Mountain America Credit Union

SANDY, UT 84091

LEI: 5493006S869XKIESMV41

Tax ID: 87-0172956

2019 Data | 2018 Data


Overview

Mountain America Credit Union is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Mountain America Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Salt Lake City, Provo, Ogden, Boise City, and St. George among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Mountain America Credit Union is typically a lendor.


Originations

13,759

Origination Dollar Volume (All Markets)

$2,092,825,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 13,430 $2,014,100,000 $149,970
FHA 186 $42,610,000 $229,086
VA 103 $28,645,000 $278,107
USDA 40 $7,470,000 $186,750

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,825 $736,315,000 $260,642
Home Improvement 2,671 $174,845,000 $65,461
Other 2,442 $148,860,000 $60,958
Refi 3,785 $584,615,000 $154,456
Cash Out Refi 2,036 $448,190,000 $220,133

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SALT LAKE CITY, UT 4,451 $666,975,000 $149,848
PROVO-OREM, UT 1,887 $311,435,000 $165,042
Outside of Metro Areas 2,023 $296,695,000 $146,661
OGDEN-CLEARFIELD, UT 1,464 $205,700,000 $140,505
BOISE CITY, ID 821 $137,755,000 $167,789
ST. GEORGE, UT 891 $136,905,000 $153,653
PHOENIX-MESA-CHANDLER, AZ 728 $108,930,000 $149,629
IDAHO FALLS, ID 309 $46,585,000 $150,761
LAS VEGAS-HENDERSON-PARADISE, NV 254 $43,100,000 $169,685
LOGAN, UT-ID 264 $36,770,000 $139,280
ALBUQUERQUE, NM 148 $20,980,000 $141,757
POCATELLO, ID 159 $20,465,000 $128,711
RENO, NV 139 $19,555,000 $140,683
LAKE HAVASU CITY-KINGMAN, AZ 37 $6,465,000 $174,730
DENVER-AURORA-LAKEWOOD, CO 16 $5,160,000 $322,500
FLAGSTAFF, AZ 30 $4,950,000 $165,000
TWIN FALLS, ID 30 $3,370,000 $112,333
PRESCOTT VALLEY-PRESCOTT, AZ 13 $3,175,000 $244,231
TUCSON, AZ 21 $2,695,000 $128,333
COLORADO SPRINGS, CO 7 $2,665,000 $380,714
COEUR D'ALENE, ID 15 $2,135,000 $142,333
GREELEY, CO 7 $1,895,000 $270,714
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 4 $1,430,000 $357,500
SEATTLE-BELLEVUE-KENT, WA 3 $1,115,000 $371,667
GRAND JUNCTION, CO 4 $860,000 $215,000
PUEBLO, CO 5 $815,000 $163,000
KENNEWICK-RICHLAND, WA 3 $665,000 $221,667
SANTA FE, NM 4 $620,000 $155,000
CASPER, WY 2 $440,000 $220,000
YUMA, AZ 3 $425,000 $141,667
FARMINGTON, NM 3 $405,000 $135,000
SPOKANE-SPOKANE VALLEY, WA 3 $405,000 $135,000
SIERRA VISTA-DOUGLAS, AZ 1 $275,000 $275,000
BELLINGHAM, WA 1 $235,000 $235,000
MOUNT VERNON-ANACORTES, WA 1 $205,000 $205,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $185,000 $185,000
CARSON CITY, NV 2 $140,000 $70,000
FORT COLLINS, CO 1 $105,000 $105,000
MISSOULA, MT 1 $65,000 $65,000
LAS CRUCES, NM 2 $60,000 $30,000
GREAT FALLS, MT 1 $15,000 $15,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 2 $560,000 $280,000
2.5-3% 211 $46,825,000 $221,919
3-4% 3,464 $845,910,000 $244,200
4-5% 3,340 $637,740,000 $190,940
5-6% 4,408 $413,490,000 $93,804
6-7% 1,571 $108,415,000 $69,010
7-8% 557 $29,805,000 $53,510
Over 8% 206 $10,080,000 $48,932

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 6,419 $311,795,000 $48,574
$100k-200k 3,204 $465,270,000 $145,215
$200k-400k 3,474 $944,930,000 $272,001
$400k-600k 542 $250,970,000 $463,044
$600k-1000k 95 $70,025,000 $737,105
$Over $1MM 25 $49,835,000 $1,993,400

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 2,610 $279,130,000 $106,946
40-60% 1,270 $245,360,000 $193,197
60-80% 2,383 $653,955,000 $274,425
80-100% 2,497 $683,585,000 $273,763
Over 100% 16 $4,210,000 $263,125
Under 20% 4,983 $226,585,000 $45,472

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 3,213 $509,335,000 $158,523
$150k-250k 1,454 $295,790,000 $203,432
$50k-75k 3,392 $424,260,000 $125,077
$50k-or less 1,909 $185,685,000 $97,268
$75k-100k 2,953 $417,485,000 $141,377
$Over $250k 393 $115,735,000 $294,491

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 12,710 $1,874,870,000 $147,511
Not provided 446 $84,630,000 $189,753
Not applicable 52 $47,510,000 $913,654
Asian 226 $43,220,000 $191,239
American Indian 131 $15,105,000 $115,305
Black 85 $12,135,000 $142,765
Native Hawaiian 68 $11,290,000 $166,029
Other Asian 13 $1,125,000 $86,538
Asian Indian 7 $645,000 $92,143
Chinese 3 $545,000 $181,667
Japanese 3 $405,000 $135,000
Other Pacific Islander 5 $385,000 $77,000
Filipino 3 $345,000 $115,000
Vietnamese 2 $310,000 $155,000
Samoan 4 $270,000 $67,500
Korean 1 $35,000 $35,000

Approval Rates

Total approvals of all applications
78.09%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
68.17%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 13,759 $2,092,825,000 $152,106

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,726 $246,900,000 $90,572
$1k-2k 615 $75,135,000 $122,171
$2k-3k 1,324 $260,570,000 $196,805
$3k-4k 1,838 $542,560,000 $295,190
$5k+ 515 $223,895,000 $434,748

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 63 $55,915,000 $887,540
Single Family (1-4 Units):Manufactured 222 $20,830,000 $93,829
Single Family (1-4 Units):Site-Built 13,474 $2,016,080,000 $149,627