Collins Community Credit Union Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 254900NT8VCCMPTPSO02

Tax ID: 42-0190489

5 stars - out of 5 stars, based on 66 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Collins Community Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Collins Community Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Cedar Rapids, Des Moines, Waterloo, Iowa City, and Davenport among others. Collins Community Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Collins Community Credit Union is typically a low fee lendor.


Originations

4,374

Origination Dollar Volume (All Markets)

$708,060,000
Show all (12) awards

Relative Rate

Collins Community Credit Union's average 30 year fixed rate mortgage of loans were 3.03%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.12%.

Relative Fees

Collins Community Credit Union's average total fees for a 30 year fixed rate mortgage are $1,607.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CEDAR RAPIDS, IA (FHA|USDA|VA) 1,928 $284,570,000 $147,599 $1,523 3.12%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1,168 $206,080,000 $176,438 $1,484 3.40%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 321 $49,615,000 $154,564 $1,443 3.18%
IOWA CITY, IA (FHA|USDA|VA) 240 $46,810,000 $195,042 $1,496 3.08%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 223 $39,665,000 $177,870 $1,523 2.98%
DUBUQUE, IA (FHA|USDA|VA) 220 $36,430,000 $165,591 $1,427 3.13%
Outside of Metro Areas 207 $31,945,000 $154,324 $1,566 3.24%
AMES, IA (FHA|USDA|VA) 21 $4,075,000 $194,048 $1,886 3.17%
Pella, IA (FHA|USDA|VA) 13 $2,285,000 $175,769 $1,390 3.42%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,990,000 $995,000 $0 3.38%
Clinton, IA (FHA|USDA|VA) 7 $1,175,000 $167,857 $1,781 2.43%
Muscatine, IA (FHA|USDA|VA) 7 $765,000 $109,286 $1,600 2.89%
Ottumwa, IA (FHA|USDA|VA) 4 $560,000 $140,000 $1,795 4.61%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $515,000 $515,000 $5,085 2.13%
Spirit Lake, IA (FHA|USDA|VA) 1 $325,000 $325,000 $1,579 3.00%
Burlington, IA-IL (FHA|USDA|VA) 1 $275,000 $275,000 $1,783 3.38%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $255,000 $255,000 $4,728 2.63%
Marshalltown, IA (FHA|USDA|VA) 5 $225,000 $45,000 $739 4.25%
Mason City, IA (FHA|USDA|VA) 1 $205,000 $205,000 $1,609 2.75%
Fairfield, IA (FHA|USDA|VA) 2 $160,000 $80,000 $1,508 3.63%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $135,000 $135,000 $1,492 3.00%

Collins Community Credit Union's top markets include Cedar Rapids, Des Moines, Waterloo, Iowa City, and Davenport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,351 $702,065,000 $161,357 $1,487 3.20%
VA 21 $5,735,000 $273,095 $4,237 2.38%
USDA 2 $260,000 $130,000 $3,007 2.56%

For the 2021 period, Collins Community Credit Union's most frequently originated loan type of loans were Conventional, with 4,351 originations. Their 2nd most popular type is VA, with 21 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,005 $339,445,000 $169,299 $1,662 3.36%
Refi 1,240 $236,430,000 $190,669 $1,436 2.76%
Cash Out Refi 487 $86,485,000 $177,587 $1,531 2.93%
Home Improvement 352 $25,530,000 $72,528 $714 3.65%
Other 290 $20,170,000 $69,552 $85 3.90%

For the 2021, Collins Community Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 2,005 originations. The 2nd most popular reason of loans were Refi, with 1,240 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,323 $475,935,000 $204,879 $1,607 3.03%
10 Year 1,148 $74,570,000 $64,956 $654 3.89%
15 Year 598 $106,920,000 $178,796 $1,445 2.31%
5 Year 168 $22,110,000 $131,607 $86 4.28%
20 Year 102 $19,490,000 $191,078 $1,510 2.65%
Other 30 $4,780,000 $159,333 $1,280 3.42%
1 Year 3 $3,905,000 $1,301,667 $0 3.83%
3 Year 2 $350,000 $175,000 $0 4.25%

For the 2021, Collins Community Credit Union's most frequently cited loan length of loans were 30 Year, with 2,323 originations. The 2nd most popular length of loans were 10 Year, with 1,148 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,667 $626,495,000 $170,847
$1k-2k 37 $9,355,000 $252,838
$2k-3k 5 $1,555,000 $311,000
$3k-4k 5 $1,475,000 $295,000
$5k+ 2 $1,090,000 $545,000

$1,607 of loans were Collins Community Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,667 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,485 $163,625,000 $110,185
2.5-3% 1,448 $318,130,000 $219,703
<2.5% 928 $188,570,000 $203,200
4-5% 362 $29,560,000 $81,657
5-6% 126 $7,380,000 $58,571
Over 8% 13 $375,000 $28,846
6-7% 9 $355,000 $39,444
7-8% 3 $65,000 $21,667

During 2021, Collins Community Credit Union's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 3-4%, with 1,485 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,622 $234,120,000 $144,340 $1,522 3.01%
$100,000 or less 1,456 $74,770,000 $51,353 $1,126 3.81%
$200k-400k 1,102 $295,530,000 $268,176 $1,624 2.76%
$400k-600k 179 $84,255,000 $470,698 $1,776 2.64%
$1MM+ 9 $14,265,000 $1,585,000 $2,949 3.13%
$600k-1MM 6 $5,120,000 $853,333 $1,935 3.58%

2021 saw Collins Community Credit Union place emphasis on $100k-200k loans with 1,622 originations, totaling $234,120,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,044 $133,430,000 $127,807 $1,507 3.28%
$50k or less 889 $87,435,000 $98,352 $1,469 3.47%
$100k-150k 885 $173,895,000 $196,492 $1,478 3.02%
$75k-100k 774 $124,800,000 $161,240 $1,525 3.09%
$150k-250k 473 $113,835,000 $240,666 $1,573 2.96%
$250k+ 102 $34,110,000 $334,412 $1,597 2.91%

Collins Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,044 originations. The second most popular income band? $50k or less, with 889 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,103 $182,425,000 $165,390 $1,524 3.07%
30-36% 887 $137,735,000 $155,282 $1,476 3.27%
<20% 568 $92,120,000 $162,183 $1,448 2.94%
41% 207 $29,625,000 $143,116 $1,496 3.44%
36% 173 $24,885,000 $143,844 $1,525 3.59%
38% 170 $25,070,000 $147,471 $1,456 3.35%
40% 166 $23,360,000 $140,723 $1,488 3.39%
37% 147 $22,945,000 $156,088 $1,465 3.32%
39% 147 $23,455,000 $159,558 $1,513 3.28%
44% 128 $19,630,000 $153,359 $1,466 3.54%
43% 121 $17,445,000 $144,174 $1,552 3.30%
42% 89 $16,745,000 $188,146 $1,457 3.24%
46% 66 $13,450,000 $203,788 $1,790 2.81%
48% 55 $11,825,000 $215,000 $1,566 2.74%
45% 43 $7,665,000 $178,256 $1,440 2.90%
47% 39 $7,315,000 $187,564 $1,628 2.79%
49% 39 $8,015,000 $205,513 $1,799 2.65%
>60% 22 $1,970,000 $89,545 $1,373 3.72%
50-60% 6 $460,000 $76,667 $3,289 3.38%

Collins Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,103 originations. The next most common DTI ratio? 30-36%, with 887 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,757 $594,185,000 $158,154 $1,509 3.20%
Not provided 192 $33,430,000 $174,115 $1,478 3.04%
Asian 164 $32,110,000 $195,793 $1,513 2.82%
Not applicable 125 $28,025,000 $224,200 $0 3.73%
Black 86 $9,670,000 $112,442 $1,380 3.59%
Asian Indian 27 $6,665,000 $246,852 $1,504 2.47%
American Indian 10 $1,360,000 $136,000 $1,523 3.26%
Other Asian 5 $1,015,000 $203,000 $2,011 2.55%
Chinese 4 $810,000 $202,500 $1,470 2.50%
Vietnamese 2 $520,000 $260,000 $1,686 2.56%
Native Hawaiian 1 $135,000 $135,000 $1,123 2.00%
Korean 1 $135,000 $135,000 $1,169 2.25%

Approval Rates

Total approvals of all applications
91.90%

Collins Community Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
85.98%

Collins Community Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,374 $708,060,000 $161,879

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,374 $708,060,000 $161,879

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 507 $36,175,000 $71,351 $1,110 3.70%
40-60% 473 $74,525,000 $157,558 $1,430 2.70%
60-80% 1,480 $292,020,000 $197,311 $1,526 3.01%
80-100% 1,255 $266,255,000 $212,155 $1,643 2.95%
Over 100% 28 $16,180,000 $577,857 $7,479 3.51%
Under 20% 631 $22,905,000 $36,300 $147 4.11%