Credit Union 1 Mortgage Rates, Fees & Info

Rantoul, IL

LEI: 5493005T71YXBHEO2093

Tax ID: 37-0767435

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Credit Union 1 is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Credit Union 1 has a high proportion of conventional loans. Their top markets include Chicago, Las Vegas, Indianapolis, Springfield, and Champaign among others. Credit Union 1 has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Credit Union 1 is typically an average fee lendor.


Originations

921

Origination Dollar Volume (All Markets)

$236,135,000

Relative Rate

Credit Union 1's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Credit Union 1's average total fees for a 30 year fixed rate mortgage are $4,238.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 591 $133,175,000 $225,338 $3,671 2.89%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 233 $90,975,000 $390,451 $4,324 2.91%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 31 $4,115,000 $132,742 $3,195 2.92%
SPRINGFIELD, IL (FHA|USDA|VA) 27 $3,355,000 $124,259 $3,226 2.84%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 10 $1,030,000 $103,000 $3,266 2.98%
Outside of Metro Areas 8 $830,000 $103,750 $3,503 2.73%
DANVILLE, IL (FHA|USDA|VA) 7 $625,000 $89,286 $2,987 3.07%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $335,000 $335,000 $2,497 2.63%
Charleston-Mattoon, IL (FHA|USDA|VA) 3 $315,000 $105,000 $3,018 2.58%
Pahrump, NV (FHA|USDA|VA) 1 $295,000 $295,000 $3,449 2.63%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $220,000 $110,000 $3,495 2.56%
Rochelle, IL (FHA|USDA|VA) 1 $195,000 $195,000 $3,527 2.38%
ROCKFORD, IL (FHA|USDA|VA) 2 $190,000 $95,000 $3,353 2.69%
KANKAKEE, IL (FHA|USDA|VA) 1 $165,000 $165,000 $3,246 2.63%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $4,275 2.38%
Taylorville, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,885 2.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,991 3.00%

Credit Union 1's top markets include Chicago, Las Vegas, Indianapolis, Springfield, and Champaign among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 921 $236,135,000 $256,390 $3,790 2.89%

For the 2021 period, Credit Union 1's most frequently originated loan type of loans were Conventional, with 921 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 594 $147,530,000 $248,367 $3,499 2.92%
Home Purchase 181 $55,975,000 $309,254 $5,482 3.00%
Refi 145 $31,825,000 $219,483 $2,879 2.65%
Home Improvement 1 $805,000 $805,000 $3,985 2.75%

For the 2021, Credit Union 1's most frequently cited loan purpose of loans were Cash Out Refi, with 594 originations. The 2nd most popular reason of loans were Home Purchase, with 181 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 547 $169,305,000 $309,516 $4,238 3.09%
15 Year 261 $48,275,000 $184,962 $3,178 2.51%
20 Year 76 $14,330,000 $188,553 $3,053 3.00%
10 Year 37 $4,225,000 $114,189 $3,031 2.47%

For the 2021, Credit Union 1's most frequently cited loan length of loans were 30 Year, with 547 originations. The 2nd most popular length of loans were 15 Year, with 261 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 801 $195,485,000 $244,051
$2k-3k 61 $11,415,000 $187,131
$3k-4k 33 $9,065,000 $274,697
$5k+ 24 $19,550,000 $814,583
$<1k 1 $545,000 $545,000

$4,238 of loans were Credit Union 1's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 801 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 413 $115,945,000 $280,738
3-4% 309 $81,805,000 $264,741
<2.5% 190 $37,290,000 $196,263
4-5% 9 $1,095,000 $121,667

During 2021, Credit Union 1's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 413 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 359 $53,145,000 $148,036 $3,320 2.87%
$200k-400k 299 $80,415,000 $268,946 $3,660 2.93%
$100,000 or less 127 $9,945,000 $78,307 $3,236 2.87%
$400k-600k 63 $31,135,000 $494,206 $4,101 2.87%
$600k-1MM 61 $45,435,000 $744,836 $6,370 2.97%
$1MM+ 12 $16,060,000 $1,338,333 $12,161 2.96%

2021 saw Credit Union 1 place emphasis on $100k-200k loans with 359 originations, totaling $53,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 216 $57,470,000 $266,065 $3,857 2.90%
$50k-75k 214 $35,550,000 $166,121 $3,472 2.91%
$75k-100k 186 $36,340,000 $195,376 $3,419 2.88%
$150k-250k 131 $51,165,000 $390,573 $4,396 2.84%
$50k or less 107 $14,155,000 $132,290 $3,469 2.96%
$250k+ 64 $40,760,000 $636,875 $5,031 2.85%

Credit Union 1 lent most frequently to those with incomes in the $100k-150k range, with 216 originations. The second most popular income band? $50k-75k, with 214 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 230 $54,430,000 $236,652 $3,567 2.81%
30-36% 202 $51,430,000 $254,604 $3,994 2.90%
<20% 89 $20,385,000 $229,045 $3,240 2.79%
42% 47 $17,135,000 $364,574 $4,243 2.99%
44% 38 $9,290,000 $244,474 $3,351 3.10%
39% 35 $9,095,000 $259,857 $3,728 2.98%
41% 33 $9,635,000 $291,970 $3,911 2.91%
38% 32 $8,610,000 $269,063 $4,031 3.11%
40% 32 $9,600,000 $300,000 $4,538 2.80%
37% 31 $9,005,000 $290,484 $4,557 2.86%
43% 30 $6,770,000 $225,667 $3,610 3.14%
49% 24 $5,810,000 $242,083 $4,580 2.91%
36% 23 $6,115,000 $265,870 $3,215 2.97%
45% 22 $6,640,000 $301,818 $3,641 2.85%
46% 18 $4,130,000 $229,444 $3,666 2.78%
48% 17 $3,615,000 $212,647 $3,560 3.04%
47% 14 $3,690,000 $263,571 $4,264 2.88%
50-60% 3 $565,000 $188,333 $3,874 3.08%

Credit Union 1 lent most frequently to those with DTI ratios of 20-30%, with 230 originations. The next most common DTI ratio? 30-36%, with 202 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 476 $133,760,000 $281,008 $3,822 2.86%
Black 229 $44,055,000 $192,380 $3,691 3.00%
Not provided 122 $31,010,000 $254,180 $3,683 2.90%
Asian 63 $20,145,000 $319,762 $4,070 2.74%
American Indian 11 $1,945,000 $176,818 $3,229 2.94%
Asian Indian 3 $1,575,000 $525,000 $8,600 2.96%
Filipino 5 $1,135,000 $227,000 $3,595 2.85%
Other Asian 4 $1,130,000 $282,500 $3,057 3.16%
Other Pacific Islander 3 $515,000 $171,667 $3,921 2.67%
Native Hawaiian 3 $495,000 $165,000 $4,146 2.71%
Native Hawiian 1 $215,000 $215,000 $2,818 2.13%
Vietnamese 1 $155,000 $155,000 $2,317 2.13%

Approval Rates

Total approvals of all applications
53.58%

Credit Union 1 has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
46.09%

Credit Union 1 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 921 $236,135,000 $256,390

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
921 $236,135,000 $256,390

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 78 $12,170,000 $156,026 $3,051 2.67%
40-60% 186 $36,310,000 $195,215 $3,242 2.81%
60-80% 402 $108,020,000 $268,706 $3,747 2.92%
80-100% 249 $79,105,000 $317,691 $4,516 2.99%
Under 20% 6 $530,000 $88,333 $3,139 2.67%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Credit Union Mortgage Association, Inc. Conventional home mortgage Trouble during payment process 1 100.0%