Idaho Central Credit Union

CHUBBUCK, ID 83202

LEI: 5493001PXRJMPLXPG540

Tax ID: 82-0217065

2019 Data | 2018 Data


Overview

Idaho Central Credit Union is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Idaho Central 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 include Boise City, Idaho Falls, Coeur D'alene, Pocatello, and Twin Falls among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Idaho Central Credit Union is typically a medium-high fee lendor.


Originations

12,583

Origination Dollar Volume (All Markets)

$2,205,695,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 11,792 $2,032,820,000 $172,390
FHA 525 $102,155,000 $194,581
VA 223 $62,385,000 $279,753
USDA 43 $8,335,000 $193,837

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 4,139 $1,020,485,000 $246,554
Home Improvement 1,385 $109,705,000 $79,209
Other 183 $12,635,000 $69,044
Refi 2,109 $524,665,000 $248,774
Cash Out Refi 4,767 $538,205,000 $112,902

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
BOISE CITY, ID 7,520 $1,344,620,000 $178,806
Outside of Metro Areas 1,413 $273,495,000 $193,556
IDAHO FALLS, ID 1,123 $186,925,000 $166,451
COEUR D'ALENE, ID 755 $147,105,000 $194,841
POCATELLO, ID 911 $125,375,000 $137,623
TWIN FALLS, ID 812 $116,730,000 $143,756
SPOKANE-SPOKANE VALLEY, WA 11 $3,135,000 $285,000
LEWISTON, ID-WA 11 $2,085,000 $189,545
LOGAN, UT-ID 6 $1,050,000 $175,000
SEATTLE-BELLEVUE-KENT, WA 1 $725,000 $725,000
KENNEWICK-RICHLAND, WA 2 $670,000 $335,000
OGDEN-CLEARFIELD, UT 4 $650,000 $162,500
PHOENIX-MESA-CHANDLER, AZ 2 $500,000 $250,000
SALT LAKE CITY, UT 2 $430,000 $215,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 1 $365,000 $365,000
ST. GEORGE, UT 2 $340,000 $170,000
SIERRA VISTA-DOUGLAS, AZ 1 $325,000 $325,000
PROVO-OREM, UT 2 $320,000 $160,000
Outside of Metro Areas 1 $265,000 $265,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $235,000 $235,000
BILLINGS, MT 1 $205,000 $205,000
PRESCOTT VALLEY-PRESCOTT, AZ 1 $145,000 $145,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 191 $47,965,000 $251,126
3-4% 5,302 $1,290,900,000 $243,474
4-5% 2,240 $486,540,000 $217,205
5-6% 2,185 $218,435,000 $99,970
6-7% 953 $66,665,000 $69,953
7-8% 790 $51,010,000 $64,570
Over 8% 922 $44,180,000 $47,918

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 4,550 $224,530,000 $49,347
$100k-200k 3,508 $519,500,000 $148,090
$200k-400k 3,752 $1,023,910,000 $272,897
$400k-600k 623 $292,175,000 $468,981
$600k-1000k 135 $96,115,000 $711,963
$Over $1MM 15 $49,465,000 $3,297,667

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 2,080 $194,110,000 $93,322
40-60% 1,333 $232,055,000 $174,085
60-80% 2,876 $748,160,000 $260,139
80-100% 3,507 $914,715,000 $260,825
Over 100% 26 $7,790,000 $299,615
Under 20% 2,761 $108,865,000 $39,430

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,795 $532,665,000 $190,578
$150k-250k 1,430 $337,800,000 $236,224
$50k-75k 3,083 $440,945,000 $143,025
$50k-or less 2,125 $249,555,000 $117,438
$75k-100k 2,554 $423,260,000 $165,724
$Over $250k 465 $188,265,000 $404,871

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 11,717 $1,989,795,000 $169,821
Not provided 528 $120,100,000 $227,462
Asian 162 $36,090,000 $222,778
Not applicable 6 $34,840,000 $5,806,667
American Indian 83 $12,375,000 $149,096
Black 51 $8,475,000 $166,176
Native Hawaiian 27 $3,415,000 $126,481
Other Pacific Islander 4 $220,000 $55,000
Chinese 1 $205,000 $205,000
Other Asian 1 $85,000 $85,000
Filipino 2 $60,000 $30,000
Asian Indian 1 $35,000 $35,000

Approval Rates

Total approvals of all applications
87.65%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
69.23%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 12,583 $2,205,695,000 $175,292

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,156 $355,330,000 $307,379
$1k-2k 1,121 $146,585,000 $130,763
$2k-3k 3,212 $792,630,000 $246,771
$3k-4k 1,001 $273,365,000 $273,092
$5k+ 264 $120,990,000 $458,295

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 5 $34,895,000 $6,979,000
Single Family (1-4 Units):Manufactured 148 $21,700,000 $146,622
Single Family (1-4 Units):Site-Built 12,430 $2,149,100,000 $172,896