Riverset Credit Union Mortgage Rates, Fees & Info

Pittsburgh, PA

LEI: 254900YN8ERRLHZ0YF62

Tax ID: 25-0732150

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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 Cash Out Refi and Home Improvement loans. Riverset Credit Union has a high proportion of conventional loans. Their top (well, only) market is Pittsburgh.

    Riverset Credit Union has a below 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

    86

    Origination Dollar Volume (All Markets)

    $8,010,000

    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) 86 $8,010,000 $93,140 $112 4.48%
    Riverset Credit Union's top markets include and Pittsburgh among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 86 $8,010,000 $93,140 $112 4.48%

    For 2020, Riverset Credit Union's most frequently originated type of loan was Conventional, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 55 $5,785,000 $105,182 $98 4.63%
    Home Improvement 31 $2,225,000 $71,774 $138 4.21%

    For 2020, Riverset Credit Union's most frequently cited loan purpose was Cash Out Refi, with 55 originations. The 2nd most popular reason was Home Improvement, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 28 $1,750,000 $62,500 $142 4.69%
    Other 22 $2,200,000 $100,000 $103 4.44%
    20 Year 13 $2,335,000 $179,615 $111 4.47%
    5 Year 12 $350,000 $29,167 $115 4.18%
    15 Year 11 $1,375,000 $125,000 $52 4.36%

    For 2020, Riverset Credit Union's most frequently cited loan duration was 10 Year, with 28 originations. The 2nd most popular length was Other, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 43 $4,275,000 $99,419
    3-4% 27 $2,995,000 $110,926
    5-6% 10 $490,000 $49,000
    6-7% 5 $205,000 $41,000
    7-8% 1 $45,000 $45,000

    During 2020, 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 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $2,775,000 $48,684 $119 4.63%
    $100k-200k 20 $2,830,000 $141,500 $99 4.27%
    $200k-400k 9 $2,405,000 $267,222 $95 4.01%

    2020 saw Riverset Credit Union place emphasis on $100,000 or less loans with 57 originations, totaling $2,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 33 $3,075,000 $93,182 $109 4.48%
    $50k-75k 17 $1,045,000 $61,471 $115 4.46%
    $100k-150k 16 $1,490,000 $93,125 $93 4.56%
    $150k-250k 14 $1,800,000 $128,571 $126 4.37%
    $50k or less 5 $285,000 $57,000 $163 4.61%
    $250k+ 1 $315,000 $315,000 $0 4.35%

    Riverset Credit Union lent most frequently to those with incomes in the $75k-100k range, with 33 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $2,810,000 $78,056 $110 4.58%
    <20% 25 $1,765,000 $70,600 $149 4.37%
    30-36% 9 $985,000 $109,444 $91 4.56%
    36% 5 $815,000 $163,000 $56 4.45%
    41% 4 $330,000 $82,500 $67 4.55%
    43% 2 $580,000 $290,000 $0 4.40%
    45% 1 $195,000 $195,000 $302 3.85%
    38% 1 $175,000 $175,000 $0 4.35%
    39% 1 $45,000 $45,000 $282 3.75%
    40% 1 $105,000 $105,000 $0 5.25%
    44% 1 $205,000 $205,000 $0 3.85%

    Riverset Credit Union lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? <20%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 70 $6,640,000 $94,857 $110 4.47%
    Black 16 $1,370,000 $85,625 $121 4.53%

    Approval Rates

    Total approvals of all applications
    65.65%

    Riverset Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 86 $8,010,000 $93,140

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 86 $8,010,000 $93,140

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $1,270,000 $52,917 $108 4.99%
    40-60% 11 $1,105,000 $100,455 $77 4.18%
    60-80% 17 $2,615,000 $153,824 $114 4.24%
    80-100% 16 $2,510,000 $156,875 $108 4.13%
    Under 20% 18 $510,000 $28,333 $141 4.53%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Reverse Mortgage Solutions, Inc. Reverse mortgage Trouble during payment process 15 45.5%
    Reverse Mortgage Solutions, Inc. Home equity loan or line of credit (HELOC) Trouble during payment process 2 6.1%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 4 12.1%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Closing on a mortgage 2 6.1%
    Reverse Mortgage Solutions, Inc. Reverse mortgage Struggling to pay mortgage 6 18.2%
    Reverse Mortgage Solutions, Inc. Conventional home mortgage Struggling to pay mortgage 3 9.1%
    Reverse Mortgage Solutions, Inc. FHA mortgage Struggling to pay mortgage 1 3.0%