Jefferson Credit Union Mortgage Rates, Fees & Info
Birmingham, ALLEI: 2549008W3O3PXWF90U35
Tax ID: 63-0390327
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Mortgage Data
Review & Overview
Jefferson Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Jefferson Credit Union has a high proportion of conventional loans. Their top two markets are Birmingham and Tuscaloosa .Jefferson 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. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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. | ||
Jefferson 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
12Origination Dollar Volume (All Markets)
$1,400,000Top 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 |
|---|---|---|---|---|---|
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 11 | $1,145,000 | $104,091 | $0 | 4.88% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.40% |
Similar Lenders
We use machine learning to identify the top lenders compared against Jefferson Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 80
Similarity Rank: 748
Similarity Rank: 805
Similarity Rank: 1537
Similarity Rank: 1664
Similarity Rank: 2040
Similarity Rank: 2640
Similarity Rank: 2646
Similarity Rank: 2756
Similarity Rank: 3906
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $1,400,000 | $116,667 | $0 | 4.76% |
For 2019, Jefferson Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 9 | $965,000 | $107,222 | $0 | 4.80% |
| Home Purchase | 3 | $435,000 | $145,000 | $0 | 4.63% |
For 2019, Jefferson Credit Union's most frequently cited loan purpose was Refi, with 9 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 6 | $820,000 | $136,667 | $0 | 4.66% |
| 15 Year | 4 | $480,000 | $120,000 | $0 | 4.54% |
| 10 Year | 2 | $100,000 | $50,000 | $0 | 5.50% |
For 2019, Jefferson Credit Union's most frequently cited loan duration was 30 Year, with 6 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $395,000 | $56,429 |
| $1k-2k | 3 | $445,000 | $148,333 |
| $2k-3k | 1 | $255,000 | $255,000 |
| $3k-4k | 1 | $305,000 | $305,000 |
Jefferson Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 6 | $500,000 | $83,333 |
| 5-6% | 3 | $195,000 | $65,000 |
| 3-4% | 2 | $560,000 | $280,000 |
| 6-7% | 1 | $145,000 | $145,000 |
During 2019, Jefferson Credit Union's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 4-5%, with 6 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $395,000 | $56,429 | $0 | 4.95% |
| $100k-200k | 3 | $445,000 | $148,333 | $0 | 5.14% |
| $200k-400k | 2 | $560,000 | $280,000 | $0 | 3.53% |
2019 saw Jefferson Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $395,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 5 | $865,000 | $173,000 | $0 | 4.71% |
| $50k or less | 4 | $370,000 | $92,500 | $0 | 4.79% |
| $50k-75k | 3 | $165,000 | $55,000 | $0 | 4.79% |
Jefferson Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $50k or less, with 4 originations.
Applicant Debt to Income Ratio
Jefferson Credit Union lent most frequently to those with DTI ratios of <20%, with 4 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 | 5 | $875,000 | $175,000 | $0 | 4.39% |
| Black | 7 | $525,000 | $75,000 | $0 | 5.02% |
Approval Rates
Total approvals of all applications63.33%
Jefferson Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination41.67%
Jefferson 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 |
|---|---|---|---|
| 1875.0 | 1 | $35,000 | $35,000 |
| 1890.0 | 1 | $25,000 | $25,000 |
| 1940.0 | 1 | $35,000 | $35,000 |
| 2095.0 | 1 | $45,000 | $45,000 |
| 2531.5 | 1 | $75,000 | $75,000 |
| 2605.0 | 1 | $95,000 | $95,000 |
| 2670.5 | 1 | $85,000 | $85,000 |
| 3313.0 | 1 | $145,000 | $145,000 |
| 3340.0 | 1 | $145,000 | $145,000 |
| 3465.0 | 1 | $155,000 | $155,000 |
| 4394.0 | 1 | $255,000 | $255,000 |
| 5360.0 | 1 | $305,000 | $305,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 12 | $1,400,000 | $116,667 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Jefferson Title Corporation | Reverse mortgage | Trouble during payment process | 1 | 100.0% |