Elevations Credit Union Mortgage Rates, Fees & Info

Boulder, CO

LEI: 54930067MGJBFNEN1P47

Tax ID: 84-0459116

5 stars - out of 5 stars, based on 88 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Elevations Credit Union is a small credit union specializing in Refi and Home Purchase 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. Elevations Credit Union has an average approval rate for mortages when compared nationally. 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

7,774

Origination Dollar Volume (All Markets)

$2,635,180,000
Show all (12) awards

Relative Rate

Elevations Credit Union's average 30 year fixed rate mortgage of loans were 3%.

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

This yields a difference of -0.15%.

Relative Fees

Elevations Credit Union's average total fees for a 30 year fixed rate mortgage are $3,139.

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
BOULDER, CO (FHA|USDA|VA) 2,993 $1,160,045,000 $387,586 $2,893 3.03%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1,994 $746,260,000 $374,253 $3,059 3.07%
FORT COLLINS, CO (FHA|USDA|VA) 864 $267,370,000 $309,456 $2,863 3.06%
GREELEY, CO (FHA|USDA|VA) 605 $205,795,000 $340,157 $3,237 3.07%
Outside of Metro Areas 1,038 $142,500,000 $137,283 $2,167 4.14%
COLORADO SPRINGS, CO (FHA|USDA|VA) 145 $53,225,000 $367,069 $3,964 2.93%
Breckenridge, CO (FHA|USDA|VA) 38 $21,790,000 $573,421 $3,544 2.90%
Edwards, CO (FHA|USDA|VA) 16 $9,480,000 $592,500 $3,252 2.96%
Glenwood Springs, CO (FHA|USDA|VA) 16 $7,840,000 $490,000 $3,466 3.18%
Steamboat Springs, CO (FHA|USDA|VA) 16 $7,170,000 $448,125 $2,946 2.97%
PUEBLO, CO (FHA|USDA|VA) 13 $3,255,000 $250,385 $2,977 2.88%
Durango, CO (FHA|USDA|VA) 6 $2,620,000 $436,667 $2,585 2.88%
GRAND JUNCTION, CO (FHA|USDA|VA) 11 $2,365,000 $215,000 $2,893 3.07%
Montrose, CO (FHA|USDA|VA) 7 $2,315,000 $330,714 $3,716 2.96%
Fort Morgan, CO (FHA|USDA|VA) 7 $1,955,000 $279,286 $2,837 2.75%
Sterling, CO (FHA|USDA|VA) 1 $505,000 $505,000 $3,980 3.50%
Cañon City, CO (FHA|USDA|VA) 3 $435,000 $145,000 $3,255 2.54%
Craig, CO (FHA|USDA|VA) 1 $255,000 $255,000 $3,530 3.00%

Elevations Credit Union's top markets include Boulder, Denver, Fort Collins, Greeley, and Colorado Springs among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 7,625 $2,573,455,000 $337,502 $2,844 3.20%
FHA 76 $29,910,000 $393,553 $10,921 2.94%
VA 73 $31,815,000 $435,822 $9,033 2.49%

For the 2021 period, Elevations Credit Union's most frequently originated loan type of loans were Conventional, with 7,625 originations. Their 2nd most popular type is FHA, with 76 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 3,112 $1,031,830,000 $331,565 $2,657 2.93%
Home Purchase 2,621 $1,198,525,000 $457,278 $3,464 2.98%
Home Improvement 841 $91,245,000 $108,496 $83 4.23%
Cash Out Refi 664 $249,100,000 $375,151 $2,830 2.99%
Other 536 $64,480,000 $120,299 $123 4.31%

For the 2021, Elevations Credit Union's most frequently cited loan purpose of loans were Refi, with 3,112 originations. The 2nd most popular reason of loans were Home Purchase, with 2,621 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,091 $2,139,115,000 $420,176 $3,139 3.00%
20 Year 1,786 $250,760,000 $140,403 $2,140 4.04%
15 Year 693 $183,595,000 $264,928 $2,484 2.44%
Other 105 $45,455,000 $432,905 $2,206 3.19%
10 Year 98 $16,240,000 $165,714 $2,040 2.65%
5 Year 1 $15,000 $15,000 $103 5.24%

For the 2021, Elevations Credit Union's most frequently cited loan length of loans were 30 Year, with 5,091 originations. The 2nd most popular length of loans were 20 Year, with 1,786 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 4,825 $1,880,825,000 $389,808
$1k-2k 854 $295,990,000 $346,593
$2k-3k 263 $104,885,000 $398,802
$3k-4k 216 $89,550,000 $414,583
$5k+ 123 $72,555,000 $589,878

$3,139 of loans were Elevations Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 4,825 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 3,505 $1,388,235,000 $396,073
3-4% 2,858 $886,940,000 $310,336
<2.5% 876 $301,700,000 $344,406
4-5% 382 $46,890,000 $122,749
5-6% 136 $9,750,000 $71,691
6-7% 11 $1,045,000 $95,000
Over 8% 6 $620,000 $103,333

During 2021, Elevations Credit Union's average interest rate of loans were 3.00%, while their most frequently originated rate bucket of loans were 2.5-3%, with 3,505 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 3,092 $926,290,000 $299,576 $2,810 3.00%
$400k-600k 1,783 $865,435,000 $485,381 $3,378 2.96%
$100k-200k 1,380 $204,790,000 $148,399 $2,348 3.44%
$100,000 or less 816 $47,500,000 $58,211 $1,485 4.20%
$600k-1MM 578 $424,030,000 $733,616 $3,542 2.98%
$1MM+ 125 $167,135,000 $1,337,080 $4,498 2.81%

2021 saw Elevations Credit Union place emphasis on $200k-400k loans with 3,092 originations, totaling $926,290,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 2,153 $716,425,000 $332,757 $2,913 3.20%
$150k-250k 1,877 $723,055,000 $385,218 $3,087 3.27%
$75k-100k 1,328 $393,830,000 $296,559 $3,005 3.15%
$50k-75k 1,247 $318,335,000 $255,281 $2,915 3.10%
$250k+ 672 $378,030,000 $562,545 $3,444 3.27%
$50k or less 460 $82,660,000 $179,696 $2,525 3.02%

Elevations Credit Union lent most frequently to those with incomes in the $100k-150k range, with 2,153 originations. The second most popular income band? $150k-250k, with 1,877 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,965 $636,245,000 $323,789 $2,776 3.17%
30-36% 1,494 $519,460,000 $347,697 $2,964 3.19%
<20% 754 $238,560,000 $316,393 $2,610 3.03%
42% 283 $108,705,000 $384,117 $3,017 3.21%
41% 282 $100,170,000 $355,213 $3,082 3.26%
40% 274 $104,620,000 $381,825 $3,137 3.22%
37% 274 $94,400,000 $344,526 $3,175 3.22%
36% 264 $91,650,000 $347,159 $3,141 3.23%
39% 260 $91,190,000 $350,731 $2,943 3.32%
43% 259 $83,175,000 $321,139 $3,085 3.27%
38% 259 $101,085,000 $390,290 $3,009 3.21%
44% 248 $79,570,000 $320,847 $3,180 3.31%
45% 243 $75,095,000 $309,033 $3,278 3.27%
46% 195 $65,095,000 $333,821 $3,148 3.22%
49% 193 $65,115,000 $337,383 $3,569 3.15%
47% 184 $57,730,000 $313,750 $3,089 3.20%
48% 164 $54,640,000 $333,171 $3,124 3.05%
50-60% 139 $42,915,000 $308,741 $5,347 3.30%
>60% 3 $825,000 $275,000 $3,822 2.96%

Elevations Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,965 originations. The next most common DTI ratio? 30-36%, with 1,494 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 6,425 $2,149,885,000 $334,612 $2,980 3.20%
Not provided 866 $307,230,000 $354,769 $2,945 3.15%
Asian 341 $124,545,000 $365,235 $3,072 3.08%
American Indian 58 $19,890,000 $342,931 $3,344 3.23%
Black 58 $17,250,000 $297,414 $3,209 3.09%
Not applicable 16 $14,320,000 $895,000 $0 3.94%
Native Hawaiian 7 $1,685,000 $240,714 $3,075 3.48%
Asian Indian 2 $320,000 $160,000 $0 4.62%
Filipino 1 $55,000 $55,000 $0 3.99%

Approval Rates

Total approvals of all applications
88.60%

Elevations Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.40%

Elevations Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 5 $365,000 $73,000
NA 7,769 $2,634,815,000 $339,145

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
7,774 $2,635,180,000 $338,974

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,168 $251,680,000 $215,479 $2,458 3.19%
40-60% 1,520 $528,310,000 $347,572 $2,587 2.88%
60-80% 2,365 $1,053,025,000 $445,254 $3,059 3.03%
80-100% 1,487 $682,415,000 $458,921 $3,638 2.99%
Over 100% 10 $4,640,000 $464,000 $15,493 2.61%
Under 20% 1,224 $115,110,000 $94,044 $1,656 4.12%