | $231,115 | $4,371 | 3.17% |
| FHA | 4 | $1,010,000 | $252,500 | $6,673 | 2.41% |
| VA | 4 | $1,020,000 | $255,000 | $4,134 | 3.00% |
For the 2021 period, Champion Credit Union's most frequently originated loan type of loans were Conventional, with 381 originations. Their 2nd most popular type is FHA, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 148 | $37,370,000 | $252,500 | $4,939 | 3.31% |
| Cash Out Refi | 142 | $31,440,000 | $221,408 | $4,173 | 3.20% |
| Refi | 99 | $21,275,000 | $214,899 | $3,895 | 2.88% |
For the 2021, Champion Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 148 originations. The 2nd most popular reason of loans were Cash Out Refi, with 142 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 329 | $79,545,000 | $241,778 | $4,502 | 3.19% |
| 15 Year | 38 | $7,080,000 | $186,316 | $3,727 | 2.76% |
| 20 Year | 17 | $2,815,000 | $165,588 | $3,931 | 3.14% |
| Other | 3 | $415,000 | $138,333 | $4,134 | 5.58% |
| 10 Year | 2 | $230,000 | $115,000 | $3,326 | 2.13% |
For the 2021, Champion Credit Union's most frequently cited loan length of loans were 30 Year, with 329 originations. The 2nd most popular length of loans were 15 Year, with 38 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 109 | $20,795,000 | $190,780 |
| $<1k | 99 | $26,145,000 | $264,091 |
| $3k-4k | 97 | $29,195,000 | $300,979 |
| $1k-2k | 79 | $11,725,000 | $148,418 |
| $5k+ | 4 | $1,870,000 | $467,500 |
$4,502 of loans were Champion Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 109 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 209 | $47,725,000 | $228,349 |
| 2.5-3% | 120 | $30,160,000 | $251,333 |
| <2.5% | 46 | $9,930,000 | $215,870 |
| 4-5% | 7 | $1,455,000 | $207,857 |
| 5-6% | 5 | $595,000 | $119,000 |
| 6-7% | 2 | $220,000 | $110,000 |
During 2021, Champion Credit Union's average interest rate of loans were 3.19%, while their most frequently originated rate bucket of loans were 3-4%, with 209 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 202 | $55,040,000 | $272,475 | $4,823 | 3.14% |
| $100k-200k | 139 | $20,955,000 | $150,755 | $3,781 | 3.16% |
| $400k-600k | 27 | $12,405,000 | $459,444 | $5,203 | 3.10% |
| $100,000 or less | 21 | $1,685,000 | $80,238 | $3,275 | 3.39% |
2021 saw Champion Credit Union place emphasis on $200k-400k loans with 202 originations, totaling $55,040,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 114 | $23,440,000 | $205,614 | $4,330 | 3.15% |
| $100k-150k | 87 | $24,885,000 | $286,034 | $4,664 | 3.19% |
| $75k-100k | 79 | $18,895,000 | $239,177 | $4,416 | 3.11% |
| $50k or less | 72 | $10,890,000 | $151,250 | $3,599 | 3.18% |
| $150k-250k | 23 | $7,165,000 | $311,522 | $5,643 | 3.19% |
| $250k+ | 14 | $4,810,000 | $343,571 | $5,101 | 3.18% |
Champion Credit Union lent most frequently to those with incomes in the $50k-75k range, with 114 originations. The second most popular income band? $100k-150k, with 87 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 121 | $27,075,000 | $223,760 | $4,469 | 3.21% |
| 30-36% | 99 | $23,175,000 | $234,091 | $4,436 | 3.19% |
| <20% | 43 | $9,145,000 | $212,674 | $4,151 | 3.09% |
| 37% | 19 | $3,565,000 | $187,632 | $4,256 | 3.17% |
| 36% | 17 | $4,175,000 | $245,588 | $4,694 | 3.38% |
| 42% | 14 | $3,780,000 | $270,000 | $4,879 | 3.23% |
| 38% | 14 | $3,680,000 | $262,857 | $4,262 | 3.07% |
| 44% | 13 | $3,305,000 | $254,231 | $3,883 | 2.92% |
| 41% | 12 | $2,840,000 | $236,667 | $4,404 | 3.12% |
| 39% | 9 | $2,175,000 | $241,667 | $4,574 | 3.18% |
| 40% | 7 | $2,115,000 | $302,143 | $4,787 | 3.11% |
| 43% | 6 | $1,740,000 | $290,000 | $4,327 | 2.88% |
| 45% | 4 | $760,000 | $190,000 | $3,555 | 2.75% |
| 46% | 3 | $1,045,000 | $348,333 | $5,075 | 2.92% |
| 48% | 3 | $605,000 | $201,667 | $3,170 | 2.67% |
| 47% | 2 | $350,000 | $175,000 | $4,351 | 2.63% |
| 49% | 2 | $360,000 | $180,000 | $3,400 | 2.81% |
| 50-60% | 1 | $195,000 | $195,000 | $3,025 | 3.50% |
Champion Credit Union lent most frequently to those with DTI ratios of 20-30%, with 121 originations. The next most common DTI ratio? 30-36%, with 99 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 352 | $79,990,000 | $227,244 | $4,409 | 3.17% |
| Not provided | 26 | $6,840,000 | $263,077 | $3,937 | 3.00% |
| Black | 4 | $1,420,000 | $355,000 | $5,978 | 3.41% |
| Asian | 3 | $875,000 | $291,667 | $3,611 | 3.25% |
| American Indian | 1 | $385,000 | $385,000 | $8,194 | 3.50% |
| 1 | $225,000 | $225,000 | $5,086 | 3.50% | |
| Other Asian | 1 | $195,000 | $195,000 | $3,184 | 2.99% |
| Native Hawaiian | 1 | $155,000 | $155,000 | $2,985 | 2.38% |
Approval Rates
Total approvals of all applications95.52%
Champion Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination66.02%
Champion 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 | 389 | $90,085,000 | $231,581 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 389 | $90,085,000 | $231,581 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 22 | $2,710,000 | $123,182 | $3,555 | 3.02% |
| 40-60% | 61 | $10,295,000 | $168,770 | $3,791 | 2.91% |
| 60-80% | 153 | $37,645,000 | $246,046 | $4,167 | 3.10% |
| 80-100% | 148 | $38,670,000 | $261,284 | $5,005 | 3.34% |
| Over 100% | 3 | $625,000 | $208,333 | $5,301 | 3.21% |
| Under 20% | 2 | $140,000 | $70,000 | $2,786 | 2.69% |
