Credit Union 1 Mortgage Rates, Fees & Info

Rantoul, IL

LEI: 5493005T71YXBHEO2093

Tax ID: 37-0767435

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Credit Union 1 is a smaller credit union specializing in Refi and Home Purchase loans. Credit Union 1 has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, Las Vegas, Indianapolis, Springfield, and Rockford among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Credit Union 1 has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Credit Union 1 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.55% 12/16/24
    30 Year Conventional Refi 6.36% 12/16/24
    30 Year Cash-out Refi 6.46% 12/16/24
    15 Year Conventional Purchase 6.13% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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.

    Credit Union 1 Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Credit Union 1. 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

    323

    Origination Dollar Volume (All Markets)

    $49,035,000

    Awards

    Credit Union 1 30 Year Conventional Loans gold
    Show all (1) awards

    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
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 216 $34,150,000 $158,102 $2,695 4.92%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 49 $9,225,000 $188,265 $2,634 4.89%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $1,455,000 $132,273 $2,296 5.04%
    SPRINGFIELD, IL (FHA|USDA|VA) 10 $800,000 $80,000 $1,868 4.75%
    ROCKFORD, IL (FHA|USDA|VA) 6 $520,000 $86,667 $1,751 5.42%
    DANVILLE, IL (FHA|USDA|VA) 7 $405,000 $57,857 $1,260 4.49%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 7 $395,000 $56,429 $782 5.15%
    Outside of Metro Areas 5 $365,000 $73,000 $2,053 4.85%
    Charleston-Mattoon, IL (FHA|USDA|VA) 3 $355,000 $118,333 $1,675 4.96%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $350,000 $175,000 $5,362 4.88%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,350 4.25%
    BLOOMINGTON, IL (FHA|USDA|VA) 2 $220,000 $110,000 $2,310 4.56%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $175,000 $175,000 $2,255 4.63%
    Greensburg, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,457 4.00%
    Taylorville, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,829 4.75%
    Ottawa, IL (FHA|USDA|VA) 1 $55,000 $55,000 $480 8.00%
    Credit Union 1's top markets include Chicago, Las Vegas, Indianapolis, Springfield, and Rockford among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Credit Union 1 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    UNITED
    Similarity Rank: 28
    Liberty Bank for Savings
    Similarity Rank: 104
    Greenfield Banking Company
    Similarity Rank: 255
    Nevada Mortgage Inc.
    Similarity Rank: 363
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 450
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    ONE NEVADA CREDIT UNION
    Similarity Rank: 700
    TECH Credit Union
    Similarity Rank: 759

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 320 $48,420,000 $151,313 $2,511 4.92%
    VA 2 $460,000 $230,000 $8,214 4.50%
    FHA 1 $155,000 $155,000 $7,588 4.50%

    For 2018, Credit Union 1's most frequently originated type of loan was Conventional, with 320 originations. Their 2nd most popular type was VA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 130 $21,530,000 $165,615 $2,419 4.61%
    Home Purchase 118 $24,050,000 $203,814 $4,084 4.71%
    Home Improvement 35 $1,345,000 $38,429 $252 6.09%
    Other 24 $970,000 $40,417 $243 5.70%
    Cash Out Refi 16 $1,140,000 $71,250 $447 5.19%

    For 2018, Credit Union 1's most frequently cited loan purpose was Refi, with 130 originations. The 2nd most popular reason was Home Purchase, with 118 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 154 $31,980,000 $207,662 $3,619 4.78%
    15 Year 75 $8,675,000 $115,667 $1,953 4.78%
    5 Year 36 $1,220,000 $33,889 $225 5.80%
    20 Year 27 $4,375,000 $162,037 $2,608 4.61%
    10 Year 26 $1,870,000 $71,923 $918 5.25%
    Other 5 $915,000 $183,000 $1,887 4.64%

    For 2018, Credit Union 1's most frequently cited loan duration was 30 Year, with 154 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 225 $41,535,000 $184,600
    $<1k 85 $4,245,000 $49,941
    $5k+ 4 $1,670,000 $417,500
    $3k-4k 3 $715,000 $238,333
    $2k-3k 2 $360,000 $180,000

    Credit Union 1's average total fees were $3,619, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 225 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 194 $34,110,000 $175,825
    5-6% 59 $7,285,000 $123,475
    3-4% 33 $6,345,000 $192,273
    6-7% 31 $1,035,000 $33,387
    7-8% 6 $260,000 $43,333

    During 2018, Credit Union 1's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 4-5%, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 124 $6,450,000 $52,016 $1,170 5.41%
    $100k-200k 111 $15,845,000 $142,748 $2,730 4.66%
    $200k-400k 72 $18,880,000 $262,222 $3,808 4.56%
    $400k-600k 14 $6,540,000 $467,143 $6,074 4.42%
    $600k-1MM 2 $1,320,000 $660,000 $4,503 4.63%

    2018 saw Credit Union 1 place emphasis on $100,000 or less loans with 124 originations, totaling $6,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 85 $8,875,000 $104,412 $2,171 4.93%
    $100k-150k 62 $10,800,000 $174,194 $2,561 5.05%
    $75k-100k 58 $8,690,000 $149,828 $2,917 4.82%
    $50k or less 38 $3,280,000 $86,316 $1,899 4.96%
    $150k-250k 25 $6,925,000 $277,000 $3,282 4.82%
    $250k+ 7 $2,105,000 $300,714 $2,814 4.71%

    Credit Union 1 lent most frequently to those with incomes in the $50k-75k range, with 85 originations. The second most popular income band? $100k-150k, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 32 $1,450,000 $45,313 $302 6.31%
    20-30% 14 $1,060,000 $75,714 $890 4.90%
    50-60% 12 $970,000 $80,833 $1,305 6.09%
    30-36% 12 $1,080,000 $90,000 $1,149 4.84%
    <20% 11 $405,000 $36,818 $426 5.50%
    47% 6 $750,000 $125,000 $1,800 4.77%
    42% 4 $300,000 $75,000 $1,475 5.18%
    46% 3 $455,000 $151,667 $2,614 4.91%
    38% 2 $220,000 $110,000 $1,291 4.81%
    39% 2 $360,000 $180,000 $2,988 5.25%
    49% 2 $280,000 $140,000 $2,501 4.88%
    37% 2 $220,000 $110,000 $2,388 5.00%
    41% 1 $485,000 $485,000 $6,660 5.00%
    48% 1 $15,000 $15,000 $385 6.25%
    36% 1 $165,000 $165,000 $4,568 5.25%
    44% 1 $65,000 $65,000 $385 4.99%
    43% 1 $155,000 $155,000 $2,580 4.63%

    Credit Union 1 lent most frequently to those with DTI ratios of >60%, with 32 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 173 $28,605,000 $165,347 $2,523 4.79%
    Black 80 $9,360,000 $117,000 $2,528 5.10%
    Not provided 48 $7,180,000 $149,583 $2,342 4.97%
    Asian 13 $2,775,000 $213,462 $4,397 4.73%
    American Indian 5 $555,000 $111,000 $1,871 5.25%
    Asian Indian 1 $385,000 $385,000 $2,833 4.38%
    Filipino 2 $140,000 $70,000 $285 6.12%
    Chinese 1 $35,000 $35,000 $170 7.24%

    Approval Rates

    Total approvals of all applications
    78.02%

    Credit Union 1 has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.94%

    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 323 $49,035,000 $151,811

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 323 $49,035,000 $151,811

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $1,610,000 $50,313 $225 5.46%
    40-60% 13 $765,000 $58,846 $377 5.07%
    60-80% 11 $835,000 $75,909 $686 5.69%
    80-100% 4 $680,000 $170,000 $2,573 5.21%
    Over 100% 2 $460,000 $230,000 $8,214 4.50%
    Under 20% 28 $810,000 $28,929 $239 6.32%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Credit Union Mortgage Association, Inc. Conventional home mortgage Closing on a mortgage 1 50.0%
    Credit Union Mortgage Association, Inc. Conventional home mortgage Trouble during payment process 1 50.0%