Red River Federal Credit Union Mortgage Rates, Fees & Info
Altus, OKLEI: 5493001EYKX1T5YCJ737
Tax ID: 73-0668635
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Mortgage Data
Review & Overview
Red River Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Red River Federal Credit Union has a high proportion of conventional loans. Their top two markets are Altus and Lawton .Red River Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have an 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% | 11/17/24 |
| 30 Year Conventional Refi | 4.08% | 11/17/24 |
| 30 Year Cash-out Refi | 6.22% | 11/17/24 |
| 15 Year Conventional Purchase | 5.41% | 11/17/24 |
| 15 Year Conventional Refi | 5.15% | 11/17/24 |
| 15 Year Cash-out Refi | 5.15% | 11/17/24 |
| 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
18Origination Dollar Volume (All Markets)
$1,240,000Top 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) | 14 | $1,020,000 | $72,857 | $2,111 | 5.52% |
| Outside of Metro Areas | 3 | $165,000 | $55,000 | $2,823 | 4.58% |
| LAWTON, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,031 | 4.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $1,240,000 | $68,889 | $2,315 | 5.33% |
For 2019, Red River Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 11 | $755,000 | $68,636 | $2,087 | 5.24% |
| Home Purchase | 4 | $140,000 | $35,000 | $2,947 | 5.63% |
| Refi | 3 | $345,000 | $115,000 | $2,365 | 5.25% |
For 2019, Red River Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 11 originations. The 2nd most popular reason was Home Purchase, with 4 originations.
Loan Duration/Length
For 2019, Red River Federal Credit Union's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $725,000 | $55,769 |
| $1k-2k | 2 | $420,000 | $210,000 |
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 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 9 | $895,000 | $99,444 |
| 5-6% | 5 | $185,000 | $37,000 |
| 7-8% | 3 | $95,000 | $31,667 |
| 3-4% | 1 | $65,000 | $65,000 |
During 2019, Red River Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 9 originations.
Loan Sizing
2019 saw Red River Federal Credit Union place emphasis on $100,000 or less loans with 15 originations, totaling $715,000 in origination value.
Applicant Income
Red River Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 8 originations. The second most popular income band? $75k-100k, with 4 originations.
Applicant Debt to Income Ratio
Red River Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17 | $1,135,000 | $66,765 | $2,284 | 5.36% |
| Asian | 1 | $105,000 | $105,000 | $2,738 | 4.75% |
Approval Rates
Total approvals of all applications54.29%
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 origination94.44%
Red River Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 18 | $1,240,000 | $68,889 |