Copoco Community Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900I6OUSD8YCJUJ63
Tax ID: 38-1435020
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Mortgage Data
Review & Overview
Copoco Community Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Copoco Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bay City, Saginaw, Ann Arbor, Grand Rapids, and Detroit among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Copoco Community 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. Copoco Community 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.
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Originations
44Origination Dollar Volume (All Markets)
$3,010,000Top 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 |
|---|---|---|---|---|---|
| BAY CITY, MI (FHA|USDA|VA) | 32 | $2,020,000 | $63,125 | $1,787 | 4.92% |
| SAGINAW, MI (FHA|USDA|VA) | 4 | $200,000 | $50,000 | $1,686 | 4.59% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,954 | 4.75% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,744 | 4.50% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,736 | 4.13% |
| FLINT, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,869 | 4.50% |
| Outside of Metro Areas | 3 | $105,000 | $35,000 | $1,352 | 5.75% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 28 | $2,420,000 | $86,429 | $1,858 | 4.60% |
| HELOC | 16 | $590,000 | $36,875 | n/a | 5.45% |
For 2019, Copoco Community Credit Union's most frequently originated type of loan was Conventional, with 28 originations. Their 2nd most popular type was HELOC, with 16 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 26 | $1,410,000 | $54,231 | $1,140 | 5.15% |
| Home Purchase | 16 | $1,540,000 | $96,250 | $2,396 | 4.41% |
| Home Improvement | 2 | $60,000 | $30,000 | $0 | 5.88% |
For 2019, Copoco Community Credit Union's most frequently cited loan purpose was Refi, with 26 originations. The 2nd most popular reason was Home Purchase, with 16 originations.
Loan Duration/Length
For 2019, Copoco Community Credit Union's most frequently cited loan duration was 15 Year, with 16 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 19 | $1,455,000 | $76,579 |
| $1k-2k | 9 | $965,000 | $107,222 |
Copoco Community Credit Union's average total fees were $3,043, 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% | 20 | $1,850,000 | $92,500 |
| 5-6% | 13 | $545,000 | $41,923 |
| 3-4% | 6 | $430,000 | $71,667 |
| 6-7% | 5 | $185,000 | $37,000 |
During 2019, Copoco Community Credit Union's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 4-5%, with 20 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 32 | $1,440,000 | $45,000 | $1,486 | 5.09% |
| $100k-200k | 12 | $1,570,000 | $130,833 | $2,433 | 4.43% |
2019 saw Copoco Community Credit Union place emphasis on $100,000 or less loans with 32 originations, totaling $1,440,000 in origination value.
Applicant Income
Copoco Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $50k-75k, with 11 originations.
Applicant Debt to Income Ratio
Copoco Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? <20%, with 15 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 44 | $3,010,000 | $68,409 | $1,858 | 4.91% |
Approval Rates
Total approvals of all applications79.25%
Copoco Community Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination27.27%
Copoco Community 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 | 44 | $3,010,000 | $68,409 |