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 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.

    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% 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






    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

    349

    Origination Dollar Volume (All Markets)

    $81,135,000

    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) 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%
    Rev Federal Credit Union's top markets include Charleston, Hilton Head Island, Myrtle Beach, Columbia, and Sumter among others.

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

    Barley Mortgage, LLC
    Similarity Rank: 552
    AMERICAN FEDERAL MORTGAGE CORPORATION
    Similarity Rank: 1605
    Countybank
    Similarity Rank: 3430
    REV FEDERAL CREDIT UNION
    Similarity Rank: 3536
    CPM Federal Credit Union
    Similarity Rank: 4788
    South Atlantic Bank
    Similarity Rank: 4862
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 5202
    CLEARPATH LENDING
    Similarity Rank: 5775
    First Palmetto Bank
    Similarity Rank: 6006
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 6072

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 156 $40,620,000 $260,385 $4,127 2.81%
    Home Purchase 93 $21,155,000 $227,473 $2,728 4.58%
    Refi 80 $17,480,000 $218,500 $3,429 2.70%
    Other 15 $1,465,000 $97,667 $1,597 5.36%
    Home Improvement 5 $415,000 $83,000 $971 5.90%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 125 $25,345,000 $202,760 $2,426 4.04%
    30 Year 100 $31,990,000 $319,900 $4,909 3.22%
    15 Year 84 $13,910,000 $165,595 $3,150 2.80%
    20 Year 20 $4,670,000 $233,500 $3,722 2.61%
    10 Year 13 $1,515,000 $116,538 $2,433 2.72%
    30+ year 7 $3,705,000 $529,286 $6,371 5.79%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 125 $19,015,000 $152,120
    $<1k 101 $17,175,000 $170,050
    $2k-3k 69 $18,095,000 $262,246
    $3k-4k 31 $12,425,000 $400,806
    $5k+ 12 $8,150,000 $679,167
    $4k-5k 11 $6,275,000 $570,455

    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

    Loan Rate Originations Total Value Average Loan
    <2.5% 119 $24,665,000 $207,269
    2.5-3% 80 $18,380,000 $229,750
    3-4% 66 $23,650,000 $358,333
    5-6% 56 $10,400,000 $185,714
    4-5% 17 $2,825,000 $166,176
    6-7% 8 $1,080,000 $135,000
    7-8% 2 $80,000 $40,000
    Over 8% 1 $55,000 $55,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 121 $17,815,000 $147,231 $2,981 3.29%
    $200k-400k 118 $31,770,000 $269,237 $3,763 3.25%
    $100,000 or less 64 $4,330,000 $67,656 $1,684 4.14%
    $400k-600k 30 $14,650,000 $488,333 $6,136 2.97%
    $600k-1MM 14 $10,440,000 $745,714 $6,661 3.50%
    $1MM+ 2 $2,130,000 $1,065,000 $8,967 3.25%

    2021 saw Rev Federal Credit Union place emphasis on $100k-200k loans with 121 originations, totaling $17,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 81 $19,285,000 $238,086 $3,687 3.13%
    $50k-75k 70 $11,180,000 $159,714 $3,437 3.17%
    $150k-250k 66 $21,060,000 $319,091 $3,274 4.21%
    $75k-100k 59 $13,095,000 $221,949 $3,583 3.08%
    $50k or less 42 $5,490,000 $130,714 $3,277 2.89%
    $250k+ 31 $11,025,000 $355,645 $3,077 4.31%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 94 $20,750,000 $220,745 $3,291 3.31%
    30-36% 68 $16,100,000 $236,765 $3,610 3.17%
    <20% 37 $7,075,000 $191,216 $3,246 2.59%
    36% 17 $4,605,000 $270,882 $3,531 3.96%
    41% 17 $4,105,000 $241,471 $3,289 3.76%
    43% 17 $4,155,000 $244,412 $2,408 4.18%
    37% 14 $3,430,000 $245,000 $2,866 3.86%
    38% 13 $2,045,000 $157,308 $2,868 4.13%
    44% 13 $3,915,000 $301,154 $4,663 3.66%
    40% 12 $2,920,000 $243,333 $3,750 3.07%
    46% 12 $3,570,000 $297,500 $3,846 3.81%
    42% 8 $1,820,000 $227,500 $3,419 4.53%
    45% 7 $1,645,000 $235,000 $3,551 3.63%
    39% 7 $1,045,000 $149,286 $3,156 3.82%
    47% 7 $2,775,000 $396,429 $5,333 2.96%
    48% 2 $520,000 $260,000 $5,091 4.56%
    50-60% 2 $260,000 $130,000 $3,051 2.44%
    >60% 1 $185,000 $185,000 $4,734 2.25%
    49% 1 $215,000 $215,000 $2,883 2.99%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 242 $55,630,000 $229,876 $3,324 3.48%
    Not provided 71 $18,685,000 $263,169 $3,771 3.29%
    Black 26 $5,010,000 $192,692 $3,733 3.10%
    Asian 5 $985,000 $197,000 $3,071 2.98%
    American Indian 3 $645,000 $215,000 $3,833 3.71%
    Native Hawaiian or Islander 1 $95,000 $95,000 $805 5.75%
    Other Pacific Islander 1 $85,000 $85,000 $2,341 2.50%

    Approval Rates

    Total approvals of all applications
    84.62%

    Rev Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    47.28%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    349 $81,135,000 $232,479

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $9,530,000 $164,310 $2,229 3.73%
    40-60% 62 $11,510,000 $185,645 $3,508 2.50%
    60-80% 122 $36,760,000 $301,311 $4,384 2.87%
    80-100% 50 $17,800,000 $356,000 $5,282 3.38%
    Over 100% 1 $345,000 $345,000 $1,260 4.75%
    Under 20% 55 $4,915,000 $89,364 $1,047 5.33%