Sovita Credit Union Mortgage Rates, Fees & Info
Flint, MILEI: 54930038EHCQQEFKUW36
Tax ID: 38-0546210
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Sovita Credit Union is a smaller credit union specializing in Other, Home Improvement, and Refi loans. Sovita Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Flint, Detroit, Saginaw, and Lansing among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Sovita 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.40% | 12/2/24 |
| 15 Year Conventional Refi | 5.03% | 12/2/24 |
| 15 Year Cash-out Refi | 5.03% | 12/2/24 |
| 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. | ||
Sovita Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
64Origination Dollar Volume (All Markets)
$2,910,000Top 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 |
|---|---|---|---|---|---|
| FLINT, MI (FHA|USDA|VA) | 52 | $2,220,000 | $42,692 | $597 | 3.97% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 7 | $415,000 | $59,286 | $829 | 4.69% |
| SAGINAW, MI (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $781 | 3.88% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $105,000 | $35,000 | $627 | 4.67% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 64 | $2,910,000 | $45,469 | $629 | 4.08% |
For 2020, Sovita Credit Union's most frequently originated type of loan was Conventional, with 64 originations.
Loan Reason
For 2020, Sovita Credit Union's most frequently cited loan purpose was Other, with 29 originations. The 2nd most popular reason was Home Improvement, with 20 originations.
Loan Duration/Length
For 2020, Sovita Credit Union's most frequently cited loan duration was 10 Year, with 22 originations. The 2nd most popular length was 5 Year, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 36 | $1,350,000 | $37,500 |
| 4-5% | 25 | $1,465,000 | $58,600 |
| 5-6% | 3 | $95,000 | $31,667 |
During 2020, Sovita Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 36 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 59 | $2,325,000 | $39,407 | $614 | 4.06% |
| $100k-200k | 5 | $585,000 | $117,000 | $817 | 4.32% |
2020 saw Sovita Credit Union place emphasis on $100,000 or less loans with 59 originations, totaling $2,325,000 in origination value.
Applicant Income
Sovita Credit Union lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $100k-150k, with 14 originations.
Applicant Debt to Income Ratio
Sovita Credit Union lent most frequently to those with DTI ratios of <20%, with 19 originations. The next most common DTI ratio? 20-30%, with 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.83%
Sovita Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination56.25%
Sovita 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 |
|---|---|---|---|
| NA | 64 | $2,910,000 | $45,469 |