Eco Credit Union Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 254900QWNWNPOWGOC273

Tax ID: 63-0288906

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Eco Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Eco Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Gadsden, Talladega, and Tuscaloosa among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Eco Credit Union has a below average approval rate when compared to the average across all lenders. Eco 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 5/4/24
    30 Year Conventional Refi 6.27% 5/4/24
    15 Year Conventional Purchase 5.68% 5/4/24
    15 Year Conventional Refi 5.68% 5/4/24
    15 Year Cash-out Refi 5.68% 5/4/24
    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.

    Eco Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Eco 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

    55

    Origination Dollar Volume (All Markets)

    $8,215,000

    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
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 50 $7,500,000 $150,000 $4,103 4.57%
    Outside of Metro Areas 2 $230,000 $115,000 $2,773 4.18%
    GADSDEN, AL (FHA|USDA|VA) 1 $195,000 $195,000 $4,782 3.75%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $185,000 $185,000 $5,911 4.75%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $105,000 $105,000 $3,057 4.25%
    Eco Credit Union's top markets include Birmingham, Gadsden, Talladega, and Tuscaloosa among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)

    • Similar Lenders

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

    AMERICA'S FIRST
    Similarity Rank: 80
    Liberty Mortgage Corporation
    Similarity Rank: 748
    Eco Credit Union
    Similarity Rank: 805
    Progress Bank and Trust
    Similarity Rank: 1537
    APCO EMPLOYEES
    Similarity Rank: 1664
    AVADIAN
    Similarity Rank: 2040
    EvaBank
    Similarity Rank: 2640
    First Federal Bank, A FSB
    Similarity Rank: 2646
    HUNT MORTGAGE CORPORATION
    Similarity Rank: 2756
    CB&S Bank, Inc.
    Similarity Rank: 3906

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 48 $7,860,000 $163,750 $4,078 4.39%
    HELOC 7 $355,000 $50,714 n/a 5.61%

    For 2019, Eco Credit Union's most frequently originated type of loan was Conventional, with 48 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 36 $4,490,000 $124,722 $3,229 4.45%
    Home Purchase 18 $3,620,000 $201,111 $5,493 4.66%
    Cash Out Refi 1 $105,000 $105,000 $0 5.75%

    For 2019, Eco Credit Union's most frequently cited loan purpose was Refi, with 36 originations. The 2nd most popular reason was Home Purchase, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 25 $5,475,000 $219,000 $5,180 4.38%
    15 Year 15 $1,605,000 $107,000 $3,139 4.62%
    10 Year 8 $690,000 $86,250 $2,718 4.91%
    5 Year 6 $400,000 $66,667 $2,591 4.42%
    Other 1 $45,000 $45,000 $1,914 5.25%

    For 2019, Eco Credit Union's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 17 $2,065,000 $121,471
    $2k-3k 14 $2,780,000 $198,571
    $<1k 10 $360,000 $36,000
    $3k-4k 3 $945,000 $315,000
    $4k-5k 3 $1,165,000 $388,333
    $5k+ 1 $545,000 $545,000

    Eco Credit Union's average total fees were $5,180, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 39 $7,025,000 $180,128
    3-4% 7 $745,000 $106,429
    5-6% 7 $385,000 $55,000
    6-7% 1 $25,000 $25,000
    7-8% 1 $35,000 $35,000

    During 2019, Eco Credit Union's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 4-5%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $995,000 $47,381 $2,269 4.71%
    $100k-200k 21 $3,155,000 $150,238 $4,142 4.45%
    $200k-400k 11 $3,105,000 $282,273 $5,890 4.41%
    $400k-600k 2 $960,000 $480,000 $7,976 4.40%

    2019 saw Eco Credit Union place emphasis on $100,000 or less loans with 21 originations, totaling $995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 14 $1,600,000 $114,286 $3,213 4.38%
    $50k or less 14 $1,460,000 $104,286 $3,967 4.61%
    $100k-150k 13 $2,595,000 $199,615 $4,591 4.35%
    $150k-250k 7 $1,165,000 $166,429 $4,848 5.20%
    $75k-100k 6 $1,150,000 $191,667 $4,679 4.47%
    $250k+ 1 $245,000 $245,000 $4,435 4.10%

    Eco Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $2,260,000 $161,429 $4,262 4.64%
    30-36% 12 $1,800,000 $150,000 $3,838 4.44%
    <20% 10 $900,000 $90,000 $3,095 4.94%
    40% 4 $590,000 $147,500 $4,262 4.58%
    36% 4 $920,000 $230,000 $5,846 4.45%
    43% 3 $425,000 $141,667 $3,296 4.20%
    39% 2 $330,000 $165,000 $4,437 4.25%
    37% 2 $500,000 $250,000 $5,700 4.50%
    41% 1 $15,000 $15,000 $1,484 3.75%
    42% 1 $105,000 $105,000 $3,057 4.25%
    38% 1 $265,000 $265,000 $4,992 3.75%
    46% 1 $105,000 $105,000 $3,694 4.25%

    Eco Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $7,340,000 $152,917 $4,075 4.51%
    Native Hawaiian or Islander 6 $840,000 $140,000 $4,073 4.37%
    Black 1 $35,000 $35,000 $4,217 7.25%

    Approval Rates

    Total approvals of all applications
    55.00%

    Eco Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 55 $8,215,000 $149,364

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 55 $8,215,000 $149,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $385,000 $55,000 $1,833 4.49%
    40-60% 3 $215,000 $71,667 $2,665 4.08%
    60-80% 7 $1,005,000 $143,571 $3,936 4.50%
    80-100% 29 $6,275,000 $216,379 $4,956 4.39%
    Under 20% 9 $335,000 $37,222 $1,827 5.23%