Blue Federal Credit Union Mortgage Rates, Fees & Info

Cheyenne, WY

LEI: 254900XZCT60J2G3HK85

Tax ID: 83-0173508

4.8 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Blue Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Blue Federal Credit Union has a high proportion of conventional loans. Their top markets include Cheyenne, Denver, Fort Collins, Boulder, and Greeley among others. Blue Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Blue Federal Credit Union is typically an average fee lendor.


Originations

796

Origination Dollar Volume (All Markets)

$134,310,000

Awards

Blue Federal Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Blue Federal Credit Union's average 30 year fixed rate mortgage of loans were 2.99%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.16%.

Relative Fees

Blue Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $5,435.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CHEYENNE, WY (FHA|USDA|VA) 287 $49,425,000 $172,213 $3,958 2.93%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 251 $41,095,000 $163,725 $3,466 3.14%
FORT COLLINS, CO (FHA|USDA|VA) 84 $16,110,000 $191,786 $4,838 3.02%
BOULDER, CO (FHA|USDA|VA) 63 $12,055,000 $191,349 $3,892 2.96%
GREELEY, CO (FHA|USDA|VA) 71 $8,405,000 $118,380 $3,105 3.19%
Outside of Metro Areas 25 $3,715,000 $148,600 $3,932 3.12%
Laramie, WY (FHA|USDA|VA) 8 $1,470,000 $183,750 $4,638 3.20%
Edwards, CO (FHA|USDA|VA) 1 $555,000 $555,000 $8,985 3.13%
Breckenridge, CO (FHA|USDA|VA) 1 $545,000 $545,000 $4,750 2.88%
Craig, CO (FHA|USDA|VA) 2 $300,000 $150,000 $5,092 2.43%
Fort Morgan, CO (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.63%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $6,864 2.88%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.50%

Blue Federal Credit Union's top markets include Cheyenne, Denver, Fort Collins, Boulder, and Greeley among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 796 $134,310,000 $168,731 $3,864 3.04%

For the 2021 period, Blue Federal Credit Union's most frequently originated loan type of loans were Conventional, with 796 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Other 235 $18,835,000 $80,149 $403 3.32%
Home Improvement 180 $15,010,000 $83,389 $255 3.29%
Cash Out Refi 158 $42,380,000 $268,228 $4,901 2.83%
Refi 130 $24,400,000 $187,692 $3,871 2.50%
Home Purchase 93 $33,685,000 $362,204 $6,248 3.03%

For the 2021, Blue Federal Credit Union's most frequently cited loan purpose of loans were Other, with 235 originations. The 2nd most popular reason of loans were Home Improvement, with 180 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 248 $24,200,000 $97,581 $3,862 3.64%
30 Year 168 $51,750,000 $308,036 $5,435 2.99%
30+ year 152 $16,030,000 $105,461 $0 1.99%
15 Year 118 $27,020,000 $228,983 $3,753 2.60%
Other 56 $10,600,000 $189,286 $833 3.87%
10 Year 49 $4,445,000 $90,714 $1,108 3.66%
5 Year 4 $210,000 $52,500 $224 3.93%
3 Year 1 $55,000 $55,000 $227 3.99%

For the 2021, Blue Federal Credit Union's most frequently cited loan length of loans were 20 Year, with 248 originations. The 2nd most popular length of loans were 30 Year, with 168 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 147 $40,545,000 $275,816
$<1k 92 $6,000,000 $65,217
$2k-3k 91 $15,015,000 $165,000
$5k+ 37 $18,885,000 $510,405
$1k-2k 23 $4,175,000 $181,522

$5,435 of loans were Blue Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 147 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 293 $51,155,000 $174,590
<2.5% 265 $38,795,000 $146,396
2.5-3% 144 $38,700,000 $268,750
4-5% 53 $2,905,000 $54,811
5-6% 22 $1,680,000 $76,364
6-7% 5 $245,000 $49,000
7-8% 1 $45,000 $45,000

During 2021, Blue Federal Credit Union's average interest rate of loans were 2.99%, while their most frequently originated rate bucket of loans were 3-4%, with 293 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 323 $16,575,000 $51,316 $548 3.35%
$100k-200k 234 $32,420,000 $138,547 $3,210 2.83%
$200k-400k 186 $51,810,000 $278,548 $5,212 2.81%
$400k-600k 39 $18,345,000 $470,385 $7,651 2.85%
$600k-1MM 9 $6,615,000 $735,000 $7,855 3.40%
$1MM+ 5 $8,545,000 $1,709,000 $9,255 3.70%

2021 saw Blue Federal Credit Union place emphasis on $100,000 or less loans with 323 originations, totaling $16,575,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 219 $33,885,000 $154,726 $3,970 3.08%
$50k-75k 163 $21,425,000 $131,442 $3,627 3.08%
$150k-250k 145 $26,225,000 $180,862 $4,747 3.05%
$75k-100k 137 $20,545,000 $149,964 $3,772 2.95%
$50k or less 68 $8,420,000 $123,824 $2,966 2.93%
$250k+ 49 $13,235,000 $270,102 $5,468 3.04%

Blue Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 219 originations. The second most popular income band? $50k-75k, with 163 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 194 $28,570,000 $147,268 $3,446 2.94%
30-36% 156 $27,450,000 $175,962 $4,733 2.99%
<20% 113 $15,285,000 $135,265 $3,370 2.72%
50-60% 36 $6,110,000 $169,722 $3,928 3.20%
40% 34 $5,450,000 $160,294 $3,811 3.05%
41% 27 $3,885,000 $143,889 $3,689 3.36%
44% 22 $3,790,000 $172,273 $3,426 3.09%
42% 21 $2,925,000 $139,286 $3,530 3.19%
36% 21 $3,375,000 $160,714 $3,305 3.18%
39% 21 $3,065,000 $145,952 $3,038 3.35%
37% 20 $2,460,000 $123,000 $3,525 3.14%
43% 20 $4,110,000 $205,500 $4,621 3.01%
49% 18 $4,030,000 $223,889 $6,307 3.07%
38% 18 $3,700,000 $205,556 $5,015 3.15%
45% 18 $3,400,000 $188,889 $4,041 3.10%
46% 16 $2,270,000 $141,875 $2,755 3.33%
48% 13 $1,985,000 $152,692 $3,703 3.53%
47% 12 $1,410,000 $117,500 $3,287 3.86%
>60% 8 $3,540,000 $442,500 $5,347 3.48%

Blue Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 194 originations. The next most common DTI ratio? 30-36%, with 156 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 707 $105,825,000 $149,682 $3,672 3.05%
Not provided 47 $13,425,000 $285,638 $4,972 2.76%
Not applicable 9 $9,205,000 $1,022,778 $0 3.74%
Asian 13 $2,505,000 $192,692 $4,403 2.97%
Black 13 $1,775,000 $136,538 $3,992 3.24%
American Indian 5 $1,495,000 $299,000 $5,921 2.65%
Other Asian 1 $55,000 $55,000 $0 3.50%
Korean 1 $25,000 $25,000 $0 6.25%

Approval Rates

Total approvals of all applications
83.57%

Blue Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
73.95%

Blue Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 370 $32,950,000 $89,054
NA 426 $101,360,000 $237,934

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
796 $134,310,000 $168,731

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 168 $23,240,000 $138,333 $2,844 2.90%
40-60% 120 $31,440,000 $262,000 $4,315 2.73%
60-80% 149 $47,115,000 $316,208 $5,470 2.92%
80-100% 39 $13,605,000 $348,846 $6,115 2.85%
Under 20% 320 $18,910,000 $59,094 $610 3.32%