Rev Federal Credit Union Mortgage Rates, Fees & Info

Summerville, SC

LEI: 54930024QEEW6YDTWZ98

Tax ID: 57-0377963

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Rev Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Rev Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Hilton Head Island, Georgetown, Columbia, and Orangeburg among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Rev Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Rev 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.45% 4/18/24
    30 Year Conventional Refi 4.82% 4/18/24
    30 Year Cash-out Refi 6.42% 4/18/24
    30 Year FHA Purchase 6.27% 4/18/24
    30 Year VA Purchase 6.27% 4/18/24
    15 Year Conventional Purchase 5.68% 4/18/24
    15 Year Conventional Refi 6.84% 4/18/24
    15 Year Cash-out Refi 6.84% 4/18/24
    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.

    Rev Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Rev Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    249

    Origination Dollar Volume (All Markets)

    $39,075,000

    Awards

    REV FEDERAL CREDIT UNION 30 Year Conventional Loans silver REV FEDERAL CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) awards

    Top 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
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 214 $33,880,000 $158,318 $2,226 5.54%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 13 $1,635,000 $125,769 $1,198 6.19%
    Georgetown, SC (FHA|USDA|VA) 9 $1,255,000 $139,444 $2,021 5.41%
    Outside of Metro Areas 4 $1,000,000 $250,000 $4,951 4.63%
    COLUMBIA, SC (FHA|USDA|VA) 3 $525,000 $175,000 $2,242 5.81%
    Orangeburg, SC (FHA|USDA|VA) 2 $310,000 $155,000 $3,390 4.19%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $2,778 3.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $185,000 $61,667 $863 6.37%
    Rev Federal Credit Union's top markets include Charleston, Hilton Head Island, Georgetown, Columbia, and Orangeburg among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against REV FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    REV FEDERAL CREDIT UNION
    Similarity Rank: 472
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C.
    Similarity Rank: 1120
    CPM Federal Credit Union
    Similarity Rank: 1358
    SOUTH CAROLINA FEDERAL CREDIT UNION
    Similarity Rank: 2058
    Carolina Financial Corporation
    Similarity Rank: 2176
    CAROLINA ONE MORTGAGE, LLC
    Similarity Rank: 2439
    STATE EMPLOYEES'
    Similarity Rank: 2890
    First Horizon Bank
    Similarity Rank: 3072
    Southern First Bank
    Similarity Rank: 3344
    First Reliance Bank
    Similarity Rank: 3350

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 248 $38,930,000 $156,976 $2,196 5.55%
    HELOC 1 $145,000 $145,000 n/a 5.75%

    For 2018, Rev Federal Credit Union's most frequently originated type of loan was Conventional, with 248 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 125 $21,695,000 $173,560 $2,452 5.57%
    Cash Out Refi 39 $9,075,000 $232,692 $3,098 4.54%
    Other 37 $3,265,000 $88,243 $1,124 6.57%
    Home Improvement 31 $2,475,000 $79,839 $1,025 6.09%
    Refi 17 $2,565,000 $150,882 $3,110 4.56%

    For 2018, Rev Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 125 originations. The 2nd most popular reason was Cash Out Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 89 $23,055,000 $259,045 $3,768 4.44%
    Other 74 $7,610,000 $102,838 $835 6.57%
    15 Year 54 $5,380,000 $99,630 $1,528 6.08%
    10 Year 18 $850,000 $47,222 $1,214 4.86%
    20 Year 13 $1,495,000 $115,000 $3,494 6.18%
    30+ year 1 $685,000 $685,000 $7,820 5.00%

    For 2018, Rev Federal Credit Union's most frequently cited loan duration was 30 Year, with 89 originations. The 2nd most popular length was Other, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 172 $22,370,000 $130,058
    $1k-2k 17 $2,435,000 $143,235
    $3k-4k 17 $6,605,000 $388,529
    $2k-3k 16 $3,180,000 $198,750
    $4k-5k 4 $2,060,000 $515,000
    $5k+ 2 $870,000 $435,000

    Rev Federal Credit Union's average total fees were $3,768, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 172 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 85 $8,235,000 $96,882
    4-5% 81 $17,555,000 $216,728
    3-4% 35 $8,665,000 $247,571
    5-6% 24 $3,050,000 $127,083
    7-8% 15 $975,000 $65,000
    Over 8% 9 $595,000 $66,111

    During 2018, Rev Federal Credit Union's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 6-7%, with 85 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 115 $7,045,000 $61,261 $1,009 6.30%
    $100k-200k 67 $10,045,000 $149,925 $2,157 5.23%
    $200k-400k 50 $12,610,000 $252,200 $3,413 4.72%
    $400k-600k 10 $4,800,000 $480,000 $6,046 4.06%
    $600k-1MM 7 $4,575,000 $653,571 $5,532 4.46%

    2018 saw Rev Federal Credit Union place emphasis on $100,000 or less loans with 115 originations, totaling $7,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 59 $9,355,000 $158,559 $2,123 5.48%
    $150k-250k 57 $11,245,000 $197,281 $1,959 6.09%
    $50k-75k 50 $5,690,000 $113,800 $2,190 5.39%
    $75k-100k 30 $5,420,000 $180,667 $3,096 4.67%
    $50k or less 28 $2,730,000 $97,500 $2,436 5.16%
    $250k+ 23 $4,565,000 $198,478 $1,770 6.28%

    Rev Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 59 originations. The second most popular income band? $150k-250k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 77 $12,425,000 $161,364 $2,571 5.48%
    30-36% 49 $6,905,000 $140,918 $1,990 5.66%
    <20% 18 $2,760,000 $153,333 $2,434 5.01%
    39% 15 $1,935,000 $129,000 $1,704 5.98%
    40% 13 $2,085,000 $160,385 $1,890 5.69%
    36% 13 $2,675,000 $205,769 $2,061 5.57%
    42% 11 $845,000 $76,818 $1,036 6.31%
    38% 11 $1,595,000 $145,000 $2,562 5.23%
    41% 10 $1,190,000 $119,000 $1,512 6.06%
    37% 7 $1,295,000 $185,000 $1,870 6.16%
    44% 7 $1,315,000 $187,857 $2,650 5.01%
    43% 6 $1,110,000 $185,000 $2,416 5.17%
    45% 4 $590,000 $147,500 $2,130 5.78%
    49% 3 $835,000 $278,333 $3,853 4.38%
    46% 2 $230,000 $115,000 $1,908 5.05%
    48% 1 $625,000 $625,000 $5,741 3.88%
    47% 1 $225,000 $225,000 $826 6.50%
    50-60% 1 $435,000 $435,000 $0 3.88%

    Rev Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 77 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 209 $33,915,000 $162,273 $2,306 5.51%
    Black 19 $2,215,000 $116,579 $1,659 5.51%
    Not provided 17 $1,995,000 $117,353 $1,398 6.14%
    Asian 2 $630,000 $315,000 $3,153 5.44%
    Native Hawaiian or Islander 2 $320,000 $160,000 $1,417 6.17%

    Approval Rates

    Total approvals of all applications
    81.22%

    Rev Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    52.21%

    Rev Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 7 $525,000 $75,000
    NA 242 $38,550,000 $159,298

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 15 $1,275,000 $85,000
    Single Family (1-4 Units):Site-Built 234 $37,800,000 $161,538

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $6,820,000 $131,154 $1,281 6.33%
    40-60% 18 $2,320,000 $128,889 $2,773 4.39%
    60-80% 37 $8,575,000 $231,757 $3,257 4.49%
    80-100% 64 $16,020,000 $250,313 $4,119 4.72%
    Over 100% 7 $905,000 $129,286 $640 6.71%
    Under 20% 71 $4,435,000 $62,465 $745 6.46%