Champion Credit Union Mortgage Rates, Fees & Info

Canton, NC

LEI: 25490080ZZ98MNHU5R63

Tax ID: 56-0172675

5 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

389

Origination Dollar Volume (All Markets)

$90,085,000

Relative 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 applications
95.52%

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 origination
66.02%

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%