First Imperial Credit Union Mortgage Rates, Fees & Info
El Centro, CALEI: 54930040PPD1PTCFI313
Tax ID: 95-1652773
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Mortgage Data
Review & Overview
First Imperial Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. First Imperial Credit Union has a high proportion of conventional loans. Their top (well, only) market is El Centro.First Imperial Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Imperial Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
5Origination Dollar Volume (All Markets)
$915,000Top 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 |
|---|---|---|---|---|---|
| EL CENTRO, CA (FHA|USDA|VA) | 5 | $915,000 | $183,000 | $4,136 | 4.93% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 5 | $915,000 | $183,000 | $4,136 | 4.93% |
For 2018, First Imperial Credit Union's most frequently originated type of loan was Conventional, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 4 | $700,000 | $175,000 | $4,481 | 5.03% |
| Refi | 1 | $215,000 | $215,000 | $2,755 | 4.50% |
For 2018, First Imperial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 4 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 5 | $915,000 | $183,000 | $4,136 | 4.93% |
For 2018, First Imperial Credit Union's most frequently cited loan duration was 30 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 2 | $360,000 | $180,000 |
| $<1k | 1 | $215,000 | $215,000 |
| $1k-2k | 1 | $75,000 | $75,000 |
| $3k-4k | 1 | $265,000 | $265,000 |
First Imperial Credit Union's average total fees were $4,136, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 3 | $475,000 | $158,333 |
| 5-6% | 2 | $440,000 | $220,000 |
During 2018, First Imperial Credit Union's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 4-5%, with 3 originations.
Loan Sizing
2018 saw First Imperial Credit Union place emphasis on $100k-200k loans with 2 originations, totaling $360,000 in origination value.
Applicant Income
First Imperial Credit Union lent most frequently to those with incomes in the $75k-100k range, with 2 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
First Imperial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 39%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 4 | $650,000 | $162,500 | $3,779 | 4.72% |
| Not provided | 1 | $265,000 | $265,000 | $5,563 | 5.75% |
Approval Rates
Total approvals of all applications53.13%
First Imperial Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-120.00%
First Imperial 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 | 5 | $915,000 | $183,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 5 | $915,000 | $183,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1 | $75,000 | $75,000 | $3,183 | 4.50% |
| 60-80% | 3 | $625,000 | $208,333 | $4,914 | 5.21% |
| 80-100% | 1 | $215,000 | $215,000 | $2,755 | 4.50% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 50.0% |