Ouachita Valley Federal Credit Union Mortgage Rates, Fees & Info

West Monroe, LA

LEI: 254900MIHY4N3F840P17

Tax ID: 72-0568100

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Ouachita Valley Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Ouachita Valley Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Monroe.

Ouachita Valley Federal Credit Union has an average approval rate when compared to the average across all lenders. Ouachita Valley Federal 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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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.97%	11/22/24
30 Year Conventional Refi	6.27%	11/22/24
15 Year Conventional Purchase	8.14%	11/22/24
15 Year Conventional Refi	6.72%	11/22/24
15 Year Cash-out Refi	6.72%	11/22/24
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.

Ouachita Valley Federal Credit Union Mortgage Calculator

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This is not an official calculator from Ouachita Valley Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$3,005,000

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
MONROE, LA (FHA\|USDA\|VA)	39	$2,585,000	$66,282	$1,614	5.56%
Outside of Metro Areas	6	$420,000	$70,000	$1,441	5.33%

Ouachita Valley Federal Credit Union's top markets include and Monroe among others.

Their top states include:

Louisiana (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	45	$3,005,000	$66,778	$1,590	5.52%

For 2021, Ouachita Valley Federal Credit Union's most frequently originated type of loan was Conventional, with 45 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	18	$1,460,000	$81,111	$2,375	6.23%
Home Improvement	11	$395,000	$35,909	$660	4.79%
Refi	11	$715,000	$65,000	$1,448	5.51%
Cash Out Refi	3	$305,000	$101,667	$1,125	4.74%
Other	2	$130,000	$65,000	$1,054	4.49%

For 2021, Ouachita Valley Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Home Improvement, with 11 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	18	$1,480,000	$82,222	$1,504	5.27%
Other	11	$435,000	$39,545	$2,044	5.90%
10 Year	6	$180,000	$30,000	$721	5.91%
30 Year	6	$860,000	$143,333	$2,399	5.08%
5 Year	4	$50,000	$12,500	$605	5.74%

For 2021, Ouachita Valley Federal Credit Union's most frequently cited loan duration was 15 Year, with 18 originations. The 2nd most popular length was Other, with 11 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	7	$915,000	$130,714

Ouachita Valley Federal Credit Union's average total fees were $2,399, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	24	$1,730,000	$72,083
6-7%	9	$605,000	$67,222
5-6%	7	$595,000	$85,000
7-8%	5	$75,000	$15,000

During 2021, Ouachita Valley Federal Credit Union's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 24 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	36	$1,690,000	$46,944	$1,457	5.68%
$100k-200k	9	$1,315,000	$146,111	$2,108	4.91%

2021 saw Ouachita Valley Federal Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,690,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	23	$1,035,000	$45,000	$1,055	5.45%
$50k-75k	11	$1,015,000	$92,273	$2,483	5.90%
$75k-100k	7	$805,000	$115,000	$2,064	5.25%
$100k-150k	3	$105,000	$35,000	$1,290	4.91%
$150k-250k	1	$45,000	$45,000	$2,554	6.99%

Ouachita Valley Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $50k-75k, with 11 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	9	$435,000	$48,333	$1,488	5.35%
50-60%	8	$550,000	$68,750	$1,676	5.84%
<20%	7	$455,000	$65,000	$2,268	5.81%
30-36%	6	$340,000	$56,667	$1,300	5.74%
41%	3	$175,000	$58,333	$1,170	4.91%
38%	3	$285,000	$95,000	$1,236	4.57%
43%	2	$180,000	$90,000	$1,709	6.74%
46%	2	$190,000	$95,000	$1,891	5.74%
37%	1	$35,000	$35,000	$414	4.24%
45%	1	$55,000	$55,000	$1,798	4.74%
39%	1	$185,000	$185,000	$2,156	4.75%
47%	1	$75,000	$75,000	$1,728	6.74%
40%	1	$45,000	$45,000	$670	4.74%

Ouachita Valley Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 50-60%, with 8 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	33	$2,115,000	$64,091	$1,676	5.73%
Black	12	$890,000	$74,167	$1,361	4.97%

Approval Rates

Total approvals of all applications
88.57%

Ouachita Valley Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination

Points and Fees

Points	Originations	Total Value	Average Loan
NA	45	$3,005,000	$66,778

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	45	$3,005,000	$66,778

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	8	$270,000	$33,750	$749	4.68%
40-60%	8	$510,000	$63,750	$1,070	5.15%
60-80%	8	$730,000	$91,250	$1,791	5.49%
80-100%	12	$1,290,000	$107,500	$2,272	5.58%
Under 20%	3	$65,000	$21,667	$761	4.91%