Breco Federal Credit Union Mortgage Rates, Fees & Info
Baton Rouge, LALEI: 254900U5VN6O84EWQL12
Tax ID: 72-6019738
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Breco Federal Credit Union is a smaller credit union specializing in Other loans. Breco Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Baton Rouge, Hammond, New Orleans, Jennings, and Lafayette among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Breco 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| 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. | ||
Breco 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
18Origination Dollar Volume (All Markets)
$1,580,000Top 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 |
|---|---|---|---|---|---|
| BATON ROUGE, LA (FHA|USDA|VA) | 10 | $930,000 | $93,000 | $2,642 | 6.81% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.70% |
| Outside of Metro Areas | 3 | $135,000 | $45,000 | $3,280 | 7.03% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,762 | 6.70% |
| Jennings, LA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.70% |
| LAFAYETTE, LA (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,494 | 6.83% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $1,580,000 | $87,778 | $2,703 | 6.83% |
For 2024, Breco Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
For 2024, Breco Federal Credit Union's most frequently cited loan purpose was Other, with 13 originations. The 2nd most popular reason was Home Improvement, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 15 | $1,445,000 | $96,333 | $2,751 | 6.81% |
| 10 Year | 3 | $135,000 | $45,000 | $2,269 | 6.95% |
For 2024, Breco Federal Credit Union's most frequently cited loan duration was 15 Year, with 15 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 14 | $1,320,000 | $94,286 |
Breco Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 16 | $1,410,000 | $88,125 |
| 7-8% | 1 | $35,000 | $35,000 |
During 2024, Breco Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 16 originations.
Loan Sizing
2024 saw Breco Federal Credit Union place emphasis on $100,000 or less loans with 10 originations, totaling $510,000 in origination value.
Applicant Income
Breco Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $75k-100k, with 5 originations.
Applicant Debt to Income Ratio
Breco Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 13 | $1,095,000 | $84,231 | $2,740 | 6.85% |
| Black | 5 | $485,000 | $97,000 | $2,617 | 6.76% |
Approval Rates
Total approvals of all applications85.71%
Breco Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination66.67%
Breco Federal 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 | 18 | $1,580,000 | $87,778 |