Regional Federal Credit Union Mortgage Rates, Fees & Info
Hammond, INLEI: 254900YE6JQ826RUVB14
Tax ID: 35-1074550
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Regional Federal Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Refi loans. Regional Federal Credit Union has a high proportion of conventional loans. Their top two markets are Chicago and Indianapolis .Regional Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/22/24 |
| 30 Year Conventional Purchase | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 5.68% | 11/22/24 |
| 15 Year Conventional Refi | 5.68% | 11/22/24 |
| 15 Year Cash-out Refi | 5.68% | 11/22/24 |
| 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. | ||
Regional 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
69Origination Dollar Volume (All Markets)
$6,125,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 66 | $5,730,000 | $86,818 | $0 | 3.84% |
| Outside of Metro Areas | 2 | $330,000 | $165,000 | $0 | 5.25% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.19% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 38 | $2,160,000 | $56,842 | n/a | 3.41% |
| Conventional | 31 | $3,965,000 | $127,903 | $0 | 4.43% |
For 2019, Regional Federal Credit Union's most frequently originated type of loan was HELOC, with 38 originations. Their 2nd most popular type was Conventional, with 31 originations.
Loan Reason
For 2019, Regional Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 38 originations. The 2nd most popular reason was Home Purchase, with 14 originations.
Loan Duration/Length
For 2019, Regional Federal Credit Union's most frequently cited loan duration was 20 Year, with 35 originations. The 2nd most popular length was 30 Year, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 50 | $4,110,000 | $82,200 |
| 4-5% | 8 | $820,000 | $102,500 |
| 5-6% | 7 | $605,000 | $86,429 |
| 6-7% | 2 | $200,000 | $100,000 |
| <2.5% | 1 | $35,000 | $35,000 |
| 7-8% | 1 | $355,000 | $355,000 |
During 2019, Regional Federal Credit Union's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 50 originations.
Loan Sizing
2019 saw Regional Federal Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,300,000 in origination value.
Applicant Income
Regional Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
Regional Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 25 originations. The next most common DTI ratio? 20-30%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.75%
Regional Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination95.65%
Regional Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 69 | $6,125,000 | $88,768 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 69 | $6,125,000 | $88,768 |