Community Choice Credit Union Mortgage Rates, Fees & Info

Johnston, IA

LEI: 254900CQVBYQI6BDWS96

Tax ID: 42-0778245

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

659

Origination Dollar Volume (All Markets)

$105,765,000

Awards

Community Choice Credit Union 30 Year Conventional Loans bronze Community Choice Credit Union 30 Year Conventional Loans silver
Show all (2) awards

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 applications
93.59%

Community Choice Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
89.44%

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%