Scott Credit Union Mortgage Rates, Fees & Info
Edwardsville, ILLEI: 5493000D7DINI9PZN749
Tax ID: 37-0732817
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Scott Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Scott Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include St. Louis, Carbondale, Chicago, Centralia, and Decatur among others. Scott Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Scott Credit Union is typically a low fee lendor.Originations
968Origination Dollar Volume (All Markets)
$162,470,000Awards
SCOTT CREDIT UNION - 2021
SCOTT CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Scott Credit Union's average 30 year fixed rate mortgage of loans were
3.02%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.13%.
Relative Fees
Scott Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,126.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 896 | $151,510,000 | $169,096 | $1,935 | 2.89% |
| Outside of Metro Areas | 41 | $5,325,000 | $129,878 | $2,008 | 2.91% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $3,604 | 2.72% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $1,420 | 2.71% |
| Centralia, IL (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $2,999 | 2.78% |
| DECATUR, IL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $2,183 | 3.06% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $2,278 | 3.92% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,255 | 3.25% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $1,972 | 3.00% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $1,971 | 3.13% |
| Mount Vernon, IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,255 | 2.69% |
| Effingham, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,618 | 3.00% |
| Branson, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,932 | 2.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,673 | 3.13% |
| Hannibal, MO (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,675 | 3.25% |
| Mexico, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,170 | 2.63% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,255 | 3.00% |
| Farmington, MO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,118 | 2.75% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,276 | 3.25% |
Scott Credit Union's top markets include St. Louis, Carbondale, Chicago, Centralia, and Decatur among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 922 | $153,680,000 | $166,681 | $1,884 | 2.91% |
| VA | 30 | $6,200,000 | $206,667 | $2,534 | 2.56% |
| FHA | 16 | $2,590,000 | $161,875 | $4,996 | 2.52% |
For the 2021 period, Scott Credit Union's most frequently originated loan type of loans were Conventional, with 922 originations. Their 2nd most popular type is VA, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 529 | $87,095,000 | $164,641 | $1,713 | 2.83% |
| Home Purchase | 365 | $65,015,000 | $178,123 | $2,343 | 2.98% |
| Cash Out Refi | 54 | $8,060,000 | $149,259 | $1,837 | 2.89% |
| Other | 20 | $2,300,000 | $115,000 | $1,665 | 2.88% |
For the 2021, Scott Credit Union's most frequently cited loan purpose of loans were Refi, with 529 originations. The 2nd most popular reason of loans were Home Purchase, with 365 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 587 | $106,925,000 | $182,155 | $2,126 | 3.02% |
| 15 Year | 211 | $31,085,000 | $147,322 | $1,735 | 2.53% |
| 20 Year | 109 | $16,145,000 | $148,119 | $1,626 | 3.13% |
| 10 Year | 49 | $6,045,000 | $123,367 | $1,608 | 2.35% |
| Other | 11 | $2,185,000 | $198,636 | $1,938 | 2.73% |
| 3 Year | 1 | $85,000 | $85,000 | $1,813 | 4.75% |
For the 2021, Scott Credit Union's most frequently cited loan length of loans were 30 Year, with 587 originations. The 2nd most popular length of loans were 15 Year, with 211 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 958 | $160,020,000 | $167,035 |
| $1k-2k | 8 | $1,740,000 | $217,500 |
| $3k-4k | 1 | $325,000 | $325,000 |
| $5k+ | 1 | $385,000 | $385,000 |
$2,126 of loans were Scott Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 958 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 469 | $82,255,000 | $175,384 |
| 3-4% | 256 | $44,240,000 | $172,813 |
| <2.5% | 228 | $35,140,000 | $154,123 |
| 6-7% | 8 | $430,000 | $53,750 |
| 5-6% | 5 | $195,000 | $39,000 |
| 4-5% | 2 | $210,000 | $105,000 |
During 2021, Scott Credit Union's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 469 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 468 | $69,140,000 | $147,735 | $1,887 | 2.86% |
| $200k-400k | 250 | $64,440,000 | $257,760 | $2,201 | 2.86% |
| $100,000 or less | 228 | $16,570,000 | $72,675 | $1,725 | 2.98% |
| $400k-600k | 17 | $7,885,000 | $463,824 | $2,541 | 2.91% |
| $600k-1MM | 3 | $2,135,000 | $711,667 | $5,707 | 2.88% |
| $1MM+ | 2 | $2,300,000 | $1,150,000 | $2,905 | 2.75% |
2021 saw Scott Credit Union place emphasis on $100k-200k loans with 468 originations, totaling $69,140,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 230 | $32,230,000 | $140,130 | $1,974 | 2.87% |
| $100k-150k | 226 | $43,370,000 | $191,903 | $1,880 | 2.89% |
| $75k-100k | 205 | $35,545,000 | $173,390 | $1,968 | 2.88% |
| $50k or less | 170 | $17,560,000 | $103,294 | $1,960 | 2.90% |
| $150k-250k | 119 | $25,955,000 | $218,109 | $1,927 | 2.91% |
| $250k+ | 18 | $7,810,000 | $433,889 | $2,685 | 3.00% |
Scott Credit Union lent most frequently to those with incomes in the $50k-75k range, with 230 originations. The second most popular income band? $100k-150k, with 226 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 298 | $48,110,000 | $161,443 | $1,863 | 2.85% |
| 30-36% | 192 | $34,710,000 | $180,781 | $1,995 | 2.89% |
| <20% | 114 | $16,230,000 | $142,368 | $1,830 | 2.82% |
| 36% | 35 | $6,425,000 | $183,571 | $1,940 | 2.79% |
| 43% | 33 | $4,555,000 | $138,030 | $1,874 | 3.11% |
| 37% | 30 | $5,570,000 | $185,667 | $1,939 | 3.01% |
| 41% | 30 | $6,000,000 | $200,000 | $2,343 | 2.96% |
| 39% | 30 | $5,340,000 | $178,000 | $2,233 | 2.91% |
| 44% | 27 | $4,295,000 | $159,074 | $1,989 | 2.94% |
| 38% | 26 | $4,540,000 | $174,615 | $1,945 | 2.90% |
| 40% | 25 | $4,445,000 | $177,800 | $2,026 | 3.08% |
| 42% | 24 | $4,740,000 | $197,500 | $2,240 | 3.05% |
| 45% | 22 | $3,540,000 | $160,909 | $2,024 | 2.74% |
| 46% | 20 | $3,550,000 | $177,500 | $2,519 | 2.86% |
| 48% | 15 | $2,015,000 | $134,333 | $1,991 | 2.87% |
| 47% | 13 | $2,695,000 | $207,308 | $2,186 | 3.06% |
| 49% | 11 | $2,425,000 | $220,455 | $1,865 | 3.23% |
| 50-60% | 2 | $200,000 | $100,000 | $2,312 | 4.25% |
Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 298 originations. The next most common DTI ratio? 30-36%, with 192 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 770 | $128,380,000 | $166,727 | $1,929 | 2.87% |
| Not provided | 113 | $21,365,000 | $189,071 | $2,021 | 2.91% |
| Black | 75 | $11,165,000 | $148,867 | $2,070 | 3.03% |
| American Indian | 3 | $665,000 | $221,667 | $3,710 | 2.83% |
| Asian | 3 | $385,000 | $128,333 | $2,054 | 2.79% |
| Not applicable | 3 | $305,000 | $101,667 | $1,716 | 2.79% |
| Native Hawaiian | 1 | $205,000 | $205,000 | $2,010 | 3.00% |
Approval Rates
Total approvals of all applications86.46%
Scott Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination53.59%
Scott 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 | 968 | $162,470,000 | $167,841 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 968 | $162,470,000 | $167,841 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 36 | $3,120,000 | $86,667 | $1,533 | 2.97% |
| 40-60% | 135 | $18,975,000 | $140,556 | $1,624 | 2.67% |
| 60-80% | 425 | $72,605,000 | $170,835 | $1,886 | 2.83% |
| 80-100% | 358 | $66,770,000 | $186,508 | $2,207 | 2.97% |
| Over 100% | 2 | $460,000 | $230,000 | $10,555 | 2.56% |
| Under 20% | 12 | $540,000 | $45,000 | $535 | 4.84% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| South Carolina State Housing Finance and Development Authority | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| South Carolina State Housing Finance and Development Authority | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
