Hercules First Federal Credit Union Mortgage Rates, Fees & Info
Salt Lake City, UTLEI: 254900GL9FITA8BCKE77
Tax ID: 87-0237696
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Mortgage Data
Review & Overview
Hercules First Federal Credit Union is a smaller credit union specializing in Other, Home Improvement, and Refi loans. Hercules First Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Salt Lake City, Ogden, St. George, Provo, and Heber among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Hercules First Federal 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. They typically have about average rates.
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Originations
52Origination Dollar Volume (All Markets)
$5,070,000Top 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 |
|---|---|---|---|---|---|
| SALT LAKE CITY, UT (FHA|USDA|VA) | 41 | $4,135,000 | $100,854 | $0 | 5.48% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 7 | $695,000 | $99,286 | $0 | 5.42% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 3.13% |
| PROVO-OREM, UT (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 4.15% |
| Heber, UT (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.15% |
Similar Lenders
We use machine learning to identify the top lenders compared against Hercules First Federal 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 | 52 | $5,070,000 | $97,500 | $0 | 5.35% |
For 2019, Hercules First Federal Credit Union's most frequently originated type of loan was Conventional, with 52 originations.
Loan Reason
For 2019, Hercules First Federal Credit Union's most frequently cited loan purpose was Other, with 19 originations. The 2nd most popular reason was Home Improvement, with 18 originations.
Loan Duration/Length
For 2019, Hercules First Federal Credit Union's most frequently cited loan duration was 15 Year, with 24 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 18 | $1,480,000 | $82,222 |
| $1k-2k | 4 | $830,000 | $207,500 |
| $2k-3k | 4 | $930,000 | $232,500 |
| $3k-4k | 1 | $335,000 | $335,000 |
Hercules First Federal 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 18 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 19 | $1,595,000 | $83,947 |
| 4-5% | 17 | $1,615,000 | $95,000 |
| 3-4% | 10 | $1,520,000 | $152,000 |
| Over 8% | 6 | $340,000 | $56,667 |
During 2019, Hercules First Federal Credit Union's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 5-6%, with 19 originations.
Loan Sizing
2019 saw Hercules First Federal Credit Union place emphasis on $100,000 or less loans with 35 originations, totaling $1,775,000 in origination value.
Applicant Income
Hercules First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $150k-250k, with 11 originations.
Applicant Debt to Income Ratio
Hercules First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 50 | $4,800,000 | $96,000 | $0 | 5.38% |
| Other Asian | 1 | $245,000 | $245,000 | $0 | 4.99% |
| Samoan | 1 | $25,000 | $25,000 | $0 | 4.30% |
Approval Rates
Total approvals of all applications94.92%
Hercules First Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination92.31%
Hercules First Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1055.75 | 1 | $145,000 | $145,000 |
| 1252.94 | 1 | $85,000 | $85,000 |
| 1433.88 | 1 | $245,000 | $245,000 |
| 152.0 | 5 | $375,000 | $75,000 |
| 1586.0 | 1 | $165,000 | $165,000 |
| 163.0 | 1 | $55,000 | $55,000 |
| 1679.0 | 1 | $105,000 | $105,000 |
| 170.0 | 1 | $65,000 | $65,000 |
| 175.0 | 3 | $105,000 | $35,000 |
| 185.0 | 1 | $95,000 | $95,000 |
| 1983.65 | 1 | $125,000 | $125,000 |
| 20.0 | 1 | $25,000 | $25,000 |
| 209.0 | 1 | $95,000 | $95,000 |
| 210.0 | 5 | $435,000 | $87,000 |
| 217.0 | 1 | $105,000 | $105,000 |
| 220.0 | 2 | $140,000 | $70,000 |
| 227.0 | 1 | $25,000 | $25,000 |
| 2308.4 | 1 | $205,000 | $205,000 |
| 2495.75 | 1 | $205,000 | $205,000 |
| 255.0 | 2 | $120,000 | $60,000 |
| 317.0 | 1 | $55,000 | $55,000 |
| 3362.0 | 1 | $245,000 | $245,000 |
| 4208.07 | 1 | $325,000 | $325,000 |
| 4351.84 | 1 | $155,000 | $155,000 |
| 4618.0 | 1 | $275,000 | $275,000 |
| 475.0 | 1 | $25,000 | $25,000 |
| 4946.0 | 1 | $335,000 | $335,000 |
| 501.0 | 1 | $105,000 | $105,000 |
| 543.0 | 1 | $55,000 | $55,000 |
| 623.0 | 1 | $105,000 | $105,000 |
| 693.0 | 1 | $55,000 | $55,000 |
| 7.0 | 1 | $45,000 | $45,000 |
| 809.0 | 1 | $65,000 | $65,000 |
| 914.0 | 1 | $75,000 | $75,000 |
| 94.0 | 1 | $65,000 | $65,000 |
| NA | 5 | $165,000 | $33,000 |