Scott Credit Union Mortgage Rates, Fees & Info

Edwardsville, IL

LEI: 5493000D7DINI9PZN749

Tax ID: 37-0732817

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Scott Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Scott Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Carbondale, Cape Girardeau, Mount Vernon, and Sikeston among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Scott Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Scott Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.64% 11/21/24
    30 Year Conventional Refi 6.46% 11/21/24
    30 Year Cash-out Refi 6.38% 11/21/24
    30 Year FHA Purchase 6.86% 11/21/24
    30 Year FHA Refi 6.47% 11/21/24
    30 Year VA Purchase 5.88% 11/21/24
    30 Year VA Refi 6.13% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 6.06% 11/21/24
    15 Year Conventional Refi 6.06% 11/21/24
    15 Year Cash-out Refi 6.06% 11/21/24
    15 Year VA Purchase 5.92% 11/21/24
    15 Year VA Refi 5.68% 11/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Scott Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Scott Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    621

    Origination Dollar Volume (All Markets)

    $82,985,000
    Show all (12) awards

    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
    ST. LOUIS, MO-IL (FHA|USDA|VA) 569 $75,875,000 $133,348 $2,084 4.59%
    Outside of Metro Areas 33 $4,015,000 $121,667 $2,335 4.47%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 6 $800,000 $133,333 $2,185 4.35%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 2 $520,000 $260,000 $4,540 4.44%
    Mount Vernon, IL (FHA|USDA|VA) 3 $435,000 $145,000 $2,641 4.83%
    Sikeston, MO (FHA|USDA|VA) 2 $410,000 $205,000 $2,733 4.06%
    Centralia, IL (FHA|USDA|VA) 3 $355,000 $118,333 $1,822 4.54%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $3,945 4.00%
    DECATUR, IL (FHA|USDA|VA) 1 $135,000 $135,000 $1,765 4.00%
    SPRINGFIELD, MO (FHA|USDA|VA) 1 $115,000 $115,000 $1,986 4.50%
    Scott Credit Union's top markets include St. Louis, Carbondale, Cape Girardeau, Mount Vernon, and Sikeston among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SCOTT CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Ozarks Federal Savings and Loan Association
    Similarity Rank: 100
    Community Bank of Trenton
    Similarity Rank: 108
    First National Bank of Waterloo
    Similarity Rank: 200
    RELIANCE BANK
    Similarity Rank: 238
    CapGrow Home Mortgage, LLC
    Similarity Rank: 272
    JERSEY STATE BANK
    Similarity Rank: 354
    Farmers and Merchants Bank of St. Clair
    Similarity Rank: 408
    United Bank of Union
    Similarity Rank: 415
    HNB National Bank
    Similarity Rank: 576
    Bank of Hillsboro
    Similarity Rank: 679

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 534 $70,110,000 $131,292 $1,751 4.63%
    FHA 47 $6,145,000 $130,745 $4,241 4.26%
    VA 34 $6,000,000 $176,471 $4,227 4.08%
    USDA 6 $730,000 $121,667 $3,340 4.50%

    For 2018, Scott Credit Union's most frequently originated type of loan was Conventional, with 534 originations. Their 2nd most popular type was FHA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 347 $55,005,000 $158,516 $2,570 4.43%
    Refi 218 $24,050,000 $110,321 $1,543 4.60%
    Cash Out Refi 49 $3,315,000 $67,653 $807 5.48%
    Home Improvement 6 $580,000 $96,667 $2,188 4.69%
    Other 1 $35,000 $35,000 $0 1.49%

    For 2018, Scott Credit Union's most frequently cited loan purpose was Home Purchase, with 347 originations. The 2nd most popular reason was Refi, with 218 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 378 $60,400,000 $159,788 $2,495 4.47%
    15 Year 155 $15,205,000 $98,097 $1,463 4.79%
    10 Year 50 $2,770,000 $55,400 $972 4.87%
    20 Year 28 $3,970,000 $141,786 $1,861 4.08%
    Other 8 $600,000 $75,000 $668 4.80%
    5 Year 2 $40,000 $20,000 $603 6.00%

    For 2018, Scott Credit Union's most frequently cited loan duration was 30 Year, with 378 originations. The 2nd most popular length was 15 Year, with 155 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 543 $78,025,000 $143,692
    $1k-2k 7 $1,255,000 $179,286
    $4k-5k 1 $195,000 $195,000

    Scott Credit Union's average total fees were $2,495, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 543 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 355 $52,435,000 $147,704
    3-4% 148 $23,990,000 $162,095
    5-6% 77 $5,075,000 $65,909
    6-7% 36 $1,210,000 $33,611
    2.5-3% 2 $170,000 $85,000
    7-8% 2 $70,000 $35,000
    <2.5% 1 $35,000 $35,000

    During 2018, Scott Credit Union's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 4-5%, with 355 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 271 $39,585,000 $146,070 $2,357 4.33%
    $100,000 or less 244 $13,350,000 $54,713 $1,530 4.99%
    $200k-400k 98 $25,960,000 $264,898 $2,549 4.27%
    $400k-600k 6 $2,790,000 $465,000 $3,749 4.02%
    $600k-1MM 2 $1,300,000 $650,000 $2,460 4.19%

    2018 saw Scott Credit Union place emphasis on $100k-200k loans with 271 originations, totaling $39,585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 149 $18,995,000 $127,483 $1,954 4.76%
    $50k-75k 145 $18,045,000 $124,448 $2,248 4.42%
    $100k-150k 130 $20,820,000 $160,154 $2,064 4.60%
    $50k or less 130 $11,340,000 $87,231 $2,199 4.45%
    $150k-250k 65 $13,105,000 $201,615 $2,084 4.70%
    $250k+ 2 $680,000 $340,000 $1,857 3.94%

    Scott Credit Union lent most frequently to those with incomes in the $75k-100k range, with 149 originations. The second most popular income band? $50k-75k, with 145 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $12,630,000 $131,563 $2,152 4.65%
    30-36% 95 $10,545,000 $111,000 $2,347 4.88%
    <20% 39 $5,205,000 $133,462 $2,277 4.63%
    42% 27 $3,495,000 $129,444 $1,906 4.89%
    40% 17 $2,105,000 $123,824 $2,199 5.13%
    44% 17 $2,685,000 $157,941 $2,353 4.87%
    38% 15 $1,835,000 $122,333 $1,833 5.03%
    41% 14 $2,050,000 $146,429 $1,793 5.07%
    36% 13 $1,665,000 $128,077 $2,079 4.63%
    43% 13 $1,855,000 $142,692 $2,504 4.88%
    39% 12 $1,570,000 $130,833 $2,234 4.98%
    47% 11 $1,805,000 $164,091 $2,642 4.86%
    37% 8 $1,050,000 $131,250 $3,557 4.67%
    46% 7 $935,000 $133,571 $2,333 4.41%
    48% 7 $895,000 $127,857 $2,771 4.55%
    49% 6 $860,000 $143,333 $2,697 4.71%
    45% 4 $460,000 $115,000 $1,416 4.81%
    50-60% 3 $265,000 $88,333 $2,960 4.25%

    Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 491 $65,425,000 $133,248 $2,162 4.59%
    Not provided 83 $12,055,000 $145,241 $1,903 4.40%
    Black 32 $4,040,000 $126,250 $2,088 4.76%
    Asian 5 $605,000 $121,000 $2,027 4.23%
    Not applicable 7 $455,000 $65,000 $1,467 5.20%
    American Indian 2 $270,000 $135,000 $2,192 4.44%
    Native Hawaiian or Islander 1 $135,000 $135,000 $1,835 4.88%

    Approval Rates

    Total approvals of all applications
    86.73%

    Scott Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    56.04%

    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 621 $82,985,000 $133,631

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 621 $82,985,000 $133,631

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $1,805,000 $51,571 $643 5.66%
    40-60% 21 $2,065,000 $98,333 $1,772 4.37%
    60-80% 79 $12,015,000 $152,089 $1,956 4.47%
    80-100% 213 $34,125,000 $160,211 $2,838 4.54%
    Over 100% 1 $305,000 $305,000 $1,895 4.75%
    Under 20% 56 $1,790,000 $31,964 $393 5.82%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    South Carolina State Housing Finance and Development Authority Conventional home mortgage Struggling to pay mortgage 2 100.0%