Riverset Credit Union Mortgage Rates, Fees & Info
Pittsburgh, PALEI: 254900YN8ERRLHZ0YF62
Tax ID: 25-0732150
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Mortgage Data
Review & Overview
Riverset Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Riverset Credit Union has a high proportion of conventional loans. Their top two markets are Pittsburgh and New Castle .Riverset 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.
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Originations
81Origination Dollar Volume (All Markets)
$405,000Top 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 |
|---|---|---|---|---|---|
| PITTSBURGH, PA (FHA|USDA|VA) | 80 | $400,000 | $5,000 | $262 | 4.93% |
| New Castle, PA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $262 | 4.35% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 81 | $405,000 | $5,000 | $262 | 4.92% |
For 2018, Riverset Credit Union's most frequently originated type of loan was Conventional, with 81 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 45 | $225,000 | $5,000 | $262 | 4.77% |
| Refi | 29 | $145,000 | $5,000 | $262 | 5.00% |
| Cash Out Refi | 7 | $35,000 | $5,000 | $262 | 5.61% |
For 2018, Riverset Credit Union's most frequently cited loan purpose was Home Improvement, with 45 originations. The 2nd most popular reason was Refi, with 29 originations.
Loan Duration/Length
For 2018, Riverset Credit Union's most frequently cited loan duration was 10 Year, with 27 originations. The 2nd most popular length was Other, with 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 41 | $205,000 | $5,000 |
| 5-6% | 24 | $120,000 | $5,000 |
| 3-4% | 9 | $45,000 | $5,000 |
| 6-7% | 4 | $20,000 | $5,000 |
| 7-8% | 3 | $15,000 | $5,000 |
During 2018, Riverset Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 41 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 81 | $405,000 | $5,000 | $262 | 4.92% |
2018 saw Riverset Credit Union place emphasis on $100,000 or less loans with 81 originations, totaling $405,000 in origination value.
Applicant Income
Riverset Credit Union lent most frequently to those with incomes in the $75k-100k range, with 30 originations. The second most popular income band? $100k-150k, with 20 originations.
Applicant Debt to Income Ratio
Riverset Credit Union lent most frequently to those with DTI ratios of <20%, with 24 originations. The next most common DTI ratio? 20-30%, with 23 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 60 | $300,000 | $5,000 | $262 | 4.85% |
| Black | 21 | $105,000 | $5,000 | $262 | 5.13% |
Approval Rates
Total approvals of all applications91.30%
Riverset Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination96.30%
Riverset 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 | 81 | $405,000 | $5,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 81 | $405,000 | $5,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Under 20% | 81 | $405,000 | $5,000 | $262 | 4.92% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| REVERSE MORTGAGE USA, INC. | Reverse mortgage | Struggling to pay mortgage | 1 | 50.0% |
| REVERSE MORTGAGE USA, INC. | Reverse mortgage | Closing on a mortgage | 1 | 50.0% |