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

Jump to:

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, Pensacola, and Tampa 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 above 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.

    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

    193

    Origination Dollar Volume (All Markets)

    $42,455,000

    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) 160 $31,800,000 $198,750 $0 0.00%
    Outside of Metro Areas 21 $6,505,000 $309,762 $0 0.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 7 $3,085,000 $440,714 $0 0.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $815,000 $271,667 $0 0.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
    Innovations Federal Credit Union's top markets include Panama City, Crestview, Pensacola, and Tampa among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 193 $42,455,000 $219,974 $0 0.00%

    For 2022, Innovations Federal Credit Union's most frequently originated type of loan was Conventional, with 193 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 82 $23,730,000 $289,390 $0 0.00%
    Refi 37 $9,785,000 $264,459 $0 0.00%
    Cash Out Refi 32 $6,400,000 $200,000 $0 0.00%
    Other 30 $1,970,000 $65,667 $0 0.00%
    Home Improvement 12 $570,000 $47,500 $0 0.00%

    For 2022, Innovations Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 193 $42,455,000 $219,974 $0 0.00%

    For 2022, Innovations Federal Credit Union's most frequently cited loan duration was Other, with 193 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 59 $3,155,000 $53,475 $0 0.00%
    $100k-200k 59 $8,655,000 $146,695 $0 0.00%
    $200k-400k 54 $15,350,000 $284,259 $0 0.00%
    $400k-600k 11 $5,155,000 $468,636 $0 0.00%
    $600k-1MM 7 $5,205,000 $743,571 $0 0.00%
    $1MM+ 3 $4,935,000 $1,645,000 $0 0.00%

    2022 saw Innovations Federal Credit Union place emphasis on $100,000 or less loans with 59 originations, totaling $3,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 37 $14,245,000 $385,000 $0 0.00%
    $50k-75k 37 $5,065,000 $136,892 $0 0.00%
    $50k or less 37 $3,945,000 $106,622 $0 0.00%
    $150k-250k 33 $10,495,000 $318,030 $0 0.00%
    $75k-100k 25 $3,565,000 $142,600 $0 0.00%
    $100k-150k 24 $5,140,000 $214,167 $0 0.00%

    Innovations Federal Credit Union lent most frequently to those with incomes in the $250k+ range, with 37 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 193 $42,455,000 $219,974 $0 0.00%

    Innovations Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 193 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 82 $23,550,000 $287,195 $0 0.00%
    White 99 $17,105,000 $172,778 $0 0.00%
    Not applicable 2 $710,000 $355,000 $0 0.00%
    Black 6 $550,000 $91,667 $0 0.00%
    Asian 4 $540,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.65%

    Innovations Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.60%

    Innovations Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 193 $42,455,000 $219,974

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    193 $42,455,000 $219,974