Operating Engineers Local Union #3 Mortgage Rates, Fees & Info
Livermore, CALEI: 254900MHHOS58M9D0445
Tax ID: 94-6131870
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Mortgage Data
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 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.80% | 11/17/24 |
| 30 Year Conventional Refi | 5.76% | 11/17/24 |
| 30 Year Cash-out Refi | 5.78% | 11/17/24 |
| 15 Year Conventional Purchase | 4.89% | 11/17/24 |
| 15 Year Conventional Refi | 5.40% | 11/17/24 |
| 15 Year Cash-out Refi | 5.40% | 11/17/24 |
| 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. | ||
Operating Engineers Local Union #3 Mortgage Calculator
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Originations
257Origination Dollar Volume (All Markets)
$75,795,000Awards
Operating Engineers Local Union #3 - 2021
Operating Engineers Local Union #3 is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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% |
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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
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
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
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
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
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
Approval Rates
Total approvals of all applications95.92%
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 origination85.99%
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 |