United Business & Industry Fcu Mortgage Rates, Fees & Info

PLAINVILLE, CT

LEI: 5493006IZV5N1QXJNG33

Tax ID: 06-0669735

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    United Business & Industry Fcu is a smaller credit union specializing in Home Improvement and Refi loans. United Business & Industry Fcu has a high proportion of conventional loans. Their top two markets are Hartford and New Haven .

    United Business & Industry Fcu has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    45

    Origination Dollar Volume (All Markets)

    $3,825,000

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 42 $3,630,000 $86,429 $0 7.26%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $195,000 $65,000 $0 8.76%
    United Business & Industry Fcu's top markets include Hartford and New Haven among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 45 $3,825,000 $85,000 $0 7.36%

    For 2023, United Business & Industry Fcu's most frequently originated type of loan was Conventional, with 45 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 22 $1,240,000 $56,364 $0 7.39%
    Refi 13 $1,925,000 $148,077 $0 6.81%
    Other 10 $660,000 $66,000 $0 8.04%

    For 2023, United Business & Industry Fcu's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 21 $2,465,000 $117,381 $0 7.52%
    10 Year 11 $615,000 $55,909 $0 7.21%
    Other 7 $275,000 $39,286 $0 6.92%
    20 Year 4 $380,000 $95,000 $0 8.24%
    5 Year 2 $90,000 $45,000 $0 6.39%

    For 2023, United Business & Industry Fcu's most frequently cited loan duration was 15 Year, with 21 originations. The 2nd most popular length was 10 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 45 $3,825,000 $85,000

    United Business & Industry Fcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 45 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 16 $1,760,000 $110,000
    Over 8% 14 $930,000 $66,429
    7-8% 10 $450,000 $45,000
    6-7% 5 $685,000 $137,000

    During 2023, United Business & Industry Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,570,000 $49,063 $0 7.62%
    $100k-200k 8 $1,070,000 $133,750 $0 7.09%
    $200k-400k 5 $1,185,000 $237,000 $0 6.19%

    2023 saw United Business & Industry Fcu place emphasis on $100,000 or less loans with 32 originations, totaling $1,570,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 13 $1,225,000 $94,231 $0 7.27%
    $50k or less 11 $715,000 $65,000 $0 6.66%
    $50k-75k 8 $780,000 $97,500 $0 7.53%
    $75k-100k 7 $235,000 $33,571 $0 7.80%
    $150k-250k 5 $815,000 $163,000 $0 8.35%
    $250k+ 1 $55,000 $55,000 $0 6.99%

    United Business & Industry Fcu lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $50k or less, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 8 $490,000 $61,250 $0 6.39%
    30-36% 7 $375,000 $53,571 $0 8.08%
    47% 4 $320,000 $80,000 $0 7.57%
    50-60% 3 $245,000 $81,667 $0 7.92%
    46% 3 $225,000 $75,000 $0 7.09%
    42% 2 $80,000 $40,000 $0 8.89%
    44% 2 $200,000 $100,000 $0 8.49%
    45% 2 $280,000 $140,000 $0 5.89%
    41% 2 $120,000 $60,000 $0 8.49%
    36% 2 $460,000 $230,000 $0 5.99%
    <20% 2 $250,000 $125,000 $0 7.49%
    39% 2 $50,000 $25,000 $0 7.99%
    48% 2 $450,000 $225,000 $0 6.24%
    >60% 1 $125,000 $125,000 $0 5.99%
    38% 1 $75,000 $75,000 $0 9.99%
    43% 1 $15,000 $15,000 $0 7.49%
    49% 1 $65,000 $65,000 $0 5.99%

    United Business & Industry Fcu lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 41 $3,455,000 $84,268 $0 7.29%
    Black 2 $210,000 $105,000 $0 7.49%
    Asian 2 $160,000 $80,000 $0 8.74%

    Approval Rates

    Total approvals of all applications
    96.15%

    United Business & Industry Fcu has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.89%

    United Business & Industry Fcu has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 45 $3,825,000 $85,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    45 $3,825,000 $85,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,300,000 $81,250 $0 7.92%
    40-60% 5 $985,000 $197,000 $0 6.09%
    60-80% 4 $800,000 $200,000 $0 6.37%
    Under 20% 20 $740,000 $37,000 $0 7.44%