Copoco Community Credit Union Mortgage Rates, Fees & Info
Bay City, MILEI: 254900I6OUSD8YCJUJ63
Tax ID: 38-1435020
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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, and Midland among others. We have data for 4 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. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/23/24 |
| 30 Year Conventional Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 5.68% | 11/23/24 |
| 15 Year Conventional Refi | 5.68% | 11/23/24 |
| 15 Year Cash-out Refi | 5.68% | 11/23/24 |
| 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. | ||
Copoco Community Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
39Origination Dollar Volume (All Markets)
$2,735,000Top 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) | 25 | $1,815,000 | $72,600 | $1,737 | 4.44% |
| Outside of Metro Areas | 5 | $445,000 | $89,000 | $2,006 | 4.43% |
| SAGINAW, MI (FHA|USDA|VA) | 7 | $355,000 | $50,714 | $1,779 | 4.43% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $1,147 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $2,025,000 | $96,429 | $1,756 | 4.63% |
| HELOC | 18 | $710,000 | $39,444 | n/a | 4.24% |
For 2022, Copoco Community Credit Union's most frequently originated type of loan was Conventional, with 21 originations. Their 2nd most popular type was HELOC, with 18 originations.
Loan Reason
For 2022, Copoco Community Credit Union's most frequently cited loan purpose was Refi, with 26 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2022, Copoco Community Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was Other, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 16 | $1,580,000 | $98,750 |
Copoco Community 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 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $690,000 | $57,500 |
| 5-6% | 12 | $670,000 | $55,833 |
| 4-5% | 10 | $1,130,000 | $113,000 |
| 2.5-3% | 3 | $165,000 | $55,000 |
| 6-7% | 2 | $80,000 | $40,000 |
During 2022, Copoco Community Credit Union's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 3-4%, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 27 | $1,095,000 | $40,556 | $1,565 | 4.45% |
| $100k-200k | 12 | $1,640,000 | $136,667 | $1,947 | 4.44% |
2022 saw Copoco Community Credit Union place emphasis on $100,000 or less loans with 27 originations, totaling $1,095,000 in origination value.
Applicant Income
Copoco Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
Copoco Community Credit Union lent most frequently to those with DTI ratios of <20%, with 21 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 36 | $2,660,000 | $73,889 | $1,756 | 4.43% |
| Black | 3 | $75,000 | $25,000 | $1,760 | 4.67% |
Approval Rates
Total approvals of all applications74.75%
Copoco Community Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination56.41%
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 | 39 | $2,735,000 | $70,128 |