Valley Strong Credit Union Mortgage Rates, Fees & Info

Bakersfield, CA

LEI: 5493006MA7WP1WL8U431

Tax ID: 95-1652797

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Valley Strong Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Valley Strong Credit Union has a high proportion of conventional loans. Their top markets include Bakersfield, Los Angeles, Visalia, San Luis Obispo, and Santa Maria among others. Valley Strong 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. Valley Strong Credit Union is typically an average fee lendor.


Originations

1,226

Origination Dollar Volume (All Markets)

$297,630,000

Awards

VALLEY STRONG CREDIT UNION 30 Year Conventional Loans gold VALLEY STRONG CREDIT UNION 30 Year Conventional Loans gold VALLEY STRONG CREDIT UNION 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Valley Strong Credit Union's average 30 year fixed rate mortgage of loans were 2.83%.

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

This yields a difference of -0.32%.

Relative Fees

Valley Strong Credit Union's average total fees for a 30 year fixed rate mortgage are $4,954.

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
BAKERSFIELD, CA (FHA|USDA|VA) 1,099 $251,035,000 $228,421 $3,940 3.15%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 23 $10,025,000 $435,870 $3,448 3.49%
VISALIA, CA (FHA|USDA|VA) 30 $7,410,000 $247,000 $3,161 3.16%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 11 $7,405,000 $673,182 $3,533 3.06%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $4,905,000 $4,905,000 $0 3.25%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 13 $3,395,000 $261,154 $2,021 4.07%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $2,265,000 $2,265,000 $3,588 2.75%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $2,155,000 $307,857 $624 4.55%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 8 $2,090,000 $261,250 $2,019 3.67%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $1,330,000 $665,000 $1,647 2.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $1,280,000 $160,000 $263 5.38%
STOCKTON, CA (FHA|USDA|VA) 5 $1,135,000 $227,000 $1,924 3.20%
VALLEJO, CA (FHA|USDA|VA) 3 $1,015,000 $338,333 $1,802 2.96%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $470,000 $235,000 $588 4.00%
LUBBOCK, TX (FHA|USDA|VA) 1 $365,000 $365,000 $3,580 2.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $235,000 $235,000 $3,328 2.25%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $235,000 $235,000 $0 2.63%
MODESTO, CA (FHA|USDA|VA) 2 $210,000 $105,000 $300 5.50%
Minot, ND (FHA|USDA|VA) 2 $210,000 $105,000 $934 3.25%
Elko, NV (FHA|USDA|VA) 1 $115,000 $115,000 $950 5.00%
CHICO, CA (FHA|USDA|VA) 1 $95,000 $95,000 $175 5.00%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $85,000 $85,000 $175 6.00%
Outside of Metro Areas 1 $85,000 $85,000 $422 2.63%
FRESNO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $600 5.00%
SALINAS, CA (FHA|USDA|VA) 1 $25,000 $25,000 $175 4.00%

Valley Strong Credit Union's top markets include Bakersfield, Los Angeles, Visalia, San Luis Obispo, and Santa Maria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,226 $297,630,000 $242,765 $3,776 3.20%

For the 2021 period, Valley Strong Credit Union's most frequently originated loan type of loans were Conventional, with 1,226 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 384 $97,490,000 $253,880 $4,617 2.84%
Refi 310 $66,790,000 $215,452 $3,401 2.58%
Home Purchase 232 $110,450,000 $476,078 $6,988 3.14%
Home Improvement 222 $16,980,000 $76,486 $503 4.43%
Other 78 $5,920,000 $75,897 $1,035 4.14%

For the 2021, Valley Strong Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 384 originations. The 2nd most popular reason of loans were Refi, with 310 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 419 $143,945,000 $343,544 $4,954 2.83%
15 Year 321 $59,345,000 $184,875 $2,677 3.08%
10 Year 257 $27,085,000 $105,389 $1,041 3.60%
20 Year 182 $31,760,000 $174,505 $3,355 3.43%
30+ year 42 $32,400,000 $771,429 $16,945 4.23%
5 Year 3 $1,835,000 $611,667 $0 5.50%
Other 2 $1,260,000 $630,000 $0 3.75%

For the 2021, Valley Strong Credit Union's most frequently cited loan length of loans were 30 Year, with 419 originations. The 2nd most popular length of loans were 15 Year, with 321 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 505 $91,205,000 $180,604
$1k-2k 324 $78,040,000 $240,864
$5k+ 116 $56,000,000 $482,759
$3k-4k 113 $28,545,000 $252,611
$2k-3k 92 $19,390,000 $210,761

$4,954 of loans were Valley Strong Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 505 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 456 $152,160,000 $333,684
<2.5% 368 $75,210,000 $204,375
3-4% 251 $47,565,000 $189,502
4-5% 84 $7,010,000 $83,452
5-6% 65 $15,425,000 $237,308
6-7% 2 $260,000 $130,000

During 2021, Valley Strong Credit Union's average interest rate of loans were 2.83%, while their most frequently originated rate bucket of loans were 2.5-3%, with 456 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 389 $105,055,000 $270,064 $4,776 2.73%
$100k-200k 353 $52,395,000 $148,428 $3,244 2.85%
$100,000 or less 322 $17,550,000 $54,503 $747 4.20%
$400k-600k 76 $36,070,000 $474,605 $5,989 2.76%
$600k-1MM 65 $48,645,000 $748,385 $11,731 3.56%
$1MM+ 21 $37,915,000 $1,805,476 $8,566 3.03%

2021 saw Valley Strong Credit Union place emphasis on $200k-400k loans with 389 originations, totaling $105,055,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 285 $60,655,000 $212,825 $3,270 3.25%
$50k-75k 244 $41,960,000 $171,967 $3,577 2.95%
$75k-100k 207 $39,135,000 $189,058 $3,496 3.15%
$150k-250k 202 $65,680,000 $325,149 $4,658 3.44%
$50k or less 196 $23,200,000 $118,367 $2,893 3.17%
$250k+ 80 $54,380,000 $679,750 $6,956 3.24%

Valley Strong Credit Union lent most frequently to those with incomes in the $100k-150k range, with 285 originations. The second most popular income band? $50k-75k, with 244 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 259 $67,335,000 $259,981 $3,776 3.03%
30-36% 206 $50,900,000 $247,087 $3,945 3.12%
<20% 109 $27,525,000 $252,523 $4,060 3.07%
44% 63 $13,645,000 $216,587 $3,981 3.12%
49% 63 $11,835,000 $187,857 $2,713 3.70%
39% 52 $12,170,000 $234,038 $4,283 3.27%
43% 50 $9,970,000 $199,400 $3,758 3.12%
41% 50 $10,110,000 $202,200 $3,771 3.60%
45% 44 $9,010,000 $204,773 $2,961 3.34%
48% 43 $10,045,000 $233,605 $3,441 3.30%
42% 42 $7,700,000 $183,333 $3,230 3.07%
40% 42 $10,570,000 $251,667 $3,897 3.13%
47% 41 $8,345,000 $203,537 $4,159 3.24%
46% 40 $7,180,000 $179,500 $3,781 3.37%
36% 37 $7,845,000 $212,027 $4,265 3.20%
38% 34 $10,610,000 $312,059 $3,003 3.21%
37% 32 $8,160,000 $255,000 $4,626 3.55%
>60% 4 $690,000 $172,500 $1,832 3.50%
50-60% 3 $1,365,000 $455,000 $3,960 2.79%

Valley Strong Credit Union lent most frequently to those with DTI ratios of 20-30%, with 259 originations. The next most common DTI ratio? 30-36%, with 206 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 754 $161,740,000 $214,509 $3,266 3.17%
Not provided 324 $88,370,000 $272,747 $5,006 3.31%
Not applicable 12 $12,620,000 $1,051,667 $0 4.12%
Asian 44 $10,300,000 $234,091 $3,816 2.75%
Black 34 $9,600,000 $282,353 $3,518 3.03%
Asian Indian 7 $6,025,000 $860,714 $8,035 3.25%
American Indian 32 $5,210,000 $162,813 $3,211 3.46%
Other Asian 4 $1,210,000 $302,500 $5,572 2.44%
Filipino 5 $1,045,000 $209,000 $2,979 3.35%
Native Hawaiian 5 $865,000 $173,000 $3,504 3.10%
Other Pacific Islander 3 $395,000 $131,667 $2,157 3.67%
Chinese 2 $250,000 $125,000 $1,466 3.69%

Approval Rates

Total approvals of all applications
87.40%

Valley Strong Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
78.94%

Valley Strong Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,226 $297,630,000 $242,765

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,226 $297,630,000 $242,765

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 160 $18,900,000 $118,125 $1,595 3.70%
40-60% 222 $43,630,000 $196,532 $3,444 2.61%
60-80% 423 $128,675,000 $304,196 $5,200 2.70%
80-100% 189 $93,915,000 $496,905 $7,194 3.09%
Under 20% 232 $12,510,000 $53,922 $379 4.44%