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. Their top markets by origination volume include: Charleston, Hilton Head Island, Myrtle Beach, Columbia, and Sumter 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 an average 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% | 4/28/24 |
| 30 Year Conventional Refi | 4.82% | 4/28/24 |
| 30 Year Cash-out Refi | 6.42% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 6.84% | 4/28/24 |
| 15 Year Cash-out Refi | 6.84% | 4/28/24 |
| 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
349Origination Dollar Volume (All Markets)
$81,135,000Top 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) | 303 | $70,875,000 | $233,911 | $3,405 | 3.41% |
| Outside of Metro Areas | 16 | $2,730,000 | $170,625 | $3,603 | 3.28% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $2,075,000 | $415,000 | $5,290 | 2.93% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 10 | $1,980,000 | $198,000 | $2,913 | 3.74% |
| COLUMBIA, SC (FHA|USDA|VA) | 5 | $1,395,000 | $279,000 | $4,269 | 2.93% |
| SUMTER, SC (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $3,518 | 3.56% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $9,525 | 3.25% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $1,730 | 4.31% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,734 | 2.25% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,248 | 2.63% |
| Seneca, SC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $750 | 5.75% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,295 | 2.88% |
| Newberry, SC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,015 | 6.63% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 349 | $81,135,000 | $232,479 | $3,434 | 3.41% |
For 2021, Rev Federal Credit Union's most frequently originated type of loan was Conventional, with 349 originations.
Loan Reason
For 2021, Rev Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 156 originations. The 2nd most popular reason was Home Purchase, with 93 originations.
Loan Duration/Length
For 2021, Rev Federal Credit Union's most frequently cited loan duration was Other, with 125 originations. The 2nd most popular length was 30 Year, with 100 originations.
Origination Fees/Closing Costs
Rev Federal Credit Union's average total fees were $4,909, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 125 originations.
Interest Rates
During 2021, Rev Federal Credit Union's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was <2.5%, with 119 originations.
Loan Sizing
2021 saw Rev Federal Credit Union place emphasis on $100k-200k loans with 121 originations, totaling $17,815,000 in origination value.
Applicant Income
Rev Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 81 originations. The second most popular income band? $50k-75k, with 70 originations.
Applicant Debt to Income Ratio
Rev Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 68 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.62%
Rev Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination47.28%
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 |
|---|---|---|---|
| 3172.3 | 1 | $115,000 | $115,000 |
| NA | 348 | $81,020,000 | $232,816 |