Tnconnect Credit Union Mortgage Rates, Fees & Info
Knoxville, TNLEI: 254900E8KW1VR97KFU45
Tax ID: 62-0262707
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Mortgage Data
Review & Overview
Tnconnect Credit Union is a smaller credit union specializing in Cash Out Refi loans. Tnconnect Credit Union has a high proportion of conventional loans. Their top two markets are Knoxville and Sevierville .Tnconnect Credit Union has an above 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 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. | ||
Tnconnect Credit Union Mortgage Calculator
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Originations
13Origination Dollar Volume (All Markets)
$715,000Top 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) | 8 | $450,000 | $56,250 | $762 | 5.58% |
| Sevierville, TN (FHA|USDA|VA) | 5 | $265,000 | $53,000 | $1,194 | 5.20% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 13 | $715,000 | $55,000 | $928 | 5.43% |
For 2019, Tnconnect Credit Union's most frequently originated type of loan was Conventional, with 13 originations.
Loan Reason
For 2019, Tnconnect Credit Union's most frequently cited loan purpose was Cash Out Refi, with 7 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 6 | $230,000 | $38,333 | $485 | 5.50% |
| 15 Year | 6 | $470,000 | $78,333 | $1,445 | 5.40% |
| 5 Year | 1 | $15,000 | $15,000 | $485 | 5.25% |
For 2019, Tnconnect Credit Union's most frequently cited loan duration was 10 Year, with 6 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $65,000 | $65,000 |
| $1k-2k | 1 | $85,000 | $85,000 |
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 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 10 | $490,000 | $49,000 |
| 3-4% | 2 | $150,000 | $75,000 |
| 7-8% | 1 | $75,000 | $75,000 |
During 2019, Tnconnect Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 12 | $570,000 | $47,500 | $963 | 5.41% |
| $100k-200k | 1 | $145,000 | $145,000 | $510 | 5.75% |
2019 saw Tnconnect Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $570,000 in origination value.
Applicant Income
Tnconnect Credit Union lent most frequently to those with incomes in the $50k-75k range, with 4 originations. The second most popular income band? $50k or less, with 4 originations.
Applicant Debt to Income Ratio
Tnconnect Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 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 | 12 | $690,000 | $57,500 | $965 | 5.43% |
| Black | 1 | $25,000 | $25,000 | $485 | 5.50% |
Approval Rates
Total approvals of all applications95.24%
Tnconnect 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 origination46.15%
Tnconnect 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 |
|---|---|---|---|
| NA | 13 | $715,000 | $55,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 13 | $715,000 | $55,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 7 | $455,000 | $65,000 | $1,304 | 5.34% |
| 40-60% | 1 | $145,000 | $145,000 | $510 | 5.75% |
| Under 20% | 5 | $115,000 | $23,000 | $485 | 5.50% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TEAM USA MORTGAGE L.L.C. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |