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
  • Complaints
  • 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 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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    Originations

    66

    Origination Dollar Volume (All Markets)

    $4,680,000

    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) 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%
    United Business & Industry Fcu's top markets include Hartford, New Haven, and Torrington among others.

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

    • 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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 24 $1,840,000 $76,667 $0 3.70%
    10 Year 18 $930,000 $51,667 $0 4.46%
    15 Year 18 $1,720,000 $95,556 $0 4.82%
    5 Year 5 $135,000 $27,000 $0 3.53%
    20 Year 1 $55,000 $55,000 $0 8.29%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 51 $2,515,000 $49,314 $0 4.24%
    $100k-200k 14 $1,960,000 $140,000 $0 4.42%
    $200k-400k 1 $205,000 $205,000 $0 3.39%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $1,495,000 $87,941 $0 4.44%
    $50k or less 16 $910,000 $56,875 $0 4.06%
    $75k-100k 13 $785,000 $60,385 $0 4.49%
    $50k-75k 11 $695,000 $63,182 $0 4.07%
    $150k-250k 7 $525,000 $75,000 $0 4.39%
    $250k+ 2 $270,000 $135,000 $0 3.74%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $1,105,000 $65,000 $0 4.18%
    30-36% 11 $655,000 $59,545 $0 4.03%
    <20% 6 $530,000 $88,333 $0 3.62%
    44% 5 $195,000 $39,000 $0 4.87%
    50-60% 3 $165,000 $55,000 $0 3.66%
    37% 3 $305,000 $101,667 $0 4.66%
    38% 3 $155,000 $51,667 $0 4.12%
    45% 3 $215,000 $71,667 $0 4.16%
    47% 3 $265,000 $88,333 $0 6.66%
    43% 2 $210,000 $105,000 $0 4.49%
    39% 2 $230,000 $115,000 $0 3.99%
    36% 2 $200,000 $100,000 $0 4.74%
    48% 1 $205,000 $205,000 $0 3.39%
    40% 1 $25,000 $25,000 $0 3.99%
    42% 1 $95,000 $95,000 $0 3.99%
    41% 1 $15,000 $15,000 $0 3.39%
    49% 1 $55,000 $55,000 $0 3.49%
    46% 1 $55,000 $55,000 $0 5.79%

    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 applications
    87.50%

    United Business & Industry Fcu has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $1,575,000 $75,000 $0 4.19%
    40-60% 13 $1,405,000 $108,077 $0 4.52%
    60-80% 7 $825,000 $117,857 $0 3.78%
    80-100% 1 $145,000 $145,000 $0 6.99%
    Under 20% 24 $730,000 $30,417 $0 4.23%

    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%