Southern Lkaes Credit Union Mortgage Rates, Fees & Info
Kenosha, WILEI: 254900VFVL52CIXJ8D81
Tax ID: 39-0900961
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Mortgage Data
Review & Overview
Southern Lkaes Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Southern Lkaes Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Whitewater, and Milwaukee among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Southern Lkaes 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. Southern Lkaes 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.
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Originations
66Origination Dollar Volume (All Markets)
$5,750,000Awards
Southern Lkaes Credit Union - 2019
Southern Lkaes Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 48 | $4,310,000 | $89,792 | $1,369 | 4.20% |
| Whitewater, WI (FHA|USDA|VA) | 17 | $1,285,000 | $75,588 | $1,745 | 5.02% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,066 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against Southern Lkaes Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 85
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 43 | $4,865,000 | $113,140 | $1,447 | 3.92% |
| HELOC | 23 | $885,000 | $38,478 | n/a | 5.31% |
For 2019, Southern Lkaes Credit Union's most frequently originated type of loan was Conventional, with 43 originations. Their 2nd most popular type was HELOC, with 23 originations.
Loan Reason
For 2019, Southern Lkaes Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
For 2019, Southern Lkaes Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was Other, with 21 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 43 | $4,865,000 | $113,140 |
Southern Lkaes Credit Union's average total fees were $1,962, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.
Interest Rates
During 2019, Southern Lkaes Credit Union's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.
Loan Sizing
2019 saw Southern Lkaes Credit Union place emphasis on $100,000 or less loans with 46 originations, totaling $2,600,000 in origination value.
Applicant Income
Southern Lkaes Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $75k-100k, with 14 originations.
Applicant Debt to Income Ratio
Southern Lkaes Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.46%
Southern Lkaes Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.36%
Southern Lkaes Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $25,000 | $25,000 |
| 301.0 | 21 | $785,000 | $37,381 |
| 341.0 | 1 | $75,000 | $75,000 |
| NA | 43 | $4,865,000 | $113,140 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 66 | $5,750,000 | $87,121 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHERN TRUST MORTGAGE LLC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| SOUTHERN TRUST MORTGAGE LLC | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |