First Alliance Credit Union Mortgage Rates, Fees & Info
Rochester, MNLEI: 254900ERAT50PIMMZH17
Tax ID: 41-0429399
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Mortgage Data
Review & Overview
First Alliance Credit Union is a smaller credit union specializing in Home Purchase, NA, and Refi loans. First Alliance Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Red Wing, Winona, Minneapolis, and Austin among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)First Alliance Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.89% | 12/16/24 |
| 30 Year Conventional Refi | 6.96% | 12/16/24 |
| 30 Year Cash-out Refi | 6.26% | 12/16/24 |
| 15 Year Conventional Purchase | 6.86% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| 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. | ||
First Alliance Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
112Origination Dollar Volume (All Markets)
$7,730,000Top 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 |
|---|---|---|---|---|---|
| ROCHESTER, MN (FHA|USDA|VA) | 79 | $6,045,000 | $76,519 | $398 | 7.27% |
| Red Wing, MN (FHA|USDA|VA) | 14 | $700,000 | $50,000 | $0 | 7.64% |
| Outside of Metro Areas | 12 | $580,000 | $48,333 | $749 | 8.61% |
| Winona, MN (FHA|USDA|VA) | 5 | $175,000 | $35,000 | $738 | 7.54% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.25% |
| Austin, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Alliance Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 112 | $7,730,000 | $69,018 | $434 | 7.42% |
For 2019, First Alliance Credit Union's most frequently originated type of loan was Conventional, with 112 originations.
Loan Reason
For 2019, First Alliance Credit Union's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was NA, with 14 originations.
Loan Duration/Length
For 2019, First Alliance Credit Union's most frequently cited loan duration was Other, with 75 originations. The 2nd most popular length was 10 Year, with 20 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $60,000 | $30,000 |
First Alliance 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 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 47 | $1,805,000 | $38,404 |
| 4-5% | 22 | $3,580,000 | $162,727 |
| 6-7% | 22 | $890,000 | $40,455 |
| 7-8% | 11 | $555,000 | $50,455 |
| 5-6% | 10 | $900,000 | $90,000 |
During 2019, First Alliance Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 47 originations.
Loan Sizing
2019 saw First Alliance Credit Union place emphasis on $100,000 or less loans with 89 originations, totaling $3,705,000 in origination value.
Applicant Income
First Alliance Credit Union lent most frequently to those with incomes in the $50k or less range, with 42 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
First Alliance Credit Union lent most frequently to those with DTI ratios of 30-36%, with 19 originations. The next most common DTI ratio? 20-30%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
First Alliance 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 origination99.11%
First Alliance Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 112 | $7,730,000 | $69,018 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 75 | $3,045,000 | $40,600 |
| Single Family (1-4 Units):Site-Built | 37 | $4,685,000 | $126,622 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 4 | 57.1% |
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 14.3% |