University Credit Union Mortgage Rates, Fees & Info

Brunswick, ME

LEI: 254900QH6Q6RHDLHEC77

Tax ID: 01-6028792

5 stars - out of 5 stars, based on 19 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    University Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. University Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Bangor, Lewiston, and Augusta among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    University Credit Union 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. University 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 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 6.65% 10/3/22
    30 Year Conventional Refi 6.57% 10/3/22
    30 Year Cash-out Refi 6.70% 10/3/22
    30 Year USDA Purchase 6.64% 10/3/22
    15 Year Conventional Purchase 7.03% 10/3/22
    15 Year Conventional Refi 6.08% 10/3/22
    15 Year Cash-out Refi 6.08% 10/3/22
    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.


    Originations

    366

    Origination Dollar Volume (All Markets)

    $74,160,000

    Relative Rate

    University Credit Union's average 30 year fixed mortgage rate was 3.17%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.02%.

    Relative Fees (Closing Costs)

    University Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,917.

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

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 143 $35,645,000 $249,266 $3,490 3.03%
    BANGOR, ME (FHA|USDA|VA) 116 $22,620,000 $195,000 $2,845 3.26%
    Outside of Metro Areas 80 $11,820,000 $147,750 $2,595 3.20%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 15 $2,055,000 $137,000 $2,593 3.25%
    Augusta-Waterville, ME (FHA|USDA|VA) 12 $2,020,000 $168,333 $3,700 3.13%

    University Credit Union's top markets include Portland, Bangor, Lewiston, and Augusta among others.

    Similar Lenders

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

    INFINITY Federal Credit Union
    Similarity Rank: 136
    CASCO
    Similarity Rank: 226
    Piscataqua Savings Bank
    Similarity Rank: 252
    CUMBERLAND COUNTY
    Similarity Rank: 464
    Cambridge Trust Company
    Similarity Rank: 585
    Bath Savings Institution
    Similarity Rank: 648
    Kennebec Savings Bank
    Similarity Rank: 680

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 354 $72,090,000 $203,644 $3,001 3.16%
    USDA 12 $2,070,000 $172,500 $4,671 2.88%

    For 2021, University Credit Union's most frequently originated type of loan was Conventional, with 354 originations. Their 2nd most popular type was USDA, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 154 $38,490,000 $249,935 $3,390 3.21%
    Refi 77 $14,105,000 $183,182 $2,807 2.70%
    Cash Out Refi 76 $16,960,000 $223,158 $4,372 2.93%
    Home Improvement 31 $2,275,000 $73,387 $990 4.00%
    Other 28 $2,330,000 $83,214 $786 3.73%

    For 2021, University Credit Union's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 188 $43,240,000 $230,000 $3,917 3.17%
    15 Year 127 $18,765,000 $147,756 $2,263 3.05%
    10 Year 23 $1,335,000 $58,043 $574 3.55%
    20 Year 17 $2,935,000 $172,647 $3,467 2.93%
    Other 6 $7,460,000 $1,243,333 $0 4.03%
    5 Year 5 $425,000 $85,000 $170 3.00%

    For 2021, University Credit Union's most frequently cited loan duration was 30 Year, with 188 originations. The 2nd most popular length was 15 Year, with 127 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 232 $37,960,000 $163,621
    $1k-2k 49 $9,905,000 $202,143
    $2k-3k 23 $5,145,000 $223,696
    $5k+ 20 $5,780,000 $289,000
    $3k-4k 17 $4,295,000 $252,647
    $4k-5k 12 $2,860,000 $238,333

    University Credit Union's average total fees were $3,917, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 232 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 121 $26,565,000 $219,545
    3-4% 121 $22,415,000 $185,248
    <2.5% 88 $15,320,000 $174,091
    4-5% 29 $9,435,000 $325,345
    5-6% 5 $285,000 $57,000
    6-7% 2 $140,000 $70,000

    During 2021, University Credit Union's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 2.5-3%, with 121 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 138 $20,790,000 $150,652 $2,786 3.02%
    $200k-400k 117 $32,345,000 $276,453 $4,449 2.94%
    $100,000 or less 92 $5,910,000 $64,239 $1,274 3.60%
    $400k-600k 14 $6,600,000 $471,429 $5,292 3.24%
    $600k-1MM 4 $3,390,000 $847,500 $4,089 3.29%
    $1MM+ 1 $5,125,000 $5,125,000 $0 4.25%

    2021 saw University Credit Union place emphasis on $100k-200k loans with 138 originations, totaling $20,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 95 $18,895,000 $198,895 $3,534 3.19%
    $50k-75k 83 $13,615,000 $164,036 $3,017 3.21%
    $75k-100k 72 $13,240,000 $183,889 $2,702 3.13%
    $150k-250k 54 $12,870,000 $238,333 $3,060 3.07%
    $50k or less 49 $5,425,000 $110,714 $2,518 3.01%
    $250k+ 7 $2,665,000 $380,714 $5,184 3.34%

    University Credit Union lent most frequently to those with incomes in the $100k-150k range, with 95 originations. The second most popular income band? $50k-75k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $14,245,000 $189,933 $2,805 2.95%
    <20% 72 $13,060,000 $181,389 $2,972 2.97%
    30-36% 71 $13,135,000 $185,000 $3,571 3.23%
    41% 16 $3,110,000 $194,375 $2,558 3.42%
    40% 13 $2,415,000 $185,769 $4,188 3.09%
    45% 12 $1,880,000 $156,667 $1,858 3.55%
    38% 12 $2,140,000 $178,333 $3,003 3.49%
    44% 10 $930,000 $93,000 $1,312 3.59%
    39% 10 $2,110,000 $211,000 $3,370 2.91%
    47% 9 $1,465,000 $162,778 $3,441 3.53%
    48% 9 $2,105,000 $233,889 $3,426 2.78%
    37% 9 $2,025,000 $225,000 $3,658 3.33%
    43% 9 $1,895,000 $210,556 $3,820 3.14%
    46% 8 $1,210,000 $151,250 $1,815 3.50%
    42% 7 $1,505,000 $215,000 $3,015 2.86%
    36% 7 $1,465,000 $209,286 $3,503 3.09%
    49% 6 $1,370,000 $228,333 $4,556 3.06%
    50-60% 4 $490,000 $122,500 $1,614 3.94%

    University Credit Union lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? <20%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 319 $60,635,000 $190,078 $3,116 3.14%
    Not applicable 3 $6,255,000 $2,085,000 $0 4.18%
    Not provided 33 $5,255,000 $159,242 $2,635 3.36%
    Asian 8 $1,530,000 $191,250 $2,642 2.64%
    American Indian 2 $340,000 $170,000 $3,194 2.94%
    Black 1 $145,000 $145,000 $748 3.00%

    Approval Rates

    Total approvals of all applications
    92.91%

    University Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.48%

    University Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 366 $74,160,000 $202,623

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    366 $74,160,000 $202,623

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 46 $4,510,000 $98,043 $1,464 3.43%
    40-60% 53 $8,335,000 $157,264 $2,511 2.76%
    60-80% 115 $32,085,000 $279,000 $3,987 3.03%
    80-100% 125 $27,955,000 $223,640 $3,646 3.19%
    Under 20% 26 $1,130,000 $43,462 $307 3.85%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    UNIVERSAL LENDING CORP. Conventional home mortgage Struggling to pay mortgage 1 100.0%