Elevations Credit Union

Boulder, CO 80301

LEI: 54930067MGJBFNEN1P47

Tax ID: 84-0459116

2019 Data | 2018 Data


Overview

Elevations Credit Union is a small mortgage company specializing in Home Purchase and Refi loans. Elevations Credit Union 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 include Boulder, Denver, Fort Collins, Greeley, and Colorado Springs among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Elevations Credit Union is typically a low fee lendor.


Originations

5,818

Origination Dollar Volume (All Markets)

$1,661,660,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,704 $1,621,450,000 $284,265
FHA 81 $27,845,000 $343,765
VA 33 $12,365,000 $374,697

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,491 $912,205,000 $366,200
Home Improvement 829 $75,125,000 $90,621
Other 771 $69,305,000 $89,890
Refi 1,721 $601,215,000 $349,340
Cash Out Refi 6 $3,810,000 $635,000

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
BOULDER, CO 2,537 $776,175,000 $305,942
DENVER-AURORA-LAKEWOOD, CO 1,504 $441,630,000 $293,637
FORT COLLINS, CO 963 $245,945,000 $255,395
GREELEY, CO 648 $157,760,000 $243,457
Outside of Metro Areas 108 $29,020,000 $268,704
COLORADO SPRINGS, CO 39 $7,755,000 $198,846
GRAND JUNCTION, CO 14 $2,570,000 $183,571
PUEBLO, CO 4 $580,000 $145,000
Outside of Metro Areas 1 $225,000 $225,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 88 $59,840,000 $680,000
3-4% 2,281 $861,055,000 $377,490
4-5% 1,539 $514,615,000 $334,383
5-6% 1,076 $153,820,000 $142,955
6-7% 648 $60,870,000 $93,935
7-8% 128 $8,630,000 $67,422
Over 8% 58 $2,830,000 $48,793

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,235 $62,445,000 $50,563
$100k-200k 926 $134,890,000 $145,670
$200k-400k 2,294 $686,980,000 $299,468
$400k-600k 1,027 $489,705,000 $476,831
$600k-1000k 283 $206,155,000 $728,463
$Over $1MM 53 $81,485,000 $1,537,453

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 686 $119,700,000 $174,490
40-60% 676 $213,010,000 $315,104
60-80% 1,647 $670,135,000 $406,882
80-100% 1,491 $573,605,000 $384,712
Over 100% 9 $3,165,000 $351,667
Under 20% 1,309 $82,045,000 $62,678

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,553 $436,525,000 $281,085
$150k-250k 1,358 $468,580,000 $345,052
$50k-75k 1,019 $218,975,000 $214,892
$50k-or less 364 $56,340,000 $154,780
$75k-100k 1,068 $251,430,000 $235,421
$Over $250k 424 $202,020,000 $476,462

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 4,974 $1,367,540,000 $274,938
Not provided 541 $177,005,000 $327,181
Asian 189 $65,855,000 $348,439
Not applicable 25 $29,745,000 $1,189,800
American Indian 34 $8,570,000 $252,059
Black 32 $8,010,000 $250,313
Native Hawaiian 14 $2,430,000 $173,571
Asian Indian 5 $1,365,000 $273,000
Chinese 2 $730,000 $365,000
Guamanian 1 $265,000 $265,000
Other Asian 1 $145,000 $145,000

Approval Rates

Total approvals of all applications
88.01%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
74.95%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
0.0 14 $920,000 $65,714
NA 5,804 $1,660,740,000 $286,137

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,290 $1,150,740,000 $349,769
$1k-2k 504 $171,350,000 $339,980
$2k-3k 167 $57,775,000 $345,958
$3k-4k 191 $72,945,000 $381,911
$5k+ 58 $25,530,000 $440,172

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 1 $1,505,000 $1,505,000
Multifamily:Site-Built 6 $20,920,000 $3,486,667
Single Family (1-4 Units):Manufactured 32 $3,960,000 $123,750
Single Family (1-4 Units):Site-Built 5,779 $1,635,275,000 $282,969