Sunmark Federal Credit Union Mortgage Rates, Fees & Info

Albany, NY

LEI: 54930017CJWOENP0BZ82

Tax ID: 14-1364933

5 stars - out of 5 stars, based on 40 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Sunmark Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Sunmark Federal 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 include Albany, Glens Falls, New York, Gloversville, and Amsterdam among others. Sunmark Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Sunmark Federal Credit Union is typically an average fee lendor.


Originations

1,609

Origination Dollar Volume (All Markets)

$335,575,000

Awards

SUNMARK FEDERAL CREDIT UNION 30 Year Conventional Loans silver SUNMARK FEDERAL CREDIT UNION 30 Year Conventional Loans silver SUNMARK FEDERAL CREDIT UNION 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Sunmark Federal 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

Sunmark Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,526.

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
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1,262 $268,830,000 $213,019 $3,920 2.98%
GLENS FALLS, NY (FHA|USDA|VA) 54 $13,380,000 $247,778 $4,562 3.02%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 47 $12,765,000 $271,596 $4,166 3.03%
Gloversville, NY (FHA|USDA|VA) 80 $12,100,000 $151,250 $3,674 3.03%
Amsterdam, NY (FHA|USDA|VA) 89 $11,875,000 $133,427 $3,697 2.94%
Hudson, NY (FHA|USDA|VA) 34 $7,210,000 $212,059 $3,692 3.15%
Outside of Metro Areas 22 $4,930,000 $224,091 $3,361 2.96%
KINGSTON, NY (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,635 2.94%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 5 $1,215,000 $243,000 $4,362 3.25%
UTICA-ROME, NY (FHA|USDA|VA) 4 $740,000 $185,000 $2,949 3.31%
Cortland, NY (FHA|USDA|VA) 1 $325,000 $325,000 $3,969 3.25%
Oneonta, NY (FHA|USDA|VA) 2 $240,000 $120,000 $3,003 2.94%
BINGHAMTON, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,247 2.38%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,366 2.38%
ROCHESTER, NY (FHA|USDA|VA) 1 $155,000 $155,000 $4,037 3.63%
Plattsburgh, NY (FHA|USDA|VA) 1 $145,000 $145,000 $2,940 2.38%
ITHACA, NY (FHA|USDA|VA) 1 $85,000 $85,000 $2,812 2.88%

Sunmark Federal Credit Union's top markets include Albany, Glens Falls, New York, Gloversville, and Amsterdam among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,391 $292,005,000 $209,925 $3,321 3.00%
FHA 184 $34,910,000 $189,728 $6,946 2.89%
VA 28 $7,720,000 $275,714 $9,192 2.96%
USDA 6 $940,000 $156,667 $4,873 2.92%

For the 2021 period, Sunmark Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,391 originations. Their 2nd most popular type is FHA, with 184 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 746 $165,700,000 $222,118 $4,907 3.00%
Refi 439 $89,865,000 $204,704 $3,026 2.85%
Cash Out Refi 281 $58,685,000 $208,843 $3,756 2.95%
Other 73 $15,295,000 $209,521 $3,098 2.85%
Home Improvement 70 $6,030,000 $86,143 $340 3.92%

For the 2021, Sunmark Federal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 746 originations. The 2nd most popular reason of loans were Refi, with 439 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 885 $197,345,000 $222,989 $4,526 3.02%
15 Year 300 $53,010,000 $176,700 $2,915 2.61%
Other 228 $48,080,000 $210,877 $2,824 3.21%
20 Year 121 $18,025,000 $148,967 $1,972 3.33%
30+ year 46 $15,570,000 $338,478 $5,813 3.69%
10 Year 29 $3,545,000 $122,241 $1,911 2.99%

For the 2021, Sunmark Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 885 originations. The 2nd most popular length of loans were 15 Year, with 300 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,035 $219,825,000 $212,391
$2k-3k 166 $37,110,000 $223,554
$<1k 136 $17,970,000 $132,132
$3k-4k 61 $14,525,000 $238,115
$5k+ 13 $3,545,000 $272,692

$4,526 of loans were Sunmark Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,035 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 699 $151,945,000 $217,375
3-4% 487 $99,345,000 $203,994
<2.5% 223 $41,465,000 $185,942
4-5% 3 $245,000 $81,667

During 2021, Sunmark Federal 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 699 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 650 $98,790,000 $151,985 $3,772 2.89%
$200k-400k 633 $170,755,000 $269,755 $4,543 2.98%
$100,000 or less 238 $16,070,000 $67,521 $1,906 3.30%
$400k-600k 67 $30,995,000 $462,612 $4,831 3.05%
$600k-1MM 15 $11,295,000 $753,000 $4,404 3.08%
$1MM+ 6 $7,670,000 $1,278,333 $4,510 3.13%

2021 saw Sunmark Federal Credit Union place emphasis on $100k-200k loans with 650 originations, totaling $98,790,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 361 $82,005,000 $227,161 $3,978 2.99%
$50k-75k 346 $60,840,000 $175,838 $4,070 3.01%
$75k-100k 300 $57,180,000 $190,600 $3,714 3.06%
$150k-250k 198 $56,360,000 $284,646 $3,829 2.94%
$50k or less 168 $22,410,000 $133,393 $3,988 2.91%
$250k+ 31 $12,795,000 $412,742 $3,866 2.78%

Sunmark Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 361 originations. The second most popular income band? $50k-75k, with 346 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 301 $63,025,000 $209,385 $3,570 2.89%
30-36% 260 $55,240,000 $212,462 $3,943 3.02%
<20% 98 $18,890,000 $192,755 $3,185 2.82%
40% 66 $14,180,000 $214,848 $3,889 2.98%
42% 65 $12,765,000 $196,385 $3,834 2.98%
44% 62 $12,240,000 $197,419 $3,871 3.02%
39% 57 $11,745,000 $206,053 $4,353 3.11%
41% 57 $11,365,000 $199,386 $3,931 3.03%
36% 55 $11,885,000 $216,091 $4,004 2.97%
49% 52 $11,910,000 $229,038 $3,726 3.12%
50-60% 47 $10,005,000 $212,872 $6,520 2.99%
37% 47 $8,765,000 $186,489 $4,146 2.97%
43% 46 $8,770,000 $190,652 $3,555 3.12%
47% 45 $10,445,000 $232,111 $4,492 3.03%
38% 42 $9,400,000 $223,810 $3,728 3.03%
48% 39 $7,725,000 $198,077 $3,718 3.26%
45% 36 $7,300,000 $202,778 $4,440 3.08%
46% 30 $5,630,000 $187,667 $4,192 2.91%
>60% 3 $695,000 $231,667 $5,684 3.04%

Sunmark Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 301 originations. The next most common DTI ratio? 30-36%, with 260 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 857 $179,575,000 $209,539 $3,753 3.02%
Not provided 465 $96,775,000 $208,118 $4,030 2.93%
Not applicable 198 $42,740,000 $215,859 $3,301 3.06%
Black 45 $7,825,000 $173,889 $4,977 3.09%
Asian 27 $5,715,000 $211,667 $5,000 2.82%
Other Asian 6 $1,140,000 $190,000 $4,114 3.00%
Asian Indian 5 $805,000 $161,000 $4,057 3.20%
American Indian 4 $710,000 $177,500 $6,737 3.09%
Other Pacific Islander 2 $290,000 $145,000 $3,537 2.94%

Approval Rates

Total approvals of all applications
91.05%

Sunmark Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
73.83%

Sunmark Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,609 $335,575,000 $208,561

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,609 $335,575,000 $208,561

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 78 $7,620,000 $97,692 $1,958 3.08%
40-60% 172 $31,400,000 $182,558 $2,976 2.75%
60-80% 524 $116,050,000 $221,469 $3,588 2.98%
80-100% 585 $133,605,000 $228,385 $4,908 2.98%
Over 100% 6 $1,870,000 $311,667 $14,416 2.83%
Under 20% 45 $1,955,000 $43,444 $374 3.92%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Synergy One Lending, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Synergy One Lending, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%