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 Home Purchase 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
3Origination Dollar Volume (All Markets)
$485,000Top 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) | 3 | $485,000 | $161,667 | $4,901 | 3.38% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 3 | $485,000 | $161,667 | $4,901 | 3.38% |
For 2021, First Imperial Credit Union's most frequently originated type of loan was Conventional, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 2 | $360,000 | $180,000 | $4,986 | 3.81% |
| Home Purchase | 1 | $125,000 | $125,000 | $4,730 | 2.50% |
For 2021, First Imperial Credit Union's most frequently cited loan purpose was Cash Out Refi, with 2 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 2 | $240,000 | $120,000 | $4,351 | 2.94% |
| 30 Year | 1 | $245,000 | $245,000 | $6,000 | 4.25% |
For 2021, First Imperial Credit Union's most frequently cited loan duration was 15 Year, with 2 originations. The 2nd most popular length was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $115,000 | $115,000 |
| $2k-3k | 1 | $125,000 | $125,000 |
| $3k-4k | 1 | $245,000 | $245,000 |
First Imperial Credit Union's average total fees were $6,000, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 1 | $125,000 | $125,000 |
| 3-4% | 1 | $115,000 | $115,000 |
| 4-5% | 1 | $245,000 | $245,000 |
During 2021, First Imperial Credit Union's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was <2.5%, with 1 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 2 | $240,000 | $120,000 | $4,351 | 2.94% |
| $200k-400k | 1 | $245,000 | $245,000 | $6,000 | 4.25% |
2021 saw First Imperial Credit Union place emphasis on $100k-200k loans with 2 originations, totaling $240,000 in origination value.
Applicant Income
First Imperial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1 originations. The second most popular income band? $150k-250k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1 | $115,000 | $115,000 | $3,973 | 3.38% |
| 30-36% | 1 | $245,000 | $245,000 | $6,000 | 4.25% |
| 42% | 1 | $125,000 | $125,000 | $4,730 | 2.50% |
First Imperial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 3 | $485,000 | $161,667 | $4,901 | 3.38% |
Approval Rates
Total approvals of all applications60.61%
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-33.33%
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 | 3 | $485,000 | $161,667 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 40-60% | 1 | $115,000 | $115,000 | $3,973 | 3.38% |
| 60-80% | 1 | $245,000 | $245,000 | $6,000 | 4.25% |
| 80-100% | 1 | $125,000 | $125,000 | $4,730 | 2.50% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| First Technology Federal Credit Union | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |