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 Other, Home Improvement, and Refi loans. United Business & Industry Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, New Haven, Torrington, and Norwich among others. We have data for 5 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.
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Originations
40Origination Dollar Volume (All Markets)
$2,500,000Top 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) | 35 | $1,735,000 | $49,571 | $0 | 5.43% |
| Outside of Metro Areas | 1 | $495,000 | $495,000 | $0 | 4.49% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.99% |
| Torrington, CT (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.89% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.79% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $2,500,000 | $62,500 | $0 | 5.32% |
For 2019, United Business & Industry Fcu's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 20 | $1,400,000 | $70,000 | $0 | 5.66% |
| Home Improvement | 13 | $565,000 | $43,462 | $0 | 5.42% |
| Refi | 7 | $535,000 | $76,429 | $0 | 4.19% |
For 2019, United Business & Industry Fcu's most frequently cited loan purpose was Other, with 20 originations. The 2nd most popular reason was Home Improvement, with 13 originations.
Loan Duration/Length
For 2019, United Business & Industry Fcu's most frequently cited loan duration was 10 Year, with 13 originations. The 2nd most popular length was Other, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 40 | $2,500,000 | $62,500 |
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 40 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 13 | $735,000 | $56,538 |
| 4-5% | 9 | $1,025,000 | $113,889 |
| 5-6% | 8 | $340,000 | $42,500 |
| 7-8% | 6 | $210,000 | $35,000 |
| 6-7% | 3 | $175,000 | $58,333 |
| Over 8% | 1 | $15,000 | $15,000 |
During 2019, 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 13 originations.
Loan Sizing
2019 saw United Business & Industry Fcu place emphasis on $100,000 or less loans with 32 originations, totaling $1,200,000 in origination value.
Applicant Income
United Business & Industry Fcu lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 9 originations.
Applicant Debt to Income Ratio
United Business & Industry Fcu lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 39 | $2,395,000 | $61,410 | $0 | 5.36% |
| Black | 1 | $105,000 | $105,000 | $0 | 3.99% |
Approval Rates
Total approvals of all applications78.57%
United Business & Industry Fcu has a below average approval rate.
Pick Rate
Approvals leading to origination65.00%
United Business & Industry Fcu has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 40 | $2,500,000 | $62,500 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 40 | $2,500,000 | $62,500 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| UNITED BANKSHARES, INC. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |