Interra Credit Union Mortgage Rates, Fees & Info
GOSHEN, INLEI: 5493004HIVU0YCM5QS92
Tax ID: 35-1082578
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Interra Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Interra Credit Union has a high proportion of conventional loans. Their top markets include Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others. Interra Credit Union has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Interra Credit Union is typically a low fee lendor.Originations
1,641Origination Dollar Volume (All Markets)
$251,475,000Awards
INTERRA CREDIT UNION - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Interra Credit Union's average 30 year fixed rate mortgage of loans were
3.3%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.15%.
Relative Fees
Interra Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,671.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1,010 | $143,890,000 | $142,465 | $2,594 | 3.58% |
| Outside of Metro Areas | 234 | $49,750,000 | $212,607 | $2,762 | 3.52% |
| Warsaw, IN (FHA|USDA|VA) | 133 | $18,755,000 | $141,015 | $2,413 | 3.62% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 89 | $12,185,000 | $136,910 | $2,644 | 3.56% |
| Kendallville, IN (FHA|USDA|VA) | 54 | $8,620,000 | $159,630 | $2,326 | 3.59% |
| Plymouth, IN (FHA|USDA|VA) | 61 | $8,535,000 | $139,918 | $2,293 | 3.56% |
| Sturgis, MI (FHA|USDA|VA) | 23 | $3,965,000 | $172,391 | $3,089 | 3.34% |
| FORT WAYNE, IN (FHA|USDA|VA) | 8 | $1,310,000 | $163,750 | $2,611 | 3.25% |
| Angola, IN (FHA|USDA|VA) | 8 | $930,000 | $116,250 | $2,509 | 3.59% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $2,344 | 3.56% |
| Coldwater, MI (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $2,915 | 3.75% |
| Auburn, IN (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $2,210 | 3.75% |
| NILES, MI (FHA|USDA|VA) | 5 | $555,000 | $111,000 | $2,900 | 3.53% |
| Bedford, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $1,822 | 2.88% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,215 | 3.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,197 | 2.88% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 3.50% |
| Richmond, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $1,962 | 3.13% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.50% |
Interra Credit Union's top markets include Elkhart, Warsaw, South Bend, Kendallville, and Plymouth among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,641 | $251,475,000 | $153,245 | $2,597 | 3.57% |
For the 2021 period, Interra Credit Union's most frequently originated loan type of loans were Conventional, with 1,641 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 458 | $106,260,000 | $232,009 | $2,593 | 3.47% |
| Refi | 456 | $61,650,000 | $135,197 | $2,538 | 3.35% |
| Home Improvement | 283 | $18,455,000 | $65,212 | $3,452 | 4.13% |
| Cash Out Refi | 280 | $52,980,000 | $189,214 | $2,638 | 3.13% |
| Other | 164 | $12,130,000 | $73,963 | $0 | 4.22% |
For the 2021, Interra Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 458 originations. The 2nd most popular reason of loans were Refi, with 456 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 606 | $145,700,000 | $240,429 | $2,671 | 3.30% |
| 5 Year | 379 | $24,965,000 | $65,871 | $0 | 4.62% |
| 10 Year | 297 | $25,695,000 | $86,515 | $2,256 | 3.49% |
| 15 Year | 235 | $31,795,000 | $135,298 | $2,419 | 2.83% |
| 20 Year | 118 | $21,900,000 | $185,593 | $2,577 | 3.22% |
| Other | 4 | $350,000 | $87,500 | $0 | 4.25% |
| 1 Year | 1 | $805,000 | $805,000 | $0 | 3.75% |
| 30+ year | 1 | $265,000 | $265,000 | $4,905 | 4.00% |
For the 2021, Interra Credit Union's most frequently cited loan length of loans were 30 Year, with 606 originations. The 2nd most popular length of loans were 5 Year, with 379 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 632 | $128,030,000 | $202,579 |
| $1k-2k | 205 | $39,415,000 | $192,268 |
| $2k-3k | 66 | $14,800,000 | $224,242 |
| $3k-4k | 26 | $7,120,000 | $273,846 |
| $5k+ | 9 | $3,655,000 | $406,111 |
$2,671 of loans were Interra Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 632 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 759 | $142,615,000 | $187,899 |
| 4-5% | 386 | $31,200,000 | $80,829 |
| 2.5-3% | 368 | $63,620,000 | $172,880 |
| <2.5% | 82 | $11,890,000 | $145,000 |
| 5-6% | 46 | $2,150,000 | $46,739 |
During 2021, Interra Credit Union's average interest rate of loans were 3.30%, while their most frequently originated rate bucket of loans were 3-4%, with 759 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 673 | $35,125,000 | $52,192 | $2,242 | 3.91% |
| $100k-200k | 534 | $76,030,000 | $142,378 | $2,496 | 3.31% |
| $200k-400k | 353 | $96,725,000 | $274,008 | $2,759 | 3.36% |
| $400k-600k | 68 | $31,950,000 | $469,853 | $3,220 | 3.32% |
| $600k-1MM | 10 | $7,760,000 | $776,000 | $3,255 | 3.44% |
| $1MM+ | 3 | $3,885,000 | $1,295,000 | $6,292 | 3.63% |
2021 saw Interra Credit Union place emphasis on $100,000 or less loans with 673 originations, totaling $35,125,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 497 | $68,845,000 | $138,521 | $2,478 | 3.53% |
| $50k or less | 365 | $37,175,000 | $101,849 | $2,496 | 3.54% |
| $75k-100k | 360 | $67,580,000 | $187,722 | $2,689 | 3.51% |
| $100k-150k | 236 | $41,030,000 | $173,856 | $2,971 | 3.68% |
| $150k-250k | 72 | $13,670,000 | $189,861 | $2,490 | 3.74% |
| $250k+ | 28 | $9,190,000 | $328,214 | $3,551 | 3.56% |
Interra Credit Union lent most frequently to those with incomes in the $50k-75k range, with 497 originations. The second most popular income band? $50k or less, with 365 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 463 | $66,135,000 | $142,840 | $2,442 | 3.50% |
| <20% | 343 | $41,045,000 | $119,665 | $2,506 | 3.68% |
| 30-36% | 306 | $50,890,000 | $166,307 | $2,586 | 3.46% |
| 37% | 56 | $10,030,000 | $179,107 | $2,564 | 3.46% |
| 42% | 51 | $7,815,000 | $153,235 | $2,937 | 3.74% |
| 36% | 51 | $9,205,000 | $180,490 | $2,646 | 3.43% |
| 41% | 48 | $6,930,000 | $144,375 | $2,659 | 3.67% |
| 40% | 47 | $7,045,000 | $149,894 | $3,345 | 3.53% |
| 38% | 47 | $7,245,000 | $154,149 | $2,740 | 3.54% |
| 39% | 43 | $9,385,000 | $218,256 | $2,585 | 3.58% |
| 44% | 28 | $4,600,000 | $164,286 | $2,473 | 3.55% |
| 43% | 22 | $4,320,000 | $196,364 | $3,386 | 3.68% |
| 45% | 17 | $3,495,000 | $205,588 | $2,920 | 3.74% |
| 48% | 16 | $3,940,000 | $246,250 | $3,180 | 3.69% |
| 49% | 13 | $1,885,000 | $145,000 | $2,556 | 3.88% |
| 50-60% | 13 | $3,395,000 | $261,154 | $2,893 | 3.52% |
| 47% | 12 | $1,420,000 | $118,333 | $2,381 | 3.26% |
| 46% | 11 | $1,865,000 | $169,545 | $2,460 | 3.63% |
| >60% | 4 | $710,000 | $177,500 | $4,756 | 4.06% |
Interra Credit Union lent most frequently to those with DTI ratios of 20-30%, with 463 originations. The next most common DTI ratio? <20%, with 343 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 1,566 | $240,320,000 | $153,461 | $2,601 | 3.56% |
| Not applicable | 27 | $5,715,000 | $211,667 | $0 | 3.96% |
| Not provided | 33 | $3,675,000 | $111,364 | $2,562 | 3.72% |
| Asian | 8 | $1,080,000 | $135,000 | $2,060 | 3.52% |
| American Indian | 4 | $440,000 | $110,000 | $1,766 | 3.81% |
| Black | 3 | $245,000 | $81,667 | $2,270 | 3.79% |
Approval Rates
Total approvals of all applications85.97%
Interra Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination93.05%
Interra Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,641 | $251,475,000 | $153,245 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,641 | $251,475,000 | $153,245 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 274 | $23,560,000 | $85,985 | $2,428 | 3.77% |
| 40-60% | 241 | $37,245,000 | $154,544 | $2,538 | 3.20% |
| 60-80% | 458 | $96,890,000 | $211,550 | $2,751 | 3.26% |
| 80-100% | 319 | $75,615,000 | $237,038 | $2,478 | 3.44% |
| Over 100% | 14 | $4,910,000 | $350,714 | $0 | 3.96% |
| Under 20% | 335 | $13,255,000 | $39,567 | $2,306 | 4.19% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| INTERNATIONAL CITY MORTGAGE | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
