Tnconnect Credit Union Mortgage Rates, Fees & Info
Knoxville, TNLEI: 254900E8KW1VR97KFU45
Tax ID: 62-0262707
Latest/2023 | 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 Home Improvement and Cash Out Refi loans. Tnconnect Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Sevierville, Morristown, and Newport 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 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
41Origination Dollar Volume (All Markets)
$2,635,000Top 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) | 32 | $2,050,000 | $64,063 | $0 | 3.31% |
| Sevierville, TN (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $7,074 | 3.15% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $0 | 3.50% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.25% |
| Newport, TN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 41 | $2,635,000 | $64,268 | $7,074 | 3.31% |
For 2021, Tnconnect Credit Union's most frequently originated type of loan was Conventional, with 41 originations.
Loan Reason
For 2021, Tnconnect Credit Union's most frequently cited loan purpose was Home Improvement, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2021, Tnconnect Credit Union's most frequently cited loan duration was 10 Year, with 23 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 2 | $460,000 | $230,000 |
| $<1k | 1 | $85,000 | $85,000 |
| $2k-3k | 1 | $115,000 | $115,000 |
Tnconnect Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 37 | $1,975,000 | $53,378 |
| <2.5% | 2 | $280,000 | $140,000 |
| 2.5-3% | 2 | $380,000 | $190,000 |
During 2021, Tnconnect Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 37 originations.
Loan Sizing
2021 saw Tnconnect Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,325,000 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 9 originations.
Applicant Debt to Income Ratio
Tnconnect Credit Union lent most frequently to those with DTI ratios of <20%, with 14 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 41 | $2,635,000 | $64,268 | $7,074 | 3.31% |
Approval Rates
Total approvals of all applications93.88%
Tnconnect Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination87.80%
Tnconnect Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 41 | $2,635,000 | $64,268 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Timios, Inc. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |