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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    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, Atlanta, and Miami among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Innovations 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.

    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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    Originations

    69

    Origination Dollar Volume (All Markets)

    $10,095,000

    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) 60 $8,610,000 $143,500 $966 5.60%
    Outside of Metro Areas 6 $1,190,000 $198,333 $1,390 6.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.75%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $35,000 $35,000 $297 6.50%
    Innovations Federal Credit Union's top markets include Panama City, Crestview, Atlanta, and Miami among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $9,875,000 $151,923 $976 5.72%
    HELOC 4 $220,000 $55,000 n/a 4.88%

    For 2018, Innovations Federal Credit Union's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $6,330,000 $175,833 $656 5.52%
    Refi 16 $2,530,000 $158,125 $1,092 5.55%
    Other 9 $855,000 $95,000 $1,251 6.21%
    Home Improvement 8 $380,000 $47,500 $715 5.46%

    For 2018, Innovations Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 34 $5,400,000 $158,824 $1,044 5.50%
    30 Year 16 $3,170,000 $198,125 $0 0.00%
    10 Year 14 $1,180,000 $84,286 $942 6.30%
    20 Year 4 $220,000 $55,000 $0 4.88%
    5 Year 1 $125,000 $125,000 $0 4.75%

    For 2018, Innovations Federal Credit Union's most frequently cited loan duration was 15 Year, with 34 originations. The 2nd most popular length was 30 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 18 $1,240,000 $68,889

    Innovations Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 18 $3,330,000 $185,000
    5-6% 16 $1,910,000 $119,375
    7-8% 8 $340,000 $42,500
    6-7% 6 $690,000 $115,000

    During 2018, Innovations Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 30 $1,550,000 $51,667 $757 6.00%
    $200k-400k 19 $5,315,000 $279,737 $0 5.10%
    $100k-200k 18 $2,370,000 $131,667 $1,462 5.26%
    $400k-600k 2 $860,000 $430,000 $3,288 5.63%

    2018 saw Innovations Federal Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 17 $1,975,000 $116,176 $1,121 5.33%
    $100k-150k 13 $1,955,000 $150,385 $618 6.46%
    $50k or less 13 $1,085,000 $83,462 $984 5.53%
    $75k-100k 10 $1,280,000 $128,000 $745 5.91%
    $250k+ 9 $2,615,000 $290,556 $3,288 5.34%
    $150k-250k 7 $1,185,000 $169,286 $297 5.50%

    Innovations Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $100k-150k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $165,000 $33,000 $622 6.75%
    <20% 3 $75,000 $25,000 $585 6.58%
    40% 3 $205,000 $68,333 $1,104 5.29%
    37% 2 $90,000 $45,000 $358 6.00%
    38% 2 $90,000 $45,000 $972 5.06%
    50-60% 2 $200,000 $100,000 $1,481 6.88%
    41% 2 $510,000 $255,000 $3,288 5.63%
    42% 1 $45,000 $45,000 $0 5.50%
    45% 1 $45,000 $45,000 $1,133 7.25%
    30-36% 1 $35,000 $35,000 $297 6.50%

    Innovations Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? <20%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $7,110,000 $131,667 $976 5.81%
    Not provided 9 $1,745,000 $193,889 $0 5.11%
    Black 3 $575,000 $191,667 $0 5.25%
    Asian 2 $420,000 $210,000 $0 5.25%
    Native Hawaiian or Islander 1 $245,000 $245,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    85.15%

    Innovations Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.36%

    Innovations Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 69 $10,095,000 $146,304

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $600,000 $300,000
    Single Family (1-4 Units):Manufactured 3 $115,000 $38,333
    Single Family (1-4 Units):Site-Built 64 $9,380,000 $146,563