Oklahoma Educators Credit Union Mortgage Rates, Fees & Info
Oklahoma City, OKLEI: 254900F4K0YUTIQ7Q952
Tax ID: 73-0742019
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Mortgage Data
Review & Overview
Oklahoma Educators Credit Union is a smaller credit union specializing in Cash Out Refi loans. Oklahoma Educators Credit Union has a high proportion of conventional loans. Their top two markets are Oklahoma City and Shawnee .Oklahoma Educators 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.34% | 4/28/24 |
| 30 Year Cash-out Refi | 6.62% | 4/28/24 |
| 15 Year Conventional Refi | 8.67% | 4/28/24 |
| 15 Year Cash-out Refi | 8.67% | 4/28/24 |
| 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. | ||
Oklahoma Educators Credit Union Mortgage Calculator
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Originations
42Origination Dollar Volume (All Markets)
$3,500,000Top 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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 37 | $2,965,000 | $80,135 | $1,722 | 5.27% |
| Outside of Metro Areas | 4 | $450,000 | $112,500 | $2,150 | 6.02% |
| Shawnee, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against Oklahoma Educators 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 | 42 | $3,500,000 | $83,333 | $1,774 | 5.32% |
For 2018, Oklahoma Educators Credit Union's most frequently originated type of loan was Conventional, with 42 originations.
Loan Reason
For 2018, Oklahoma Educators Credit Union's most frequently cited loan purpose was Cash Out Refi, with 39 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
For 2018, Oklahoma Educators Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 19 | $1,135,000 | $59,737 |
| $1k-2k | 5 | $615,000 | $123,000 |
| $2k-3k | 1 | $225,000 | $225,000 |
Oklahoma Educators 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 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $1,780,000 | $98,889 |
| 3-4% | 9 | $585,000 | $65,000 |
| 5-6% | 5 | $245,000 | $49,000 |
| Over 8% | 4 | $150,000 | $37,500 |
| 6-7% | 3 | $465,000 | $155,000 |
| 7-8% | 3 | $275,000 | $91,667 |
During 2018, Oklahoma Educators Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
2018 saw Oklahoma Educators Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,920,000 in origination value.
Applicant Income
Oklahoma Educators Credit Union lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
Oklahoma Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.14%
Oklahoma Educators Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.19%
Oklahoma Educators Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 42 | $3,500,000 | $83,333 |