Servu Federal Credit Union Mortgage Rates, Fees & Info

Painted Post, NY

LEI: 5493006MFBT1AI7V3W25

Tax ID: 16-6041830

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

    Servu Federal Credit Union is a smaller credit union specializing in Refi loans. Servu Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Corning, Rochester, Elmira, Utica, and Syracuse among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Servu Federal Credit Union 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. Servu Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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

    321

    Origination Dollar Volume (All Markets)

    $20,525,000

    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
    Corning, NY (FHA|USDA|VA) 233 $14,275,000 $61,266 $248 4.28%
    Outside of Metro Areas 44 $2,910,000 $66,136 $212 4.35%
    ROCHESTER, NY (FHA|USDA|VA) 26 $1,970,000 $75,769 $273 3.89%
    ELMIRA, NY (FHA|USDA|VA) 14 $1,140,000 $81,429 $727 4.49%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.24%
    SYRACUSE, NY (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
    ITHACA, NY (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.49%
    Seneca Falls, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 2.99%
    Servu Federal Credit Union's top markets include Corning, Rochester, Elmira, Utica, and Syracuse among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 321 $20,525,000 $63,941 $265 4.26%

    For 2018, Servu Federal Credit Union's most frequently originated type of loan was Conventional, with 321 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 146 $11,320,000 $77,534 $48 4.35%
    Home Improvement 64 $2,770,000 $43,281 $39 4.04%
    Other 60 $2,750,000 $45,833 $47 4.07%
    Home Purchase 46 $3,380,000 $73,478 $1,495 4.46%
    Cash Out Refi 5 $305,000 $61,000 $126 4.89%

    For 2018, Servu Federal Credit Union's most frequently cited loan purpose was Refi, with 146 originations. The 2nd most popular reason was Home Improvement, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 100 $6,840,000 $68,400 $460 4.54%
    20 Year 76 $7,380,000 $97,105 $376 4.59%
    10 Year 51 $2,725,000 $53,431 $11 4.01%
    Other 46 $2,060,000 $44,783 $28 3.95%
    5 Year 41 $1,225,000 $29,878 $90 3.56%
    3 Year 5 $115,000 $23,000 $34 4.44%
    30 Year 2 $180,000 $90,000 $1,849 4.55%

    For 2018, Servu Federal Credit Union's most frequently cited loan duration was 15 Year, with 100 originations. The 2nd most popular length was 20 Year, with 76 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 188 $12,710,000 $67,606

    Servu Federal Credit Union's average total fees were $1,849, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 188 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 144 $10,500,000 $72,917
    3-4% 119 $6,995,000 $58,782
    5-6% 35 $2,245,000 $64,143
    2.5-3% 22 $720,000 $32,727

    During 2018, Servu Federal Credit Union's average interest rate for loans was 4.55%, while their most frequently originated rate bucket for loans was 4-5%, with 144 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 273 $13,515,000 $49,505 $230 4.23%
    $100k-200k 42 $5,370,000 $127,857 $335 4.45%
    $200k-400k 5 $1,215,000 $243,000 $1,870 4.28%
    $400k-600k 1 $425,000 $425,000 $0 4.99%

    2018 saw Servu Federal Credit Union place emphasis on $100,000 or less loans with 273 originations, totaling $13,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 108 $5,250,000 $48,611 $285 4.22%
    $50k-75k 89 $5,155,000 $57,921 $250 4.33%
    $100k-150k 53 $4,845,000 $91,415 $172 4.36%
    $75k-100k 53 $3,655,000 $68,962 $369 4.14%
    $150k-250k 12 $1,250,000 $104,167 $6 4.24%
    $250k+ 1 $35,000 $35,000 $2,381 4.99%

    Servu Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 108 originations. The second most popular income band? $50k-75k, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $4,350,000 $55,769 $295 4.26%
    30-36% 63 $4,455,000 $70,714 $212 4.34%
    >60% 34 $2,250,000 $66,176 $65 4.37%
    50-60% 27 $1,785,000 $66,111 $209 4.17%
    <20% 23 $1,005,000 $43,696 $112 3.81%
    37% 11 $715,000 $65,000 $601 4.43%
    39% 7 $205,000 $29,286 $221 3.81%
    41% 7 $505,000 $72,143 $81 4.60%
    42% 7 $445,000 $63,571 $360 4.06%
    43% 7 $365,000 $52,143 $17 4.31%
    48% 7 $295,000 $42,143 $263 4.03%
    49% 7 $395,000 $56,429 $355 4.85%
    40% 6 $630,000 $105,000 $577 4.34%
    38% 5 $335,000 $67,000 $548 4.42%
    46% 5 $695,000 $139,000 $422 4.29%
    47% 5 $295,000 $59,000 $1,003 4.54%
    45% 4 $270,000 $67,500 $0 4.30%
    44% 3 $225,000 $75,000 $25 3.49%
    36% 3 $325,000 $108,333 $768 4.18%

    Servu Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 316 $20,210,000 $63,956 $259 4.25%
    Asian 1 $135,000 $135,000 $0 5.24%
    Not provided 1 $105,000 $105,000 $0 3.99%
    Black 3 $75,000 $25,000 $951 4.49%

    Approval Rates

    Total approvals of all applications
    89.76%

    Servu Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.31%

    Servu Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 5 $215,000 $43,000
    NA 316 $20,310,000 $64,272

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 24 $1,270,000 $52,917
    Single Family (1-4 Units):Site-Built 297 $19,255,000 $64,832

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 64 $2,200,000 $34,375 $24 3.91%
    40-60% 56 $3,240,000 $57,857 $142 4.09%
    60-80% 96 $7,600,000 $79,167 $340 4.30%
    80-100% 64 $6,050,000 $94,531 $604 4.74%
    Over 100% 1 $55,000 $55,000 $0 4.99%
    Under 20% 39 $1,315,000 $33,718 $117 4.14%