Operating Engineers Local Union #3 Mortgage Rates, Fees & Info

Livermore, CA

LEI: 254900MHHOS58M9D0445

Tax ID: 94-6131870

5 stars - out of 5 stars, based on 16 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Operating Engineers Local Union #3 is a smaller credit union specializing in Cash Out Refi and Refi loans. Operating Engineers Local Union #3 has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Sacramento, Stockton, San Jose, and Modesto among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Operating Engineers Local Union #3 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. Operating Engineers Local Union #3 is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.58% 10/3/22
    30 Year Conventional Refi 6.38% 10/3/22
    30 Year Cash-out Refi 6.55% 10/3/22
    15 Year Conventional Purchase 6.38% 10/3/22
    15 Year Conventional Refi 6.38% 10/3/22
    15 Year Cash-out Refi 6.38% 10/3/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    257

    Origination Dollar Volume (All Markets)

    $75,795,000

    Awards

    Operating Engineers Local Union #3 30 Year Conventional Loans silver Operating Engineers Local Union #3 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Operating Engineers Local Union #3's average 30 year fixed mortgage rate was 2.96%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.19%.

    Relative Fees (Closing Costs)

    Operating Engineers Local Union #3's average total fees/closing costs for a 30 year fixed rate mortgage were $3,542.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 44 $17,210,000 $391,136 $3,299 2.75%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 27 $7,525,000 $278,704 $3,205 2.71%
    STOCKTON, CA (FHA|USDA|VA) 21 $6,375,000 $303,571 $3,062 3.17%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 13 $4,465,000 $343,462 $3,334 3.20%
    MODESTO, CA (FHA|USDA|VA) 12 $3,470,000 $289,167 $3,290 2.96%
    VALLEJO, CA (FHA|USDA|VA) 10 $3,400,000 $340,000 $4,455 2.88%
    FRESNO, CA (FHA|USDA|VA) 11 $3,175,000 $288,636 $3,527 3.11%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 6 $2,880,000 $480,000 $3,876 2.77%
    RENO, NV (FHA|USDA|VA) 8 $2,800,000 $350,000 $3,280 2.70%
    Outside of Metro Areas 9 $2,255,000 $250,556 $3,363 2.69%
    Elko, NV (FHA|USDA|VA) 9 $1,655,000 $183,889 $3,245 3.15%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $1,550,000 $258,333 $3,889 2.88%
    REDDING, CA (FHA|USDA|VA) 7 $1,425,000 $203,571 $3,436 2.93%
    Fernley, NV (FHA|USDA|VA) 6 $1,400,000 $233,333 $3,493 2.88%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,205,000 $401,667 $4,424 2.38%
    MERCED, CA (FHA|USDA|VA) 4 $1,060,000 $265,000 $3,414 3.53%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $915,000 $915,000 $4,032 2.50%
    YUBA CITY, CA (FHA|USDA|VA) 4 $890,000 $222,500 $3,293 2.59%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $840,000 $420,000 $3,485 2.56%
    Sonora, CA (FHA|USDA|VA) 5 $835,000 $167,000 $3,323 3.10%
    BOISE CITY, ID (FHA|USDA|VA) 3 $785,000 $261,667 $3,399 2.92%
    MADERA, CA (FHA|USDA|VA) 4 $760,000 $190,000 $3,273 2.75%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 3 $595,000 $198,333 $3,242 2.46%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $575,000 $191,667 $3,017 2.75%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $490,000 $245,000 $2,925 3.19%
    Outside of Metro Areas 1 $465,000 $465,000 $5,739 3.13%
    BILLINGS, MT (FHA|USDA|VA) 1 $445,000 $445,000 $4,696 2.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $420,000 $210,000 $3,295 2.75%
    NAPA, CA (FHA|USDA|VA) 1 $415,000 $415,000 $3,337 2.50%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 3 $415,000 $138,333 $2,912 2.50%
    SALT LAKE CITY, UT (FHA|USDA|VA) 2 $390,000 $195,000 $3,233 2.75%
    LONGVIEW, WA (FHA|USDA|VA) 1 $365,000 $365,000 $3,971 2.50%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $360,000 $180,000 $3,503 2.94%
    Sandpoint, ID (FHA|USDA|VA) 1 $305,000 $305,000 $4,406 3.00%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $295,000 $295,000 $3,362 2.50%
    URBAN HONOLULU, HI (FHA|USDA|VA) 1 $275,000 $275,000 $3,516 2.38%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $275,000 $275,000 $2,992 3.00%
    CHICO, CA (FHA|USDA|VA) 1 $265,000 $265,000 $3,387 4.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,328 3.25%
    DECATUR, AL (FHA|USDA|VA) 2 $240,000 $120,000 $3,062 3.38%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $225,000 $225,000 $3,937 3.13%
    Ontario, OR-ID (FHA|USDA|VA) 1 $205,000 $205,000 $4,011 2.88%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $195,000 $195,000 $3,592 2.63%
    TUCSON, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $3,611 2.00%
    Susanville, CA (FHA|USDA|VA) 1 $185,000 $185,000 $3,507 2.88%
    Red Bluff, CA (FHA|USDA|VA) 1 $175,000 $175,000 $3,307 2.50%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $155,000 $155,000 $5,109 2.25%
    SALINAS, CA (FHA|USDA|VA) 1 $155,000 $155,000 $3,207 3.13%
    GREELEY, CO (FHA|USDA|VA) 1 $135,000 $135,000 $3,402 3.25%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $135,000 $135,000 $3,747 2.75%
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $135,000 $135,000 $2,845 3.25%
    VISALIA, CA (FHA|USDA|VA) 1 $115,000 $115,000 $3,022 2.50%
    Eureka-Arcata, CA (FHA|USDA|VA) 1 $65,000 $65,000 $4,061 2.75%

    Operating Engineers Local Union #3's top markets include San Francisco, Sacramento, Stockton, San Jose, and Modesto among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against Operating Engineers Local Union #3 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 257 $75,795,000 $294,922 $3,413 2.88%

    For 2021, Operating Engineers Local Union #3's most frequently originated type of loan was Conventional, with 257 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 150 $45,890,000 $305,933 $3,374 2.98%
    Refi 69 $17,875,000 $259,058 $3,162 2.65%
    Home Purchase 38 $12,030,000 $316,579 $4,023 2.87%

    For 2021, Operating Engineers Local Union #3's most frequently cited loan purpose was Cash Out Refi, with 150 originations. The 2nd most popular reason was Refi, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 158 $54,100,000 $342,405 $3,542 2.96%
    15 Year 56 $10,760,000 $192,143 $3,198 2.65%
    20 Year 27 $7,255,000 $268,704 $3,241 3.03%
    10 Year 13 $2,895,000 $222,692 $3,215 2.44%
    Other 3 $785,000 $261,667 $3,010 3.25%

    For 2021, Operating Engineers Local Union #3's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was 15 Year, with 56 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 256 $75,390,000 $294,492
    $5k+ 1 $405,000 $405,000

    Operating Engineers Local Union #3's average total fees were $3,542, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 90 $28,570,000 $317,444
    2.5-3% 86 $24,040,000 $279,535
    <2.5% 78 $22,200,000 $284,615
    4-5% 3 $985,000 $328,333

    During 2021, Operating Engineers Local Union #3's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 3-4%, with 90 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 127 $36,275,000 $285,630 $3,331 2.89%
    $100k-200k 70 $10,700,000 $152,857 $3,229 2.88%
    $400k-600k 40 $19,380,000 $484,500 $3,872 2.89%
    $600k-1MM 12 $8,800,000 $733,333 $4,070 2.97%
    $100,000 or less 8 $640,000 $80,000 $3,032 2.38%

    2021 saw Operating Engineers Local Union #3 place emphasis on $200k-400k loans with 127 originations, totaling $36,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 82 $26,000,000 $317,073 $3,415 2.90%
    $75k-100k 60 $15,370,000 $256,167 $3,328 2.95%
    $50k-75k 47 $10,195,000 $216,915 $3,496 2.76%
    $150k-250k 42 $16,940,000 $403,333 $3,467 2.85%
    $50k or less 14 $2,180,000 $155,714 $3,332 2.96%
    $250k+ 12 $5,110,000 $425,833 $3,398 2.82%

    Operating Engineers Local Union #3 lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $75k-100k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 67 $19,505,000 $291,119 $3,340 2.85%
    30-36% 63 $18,555,000 $294,524 $3,427 3.04%
    <20% 29 $6,495,000 $223,966 $3,242 2.65%
    43% 15 $4,295,000 $286,333 $3,388 2.78%
    41% 14 $3,740,000 $267,143 $3,356 2.87%
    37% 10 $3,040,000 $304,000 $3,318 2.79%
    44% 10 $3,920,000 $392,000 $3,367 2.96%
    38% 10 $3,170,000 $317,000 $3,283 3.08%
    36% 8 $2,400,000 $300,000 $3,340 2.95%
    39% 8 $2,730,000 $341,250 $3,738 2.61%
    42% 8 $3,220,000 $402,500 $3,655 2.97%
    40% 6 $1,540,000 $256,667 $3,046 2.83%
    45% 5 $1,735,000 $347,000 $3,591 2.85%
    46% 1 $335,000 $335,000 $3,437 2.25%
    50-60% 1 $545,000 $545,000 $3,612 2.00%
    >60% 1 $165,000 $165,000 $3,322 2.75%

    Operating Engineers Local Union #3 lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 173 $48,595,000 $280,896 $3,378 2.85%
    Not provided 59 $19,515,000 $330,763 $3,530 2.87%
    Asian 7 $1,975,000 $282,143 $3,488 2.93%
    American Indian 8 $1,970,000 $246,250 $3,369 3.17%
    Black 3 $1,525,000 $508,333 $3,577 3.17%
    Native Hawaiian or Islander 3 $1,225,000 $408,333 $3,572 2.88%
    Other Asian 4 $990,000 $247,500 $2,898 2.97%

    Approval Rates

    Total approvals of all applications
    95.92%

    Operating Engineers Local Union #3 has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    85.99%

    Operating Engineers Local Union #3 has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 257 $75,795,000 $294,922

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    257 $75,795,000 $294,922

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $13,005,000 $220,424 $3,243 2.62%
    40-60% 73 $21,705,000 $297,329 $3,213 2.78%
    60-80% 87 $29,245,000 $336,149 $3,560 3.05%
    80-100% 27 $10,055,000 $372,407 $3,911 3.13%
    Under 20% 11 $1,785,000 $162,273 $3,262 2.82%