Alatrust Credit Union Mortgage Rates, Fees & Info

Hoover, AL

LEI: 2549009IIR21WKPEE762

Tax ID: 63-0021787

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Alatrust Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Alatrust 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 by origination volume include: Birmingham, Anniston, Talladega, Jasper, and Tuscaloosa among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alatrust Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Alatrust 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	12/2/24
30 Year Conventional Purchase	6.53%	12/2/24
30 Year Conventional Refi	6.56%	12/2/24
30 Year Cash-out Refi	6.05%	12/2/24
30 Year VA Purchase	7.56%	12/2/24
30 Year USDA Purchase	6.27%	12/2/24
15 Year Conventional Purchase	5.25%	12/2/24
15 Year Conventional Refi	5.65%	12/2/24
15 Year Cash-out Refi	5.65%	12/2/24
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.

Alatrust Credit Union Mortgage Calculator

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This is not an official calculator from Alatrust Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

104

Origination Dollar Volume (All Markets)

$13,270,000

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
BIRMINGHAM-HOOVER, AL (FHA\|USDA\|VA)	38	$5,830,000	$153,421	$2,523	3.61%
Outside of Metro Areas	17	$2,545,000	$149,706	$3,509	3.21%
ANNISTON-OXFORD, AL (FHA\|USDA\|VA)	20	$1,600,000	$80,000	$2,438	3.57%
Talladega-Sylacauga, AL (FHA\|USDA\|VA)	13	$1,595,000	$122,692	$3,433	3.17%
Jasper, AL (FHA\|USDA\|VA)	13	$1,445,000	$111,154	$3,985	3.29%
TUSCALOOSA, AL (FHA\|USDA\|VA)	2	$190,000	$95,000	$0	3.75%
COLUMBUS, GA-AL (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	3.25%

Alatrust Credit Union's top markets include Birmingham, Anniston, Talladega, Jasper, and Tuscaloosa among others.

Their top states include:

Alabama (FHA|USDA|VA)

(FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	60	$10,230,000	$170,500	$2,753	3.29%
HELOC	38	$2,210,000	$58,158	n/a	3.73%
FHA	4	$530,000	$132,500	$4,932	3.00%
VA	2	$300,000	$150,000	$8,209	3.06%

For 2021, Alatrust Credit Union's most frequently originated type of loan was Conventional, with 60 originations. Their 2nd most popular type was HELOC, with 38 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	35	$4,515,000	$129,000	$2,598	3.38%
Refi	28	$3,820,000	$136,429	$2,882	3.37%
Home Purchase	21	$3,845,000	$183,095	$3,805	3.22%
Other	19	$1,055,000	$55,526	$1,559	3.84%
Home Improvement	1	$35,000	$35,000	$0	3.75%

For 2021, Alatrust Credit Union's most frequently cited loan purpose was Cash Out Refi, with 35 originations. The 2nd most popular reason was Refi, with 28 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	62	$7,980,000	$128,710	$3,934	3.51%
15 Year	26	$3,430,000	$131,923	$2,486	3.48%
10 Year	8	$610,000	$76,250	$2,268	3.28%
Other	5	$1,135,000	$227,000	$3,259	2.70%
20 Year	2	$90,000	$45,000	$1,609	3.50%
30+ year	1	$25,000	$25,000	$0	1.99%

For 2021, Alatrust Credit Union's most frequently cited loan duration was 30 Year, with 62 originations. The 2nd most popular length was 15 Year, with 26 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	34	$5,290,000	$155,588
$<1k	10	$1,680,000	$168,000
$2k-3k	2	$570,000	$285,000

Alatrust Credit Union's average total fees were $3,934, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 34 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	43	$5,505,000	$128,023
2.5-3%	26	$5,200,000	$200,000
4-5%	21	$975,000	$46,429
<2.5%	11	$1,085,000	$98,636
5-6%	2	$150,000	$75,000

During 2021, Alatrust Credit Union's average interest rate for loans was 3.51%, while their most frequently originated rate bucket for loans was 3-4%, with 43 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	60	$3,220,000	$53,667	$2,677	3.62%
$100k-200k	22	$3,270,000	$148,636	$3,151	3.33%
$200k-400k	18	$4,890,000	$271,667	$3,395	2.94%
$400k-600k	4	$1,890,000	$472,500	$3,337	3.34%

2021 saw Alatrust Credit Union place emphasis on $100,000 or less loans with 60 originations, totaling $3,220,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	34	$3,680,000	$108,235	$3,139	3.38%
$100k-150k	21	$3,085,000	$146,905	$3,152	3.38%
$50k or less	19	$1,425,000	$75,000	$3,003	3.15%
$75k-100k	15	$2,375,000	$158,333	$2,584	3.60%
$150k-250k	12	$2,040,000	$170,000	$3,201	3.88%
$250k+	3	$665,000	$221,667	$2,774	3.71%

Alatrust Credit Union lent most frequently to those with incomes in the $50k-75k range, with 34 originations. The second most popular income band? $100k-150k, with 21 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	27	$2,605,000	$96,481	$2,696	3.51%
30-36%	24	$2,540,000	$105,833	$2,536	3.66%
<20%	17	$2,675,000	$157,353	$3,098	3.09%
40%	5	$1,305,000	$261,000	$2,931	3.45%
36%	4	$190,000	$47,500	$6,120	3.00%
42%	4	$1,000,000	$250,000	$3,224	3.81%
39%	4	$600,000	$150,000	$2,921	3.62%
50-60%	3	$555,000	$185,000	$3,906	2.83%
38%	3	$645,000	$215,000	$4,142	3.61%
47%	3	$285,000	$95,000	$4,884	3.88%
43%	2	$130,000	$65,000	$3,275	3.06%
44%	2	$100,000	$50,000	$2,441	3.88%
37%	2	$200,000	$100,000	$0	2.75%
41%	2	$180,000	$90,000	$2,359	3.63%
45%	1	$75,000	$75,000	$4,094	2.63%
48%	1	$185,000	$185,000	$1,439	3.13%

Alatrust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 24 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	77	$9,495,000	$123,312	$2,843	3.45%
Black	24	$3,350,000	$139,583	$3,572	3.38%
Not provided	3	$425,000	$141,667	$2,568	3.71%

Approval Rates

Total approvals of all applications
96.33%

Alatrust 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
99.04%

Alatrust Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	40	$2,440,000	$61,000
NA	64	$10,830,000	$169,219

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	104	$13,270,000	$127,596

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	24	$1,410,000	$58,750	$2,115	3.63%
40-60%	19	$3,535,000	$186,053	$2,484	3.12%
60-80%	25	$4,285,000	$171,400	$2,755	3.40%
80-100%	13	$2,255,000	$173,462	$4,307	3.05%
Over 100%	3	$765,000	$255,000	$5,543	2.63%
Under 20%	20	$1,020,000	$51,000	$1,559	3.88%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Aldridge Pite, LLP	Conventional home mortgage	Closing on a mortgage	1	14.3%
Aldridge Pite, LLP	Conventional home mortgage	Struggling to pay mortgage	2	28.6%
Aldridge Pite, LLP	Conventional home mortgage	Trouble during payment process	1	14.3%
Aldridge Pite, LLP	FHA mortgage	Struggling to pay mortgage	2	28.6%
Aldridge Pite, LLP	Other type of mortgage	Trouble during payment process	1	14.3%