Riverland Federal Credit Union Mortgage Rates, Fees & Info
New Orleans, LALEI: 5493004U68X0X5LVHY72
Tax ID: 72-0840853
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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 two markets are New Orleans and Baton Rouge .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.
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Originations
8Origination Dollar Volume (All Markets)
$4,700,000Top 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 |
|---|---|---|---|---|---|
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 6 | $3,430,000 | $571,667 | $7,883 | 5.33% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $13,750 | 5.75% |
| Outside of Metro Areas | 1 | $435,000 | $435,000 | $8,227 | 5.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $4,700,000 | $587,500 | $8,659 | 5.41% |
For 2018, Riverland Federal Credit Union's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $4,265,000 | $609,286 | $8,721 | 5.39% |
| Refi | 1 | $435,000 | $435,000 | $8,227 | 5.50% |
For 2018, Riverland Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 7 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 | 8 | $4,700,000 | $587,500 | $8,659 | 5.41% |
For 2018, Riverland Federal Credit Union's most frequently cited loan duration was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 3 | $2,525,000 | $841,667 |
| $4k-5k | 2 | $640,000 | $320,000 |
| $<1k | 1 | $545,000 | $545,000 |
| $1k-2k | 1 | $555,000 | $555,000 |
| $2k-3k | 1 | $435,000 | $435,000 |
Riverland Federal Credit Union's average total fees were $8,659, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 6 | $3,830,000 | $638,333 |
| 4-5% | 2 | $870,000 | $435,000 |
During 2018, Riverland Federal Credit Union's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
2018 saw Riverland Federal Credit Union place emphasis on $400k-600k loans with 4 originations, totaling $1,970,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 7 | $4,385,000 | $626,429 | $8,814 | 5.46% |
| $150k-250k | 1 | $315,000 | $315,000 | $7,576 | 5.00% |
Riverland Federal Credit Union lent most frequently to those with incomes in the $250k+ range, with 7 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% | 4 | $1,510,000 | $377,500 | $7,284 | 5.38% |
| 30-36% | 3 | $1,935,000 | $645,000 | $7,057 | 5.42% |
| 48% | 1 | $1,255,000 | $1,255,000 | $18,966 | 5.50% |
Riverland Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $2,885,000 | $577,000 | $9,449 | 5.30% |
| Not provided | 3 | $1,815,000 | $605,000 | $7,343 | 5.58% |
Approval Rates
Total approvals of all applications100.00%
Riverland Federal 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 origination62.50%
Riverland Federal 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 | 8 | $4,700,000 | $587,500 |