Red River Federal Credit Union Mortgage Rates, Fees & Info
Altus, OKLEI: 5493001EYKX1T5YCJ737
Tax ID: 73-0668635
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Red River Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Red River Federal Credit Union has a high proportion of conventional loans. Red River Federal Credit Union has a low ratio of conventional loans. Their top (well, only) market is Altus.Red River Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar 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 | 4.08% | 11/21/24 |
| 30 Year Cash-out Refi | 6.22% | 11/21/24 |
| 15 Year Conventional Purchase | 5.41% | 11/21/24 |
| 15 Year Conventional Refi | 5.15% | 11/21/24 |
| 15 Year Cash-out Refi | 5.15% | 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. | ||
Red River Federal 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
25Origination Dollar Volume (All Markets)
$2,725,000Top 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 |
|---|---|---|---|---|---|
| Altus, OK (FHA|USDA|VA) | 20 | $2,510,000 | $125,500 | $2,807 | 5.11% |
| Outside of Metro Areas | 5 | $215,000 | $43,000 | $1,836 | 5.30% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $2,710,000 | $112,917 | $2,521 | 5.15% |
| Conventional | 1 | $15,000 | $15,000 | $0 | 0.00% |
For 2018, Red River Federal Credit Union's most frequently originated type of loan was Conventional, with 24 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2018, Red River Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 10 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2018, Red River Federal Credit Union's most frequently cited loan duration was 15 Year, with 13 originations. The 2nd most popular length was 10 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 8 | $490,000 | $61,250 |
| $1k-2k | 1 | $205,000 | $205,000 |
Red River Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 10 | $1,190,000 | $119,000 |
| 4-5% | 9 | $1,065,000 | $118,333 |
| 6-7% | 3 | $85,000 | $28,333 |
| 3-4% | 2 | $370,000 | $185,000 |
During 2018, Red River Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.
Loan Sizing
2018 saw Red River Federal Credit Union place emphasis on $100,000 or less loans with 12 originations, totaling $460,000 in origination value.
Applicant Income
Red River Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Red River Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications62.00%
Red River Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination76.00%
Red River Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 1 | $15,000 | $15,000 |
| NA | 24 | $2,710,000 | $112,917 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $155,000 | $155,000 |
| Single Family (1-4 Units):Site-Built | 24 | $2,570,000 | $107,083 |