Scott Credit Union Mortgage Rates, Fees & Info

Edwardsville, IL

LEI: 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.

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% 3/28/24
30 Year Conventional Refi 6.46% 3/28/24
30 Year Cash-out Refi 6.38% 3/28/24
30 Year FHA Purchase 6.86% 3/28/24
30 Year FHA Refi 6.47% 3/28/24
30 Year VA Purchase 5.88% 3/28/24
30 Year VA Refi 6.13% 3/28/24
30 Year USDA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.06% 3/28/24
15 Year Conventional Refi 6.06% 3/28/24
15 Year Cash-out Refi 6.06% 3/28/24
15 Year VA Purchase 5.92% 3/28/24
15 Year VA Refi 5.68% 3/28/24
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

989

Origination Dollar Volume (All Markets)

$174,585,000

Awards

SCOTT CREDIT UNION 30 Year Conventional Loans gold SCOTT CREDIT UNION 30 Year Conventional Loans gold SCOTT CREDIT UNION 30 Year Conventional Loans gold SCOTT CREDIT UNION VA Loans gold
Show all (4) 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) 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%
Scott Credit Union's top markets include St. Louis, Cape Girardeau, Mount Vernon, Chicago, and Carbondale among others.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 950 $166,650,000 $175,421 $1,886 3.03%
    VA 28 $6,650,000 $237,500 $3,662 2.92%
    FHA 8 $1,030,000 $128,750 $4,336 3.14%
    USDA 2 $170,000 $85,000 $2,975 3.00%
    HELOC 1 $85,000 $85,000 n/a 2.50%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 640 $114,070,000 $178,234 $1,806 2.93%
    Home Purchase 311 $54,305,000 $174,614 $2,284 3.19%
    Cash Out Refi 30 $4,940,000 $164,667 $1,929 3.36%
    Other 6 $1,010,000 $168,333 $1,727 2.88%
    NA 2 $260,000 $130,000 $1,832 4.06%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 558 $103,480,000 $185,448 $2,093 3.17%
    15 Year 295 $45,875,000 $155,508 $1,771 2.68%
    20 Year 67 $11,905,000 $177,687 $1,817 3.26%
    10 Year 51 $10,095,000 $197,941 $1,767 2.88%
    Other 15 $2,775,000 $185,000 $1,800 3.88%
    5 Year 3 $455,000 $151,667 $0 3.76%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 500 $73,630,000 $147,260 $1,921 2.96%
    $200k-400k 271 $70,105,000 $258,690 $2,049 3.00%
    $100,000 or less 191 $13,265,000 $69,450 $1,887 3.24%
    $400k-600k 23 $11,005,000 $478,478 $2,307 2.99%
    $600k-1MM 3 $2,495,000 $831,667 $2,186 3.08%
    $1MM+ 1 $4,085,000 $4,085,000 $0 3.73%

    2020 saw Scott Credit Union place emphasis on $100k-200k loans with 500 originations, totaling $73,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 281 $55,125,000 $196,174 $1,955 2.98%
    $50k-75k 242 $31,920,000 $131,901 $2,048 3.06%
    $75k-100k 193 $32,695,000 $169,404 $1,923 3.03%
    $50k or less 128 $14,050,000 $109,766 $1,923 3.05%
    $150k-250k 107 $25,945,000 $242,477 $1,863 2.88%
    $250k+ 23 $8,725,000 $379,348 $2,084 3.07%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 302 $52,080,000 $172,450 $1,936 3.00%
    30-36% 203 $34,815,000 $171,502 $1,945 3.07%
    <20% 128 $19,760,000 $154,375 $1,812 2.91%
    40% 37 $5,765,000 $155,811 $2,029 3.05%
    36% 33 $5,145,000 $155,909 $1,901 3.03%
    37% 32 $5,630,000 $175,938 $2,061 2.95%
    43% 31 $5,525,000 $178,226 $2,098 3.19%
    44% 31 $6,545,000 $211,129 $2,064 3.04%
    41% 28 $5,780,000 $206,429 $1,987 2.84%
    42% 25 $4,595,000 $183,800 $2,029 2.84%
    45% 25 $4,515,000 $180,600 $2,199 3.06%
    38% 24 $5,370,000 $223,750 $2,177 2.97%
    39% 21 $3,185,000 $151,667 $1,934 3.14%
    47% 17 $2,695,000 $158,529 $2,011 3.12%
    46% 11 $1,825,000 $165,909 $1,936 2.91%
    48% 8 $1,340,000 $167,500 $1,841 2.95%
    49% 6 $980,000 $163,333 $2,802 3.13%
    >60% 1 $275,000 $275,000 $2,682 3.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 811 $140,935,000 $173,779 $1,962 3.01%
    Not provided 106 $19,110,000 $180,283 $1,914 2.99%
    Not applicable 22 $7,340,000 $333,636 $1,759 3.68%
    Black 31 $4,215,000 $135,968 $2,007 3.04%
    Asian 9 $1,395,000 $155,000 $2,013 2.92%
    American Indian 8 $1,360,000 $170,000 $2,391 2.95%
    Native Hawaiian or Islander 2 $230,000 $115,000 $1,499 3.63%

    Approval Rates

    Total approvals of all applications
    85.36%

    Scott Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    42.57%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,640,000 $101,538 $1,617 3.21%
    40-60% 137 $19,255,000 $140,547 $1,756 2.81%
    60-80% 434 $83,170,000 $191,636 $1,862 2.96%
    80-100% 382 $68,880,000 $180,314 $2,162 3.12%
    Over 100% 2 $450,000 $225,000 $6,458 3.38%
    Under 20% 8 $190,000 $23,750 $1,074 4.95%

    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%