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 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 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
26Origination Dollar Volume (All Markets)
$8,540,000Top 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) | 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% |
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 | 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
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
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
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
2022 saw Riverland Federal Credit Union place emphasis on $200k-400k loans with 15 originations, totaling $4,255,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications94.44%
Riverland Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.92%
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 |