Cove Federal Credit Union Mortgage Rates, Fees & Info

Edgewood, KY

LEI: 254900KQ2OWQNHYDFR62

Tax ID: 61-1169581

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cove Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Cove Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Cincinnati, Somerset, and Louisville among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cove Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    58

    Origination Dollar Volume (All Markets)

    $8,640,000

    Top 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) 55 $8,305,000 $151,000 $0 0.00%
    Outside of Metro Areas 1 $185,000 $185,000 $0 0.00%
    Somerset, KY (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
    Cove Federal Credit Union's top markets include Cincinnati, Somerset, and Louisville among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 58 $8,640,000 $148,966 $0 0.00%

    For 2020, Cove Federal Credit Union's most frequently originated type of loan was Conventional, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 42 $6,620,000 $157,619 $0 0.00%
    Refi 7 $1,005,000 $143,571 $0 0.00%
    Home Purchase 6 $870,000 $145,000 $0 0.00%
    Other 3 $145,000 $48,333 $0 0.00%

    For 2020, Cove Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 42 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 58 $8,640,000 $148,966 $0 0.00%

    For 2020, Cove Federal Credit Union's most frequently cited loan duration was Other, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 24 $3,360,000 $140,000 $0 0.00%
    $100,000 or less 22 $1,310,000 $59,545 $0 0.00%
    $200k-400k 9 $2,265,000 $251,667 $0 0.00%
    $400k-600k 3 $1,705,000 $568,333 $0 0.00%

    2020 saw Cove Federal Credit Union place emphasis on $100k-200k loans with 24 originations, totaling $3,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $2,425,000 $142,647 $0 0.00%
    $50k-75k 14 $1,520,000 $108,571 $0 0.00%
    $150k-250k 10 $1,660,000 $166,000 $0 0.00%
    $50k or less 8 $830,000 $103,750 $0 0.00%
    $250k+ 5 $1,885,000 $377,000 $0 0.00%
    $75k-100k 4 $320,000 $80,000 $0 0.00%

    Cove Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 58 $8,640,000 $148,966 $0 0.00%

    Cove Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 45 $6,455,000 $143,444 $0 0.00%
    Not provided 13 $2,185,000 $168,077 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.96%

    Cove Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    98.28%

    Cove Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 58 $8,640,000 $148,966

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $190,000 $95,000
    Single Family (1-4 Units):Site-Built 56 $8,450,000 $150,893