Regional Federal Credit Union Mortgage Rates, Fees & Info
Hammond, INLEI: 254900YE6JQ826RUVB14
Tax ID: 35-1074550
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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 markets by origination volume include: Chicago, Indianapolis, and Plymouth among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Regional Federal Credit Union has an above 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.
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.
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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
85Origination Dollar Volume (All Markets)
$8,795,000Top 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) | 78 | $7,620,000 | $97,692 | $0 | 2.97% |
| Outside of Metro Areas | 5 | $855,000 | $171,000 | $0 | 3.26% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 3.25% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.19% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 49 | $2,655,000 | $54,184 | n/a | 2.91% |
| Conventional | 36 | $6,140,000 | $170,556 | $0 | 3.11% |
For 2020, Regional Federal Credit Union's most frequently originated type of loan was HELOC, with 49 originations. Their 2nd most popular type was Conventional, with 36 originations.
Loan Reason
For 2020, Regional Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 41 originations. The 2nd most popular reason was Home Purchase, with 24 originations.
Loan Duration/Length
For 2020, Regional Federal Credit Union's most frequently cited loan duration was 20 Year, with 51 originations. The 2nd most popular length was 30 Year, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 54 | $4,950,000 | $91,667 |
| 3-4% | 25 | $3,315,000 | $132,600 |
| <2.5% | 3 | $425,000 | $141,667 |
| 4-5% | 3 | $105,000 | $35,000 |
During 2020, Regional Federal Credit Union's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 54 originations.
Loan Sizing
2020 saw Regional Federal Credit Union place emphasis on $100,000 or less loans with 51 originations, totaling $2,445,000 in origination value.
Applicant Income
Regional Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 18 originations.
Applicant Debt to Income Ratio
Regional Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 39 originations. The next most common DTI ratio? 20-30%, with 21 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 80 | $8,120,000 | $101,500 | $0 | 3.00% |
| Black | 4 | $430,000 | $107,500 | $0 | 2.95% |
| Asian | 1 | $245,000 | $245,000 | $0 | 2.88% |
Approval Rates
Total approvals of all applications90.20%
Regional Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination94.12%
Regional Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 85 | $8,795,000 | $103,471 |