Minnesota Valley Federal Credit Union Mortgage Rates, Fees & Info
Mankato, MNLEI: 254900M984EPKRAPEO90
Tax ID: 41-0752677
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Mortgage Data
Review & Overview
Minnesota Valley Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Minnesota Valley Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Mankato, Minneapolis, New Ulm, Fairmont, and St. Cloud among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Minnesota Valley 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.
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Originations
190Origination Dollar Volume (All Markets)
$29,520,000Top 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 |
|---|---|---|---|---|---|
| MANKATO, MN (FHA|USDA|VA) | 147 | $23,555,000 | $160,238 | $0 | 0.00% |
| Outside of Metro Areas | 19 | $2,585,000 | $136,053 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 15 | $2,025,000 | $135,000 | $0 | 0.00% |
| New Ulm, MN (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Austin, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 188 | $29,470,000 | $156,755 | $0 | 0.00% |
| FHA | 2 | $50,000 | $25,000 | $0 | 0.00% |
For 2018, Minnesota Valley Federal Credit Union's most frequently originated type of loan was Conventional, with 188 originations. Their 2nd most popular type was FHA, with 2 originations.
Loan Reason
For 2018, Minnesota Valley Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 117 originations. The 2nd most popular reason was Refi, with 37 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 190 | $29,520,000 | $155,368 | $0 | 0.00% |
For 2018, Minnesota Valley Federal Credit Union's most frequently cited loan duration was Other, with 190 originations.
Loan Sizing
2018 saw Minnesota Valley Federal Credit Union place emphasis on $100k-200k loans with 92 originations, totaling $13,560,000 in origination value.
Applicant Income
Minnesota Valley Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $50k or less, with 47 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 190 | $29,520,000 | $155,368 | $0 | 0.00% |
Minnesota Valley Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 190 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 189 | $29,455,000 | $155,847 | $0 | 0.00% |
| Not provided | 1 | $65,000 | $65,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications94.81%
Minnesota Valley Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination97.37%
Minnesota Valley 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 | 190 | $29,520,000 | $155,368 |