Ouachita Valley Federal Credit Union Mortgage Rates, Fees & Info
West Monroe, LALEI: 254900MIHY4N3F840P17
Tax ID: 72-0568100
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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 two markets are Monroe and Ruston .Ouachita Valley Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Ouachita Valley Federal Credit Union 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 relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.97% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 8.14% | 11/21/24 |
| 15 Year Conventional Refi | 6.72% | 11/21/24 |
| 15 Year Cash-out Refi | 6.72% | 11/21/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
55Origination Dollar Volume (All Markets)
$3,575,000Top 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) | 46 | $3,080,000 | $66,957 | $1,842 | 6.25% |
| Outside of Metro Areas | 7 | $355,000 | $50,714 | $1,350 | 7.01% |
| Ruston, LA (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $1,747 | 7.12% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 55 | $3,575,000 | $65,000 | $1,776 | 6.38% |
For 2022, Ouachita Valley Federal Credit Union's most frequently originated type of loan was Conventional, with 55 originations.
Loan Reason
For 2022, Ouachita Valley Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Home Improvement, with 13 originations.
Loan Duration/Length
For 2022, Ouachita Valley Federal Credit Union's most frequently cited loan duration was 15 Year, with 29 originations. The 2nd most popular length was 10 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $240,000 | $120,000 |
| $2k-3k | 2 | $260,000 | $130,000 |
| $3k-4k | 1 | $115,000 | $115,000 |
| $5k+ | 1 | $145,000 | $145,000 |
Ouachita Valley Federal Credit Union's average total fees were $5,495, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 19 | $1,215,000 | $63,947 |
| 6-7% | 19 | $1,385,000 | $72,895 |
| 7-8% | 8 | $330,000 | $41,250 |
| Over 8% | 5 | $415,000 | $83,000 |
| 4-5% | 4 | $230,000 | $57,500 |
During 2022, Ouachita Valley Federal Credit Union's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 5-6%, with 19 originations.
Loan Sizing
2022 saw Ouachita Valley Federal Credit Union place emphasis on $100,000 or less loans with 44 originations, totaling $2,010,000 in origination value.
Applicant Income
Ouachita Valley Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 20 originations. The second most popular income band? $50k-75k, with 17 originations.
Applicant Debt to Income Ratio
Ouachita Valley Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? <20%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.61%
Ouachita Valley Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination96.36%
Ouachita Valley Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 55 | $3,575,000 | $65,000 |