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 markets by origination volume include: Oklahoma City, Tulsa, Shawnee, Ponca City, and Fort Smith among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)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. Oklahoma Educators Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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 Refi | 6.34% | 11/22/24 |
| 30 Year Cash-out Refi | 6.62% | 11/22/24 |
| 15 Year Conventional Refi | 8.67% | 11/22/24 |
| 15 Year Cash-out Refi | 8.67% | 11/22/24 |
| 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
108Origination Dollar Volume (All Markets)
$14,130,000Top 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) | 74 | $10,400,000 | $140,541 | $3,953 | 5.30% |
| Outside of Metro Areas | 11 | $985,000 | $89,545 | $3,952 | 5.22% |
| TULSA, OK (FHA|USDA|VA) | 7 | $945,000 | $135,000 | $4,259 | 5.33% |
| Shawnee, OK (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $4,195 | 5.50% |
| Ponca City, OK (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,873 | 6.99% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $4,093 | 8.99% |
| Stillwater, OK (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $3,873 | 5.77% |
| Ada, OK (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,138 | 4.25% |
| Ardmore, OK (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,487 | 5.99% |
| Duncan, OK (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,163 | 5.25% |
| Tahlequah, OK (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,880 | 7.99% |
| Muskogee, OK (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,647 | 3.75% |
| LAWTON, OK (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,258 | 5.99% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.55% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 108 | $14,130,000 | $130,833 | $4,004 | 5.45% |
For 2022, Oklahoma Educators Credit Union's most frequently originated type of loan was Conventional, with 108 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 97 | $12,475,000 | $128,608 | $4,012 | 5.45% |
| Refi | 10 | $1,620,000 | $162,000 | $4,183 | 5.28% |
| Other | 1 | $35,000 | $35,000 | $1,543 | 7.49% |
For 2022, Oklahoma Educators Credit Union's most frequently cited loan purpose was Cash Out Refi, with 97 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
For 2022, Oklahoma Educators Credit Union's most frequently cited loan duration was 30 Year, with 45 originations. The 2nd most popular length was 15 Year, with 24 originations.
Origination Fees/Closing Costs
Oklahoma Educators Credit Union's average total fees were $4,691, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.
Interest Rates
During 2022, Oklahoma Educators Credit Union's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 28 originations.
Loan Sizing
2022 saw Oklahoma Educators Credit Union place emphasis on $100,000 or less loans with 49 originations, totaling $2,915,000 in origination value.
Applicant Income
Oklahoma Educators Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $100k-150k, with 26 originations.
Applicant Debt to Income Ratio
Oklahoma Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.31%
Oklahoma Educators Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination45.37%
Oklahoma Educators 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 | 108 | $14,130,000 | $130,833 |