Credit Union 1 Mortgage Rates, Fees & Info
Rantoul, ILLEI: 5493005T71YXBHEO2093
Tax ID: 37-0767435
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Mortgage Data
Review & Overview
Credit Union 1 is a smaller credit union specializing in Refi and Cash Out Refi 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, Champaign, and Springfield among others. We have data for 19 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,135Origination Dollar Volume (All Markets)
$282,545,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 741 | $174,735,000 | $235,810 | $3,408 | 3.09% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 292 | $92,010,000 | $315,103 | $3,685 | 3.18% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 29 | $4,285,000 | $147,759 | $3,373 | 3.13% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 13 | $3,065,000 | $235,769 | $3,257 | 3.03% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 22 | $2,750,000 | $125,000 | $3,235 | 3.16% |
| Outside of Metro Areas | 9 | $1,175,000 | $130,556 | $3,182 | 3.15% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 7 | $735,000 | $105,000 | $3,044 | 2.86% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $3,094 | 3.06% |
| DANVILLE, IL (FHA|USDA|VA) | 7 | $675,000 | $96,429 | $3,074 | 2.86% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,500 | 2.50% |
| Ottawa, IL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,647 | 3.19% |
| Warsaw, IN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,968 | 3.38% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,798 | 2.63% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,053 | 3.25% |
| ROCKFORD, IL (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,455 | 3.81% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,788 | 3.00% |
| Taylorville, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,436 | 3.88% |
| Effingham, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,133 | 2.88% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,944 | 3.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,130 | $281,930,000 | $249,496 | $3,459 | 3.11% |
| FHA | 3 | $385,000 | $128,333 | $4,891 | 3.83% |
| VA | 2 | $230,000 | $115,000 | $3,791 | 3.56% |
For 2020, Credit Union 1's most frequently originated type of loan was Conventional, with 1,130 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2020, Credit Union 1's most frequently cited loan purpose was Refi, with 530 originations. The 2nd most popular reason was Cash Out Refi, with 416 originations.
Loan Duration/Length
For 2020, Credit Union 1's most frequently cited loan duration was 30 Year, with 706 originations. The 2nd most popular length was 15 Year, with 276 originations.
Origination Fees/Closing Costs
Credit Union 1's average total fees were $3,697, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,055 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 536 | $152,980,000 | $285,410 |
| 2.5-3% | 456 | $100,570,000 | $220,548 |
| <2.5% | 115 | $23,245,000 | $202,130 |
| 4-5% | 26 | $5,320,000 | $204,615 |
| 5-6% | 2 | $430,000 | $215,000 |
During 2020, Credit Union 1's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 536 originations.
Loan Sizing
2020 saw Credit Union 1 place emphasis on $100k-200k loans with 459 originations, totaling $69,325,000 in origination value.
Applicant Income
Credit Union 1 lent most frequently to those with incomes in the $100k-150k range, with 299 originations. The second most popular income band? $75k-100k, with 237 originations.
Applicant Debt to Income Ratio
Credit Union 1 lent most frequently to those with DTI ratios of 20-30%, with 311 originations. The next most common DTI ratio? 30-36%, with 227 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.45%
Credit Union 1 has a below average approval rate.
Pick Rate
Approvals leading to origination62.20%
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 | 1,135 | $282,545,000 | $248,938 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,135 | $282,545,000 | $248,938 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Credit Plus Inc | Conventional home mortgage | Improper use of your report | 1 | 50.0% |
| Credit Plus Inc | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |