Leaders Credit Union Mortgage Rates, Fees & Info

Jackson, TN

LEI: 254900FJRICL380R4T46

Tax ID: 62-0681671

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Leaders Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Leaders Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Jackson, Memphis, Dyersburg, Union City, and Martin among others. Leaders Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Leaders Credit Union is typically a low fee lendor.


Originations

1,071

Origination Dollar Volume (All Markets)

$187,215,000
Show all (12) awards

Relative Rate

Leaders Credit Union's average 30 year fixed rate mortgage of loans were 3.2%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.05%.

Relative Fees

Leaders Credit Union's average total fees for a 30 year fixed rate mortgage are $2,858.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
JACKSON, TN (FHA|USDA|VA) 680 $119,750,000 $176,103 $2,635 3.18%
Outside of Metro Areas 105 $16,625,000 $158,333 $2,703 3.15%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 74 $15,030,000 $203,108 $3,280 3.10%
Dyersburg, TN (FHA|USDA|VA) 66 $10,390,000 $157,424 $2,491 3.23%
Union City, TN (FHA|USDA|VA) 50 $6,880,000 $137,600 $2,518 3.31%
Martin, TN (FHA|USDA|VA) 32 $5,110,000 $159,688 $2,622 3.25%
Brownsville, TN (FHA|USDA|VA) 20 $3,290,000 $164,500 $2,803 3.03%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 9 $2,655,000 $295,000 $2,075 3.03%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $1,455,000 $485,000 $3,925 3.29%
Paris, TN (FHA|USDA|VA) 4 $780,000 $195,000 $3,743 3.19%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 4 $720,000 $180,000 $1,727 3.53%
KNOXVILLE, TN (FHA|USDA|VA) 3 $585,000 $195,000 $1,173 3.38%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $415,000 $415,000 $1,914 3.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $390,000 $195,000 $5,422 3.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $380,000 $190,000 $3,140 2.81%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $305,000 $305,000 $6,028 3.50%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $265,000 $265,000 $3,280 3.38%
Oxford, MS (FHA|USDA|VA) 1 $225,000 $225,000 $3,105 3.88%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $215,000 $215,000 $6,384 3.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $205,000 $205,000 $8,529 3.75%
McMinnville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.88%
OCALA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,578 3.63%
TEXARKANA, TX-AR (FHA|USDA|VA) 1 $175,000 $175,000 $3,392 3.00%
Dayton, TN (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.38%
SPARTANBURG, SC (FHA|USDA|VA) 1 $175,000 $175,000 $3,238 3.38%
Marion, NC (FHA|USDA|VA) 1 $165,000 $165,000 $3,215 2.88%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $165,000 $165,000 $2,639 3.25%
Starkville, MS (FHA|USDA|VA) 2 $120,000 $60,000 $2,376 4.31%
Corinth, MS (FHA|USDA|VA) 1 $95,000 $95,000 $2,648 2.75%
Kennett, MO (FHA|USDA|VA) 1 $75,000 $75,000 $627 3.50%

Leaders Credit Union's top markets include Jackson, Memphis, Dyersburg, Union City, and Martin among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 815 $144,035,000 $176,730 $2,389 3.18%
FHA 141 $24,015,000 $170,319 $4,062 3.26%
USDA 83 $12,435,000 $149,819 $2,492 3.19%
VA 32 $6,730,000 $210,313 $4,698 2.97%

For the 2021 period, Leaders Credit Union's most frequently originated loan type of loans were Conventional, with 815 originations. Their 2nd most popular type is FHA, with 141 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 592 $112,620,000 $190,236 $2,765 3.26%
Refi 453 $71,895,000 $158,709 $2,632 3.01%
Cash Out Refi 20 $2,420,000 $121,000 $1,850 3.83%
Home Improvement 6 $280,000 $46,667 $387 6.99%

For the 2021, Leaders Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 592 originations. The 2nd most popular reason of loans were Refi, with 453 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 708 $135,940,000 $192,006 $2,858 3.20%
15 Year 211 $29,165,000 $138,223 $2,377 2.77%
20 Year 96 $16,670,000 $173,646 $2,547 3.33%
10 Year 33 $3,935,000 $119,242 $2,254 3.88%
Other 22 $1,480,000 $67,273 $1,106 4.92%
5 Year 1 $25,000 $25,000 $1,924 3.38%

For the 2021, Leaders Credit Union's most frequently cited loan length of loans were 30 Year, with 708 originations. The 2nd most popular length of loans were 15 Year, with 211 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 909 $159,325,000 $175,275
$1k-2k 96 $15,050,000 $156,771
$2k-3k 40 $7,110,000 $177,750
$3k-4k 21 $4,405,000 $209,762
$5k+ 4 $1,180,000 $295,000

$2,858 of loans were Leaders Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 909 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 592 $108,490,000 $183,260
2.5-3% 359 $61,485,000 $171,267
<2.5% 83 $13,635,000 $164,277
4-5% 18 $2,700,000 $150,000
5-6% 10 $540,000 $54,000
6-7% 5 $205,000 $41,000
7-8% 4 $160,000 $40,000

During 2021, Leaders Credit Union's average interest rate of loans were 3.20%, while their most frequently originated rate bucket of loans were 3-4%, with 592 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 520 $76,380,000 $146,885 $2,568 3.11%
$200k-400k 314 $81,400,000 $259,236 $3,369 3.17%
$100,000 or less 207 $14,355,000 $69,348 $1,868 3.40%
$400k-600k 27 $13,105,000 $485,370 $2,965 3.08%
$600k-1MM 3 $1,975,000 $658,333 $3,887 3.88%

2021 saw Leaders Credit Union place emphasis on $100k-200k loans with 520 originations, totaling $76,380,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 304 $47,960,000 $157,763 $2,717 3.19%
$50k or less 277 $32,165,000 $116,119 $2,318 3.17%
$75k-100k 198 $37,060,000 $187,172 $2,868 3.17%
$100k-150k 183 $36,925,000 $201,776 $2,883 3.16%
$150k-250k 81 $23,575,000 $291,049 $2,890 3.29%
$250k+ 28 $9,530,000 $340,357 $2,857 3.29%

Leaders Credit Union lent most frequently to those with incomes in the $50k-75k range, with 304 originations. The second most popular income band? $50k or less, with 277 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 271 $49,075,000 $181,089 $2,540 3.14%
30-36% 234 $39,760,000 $169,915 $2,565 3.24%
<20% 126 $18,770,000 $148,968 $2,258 3.06%
42% 44 $8,480,000 $192,727 $3,050 3.32%
44% 41 $7,285,000 $177,683 $2,875 3.12%
37% 38 $6,580,000 $173,158 $2,776 3.20%
43% 38 $7,150,000 $188,158 $2,565 3.17%
38% 35 $6,405,000 $183,000 $2,723 3.34%
40% 35 $5,995,000 $171,286 $2,861 3.41%
41% 33 $5,975,000 $181,061 $2,449 3.27%
36% 29 $5,325,000 $183,621 $3,006 3.10%
45% 28 $5,360,000 $191,429 $3,713 3.31%
50-60% 27 $5,095,000 $188,704 $4,293 3.11%
39% 26 $4,360,000 $167,692 $2,895 3.21%
48% 23 $3,225,000 $140,217 $2,745 3.12%
47% 16 $3,030,000 $189,375 $2,798 3.22%
46% 15 $3,155,000 $210,333 $3,187 3.30%
49% 12 $2,190,000 $182,500 $2,804 2.96%

Leaders Credit Union lent most frequently to those with DTI ratios of 20-30%, with 271 originations. The next most common DTI ratio? 30-36%, with 234 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 886 $155,800,000 $175,847 $2,645 3.17%
Black 125 $19,415,000 $155,320 $2,726 3.29%
Not provided 44 $8,290,000 $188,409 $3,244 3.17%
American Indian 8 $1,600,000 $200,000 $3,871 3.06%
Asian 5 $1,355,000 $271,000 $1,909 3.68%
Other Asian 1 $305,000 $305,000 $3,388 2.63%
Asian Indian 1 $275,000 $275,000 $3,861 3.63%
Filipino 1 $175,000 $175,000 $2,501 2.63%

Approval Rates

Total approvals of all applications
83.60%

Leaders Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
62.78%

Leaders 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 1,071 $187,215,000 $174,804

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,071 $187,215,000 $174,804

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 33 $2,335,000 $70,758 $1,987 3.54%
40-60% 127 $16,815,000 $132,402 $2,348 2.92%
60-80% 336 $60,330,000 $179,554 $2,641 3.08%
80-100% 545 $105,165,000 $192,963 $2,833 3.22%
Over 100% 8 $1,710,000 $213,750 $7,145 3.33%
Under 20% 21 $855,000 $40,714 $590 5.01%