Rev Federal Credit Union Mortgage Rates, Fees & Info
Summerville, SCLEI: 54930024QEEW6YDTWZ98
Tax ID: 57-0377963
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Mortgage Data
Review & Overview
Rev Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Rev Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Charleston, Bennettsville, Hilton Head Island, Columbia, and Greenville among others. We have data for 13 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.45% | 12/16/24 |
| 30 Year Conventional Refi | 4.82% | 12/16/24 |
| 30 Year Cash-out Refi | 6.42% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 6.84% | 12/16/24 |
| 15 Year Cash-out Refi | 6.84% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
430Origination Dollar Volume (All Markets)
$120,280,000Top 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 |
|---|---|---|---|---|---|
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 391 | $111,595,000 | $285,409 | $3,088 | 3.75% |
| Bennettsville, SC (FHA|USDA|VA) | 1 | $2,025,000 | $2,025,000 | $0 | 4.50% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $1,405,000 | $281,000 | $3,215 | 5.80% |
| Outside of Metro Areas | 11 | $1,285,000 | $116,818 | $1,548 | 4.90% |
| COLUMBIA, SC (FHA|USDA|VA) | 5 | $1,185,000 | $237,000 | $3,457 | 3.35% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $1,598 | 4.41% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $2,958 | 4.25% |
| Seneca, SC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,255 | 4.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $1,727 | 4.79% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,291 | 2.44% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,006 | 5.75% |
| Georgetown, SC (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $1,220 | 7.62% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,021 | 3.25% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 429 | $120,075,000 | $279,895 | $3,009 | 3.84% |
| USDA | 1 | $205,000 | $205,000 | $3,789 | 2.75% |
For 2020, Rev Federal Credit Union's most frequently originated type of loan was Conventional, with 429 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2020, Rev Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 144 originations. The 2nd most popular reason was Home Purchase, with 138 originations.
Loan Duration/Length
For 2020, Rev Federal Credit Union's most frequently cited loan duration was Other, with 172 originations. The 2nd most popular length was 30 Year, with 140 originations.
Origination Fees/Closing Costs
Rev Federal Credit Union's average total fees were $4,113, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 152 originations.
Interest Rates
During 2020, Rev Federal Credit Union's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 146 originations.
Loan Sizing
2020 saw Rev Federal Credit Union place emphasis on $200k-400k loans with 152 originations, totaling $41,760,000 in origination value.
Applicant Income
Rev Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 99 originations. The second most popular income band? $150k-250k, with 97 originations.
Applicant Debt to Income Ratio
Rev Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 77 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.73%
Rev Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination80.70%
Rev Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 12629.95 | 1 | $295,000 | $295,000 |
| 1545.0 | 1 | $55,000 | $55,000 |
| 1721.6 | 1 | $95,000 | $95,000 |
| 1859.6 | 1 | $205,000 | $205,000 |
| 19395.0 | 1 | $385,000 | $385,000 |
| 19868.2 | 1 | $595,000 | $595,000 |
| 2054.6 | 1 | $265,000 | $265,000 |
| 3220.0 | 1 | $395,000 | $395,000 |
| 3817.45 | 1 | $515,000 | $515,000 |
| NA | 421 | $117,475,000 | $279,038 |