Tnconnect Credit Union Mortgage Rates, Fees & Info
Knoxville, TNLEI: 254900E8KW1VR97KFU45
Tax ID: 62-0262707
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Tnconnect Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Tnconnect Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Sevierville, Morristown, and Nashville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Tnconnect Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
32Origination Dollar Volume (All Markets)
$1,820,000Top 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 |
|---|---|---|---|---|---|
| KNOXVILLE, TN (FHA|USDA|VA) | 21 | $1,325,000 | $63,095 | $187 | 8.57% |
| Sevierville, TN (FHA|USDA|VA) | 8 | $370,000 | $46,250 | $216 | 8.44% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $247 | 8.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $241 | 8.00% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $243 | 8.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 32 | $1,820,000 | $56,875 | $201 | 8.52% |
For 2024, Tnconnect Credit Union's most frequently originated type of loan was Conventional, with 32 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 25 | $1,425,000 | $57,000 | $212 | 8.50% |
| Home Improvement | 7 | $395,000 | $56,429 | $165 | 8.57% |
For 2024, Tnconnect Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Home Improvement, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 23 | $1,075,000 | $46,739 | $202 | 8.35% |
| 15 Year | 9 | $745,000 | $82,778 | $198 | 8.94% |
For 2024, Tnconnect Credit Union's most frequently cited loan duration was 10 Year, with 23 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 17 | $995,000 | $58,529 |
Tnconnect 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 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 26 | $1,550,000 | $59,615 |
| 7-8% | 6 | $270,000 | $45,000 |
During 2024, Tnconnect Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 26 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 29 | $1,435,000 | $49,483 | $197 | 8.48% |
| $100k-200k | 3 | $385,000 | $128,333 | $241 | 8.83% |
2024 saw Tnconnect Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,435,000 in origination value.
Applicant Income
Tnconnect Credit Union lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Tnconnect Credit Union lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.22%
Tnconnect Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination81.25%
Tnconnect Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 215.65 | 1 | $15,000 | $15,000 |
| NA | 31 | $1,805,000 | $58,226 |