Community Choice Credit Union Mortgage Rates, Fees & Info
Johnston, IALEI: 254900CQVBYQI6BDWS96
Tax ID: 42-0778245
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Overview
Community Choice Credit Union is a smaller credit union specializing in Refi, Other, and Home Purchase loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets include Des Moines, Ames, Pella, Marshalltown, and Fort Dodge among others. Community Choice 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. Community Choice Credit Union is typically a low fee lendor.Originations
659Origination Dollar Volume (All Markets)
$105,765,000Awards
Community Choice Credit Union - 2021
Community Choice Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for Community Choice Credit Union?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Community Choice Credit Union's average 30 year fixed rate mortgage of loans were
3.08%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.07%.
Relative Fees
Community Choice Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,224.
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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 557 | $93,375,000 | $167,639 | $742 | 3.28% |
| AMES, IA (FHA|USDA|VA) | 47 | $6,045,000 | $128,617 | $487 | 3.31% |
| Outside of Metro Areas | 28 | $3,110,000 | $111,071 | $537 | 3.16% |
| Pella, IA (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $1,058 | 3.13% |
| Marshalltown, IA (FHA|USDA|VA) | 7 | $665,000 | $95,000 | $259 | 3.31% |
| Fort Dodge, IA (FHA|USDA|VA) | 4 | $620,000 | $155,000 | $530 | 3.28% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 4 | $420,000 | $105,000 | $0 | 3.30% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 4 | $330,000 | $82,500 | $525 | 3.61% |
| Mason City, IA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 3.19% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.05% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.06% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.97% |
Community Choice Credit Union's top markets include Des Moines, Ames, Pella, Marshalltown, and Fort Dodge among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 659 | $105,765,000 | $160,493 | $697 | 3.28% |
For the 2021 period, Community Choice Credit Union's most frequently originated loan type of loans were Conventional, with 659 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 224 | $35,970,000 | $160,580 | $657 | 3.09% |
| Other | 190 | $21,220,000 | $111,684 | $365 | 3.51% |
| Cash Out Refi | 110 | $19,940,000 | $181,273 | $1,515 | 3.11% |
| Home Improvement | 74 | $6,260,000 | $84,595 | $28 | 3.66% |
| Home Purchase | 61 | $22,375,000 | $366,803 | $1,896 | 3.14% |
For the 2021, Community Choice Credit Union's most frequently cited loan purpose of loans were Refi, with 224 originations. The 2nd most popular reason of loans were Other, with 190 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 235 | $32,575,000 | $138,617 | $605 | 3.17% |
| 20 Year | 137 | $24,075,000 | $175,730 | $353 | 3.26% |
| 30 Year | 95 | $24,955,000 | $262,684 | $2,224 | 3.08% |
| 10 Year | 94 | $11,800,000 | $125,532 | $245 | 3.64% |
| Other | 63 | $4,465,000 | $70,873 | $103 | 3.35% |
| 5 Year | 33 | $7,675,000 | $232,576 | $0 | 3.56% |
| 1 Year | 2 | $220,000 | $110,000 | $0 | 4.23% |
For the 2021, Community Choice Credit Union's most frequently cited loan length of loans were 15 Year, with 235 originations. The 2nd most popular length of loans were 20 Year, with 137 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 429 | $56,195,000 | $130,991 |
| $1k-2k | 175 | $33,225,000 | $189,857 |
| $2k-3k | 3 | $1,005,000 | $335,000 |
| $5k+ | 1 | $685,000 | $685,000 |
$2,224 of loans were Community Choice Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 429 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 361 | $58,445,000 | $161,898 |
| 2.5-3% | 157 | $29,165,000 | $185,764 |
| <2.5% | 72 | $11,750,000 | $163,194 |
| 5-6% | 36 | $1,800,000 | $50,000 |
| 4-5% | 33 | $4,605,000 | $139,545 |
During 2021, Community Choice Credit Union's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 361 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 265 | $38,315,000 | $144,585 | $775 | 3.05% |
| $100,000 or less | 244 | $14,350,000 | $58,811 | $196 | 3.67% |
| $200k-400k | 126 | $32,640,000 | $259,048 | $1,122 | 3.03% |
| $400k-600k | 14 | $6,720,000 | $480,000 | $2,793 | 3.14% |
| $1MM+ | 6 | $10,930,000 | $1,821,667 | $3,568 | 3.52% |
| $600k-1MM | 4 | $2,810,000 | $702,500 | $3,486 | 2.88% |
2021 saw Community Choice Credit Union place emphasis on $100k-200k loans with 265 originations, totaling $38,315,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 156 | $24,200,000 | $155,128 | $689 | 3.29% |
| $50k-75k | 149 | $17,065,000 | $114,530 | $585 | 3.29% |
| $75k-100k | 124 | $16,970,000 | $136,855 | $708 | 3.16% |
| $150k-250k | 98 | $19,420,000 | $198,163 | $894 | 3.35% |
| $50k or less | 61 | $6,065,000 | $99,426 | $597 | 3.19% |
| $250k+ | 21 | $7,175,000 | $341,667 | $881 | 3.13% |
Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 156 originations. The second most popular income band? $50k-75k, with 149 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 203 | $30,485,000 | $150,172 | $685 | 3.22% |
| 30-36% | 129 | $19,765,000 | $153,217 | $679 | 3.23% |
| <20% | 109 | $15,265,000 | $140,046 | $691 | 3.06% |
| 36% | 25 | $3,925,000 | $157,000 | $653 | 3.40% |
| 37% | 23 | $3,315,000 | $144,130 | $273 | 3.39% |
| 42% | 23 | $3,915,000 | $170,217 | $1,318 | 3.50% |
| 43% | 18 | $2,380,000 | $132,222 | $562 | 3.68% |
| 38% | 17 | $1,995,000 | $117,353 | $499 | 3.42% |
| 39% | 16 | $2,700,000 | $168,750 | $748 | 3.11% |
| 41% | 16 | $2,090,000 | $130,625 | $609 | 3.55% |
| 40% | 10 | $1,230,000 | $123,000 | $239 | 3.96% |
| 44% | 7 | $1,075,000 | $153,571 | $852 | 3.17% |
| 45% | 6 | $600,000 | $100,000 | $985 | 3.07% |
| 47% | 4 | $770,000 | $192,500 | $1,560 | 3.26% |
| 46% | 3 | $1,025,000 | $341,667 | $1,284 | 3.08% |
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 203 originations. The next most common DTI ratio? 30-36%, with 129 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 475 | $73,225,000 | $154,158 | $726 | 3.23% |
| Not provided | 125 | $16,365,000 | $130,920 | $567 | 3.38% |
| Not applicable | 45 | $14,145,000 | $314,333 | $0 | 3.64% |
| Black | 9 | $1,155,000 | $128,333 | $876 | 3.26% |
| Asian | 3 | $365,000 | $121,667 | $0 | 3.32% |
| Asian Indian | 1 | $335,000 | $335,000 | $1,985 | 2.25% |
| American Indian | 1 | $175,000 | $175,000 | $1,937 | 3.00% |
Approval Rates
Total approvals of all applications93.59%
Community Choice Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination89.44%
Community Choice Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 659 | $105,765,000 | $160,493 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 659 | $105,765,000 | $160,493 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 83 | $6,745,000 | $81,265 | $367 | 3.51% |
| 40-60% | 103 | $13,755,000 | $133,544 | $954 | 2.88% |
| 60-80% | 206 | $43,990,000 | $213,544 | $1,078 | 3.05% |
| 80-100% | 176 | $36,030,000 | $204,716 | $613 | 3.24% |
| Over 100% | 1 | $575,000 | $575,000 | $0 | 3.50% |
| Under 20% | 87 | $3,825,000 | $43,966 | $0 | 4.16% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
