Omni Community Credit Union Mortgage Rates, Fees & Info

Battle Creek, MI

LEI: 254900W66Q12I4MV8X83

Tax ID: 38-1401260

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

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  • 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

    Omni Community Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Omni Community Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Battle Creek, Kalamazoo, South Bend, Lansing, and Sturgis among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Omni Community Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Omni Community 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 12/16/24
    30 Year Conventional Purchase 6.79% 12/16/24
    30 Year Conventional Refi 6.21% 12/16/24
    30 Year Cash-out Refi 6.74% 12/16/24
    30 Year FHA Purchase 7.24% 12/16/24
    30 Year USDA Purchase 6.06% 12/16/24
    15 Year Conventional Purchase 6.17% 12/16/24
    15 Year Conventional Refi 6.23% 12/16/24
    15 Year Cash-out Refi 6.23% 12/16/24
    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.

    Omni Community Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Omni Community 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

    213

    Origination Dollar Volume (All Markets)

    $14,225,000

    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
    BATTLE CREEK, MI (FHA|USDA|VA) 88 $5,840,000 $66,364 $1,404 5.13%
    Outside of Metro Areas 92 $5,500,000 $59,783 $1,532 4.99%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 24 $2,170,000 $90,417 $2,830 4.86%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $275,000 $91,667 $4,655 4.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $225,000 $75,000 $2,058 4.96%
    Sturgis, MI (FHA|USDA|VA) 2 $160,000 $80,000 $2,454 4.25%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $55,000 $55,000 $450 5.75%
    Omni Community Credit Union's top markets include Battle Creek, Kalamazoo, South Bend, Lansing, and Sturgis among others.

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

    • Similar Lenders

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

    OMNI Community Credit Union
    Similarity Rank: 105
    BlueOx Credit Union
    Similarity Rank: 192
    Mercantile Bank of Michigan
    Similarity Rank: 374
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 540
    Kellogg Community Credit Union
    Similarity Rank: 560
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION
    Similarity Rank: 588
    Fifth Third Mortgage, MI LLC
    Similarity Rank: 972
    SUMMIT HOME MORTGAGE, LLC
    Similarity Rank: 999
    Pacor Mortgage Corp
    Similarity Rank: 1116
    NORTHERN MORTGAGE SERVICES, LLC
    Similarity Rank: 1140

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 133 $9,585,000 $72,068 $1,630 5.09%
    HELOC 77 $4,215,000 $54,740 n/a 4.93%
    USDA 3 $425,000 $141,667 $4,079 4.75%

    For 2018, Omni Community Credit Union's most frequently originated type of loan was Conventional, with 133 originations. Their 2nd most popular type was HELOC, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 92 $4,260,000 $46,304 $450 5.11%
    Other 55 $2,335,000 $42,455 $450 5.29%
    Home Purchase 39 $4,835,000 $123,974 $3,237 4.75%
    Refi 16 $1,470,000 $91,875 $2,359 4.65%
    Cash Out Refi 11 $1,325,000 $120,455 $3,012 4.50%

    For 2018, Omni Community Credit Union's most frequently cited loan purpose was Home Improvement, with 92 originations. The 2nd most popular reason was Other, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $9,035,000 $77,222 $3,271 4.86%
    10 Year 37 $1,595,000 $43,108 $671 5.15%
    15 Year 34 $2,450,000 $72,059 $1,323 5.27%
    5 Year 14 $320,000 $22,857 $450 4.64%
    20 Year 11 $825,000 $75,000 $1,403 6.03%

    For 2018, Omni Community Credit Union's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 10 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 89 $4,165,000 $46,798
    $1k-2k 27 $3,285,000 $121,667
    $2k-3k 10 $1,510,000 $151,000
    $3k-4k 4 $660,000 $165,000
    $4k-5k 1 $215,000 $215,000

    Omni Community Credit Union's average total fees were $3,271, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 135 $10,475,000 $77,593
    5-6% 60 $2,840,000 $47,333
    6-7% 10 $470,000 $47,000
    3-4% 3 $285,000 $95,000
    7-8% 3 $105,000 $35,000
    Over 8% 2 $50,000 $25,000

    During 2018, Omni Community Credit Union's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 169 $7,585,000 $44,882 $1,095 5.10%
    $100k-200k 38 $5,260,000 $138,421 $3,130 4.71%
    $200k-400k 6 $1,380,000 $230,000 $4,106 4.75%

    2018 saw Omni Community Credit Union place emphasis on $100,000 or less loans with 169 originations, totaling $7,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 71 $4,365,000 $61,479 $1,535 5.04%
    $50k or less 66 $3,440,000 $52,121 $1,847 5.06%
    $75k-100k 37 $3,255,000 $87,973 $1,980 4.99%
    $100k-150k 32 $2,570,000 $80,313 $1,491 4.93%
    $150k-250k 7 $595,000 $85,000 $1,230 5.07%

    Omni Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 71 originations. The second most popular income band? $50k or less, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $3,230,000 $64,600 $1,498 4.94%
    30-36% 34 $2,760,000 $81,176 $1,843 5.06%
    <20% 28 $1,660,000 $59,286 $2,014 4.72%
    50-60% 27 $1,315,000 $48,704 $920 5.38%
    44% 8 $560,000 $70,000 $2,289 5.20%
    36% 8 $370,000 $46,250 $450 4.88%
    39% 8 $500,000 $62,500 $1,368 5.44%
    43% 8 $470,000 $58,750 $1,377 5.31%
    40% 7 $365,000 $52,143 $1,069 4.96%
    38% 6 $430,000 $71,667 $1,374 5.13%
    37% 6 $610,000 $101,667 $1,907 5.29%
    46% 4 $290,000 $72,500 $0 4.56%
    41% 4 $280,000 $70,000 $3,128 4.72%
    47% 4 $290,000 $72,500 $1,501 4.91%
    42% 3 $365,000 $121,667 $3,776 4.71%
    48% 2 $240,000 $120,000 $1,636 5.06%
    49% 2 $80,000 $40,000 $450 5.00%
    45% 2 $190,000 $95,000 $2,149 4.50%
    >60% 1 $25,000 $25,000 $0 5.00%

    Omni Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 181 $12,305,000 $67,983 $1,711 4.99%
    Not provided 18 $1,100,000 $61,111 $1,333 5.58%
    Not applicable 7 $325,000 $46,429 $450 4.79%
    American Indian 1 $195,000 $195,000 $4,414 4.50%
    Black 3 $155,000 $51,667 $1,226 4.83%
    Native Hawaiian or Islander 1 $55,000 $55,000 $1,832 4.00%
    Asian 1 $55,000 $55,000 $2,170 4.75%
    Other Asian 1 $35,000 $35,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    62.53%

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

    Pick Rate

    Approvals leading to origination
    80.28%

    Omni Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 213 $14,225,000 $66,784

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 213 $14,225,000 $66,784

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $2,960,000 $47,742 $607 5.26%
    40-60% 23 $1,635,000 $71,087 $1,997 4.80%
    60-80% 29 $3,195,000 $110,172 $2,964 4.82%
    80-100% 40 $4,610,000 $115,250 $3,069 4.76%
    Over 100% 1 $155,000 $155,000 $4,123 4.75%
    Under 20% 53 $1,335,000 $25,189 $450 5.05%