Skypoint Federal Credit Union Mortgage Rates, Fees & Info
Germantown, MDLEI: 549300029HOKG1DFPD77
Tax ID: 23-7074578
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Skypoint Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Skypoint Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Philadelphia, Hagerstown, York, and Baltimore among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Skypoint Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
46Origination Dollar Volume (All Markets)
$2,790,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 38 | $2,400,000 | $63,158 | $251 | 5.84% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $267 | 6.25% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $174 | 6.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $200 | 5.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $165 | 6.50% |
| Outside of Metro Areas | 1 | $35,000 | $35,000 | $142 | 4.75% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $169 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $2,790,000 | $60,652 | $239 | 5.82% |
For 2022, Skypoint Federal Credit Union's most frequently originated type of loan was Conventional, with 46 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 25 | $1,595,000 | $63,800 | $268 | 6.18% |
| Home Improvement | 17 | $1,045,000 | $61,471 | $215 | 5.25% |
| Refi | 4 | $150,000 | $37,500 | $159 | 6.00% |
For 2022, Skypoint Federal Credit Union's most frequently cited loan purpose was Other, with 25 originations. The 2nd most popular reason was Home Improvement, with 17 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 20 | $1,220,000 | $61,000 | $257 | 6.31% |
| 10 Year | 17 | $1,115,000 | $65,588 | $252 | 5.76% |
| 5 Year | 9 | $455,000 | $50,556 | $174 | 4.83% |
For 2022, Skypoint Federal Credit Union's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was 10 Year, with 17 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 46 | $2,790,000 | $60,652 |
Skypoint Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 22 | $1,270,000 | $57,727 |
| 6-7% | 13 | $845,000 | $65,000 |
| 4-5% | 8 | $410,000 | $51,250 |
| 7-8% | 2 | $210,000 | $105,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2022, Skypoint Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 22 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 38 | $1,870,000 | $49,211 | $214 | 5.72% |
| $100k-200k | 8 | $920,000 | $115,000 | $358 | 6.31% |
2022 saw Skypoint Federal Credit Union place emphasis on $100,000 or less loans with 38 originations, totaling $1,870,000 in origination value.
Applicant Income
Skypoint Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 14 originations.
Applicant Debt to Income Ratio
Skypoint Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.51%
Skypoint Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination43.48%
Skypoint Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 46 | $2,790,000 | $60,652 |