United Business & Industry Fcu Mortgage Rates, Fees & Info
PLAINVILLE, CTLEI: 5493006IZV5N1QXJNG33
Tax ID: 06-0669735
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Mortgage Data
Review & Overview
United Business & Industry Fcu is a smaller credit union specializing in Refi, Other, and Home Improvement loans. United Business & Industry Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, New Haven, and Torrington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)United Business & Industry Fcu 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.
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 |
|---|---|---|
| 15 Year Conventional Refi | 8.41% | 4/5/25 |
| 15 Year Cash-out Refi | 8.41% | 4/5/25 |
| 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. | ||
United Business & Industry Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
66Origination Dollar Volume (All Markets)
$4,680,000Top 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 |
|---|---|---|---|---|---|
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 58 | $4,040,000 | $69,655 | $0 | 4.30% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $0 | 4.17% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $0 | 3.39% |
| Torrington, CT (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 3.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 66 | $4,680,000 | $70,909 | $0 | 4.27% |
For 2018, United Business & Industry Fcu's most frequently originated type of loan was Conventional, with 66 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 24 | $2,280,000 | $95,000 | $0 | 3.90% |
| Other | 22 | $1,320,000 | $60,000 | $0 | 4.73% |
| Home Improvement | 20 | $1,080,000 | $54,000 | $0 | 4.21% |
For 2018, United Business & Industry Fcu's most frequently cited loan purpose was Refi, with 24 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
For 2018, United Business & Industry Fcu's most frequently cited loan duration was Other, with 24 originations. The 2nd most popular length was 10 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 66 | $4,680,000 | $70,909 |
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 66 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 50 | $3,740,000 | $74,800 |
| 5-6% | 6 | $260,000 | $43,333 |
| 4-5% | 5 | $285,000 | $57,000 |
| 6-7% | 3 | $235,000 | $78,333 |
| Over 8% | 2 | $160,000 | $80,000 |
During 2018, United Business & Industry Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 50 originations.
Loan Sizing
2018 saw United Business & Industry Fcu place emphasis on $100,000 or less loans with 51 originations, totaling $2,515,000 in origination value.
Applicant Income
United Business & Industry Fcu lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $50k or less, with 16 originations.
Applicant Debt to Income Ratio
United Business & Industry Fcu lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 64 | $4,440,000 | $69,375 | $0 | 4.29% |
| Black | 2 | $240,000 | $120,000 | $0 | 3.74% |
Approval Rates
Total approvals of all applications87.50%
United Business & Industry Fcu has an average approval rate.
Pick Rate
Approvals leading to origination83.33%
United Business & Industry Fcu has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 66 | $4,680,000 | $70,909 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 66 | $4,680,000 | $70,909 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| UNITED BANKSHARES, INC. | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 16.7% |
| UNITED BANKSHARES, INC. | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 2 | 33.3% |
| UNITED BANKSHARES, INC. | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 33.3% |
| UNITED BANKSHARES, INC. | VA mortgage | Closing on a mortgage | 1 | 16.7% |