South Metro Federal Credit Union Mortgage Rates, Fees & Info

Prior Lake, MN

LEI: 254900NRU0TO5WZHHH62

Tax ID: 41-1761070

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

Review & Overview

South Metro Federal Credit Union is a smaller credit union specializing in Home Purchase loans. South Metro Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Omaha, and Ann Arbor among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Metro Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. South Metro 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.

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	11.34%	4/28/24
30 Year Conventional Refi	11.03%	4/28/24
30 Year Cash-out Refi	10.83%	4/28/24
15 Year Conventional Purchase	10.76%	4/28/24
15 Year Conventional Refi	5.68%	4/28/24
15 Year Cash-out Refi	5.68%	4/28/24
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.

South Metro Federal Credit Union Mortgage Calculator

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This is not an official calculator from South Metro 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)

$10,385,000

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	41	$7,035,000	$171,585	$3,536	4.40%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	26	$1,400,000	$53,846	$2,052	4.29%
ANN ARBOR, MI (FHA\|USDA\|VA)	15	$1,345,000	$89,667	$3,062	4.45%
Outside of Metro Areas	5	$605,000	$121,000	$2,367	4.95%

South Metro Federal Credit Union's top markets include Minneapolis, Omaha, and Ann Arbor among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

Michigan (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against South Metro Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

LIBERTY FIRST
Similarity Rank: 81

MUTUAL FIRST
Similarity Rank: 276

Central National Bank
Similarity Rank: 363

CORNHUSKER BANK
Similarity Rank: 435

Cobalt Credit Union
Similarity Rank: 582

CHARTER WEST BANK
Similarity Rank: 644

CENTRIS FEDERAL CREDIT UNION
Similarity Rank: 774

ST. CLOUD FINANCIAL
Similarity Rank: 978

South Metro Federal Credit Union
Similarity Rank: 1088

First National Bank of Elk River
Similarity Rank: 1110

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	87	$10,385,000	$119,368	$2,954	4.41%

For 2019, South Metro Federal Credit Union's most frequently originated type of loan was Conventional, with 87 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	63	$7,565,000	$120,079	$3,209	4.40%
Cash Out Refi	16	$1,510,000	$94,375	$2,064	4.39%
Refi	5	$725,000	$145,000	$3,706	3.92%
Other	3	$585,000	$195,000	$1,162	5.41%

For 2019, South Metro Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	46	$7,350,000	$159,783	$3,968	4.39%
5 Year	24	$1,740,000	$72,500	$2,219	4.11%
15 Year	10	$960,000	$96,000	$1,203	4.98%
10 Year	7	$335,000	$47,857	$1,206	4.68%

For 2019, South Metro Federal Credit Union's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was 5 Year, with 24 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	47	$3,265,000	$69,468
$<1k	14	$1,070,000	$76,429
$2k-3k	14	$1,910,000	$136,429
$3k-4k	5	$1,285,000	$257,000
$4k-5k	3	$975,000	$325,000
$5k+	3	$1,835,000	$611,667

South Metro Federal Credit Union's average total fees were $3,968, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 47 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	66	$7,100,000	$107,576
3-4%	14	$2,420,000	$172,857
5-6%	4	$420,000	$105,000
6-7%	2	$400,000	$200,000

During 2019, South Metro Federal Credit Union's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 4-5%, with 66 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	58	$3,480,000	$60,000	$2,090	4.41%
$100k-200k	16	$2,070,000	$129,375	$3,279	4.57%
$200k-400k	10	$3,000,000	$300,000	$5,201	4.20%
$400k-600k	2	$940,000	$470,000	$8,381	3.99%
$600k-1MM	1	$895,000	$895,000	$13,644	4.49%

2019 saw South Metro Federal Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $3,480,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	23	$1,755,000	$76,304	$2,629	4.37%
$50k-75k	18	$1,500,000	$83,333	$2,407	4.54%
$100k-150k	12	$1,280,000	$106,667	$2,476	4.31%
$150k-250k	11	$1,875,000	$170,455	$4,212	4.10%
$250k+	11	$3,065,000	$278,636	$4,307	4.90%
$75k-100k	11	$865,000	$78,636	$2,615	4.24%

South Metro 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 18 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	26	$3,890,000	$149,615	$3,740	4.31%
30-36%	20	$2,100,000	$105,000	$2,475	4.53%
<20%	13	$1,345,000	$103,462	$2,545	4.39%
44%	4	$270,000	$67,500	$1,994	4.59%
41%	4	$370,000	$92,500	$2,874	4.75%
42%	4	$570,000	$142,500	$3,315	4.50%
36%	3	$365,000	$121,667	$3,266	4.00%
39%	3	$165,000	$55,000	$2,175	4.29%
43%	2	$280,000	$140,000	$2,838	4.25%
37%	2	$150,000	$75,000	$2,276	4.19%
38%	2	$460,000	$230,000	$4,524	4.18%
48%	1	$35,000	$35,000	$525	5.49%
40%	1	$75,000	$75,000	$2,959	4.63%
45%	1	$265,000	$265,000	$5,465	4.24%
46%	1	$45,000	$45,000	$650	3.74%

South Metro Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 20 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	70	$6,650,000	$95,000	$2,673	4.32%
American Indian	8	$2,880,000	$360,000	$5,275	5.15%
Not provided	6	$470,000	$78,333	$2,672	4.57%
Black	2	$330,000	$165,000	$4,782	4.18%
Not applicable	1	$55,000	$55,000	$1,762	4.38%

Approval Rates

Total approvals of all applications
86.61%

South Metro Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.46%

South Metro Federal Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	87	$10,385,000	$119,368

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	87	$10,385,000	$119,368

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	6	$810,000	$135,000	$1,420	5.16%
40-60%	5	$385,000	$77,000	$2,670	4.28%
60-80%	19	$4,125,000	$217,105	$4,843	4.31%
80-100%	46	$4,580,000	$99,565	$2,875	4.32%
Under 20%	11	$485,000	$44,091	$977	4.56%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
STANDARD MORTGAGE CORPORATION	Conventional home mortgage	Struggling to pay mortgage	1	33.3%
STANDARD MORTGAGE CORPORATION	Conventional home mortgage	Trouble during payment process	1	33.3%
STANDARD MORTGAGE CORPORATION	FHA mortgage	Trouble during payment process	1	33.3%