Riverland Federal Credit Union Mortgage Rates, Fees & Info

New Orleans, LA

LEI: 5493004U68X0X5LVHY72

Tax ID: 72-0840853

3.7 stars - Updated: 3/24/24 - out of 5 stars, based on 5 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Riverland Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Riverland Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New Orleans, Baton Rouge, Gulfport, Russellville, and Knoxville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Riverland 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. Riverland Federal Credit Union is typically an average 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.

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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.35% 3/24/24
30 Year Conventional Refi 7.10% 3/24/24
30 Year Cash-out Refi 6.34% 3/24/24
15 Year Conventional Refi 5.02% 3/24/24
15 Year Cash-out Refi 5.02% 3/24/24
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.

Riverland Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Riverland Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

26

Origination Dollar Volume (All Markets)

$8,540,000

Relative Rate

Riverland Federal Credit Union's average 30 year fixed mortgage rate was 4.98%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.22%.

Relative Fees (Closing Costs)

Riverland Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,142.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 11 $3,755,000 $341,364 $7,822 5.06%
BATON ROUGE, LA (FHA|USDA|VA) 5 $2,625,000 $525,000 $11,018 5.58%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 2 $470,000 $235,000 $5,874 3.94%
Russellville, AR (FHA|USDA|VA) 1 $385,000 $385,000 $6,141 4.13%
KNOXVILLE, TN (FHA|USDA|VA) 1 $355,000 $355,000 $7,353 3.88%
Indianola, MS (FHA|USDA|VA) 1 $245,000 $245,000 $8,046 4.13%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $235,000 $235,000 $6,002 6.00%
LAKE CHARLES, LA (FHA|USDA|VA) 1 $195,000 $195,000 $5,924 5.88%
LAFAYETTE, LA (FHA|USDA|VA) 1 $95,000 $95,000 $4,622 7.00%
Natchez, MS-LA (FHA|USDA|VA) 1 $95,000 $95,000 $4,463 3.38%
Vicksburg, MS (FHA|USDA|VA) 1 $85,000 $85,000 $4,500 3.88%
Riverland Federal Credit Union's top markets include New Orleans, Baton Rouge, Gulfport, Russellville, and Knoxville among others.

Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against RIVERLAND FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Eureka Homestead
    Similarity Rank: 340
    America's Mortgage Resource, Inc.
    Similarity Rank: 495
    Red River Bank
    Similarity Rank: 855
    Campus Federal Credit Union
    Similarity Rank: 912
    JEFFERSON FINANCIAL
    Similarity Rank: 1014
    GREATER NEW ORLEANS
    Similarity Rank: 1086
    Home Bank
    Similarity Rank: 1476
    La Capitol Federal Credit Union
    Similarity Rank: 1764
    DSLD MORTGAGE, LLC
    Similarity Rank: 1767
    RIVERLAND FEDERAL CREDIT UNION
    Similarity Rank: 2365

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 26 $8,540,000 $328,462 $7,690 4.99%

    For 2022, Riverland Federal Credit Union's most frequently originated type of loan was Conventional, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 18 $5,700,000 $316,667 $7,264 5.26%
    Cash Out Refi 4 $860,000 $215,000 $5,819 3.81%
    Other 2 $1,550,000 $775,000 $17,120 6.56%
    Refi 2 $430,000 $215,000 $5,832 3.31%

    For 2022, Riverland Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 21 $6,485,000 $308,810 $7,142 4.98%
    15 Year 2 $260,000 $130,000 $4,963 3.63%
    1 Year 2 $1,550,000 $775,000 $17,120 6.56%
    20 Year 1 $245,000 $245,000 $5,795 4.75%

    For 2022, Riverland Federal Credit Union's most frequently cited loan duration was 30 Year, with 21 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 8 $1,780,000 $222,500
    $4k-5k 7 $2,455,000 $350,714
    $2k-3k 4 $710,000 $177,500
    $5k+ 4 $3,320,000 $830,000
    $1k-2k 3 $275,000 $91,667

    Riverland Federal Credit Union's average total fees were $7,142, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 8 $1,860,000 $232,500
    5-6% 8 $3,090,000 $386,250
    4-5% 5 $1,265,000 $253,000
    6-7% 4 $2,130,000 $532,500
    7-8% 1 $195,000 $195,000

    During 2022, Riverland Federal Credit Union's average interest rate for loans was 4.98%, while their most frequently originated rate bucket for loans was 3-4%, with 8 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 15 $4,255,000 $283,667 $6,814 4.71%
    $100k-200k 4 $690,000 $172,500 $5,547 5.34%
    $100,000 or less 3 $275,000 $91,667 $4,528 4.75%
    $400k-600k 2 $1,020,000 $510,000 $10,769 5.94%
    $1MM+ 1 $1,345,000 $1,345,000 $25,623 6.25%
    $600k-1MM 1 $955,000 $955,000 $14,798 5.25%

    2022 saw Riverland Federal Credit Union place emphasis on $200k-400k loans with 15 originations, totaling $4,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $2,190,000 $273,750 $6,589 4.03%
    $250k+ 5 $3,325,000 $665,000 $12,445 5.13%
    $75k-100k 5 $965,000 $193,000 $5,622 5.03%
    $150k-250k 3 $1,115,000 $371,667 $8,720 6.29%
    $50k-75k 3 $635,000 $211,667 $6,848 6.25%
    $50k or less 2 $310,000 $155,000 $5,093 4.50%

    Riverland Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $250k+, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 5 $1,115,000 $223,000 $6,361 4.05%
    20-30% 5 $935,000 $187,000 $5,690 5.25%
    40% 3 $1,935,000 $645,000 $14,021 5.50%
    43% 3 $1,125,000 $375,000 $7,825 4.92%
    <20% 2 $1,200,000 $600,000 $10,296 5.00%
    45% 2 $550,000 $275,000 $6,592 5.63%
    44% 2 $610,000 $305,000 $6,930 4.88%
    49% 1 $215,000 $215,000 $5,724 5.63%
    38% 1 $535,000 $535,000 $10,278 5.38%
    41% 1 $235,000 $235,000 $6,002 6.00%
    47% 1 $85,000 $85,000 $4,500 3.88%

    Riverland Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 21 $7,475,000 $355,952 $8,220 5.00%
    Not provided 3 $585,000 $195,000 $5,566 5.71%
    Black 2 $480,000 $240,000 $5,302 3.75%

    Approval Rates

    Total approvals of all applications
    94.44%

    Riverland Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.92%

    Riverland Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 26 $8,540,000 $328,462

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    26 $8,540,000 $328,462

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 2 $430,000 $215,000 $7,341 5.19%
    60-80% 7 $1,395,000 $199,286 $5,627 5.09%
    80-100% 17 $6,715,000 $395,000 $8,580 4.92%