United Mortgage Rates, Fees & Info
Chicago, ILLEI: 549300631WQW7LPEC356
Tax ID: 36-1894017
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Mortgage Data
Review & Overview
United is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. United has a high proportion of conventional loans. Their top (well, only) market is Chicago.United has a below average approval rate when compared to the average across all lenders. United 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.
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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Originations
6Origination Dollar Volume (All Markets)
$750,000Top 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) | 6 | $750,000 | $125,000 | $4,831 | 3.89% |
Similar Lenders
We use machine learning to identify the top lenders compared against UNITED based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 312
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 6 | $750,000 | $125,000 | $4,831 | 3.89% |
For 2020, United's most frequently originated type of loan was Conventional, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 4 | $460,000 | $115,000 | $3,846 | 3.84% |
| Home Purchase | 1 | $155,000 | $155,000 | $6,546 | 4.25% |
| Refi | 1 | $135,000 | $135,000 | $7,057 | 3.75% |
For 2020, United's most frequently cited loan purpose was Cash Out Refi, with 4 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 5 | $665,000 | $133,000 | $5,163 | 3.95% |
| 15 Year | 1 | $85,000 | $85,000 | $3,168 | 3.60% |
For 2020, United's most frequently cited loan duration was 30 Year, with 5 originations. The 2nd most popular length was 15 Year, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 4 | $560,000 | $140,000 |
| 4-5% | 2 | $190,000 | $95,000 |
During 2020, United's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 4 originations.
Loan Sizing
2020 saw United place emphasis on $100k-200k loans with 3 originations, totaling $425,000 in origination value.
Applicant Income
United lent most frequently to those with incomes in the $75k-100k range, with 3 originations. The second most popular income band? $150k-250k, with 1 originations.
Applicant Debt to Income Ratio
United lent most frequently to those with DTI ratios of 30-36%, with 2 originations. The next most common DTI ratio? 37%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 5 | $595,000 | $119,000 | $4,488 | 3.82% |
| White | 1 | $155,000 | $155,000 | $6,546 | 4.25% |
Approval Rates
Total approvals of all applications60.00%
United has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 6 | $750,000 | $125,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 6 | $750,000 | $125,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| UNITED COMMUNITY BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 16.7% |
| UNITED COMMUNITY BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| UNITED COMMUNITY BANK | Conventional home mortgage | Closing on a mortgage | 1 | 16.7% |
| UNITED COMMUNITY BANK | Conventional home mortgage | Trouble during payment process | 3 | 50.0% |