Riverset Credit Union Mortgage Rates, Fees & Info

Pittsburgh, PA

LEI: 254900YN8ERRLHZ0YF62

Tax ID: 25-0732150

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Riverset Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Riverset Credit Union has a high proportion of conventional loans. Their top two markets are Pittsburgh and Oil City .

    Riverset Credit Union has an average approval rate when compared to the average across all lenders.

    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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    Originations

    84

    Origination Dollar Volume (All Markets)

    $4,230,000

    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
    PITTSBURGH, PA (FHA|USDA|VA) 83 $4,185,000 $50,422 $196 5.15%
    Oil City, PA (FHA|USDA|VA) 1 $45,000 $45,000 $181 4.65%
    Riverset Credit Union's top markets include Pittsburgh and Oil City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 84 $4,230,000 $50,357 $196 5.14%

    For 2019, Riverset Credit Union's most frequently originated type of loan was Conventional, with 84 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 42 $1,570,000 $37,381 $188 5.25%
    Cash Out Refi 42 $2,660,000 $63,333 $204 5.04%

    For 2019, Riverset Credit Union's most frequently cited loan purpose was Home Improvement, with 42 originations. The 2nd most popular reason was Cash Out Refi, with 42 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 40 $1,800,000 $45,000 $172 5.19%
    5 Year 18 $510,000 $28,333 $203 4.76%
    Other 13 $795,000 $61,154 $244 5.56%
    15 Year 9 $665,000 $73,889 $244 4.98%
    20 Year 4 $460,000 $115,000 $138 5.43%

    For 2019, Riverset Credit Union's most frequently cited loan duration was 10 Year, with 40 originations. The 2nd most popular length was 5 Year, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 48 $2,200,000 $45,833
    4-5% 29 $1,815,000 $62,586
    6-7% 3 $85,000 $28,333
    3-4% 2 $60,000 $30,000
    7-8% 2 $70,000 $35,000

    During 2019, Riverset Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 77 $3,185,000 $41,364 $193 5.17%
    $100k-200k 6 $750,000 $125,000 $273 4.93%
    $200k-400k 1 $295,000 $295,000 $0 4.45%

    2019 saw Riverset Credit Union place emphasis on $100,000 or less loans with 77 originations, totaling $3,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 27 $1,495,000 $55,370 $224 5.09%
    $100k-150k 25 $1,285,000 $51,400 $196 5.18%
    $50k-75k 15 $585,000 $39,000 $122 4.99%
    $150k-250k 11 $705,000 $64,091 $215 5.17%
    $50k or less 6 $160,000 $26,667 $221 5.54%

    Riverset Credit Union lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $100k-150k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $1,565,000 $44,714 $198 5.15%
    <20% 24 $820,000 $34,167 $190 5.09%
    30-36% 15 $1,215,000 $81,000 $227 5.30%
    36% 4 $270,000 $67,500 $143 5.23%
    41% 1 $25,000 $25,000 $267 4.75%
    42% 1 $155,000 $155,000 $267 4.55%
    43% 1 $45,000 $45,000 $0 5.40%
    37% 1 $75,000 $75,000 $0 5.25%
    38% 1 $35,000 $35,000 $267 3.99%
    39% 1 $25,000 $25,000 $215 5.25%

    Riverset Credit Union lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? <20%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 66 $3,090,000 $46,818 $188 5.11%
    Black 18 $1,140,000 $63,333 $226 5.27%

    Approval Rates

    Total approvals of all applications
    71.19%

    Riverset Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 84 $4,230,000 $50,357

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 84 $4,230,000 $50,357

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $2,000,000 $52,632 $193 5.26%
    40-60% 12 $1,050,000 $87,500 $222 4.84%
    60-80% 2 $230,000 $115,000 $287 4.78%
    80-100% 2 $250,000 $125,000 $277 4.55%
    Under 20% 30 $700,000 $23,333 $178 5.18%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Reverse Mortgage Solutions, Inc. Reverse mortgage Trouble during payment process 30 49.2%
    Reverse Mortgage Solutions, Inc. Conventional home mortgage Trouble during payment process 3 4.9%
    Reverse Mortgage Solutions, Inc. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 1.6%
    Reverse Mortgage Solutions, Inc. Other type of mortgage Trouble during payment process 1 1.6%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 4 6.6%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Closing on a mortgage 10 16.4%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Struggling to pay mortgage 10 16.4%
    Reverse Mortgage Solutions, Inc. Conventional home mortgage Struggling to pay mortgage 2 3.3%