Schools Financial Credit Union Mortgage Rates, Fees & Info

Sacramento, CA

LEI: 254900MAXKDDK96Z6639

Tax ID: 94-1189841

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
  • Similar Lenders
  • 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

    Schools Financial Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Schools Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Sacramento, Yuba City, Stockton, San Francisco, and Vallejo among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Schools Financial Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Schools Financial 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.

    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

    615

    Origination Dollar Volume (All Markets)

    $122,775,000

    Awards

    Schools Financial Credit Union 30 Year Conventional Loans gold Schools Financial Credit Union 30 Year Conventional Loans gold Schools Financial Credit Union 30 Year Conventional Loans silver
    Show all (3) awards

    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
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 521 $107,195,000 $205,749 $2,342 4.82%
    YUBA CITY, CA (FHA|USDA|VA) 47 $5,775,000 $122,872 $2,180 4.96%
    STOCKTON, CA (FHA|USDA|VA) 10 $1,950,000 $195,000 $874 5.53%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $1,600,000 $800,000 $3,053 3.88%
    VALLEJO, CA (FHA|USDA|VA) 9 $1,555,000 $172,778 $1,379 5.29%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 6 $1,330,000 $221,667 $2,189 4.77%
    CHICO, CA (FHA|USDA|VA) 9 $1,115,000 $123,889 $1,811 4.93%
    Outside of Metro Areas 5 $505,000 $101,000 $1,092 5.04%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $495,000 $495,000 $3,470 4.25%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $355,000 $355,000 $2,640 3.88%
    MERCED, CA (FHA|USDA|VA) 1 $315,000 $315,000 $5,807 4.50%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $215,000 $215,000 $4,416 4.63%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $205,000 $205,000 $4,660 4.25%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $165,000 $165,000 $2,339 5.38%
    Schools Financial Credit Union's top markets include Sacramento, Yuba City, Stockton, San Francisco, and Vallejo among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Schools Financial Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    American Interbanc Mortgage
    Similarity Rank: 112
    Sierra Central Credit Union
    Similarity Rank: 192
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 216
    USE Credit Union
    Similarity Rank: 690
    Constant Investments, Inc.
    Similarity Rank: 822
    Provident Credit Union
    Similarity Rank: 980
    SCHOOLSFIRST
    Similarity Rank: 1080
    SACRAMENTO Credit Union
    Similarity Rank: 1092
    Schools Financial Credit Union
    Similarity Rank: 1176
    MERIWEST MORTGAGE COMPANY, LLC
    Similarity Rank: 1386

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 615 $122,775,000 $199,634 $2,289 4.85%

    For 2018, Schools Financial Credit Union's most frequently originated type of loan was Conventional, with 615 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 255 $21,265,000 $83,392 $750 5.50%
    Home Purchase 153 $52,385,000 $342,386 $3,520 4.43%
    Cash Out Refi 130 $28,640,000 $220,308 $2,967 4.60%
    Refi 77 $20,485,000 $266,039 $3,798 3.98%

    For 2018, Schools Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 255 originations. The 2nd most popular reason was Home Purchase, with 153 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 277 $91,935,000 $331,895 $3,893 4.39%
    15 Year 195 $19,495,000 $99,974 $971 5.38%
    10 Year 59 $4,005,000 $67,881 $805 5.14%
    Other 45 $1,865,000 $41,444 $0 5.24%
    20 Year 21 $4,885,000 $232,619 $4,419 3.99%
    5 Year 18 $590,000 $32,778 $0 5.25%

    For 2018, Schools Financial Credit Union's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was 15 Year, with 195 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 431 $76,685,000 $177,923
    $1k-2k 80 $16,990,000 $212,375
    $2k-3k 29 $7,225,000 $249,138
    $5k+ 27 $8,535,000 $316,111
    $3k-4k 26 $6,970,000 $268,077
    $4k-5k 22 $6,370,000 $289,545

    Schools Financial Credit Union's average total fees were $3,893, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 431 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 277 $78,695,000 $284,097
    5-6% 175 $12,005,000 $68,600
    3-4% 105 $28,265,000 $269,190
    6-7% 55 $2,975,000 $54,091
    2.5-3% 2 $800,000 $400,000

    During 2018, Schools Financial Credit Union's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 4-5%, with 277 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 244 $11,100,000 $45,492 $251 5.61%
    $200k-400k 183 $52,615,000 $287,514 $4,410 4.34%
    $100k-200k 106 $15,700,000 $148,113 $2,577 4.49%
    $400k-600k 66 $31,660,000 $479,697 $3,194 4.28%
    $600k-1MM 15 $10,695,000 $713,000 $3,543 4.00%
    $1MM+ 1 $1,005,000 $1,005,000 $2,586 3.50%

    2018 saw Schools Financial Credit Union place emphasis on $100,000 or less loans with 244 originations, totaling $11,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 174 $36,120,000 $207,586 $2,272 4.87%
    $75k-100k 141 $23,295,000 $165,213 $2,324 4.90%
    $150k-250k 134 $33,060,000 $246,716 $2,086 4.85%
    $50k-75k 95 $13,865,000 $145,947 $2,466 4.85%
    $50k or less 40 $4,700,000 $117,500 $2,163 4.63%
    $250k+ 31 $11,735,000 $378,548 $2,731 4.77%

    Schools Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 174 originations. The second most popular income band? $75k-100k, with 141 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 130 $37,720,000 $290,154 $2,941 4.42%
    <20% 85 $22,745,000 $267,588 $3,194 4.36%
    30-36% 59 $14,935,000 $253,136 $3,671 4.45%
    38% 14 $4,820,000 $344,286 $2,951 4.31%
    41% 13 $2,695,000 $207,308 $4,620 4.51%
    42% 11 $3,605,000 $327,727 $4,364 4.33%
    46% 11 $3,365,000 $305,909 $4,562 4.16%
    48% 10 $3,390,000 $339,000 $4,211 4.16%
    44% 10 $2,700,000 $270,000 $3,201 3.95%
    47% 9 $2,485,000 $276,111 $4,421 4.21%
    36% 8 $1,360,000 $170,000 $3,893 4.08%
    49% 8 $1,890,000 $236,250 $3,928 4.27%
    37% 8 $1,730,000 $216,250 $4,267 4.26%
    40% 7 $1,985,000 $283,571 $6,295 4.52%
    45% 7 $2,375,000 $339,286 $4,887 4.20%
    39% 7 $2,035,000 $290,714 $2,898 4.34%
    43% 5 $1,855,000 $371,000 $2,696 4.57%
    50-60% 2 $920,000 $460,000 $2,787 4.00%
    >60% 1 $295,000 $295,000 $9,726 4.88%

    Schools Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? <20%, with 85 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 368 $73,340,000 $199,293 $2,177 4.92%
    Not provided 194 $39,160,000 $201,856 $2,633 4.70%
    Asian 35 $7,965,000 $227,571 $2,005 4.79%
    American Indian 6 $930,000 $155,000 $1,383 5.00%
    Native Hawaiian or Islander 7 $905,000 $129,286 $2,371 5.03%
    Black 5 $475,000 $95,000 $227 5.77%

    Approval Rates

    Total approvals of all applications
    92.44%

    Schools Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.25%

    Schools Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 615 $122,775,000 $199,634

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $305,000 $101,667
    Single Family (1-4 Units):Site-Built 612 $122,470,000 $200,114

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $7,905,000 $114,565 $1,812 4.61%
    40-60% 58 $13,480,000 $232,414 $3,191 4.16%
    60-80% 167 $55,075,000 $329,790 $4,410 4.31%
    80-100% 95 $35,835,000 $377,211 $3,506 4.35%
    Under 20% 225 $10,445,000 $46,422 $126 5.72%