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, Home Purchase, and Refi loans. Red River Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Altus, Lawton, Oklahoma City, and Stillwater among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Red River Federal Credit Union has an average approval rate when compared to the average across all lenders. Red River Federal 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% | 5/4/24 |
| 30 Year Conventional Refi | 4.08% | 5/4/24 |
| 30 Year Cash-out Refi | 6.22% | 5/4/24 |
| 15 Year Conventional Purchase | 5.41% | 5/4/24 |
| 15 Year Conventional Refi | 5.15% | 5/4/24 |
| 15 Year Cash-out Refi | 5.15% | 5/4/24 |
| 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
49Origination Dollar Volume (All Markets)
$6,385,000Top 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) | 40 | $5,370,000 | $134,250 | $3,003 | 3.67% |
| LAWTON, OK (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $3,013 | 4.16% |
| Outside of Metro Areas | 3 | $225,000 | $75,000 | $2,236 | 3.25% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,606 | 3.38% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 3.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 49 | $6,385,000 | $130,306 | $2,936 | 3.67% |
For 2021, Red River Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations.
Loan Reason
For 2021, Red River Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 22 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2021, Red River Federal Credit Union's most frequently cited loan duration was 15 Year, with 27 originations. The 2nd most popular length was 30 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 17 | $1,205,000 | $70,882 |
| $2k-3k | 4 | $1,150,000 | $287,500 |
| $1k-2k | 3 | $645,000 | $215,000 |
| $3k-4k | 1 | $465,000 | $465,000 |
Red River Federal Credit Union's average total fees were $3,381, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 23 | $3,205,000 | $139,348 |
| 4-5% | 11 | $1,005,000 | $91,364 |
| 2.5-3% | 10 | $1,850,000 | $185,000 |
| 5-6% | 4 | $120,000 | $30,000 |
| <2.5% | 1 | $205,000 | $205,000 |
During 2021, Red River Federal Credit Union's average interest rate for loans was 3.41%, while their most frequently originated rate bucket for loans was 3-4%, with 23 originations.
Loan Sizing
2021 saw Red River Federal Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $1,280,000 in origination value.
Applicant Income
Red River Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $75k-100k, with 9 originations.
Applicant Debt to Income Ratio
Red River Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 17 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.33%
Red River Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 49 | $6,385,000 | $130,306 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Rate Rabbit, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |