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
  • Complaints
  • 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, Pensacola, and Crestview among others. We have data for 4 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 an 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

    149

    Origination Dollar Volume (All Markets)

    $20,975,000

    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) 142 $19,840,000 $139,718 $0 0.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $655,000 $218,333 $0 0.00%
    Outside of Metro Areas 3 $295,000 $98,333 $0 0.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    Innovations Federal Credit Union's top markets include Panama City, Pensacola, and Crestview among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 149 $20,975,000 $140,772 $0 0.00%

    For 2019, 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
    Home Purchase 88 $13,720,000 $155,909 $0 0.00%
    Refi 39 $5,655,000 $145,000 $0 0.00%
    Home Improvement 22 $1,600,000 $72,727 $0 0.00%

    For 2019, Innovations Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 149 $20,975,000 $140,772 $0 0.00%

    For 2019, 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 66 $3,350,000 $50,758 $0 0.00%
    $100k-200k 48 $7,020,000 $146,250 $0 0.00%
    $200k-400k 32 $8,550,000 $267,188 $0 0.00%
    $600k-1MM 2 $1,500,000 $750,000 $0 0.00%
    $400k-600k 1 $555,000 $555,000 $0 0.00%

    2019 saw Innovations Federal Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $2,720,000 $85,000 $0 0.00%
    $100k-150k 30 $4,440,000 $148,000 $0 0.00%
    $150k-250k 25 $5,435,000 $217,400 $0 0.00%
    $75k-100k 25 $3,075,000 $123,000 $0 0.00%
    $50k-75k 24 $2,840,000 $118,333 $0 0.00%
    $250k+ 13 $2,465,000 $189,615 $0 0.00%

    Innovations Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $100k-150k, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 149 $20,975,000 $140,772 $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 126 $17,050,000 $135,317 $0 0.00%
    Not provided 17 $3,275,000 $192,647 $0 0.00%
    Black 6 $650,000 $108,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.56%

    Innovations Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.60%

    Innovations Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 149 $20,975,000 $140,772

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $710,000 $59,167
    Single Family (1-4 Units):Site-Built 137 $20,265,000 $147,920

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Innovative Mortgage Services, Inc. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%