Servu Federal Credit Union Mortgage Rates, Fees & Info

Painted Post, NY

LEI: 5493006MFBT1AI7V3W25

Tax ID: 16-6041830

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Mortgage Data

Review & Overview

Servu Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Servu Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Corning, Rochester, Elmira, Binghamton, and Buffalo among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Servu Federal Credit Union has an above 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

330

Origination Dollar Volume (All Markets)

$24,680,000

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
Corning, NY (FHA|USDA|VA) 226 $15,940,000 $70,531 $0 0.00%
ROCHESTER, NY (FHA|USDA|VA) 35 $3,675,000 $105,000 $0 0.00%
Outside of Metro Areas 47 $3,345,000 $71,170 $0 0.00%
ELMIRA, NY (FHA|USDA|VA) 19 $1,465,000 $77,105 $0 0.00%
BINGHAMTON, NY (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Olean, NY (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Servu Federal Credit Union's top markets include Corning, Rochester, Elmira, Binghamton, and Buffalo 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 330 $24,680,000 $74,788 $0 0.00%

    For 2022, Servu Federal Credit Union's most frequently originated type of loan was Conventional, with 330 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 111 $9,515,000 $85,721 $0 0.00%
    Other 70 $3,440,000 $49,143 $0 0.00%
    Home Purchase 62 $5,970,000 $96,290 $0 0.00%
    Home Improvement 46 $2,340,000 $50,870 $0 0.00%
    Cash Out Refi 41 $3,415,000 $83,293 $0 0.00%

    For 2022, Servu Federal Credit Union's most frequently cited loan purpose was Refi, with 111 originations. The 2nd most popular reason was Other, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 330 $24,680,000 $74,788 $0 0.00%

    For 2022, Servu Federal Credit Union's most frequently cited loan duration was Other, with 330 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 265 $14,015,000 $52,887 $0 0.00%
    $100k-200k 53 $7,105,000 $134,057 $0 0.00%
    $200k-400k 11 $2,645,000 $240,455 $0 0.00%
    $600k-1MM 1 $915,000 $915,000 $0 0.00%

    2022 saw Servu Federal Credit Union place emphasis on $100,000 or less loans with 265 originations, totaling $14,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 108 $6,330,000 $58,611 $0 0.00%
    $50k or less 88 $5,300,000 $60,227 $0 0.00%
    $75k-100k 56 $5,230,000 $93,393 $0 0.00%
    $100k-150k 51 $4,385,000 $85,980 $0 0.00%
    $150k-250k 17 $1,845,000 $108,529 $0 0.00%
    $250k+ 1 $915,000 $915,000 $0 0.00%

    Servu Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 108 originations. The second most popular income band? $50k or less, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 330 $24,680,000 $74,788 $0 0.00%

    Servu Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 330 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 327 $24,545,000 $75,061 $0 0.00%
    Black 3 $135,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.93%

    Servu Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.03%

    Servu Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 330 $24,680,000 $74,788

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    330 $24,680,000 $74,788