Innovations Federal Credit Union Mortgage Rates, Fees & Info

Panama City Beach, FL

LEI: 5493002P2P2WON3W9P39

Tax ID: 59-0706843

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

Review & Overview

Innovations Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Innovations Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Panama City, Crestview, Dothan, Pensacola, and Tallahassee among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

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.

Originations

149

Origination Dollar Volume (All Markets)

$31,825,000

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
PANAMA CITY, FL (FHA\|USDA\|VA)	117	$20,865,000	$178,333	$0	0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	6	$4,910,000	$818,333	$0	0.00%
Outside of Metro Areas	18	$4,610,000	$256,111	$0	0.00%
DOTHAN, AL (FHA\|USDA\|VA)	3	$505,000	$168,333	$0	0.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA\|USDA\|VA)	2	$480,000	$240,000	$0	0.00%
TALLAHASSEE, FL (FHA\|USDA\|VA)	3	$455,000	$151,667	$0	0.00%

Innovations Federal Credit Union's top markets include Panama City, Crestview, Dothan, Pensacola, and Tallahassee among others.

Their top states include:

Florida (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	149	$31,825,000	$213,591	$0	0.00%

For 2023, Innovations Federal Credit Union's most frequently originated type of loan was Conventional, with 149 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Other	42	$3,490,000	$83,095	$0	0.00%
Home Purchase	37	$13,675,000	$369,595	$0	0.00%
Home Improvement	28	$1,830,000	$65,357	$0	0.00%
Cash Out Refi	25	$4,785,000	$191,400	$0	0.00%
Refi	17	$8,045,000	$473,235	$0	0.00%

For 2023, Innovations Federal Credit Union's most frequently cited loan purpose was Other, with 42 originations. The 2nd most popular reason was Home Purchase, with 37 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	149	$31,825,000	$213,591	$0	0.00%

For 2023, Innovations Federal Credit Union's most frequently cited loan duration was Other, with 149 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	70	$3,740,000	$53,429	$0	0.00%
$100k-200k	32	$4,690,000	$146,563	$0	0.00%
$200k-400k	26	$7,410,000	$285,000	$0	0.00%
$600k-1MM	9	$6,425,000	$713,889	$0	0.00%
$400k-600k	8	$3,550,000	$443,750	$0	0.00%
$1MM+	4	$6,010,000	$1,502,500	$0	0.00%

2023 saw Innovations Federal Credit Union place emphasis on $100,000 or less loans with 70 originations, totaling $3,740,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	32	$4,400,000	$137,500	$0	0.00%
$150k-250k	29	$9,435,000	$325,345	$0	0.00%
$75k-100k	25	$2,865,000	$114,600	$0	0.00%
$250k+	23	$11,315,000	$491,957	$0	0.00%
$50k-75k	23	$2,685,000	$116,739	$0	0.00%
$50k or less	17	$1,125,000	$66,176	$0	0.00%

Innovations Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $150k-250k, with 29 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	149	$31,825,000	$213,591	$0	0.00%

Innovations Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 149 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	104	$16,360,000	$157,308	$0	0.00%
Not provided	40	$14,860,000	$371,500	$0	0.00%
Vietnamese	1	$205,000	$205,000	$0	0.00%
Black	1	$195,000	$195,000	$0	0.00%
Asian	2	$130,000	$65,000	$0	0.00%
American Indian	1	$75,000	$75,000	$0	0.00%

Approval Rates

Total approvals of all applications
91.35%

Innovations Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
91.95%

Innovations Federal Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	149	$31,825,000	$213,591

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	149	$31,825,000	$213,591