Cove Federal Credit Union Mortgage Rates, Fees & Info
Edgewood, KYLEI: 254900KQ2OWQNHYDFR62
Tax ID: 61-1169581
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Cove Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Cove Federal Credit Union has a high proportion of conventional loans. Their top two markets are Cincinnati and Huntington .Cove Federal 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.
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Originations
33Origination Dollar Volume (All Markets)
$4,155,000Top 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 |
|---|---|---|---|---|---|
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 32 | $3,710,000 | $115,938 | $0 | 0.00% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 33 | $4,155,000 | $125,909 | $0 | 0.00% |
For 2018, Cove Federal Credit Union's most frequently originated type of loan was Conventional, with 33 originations.
Loan Reason
For 2018, Cove Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 33 | $4,155,000 | $125,909 | $0 | 0.00% |
For 2018, Cove Federal Credit Union's most frequently cited loan duration was Other, with 33 originations.
Loan Sizing
2018 saw Cove Federal Credit Union place emphasis on $100,000 or less loans with 21 originations, totaling $1,165,000 in origination value.
Applicant Income
Cove Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $75k-100k, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 33 | $4,155,000 | $125,909 | $0 | 0.00% |
Cove Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 33 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 18 | $2,240,000 | $124,444 | $0 | 0.00% |
| Not provided | 15 | $1,915,000 | $127,667 | $0 | 0.00% |
Approval Rates
Total approvals of all applications77.05%
Cove Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination57.58%
Cove Federal 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 |
|---|---|---|---|
| Exempt | 33 | $4,155,000 | $125,909 |