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
  • Complaints
  • 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 Cash Out Refi, Refi, and Home Purchase loans. Schools Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Sacramento, Yuba City, Chico, Los Angeles, and Vallejo among others. We have data for 20 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

    1,093

    Origination Dollar Volume (All Markets)

    $236,525,000
    Show all (6) 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) 931 $206,975,000 $222,315 $2,145 4.59%
    YUBA CITY, CA (FHA|USDA|VA) 69 $9,735,000 $141,087 $2,179 4.72%
    CHICO, CA (FHA|USDA|VA) 19 $3,695,000 $194,474 $2,245 4.72%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 6 $2,940,000 $490,000 $3,716 3.63%
    Outside of Metro Areas 16 $2,560,000 $160,000 $1,891 4.71%
    VALLEJO, CA (FHA|USDA|VA) 11 $2,395,000 $217,727 $3,222 4.98%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $2,125,000 $303,571 $2,899 4.87%
    STOCKTON, CA (FHA|USDA|VA) 13 $1,865,000 $143,462 $1,936 5.04%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 6 $1,170,000 $195,000 $2,559 5.12%
    MODESTO, CA (FHA|USDA|VA) 2 $750,000 $375,000 $2,601 3.38%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $740,000 $370,000 $1,474 4.75%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $405,000 $405,000 $3,414 4.38%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $290,000 $145,000 $1,926 4.00%
    Crescent City, CA (FHA|USDA|VA) 1 $285,000 $285,000 $2,912 4.75%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $245,000 $245,000 $1,898 3.38%
    Red Bluff, CA (FHA|USDA|VA) 1 $145,000 $145,000 $2,000 4.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $60,000 $30,000 $0 5.74%
    Ukiah, CA (FHA|USDA|VA) 1 $55,000 $55,000 $82 5.99%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.24%
    Clearlake, CA (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.24%
    Schools Financial Credit Union's top markets include Sacramento, Yuba City, Chico, Los Angeles, 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.

    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 318
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    Ukrainian Federal Credit Union
    Similarity Rank: 864
    SAN FRANCISCO FIRE CREDIT UNION
    Similarity Rank: 980
    SACRAMENTO Credit Union
    Similarity Rank: 1020
    Schools Financial Credit Union
    Similarity Rank: 1080
    T. J. FINANCIAL, INC.
    Similarity Rank: 1152
    AMERICAN HERITAGE CAPITAL, L.P.
    Similarity Rank: 1600
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1628
    Provident Credit Union
    Similarity Rank: 1664

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,093 $236,525,000 $216,400 $2,166 4.61%

    For 2019, Schools Financial Credit Union's most frequently originated type of loan was Conventional, with 1,093 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 757 $132,535,000 $175,079 $1,820 4.93%
    Refi 208 $56,100,000 $269,712 $2,238 3.84%
    Home Purchase 128 $47,890,000 $374,141 $3,387 3.94%

    For 2019, Schools Financial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 757 originations. The 2nd most popular reason was Refi, with 208 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 470 $174,560,000 $371,404 $2,708 3.81%
    15 Year 379 $40,275,000 $106,266 $1,419 5.27%
    10 Year 101 $7,055,000 $69,851 $847 5.49%
    Other 71 $2,805,000 $39,507 $280 5.39%
    20 Year 41 $10,675,000 $260,366 $2,337 3.58%
    5 Year 31 $1,155,000 $37,258 $344 5.28%

    For 2019, Schools Financial Credit Union's most frequently cited loan duration was 30 Year, with 470 originations. The 2nd most popular length was 15 Year, with 379 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,033 $220,045,000 $213,015
    $1k-2k 40 $10,860,000 $271,500
    $2k-3k 9 $2,375,000 $263,889
    $5k+ 6 $1,760,000 $293,333
    $3k-4k 2 $570,000 $285,000
    $4k-5k 1 $335,000 $335,000

    Schools Financial Credit Union's average total fees were $2,708, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,033 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 477 $166,795,000 $349,675
    5-6% 345 $21,565,000 $62,507
    4-5% 134 $33,710,000 $251,567
    6-7% 104 $6,230,000 $59,904
    2.5-3% 33 $8,225,000 $249,242

    During 2019, Schools Financial Credit Union's average interest rate for loans was 3.81%, while their most frequently originated rate bucket for loans was 3-4%, with 477 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 424 $20,210,000 $47,665 $522 5.78%
    $200k-400k 293 $84,315,000 $287,765 $2,638 3.84%
    $100k-200k 186 $26,950,000 $144,892 $1,919 4.26%
    $400k-600k 138 $67,970,000 $492,536 $2,773 3.56%
    $600k-1MM 50 $35,070,000 $701,400 $2,935 3.44%
    $1MM+ 2 $2,010,000 $1,005,000 $3,008 3.31%

    2019 saw Schools Financial Credit Union place emphasis on $100,000 or less loans with 424 originations, totaling $20,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 308 $68,210,000 $221,461 $2,173 4.62%
    $150k-250k 298 $81,860,000 $274,698 $2,254 4.58%
    $75k-100k 202 $32,590,000 $161,337 $1,974 4.68%
    $50k-75k 183 $23,125,000 $126,366 $2,143 4.73%
    $250k+ 55 $24,985,000 $454,273 $2,460 4.17%
    $50k or less 45 $5,715,000 $127,000 $2,155 4.38%

    Schools Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 308 originations. The second most popular income band? $150k-250k, with 298 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 274 $70,250,000 $256,387 $2,221 4.22%
    30-36% 201 $47,055,000 $234,104 $2,279 4.47%
    <20% 95 $24,035,000 $253,000 $2,401 4.02%
    49% 48 $4,840,000 $100,833 $1,130 5.64%
    48% 41 $5,185,000 $126,463 $1,237 5.50%
    47% 40 $5,470,000 $136,750 $2,017 5.24%
    39% 40 $7,820,000 $195,500 $2,113 4.68%
    42% 39 $8,155,000 $209,103 $2,289 4.93%
    45% 38 $5,290,000 $139,211 $1,407 5.31%
    38% 38 $7,450,000 $196,053 $2,211 4.79%
    37% 36 $8,150,000 $226,389 $2,066 4.61%
    44% 36 $7,260,000 $201,667 $2,045 4.94%
    40% 35 $7,565,000 $216,143 $2,253 4.64%
    41% 33 $7,255,000 $219,848 $2,162 4.73%
    43% 32 $6,810,000 $212,813 $2,231 4.75%
    36% 32 $7,400,000 $231,250 $2,188 4.48%
    46% 30 $5,470,000 $182,333 $2,422 5.00%
    50-60% 5 $1,065,000 $213,000 $2,752 4.60%

    Schools Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 274 originations. The next most common DTI ratio? 30-36%, with 201 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 637 $145,545,000 $228,485 $2,219 4.53%
    Not provided 278 $57,680,000 $207,482 $2,107 4.70%
    Asian 85 $19,365,000 $227,824 $2,309 4.38%
    Not applicable 40 $5,860,000 $146,500 $1,276 5.29%
    Black 33 $4,845,000 $146,818 $1,862 4.90%
    American Indian 11 $2,245,000 $204,091 $2,855 4.63%
    Native Hawaiian or Islander 9 $985,000 $109,444 $2,064 5.41%

    Approval Rates

    Total approvals of all applications
    93.84%

    Schools Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.16%

    Schools Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,093 $236,525,000 $216,400

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $965,000 $193,000
    Single Family (1-4 Units):Site-Built 1,088 $235,560,000 $216,507

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 134 $16,320,000 $121,791 $1,684 4.77%
    40-60% 140 $35,730,000 $255,214 $2,279 3.56%
    60-80% 294 $112,840,000 $383,810 $2,621 3.77%
    80-100% 127 $52,545,000 $413,740 $3,077 3.79%
    Under 20% 398 $19,090,000 $47,965 $425 5.80%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SCHOOLSFIRST FEDERAL CREDIT UNION Conventional home mortgage Trouble during payment process 1 50.0%
    SCHOOLSFIRST FEDERAL CREDIT UNION FHA mortgage Trouble during payment process 1 50.0%