Scott Credit Union Mortgage Rates, Fees & Info
Edwardsville, ILLEI: 5493000D7DINI9PZN749
Tax ID: 37-0732817
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Mortgage Data
Review & 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Cape Girardeau, Mount Vernon, Chicago, and Carbondale among others. We have data for 17 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 12/3/24 |
| 30 Year Conventional Refi | 6.46% | 12/3/24 |
| 30 Year Cash-out Refi | 6.38% | 12/3/24 |
| 30 Year FHA Purchase | 6.86% | 12/3/24 |
| 30 Year FHA Refi | 6.47% | 12/3/24 |
| 30 Year VA Purchase | 5.88% | 12/3/24 |
| 30 Year VA Refi | 6.13% | 12/3/24 |
| 30 Year USDA Purchase | 6.27% | 12/3/24 |
| 15 Year Conventional Purchase | 6.06% | 12/3/24 |
| 15 Year Conventional Refi | 6.06% | 12/3/24 |
| 15 Year Cash-out Refi | 6.06% | 12/3/24 |
| 15 Year VA Purchase | 5.92% | 12/3/24 |
| 15 Year VA Refi | 5.68% | 12/3/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
989Origination Dollar Volume (All Markets)
$174,585,000Awards
SCOTT CREDIT UNION - 2020
SCOTT CREDIT UNION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 917 | $163,145,000 | $177,912 | $1,947 | 3.02% |
| Outside of Metro Areas | 46 | $6,760,000 | $146,957 | $2,089 | 3.08% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $2,221 | 3.13% |
| Mount Vernon, IL (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $2,332 | 2.71% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $2,337 | 3.00% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $2,009 | 3.13% |
| Farmington, MO (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $1,985 | 3.21% |
| Poplar Bluff, MO (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $2,089 | 2.75% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $1,578 | 2.50% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,188 | 2.75% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,218 | 3.38% |
| Rolla, MO (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,892 | 3.50% |
| Jacksonville, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,053 | 3.13% |
| Hannibal, MO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,989 | 2.63% |
| Centralia, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,060 | 2.75% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,048 | 3.38% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,292 | 3.25% |
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.
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Product Mix
For 2020, Scott Credit Union's most frequently originated type of loan was Conventional, with 950 originations. Their 2nd most popular type was VA, with 28 originations.
Loan Reason
For 2020, Scott Credit Union's most frequently cited loan purpose was Refi, with 640 originations. The 2nd most popular reason was Home Purchase, with 311 originations.
Loan Duration/Length
For 2020, Scott Credit Union's most frequently cited loan duration was 30 Year, with 558 originations. The 2nd most popular length was 15 Year, with 295 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 956 | $164,180,000 | $171,736 |
| $1k-2k | 12 | $3,590,000 | $299,167 |
| $2k-3k | 2 | $270,000 | $135,000 |
Scott Credit Union's average total fees were $2,093, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 956 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 420 | $78,800,000 | $187,619 |
| 2.5-3% | 419 | $72,965,000 | $174,141 |
| <2.5% | 129 | $21,415,000 | $166,008 |
| 4-5% | 11 | $1,005,000 | $91,364 |
| 6-7% | 9 | $265,000 | $29,444 |
During 2020, Scott Credit Union's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 420 originations.
Loan Sizing
2020 saw Scott Credit Union place emphasis on $100k-200k loans with 500 originations, totaling $73,630,000 in origination value.
Applicant Income
Scott Credit Union lent most frequently to those with incomes in the $100k-150k range, with 281 originations. The second most popular income band? $50k-75k, with 242 originations.
Applicant Debt to Income Ratio
Scott Credit Union lent most frequently to those with DTI ratios of 20-30%, with 302 originations. The next most common DTI ratio? 30-36%, with 203 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.36%
Scott Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination42.57%
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 | 989 | $174,585,000 | $176,527 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 3 | $4,895,000 | $1,631,667 |
| Single Family (1-4 Units):Site-Built | 986 | $169,690,000 | $172,099 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 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 | Struggling to pay mortgage | 1 | 50.0% |