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 and 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, St. George, and Boise City 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

11,766

Origination Dollar Volume (All Markets)

$1,486,280,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 11,465 $1,422,755,000 $124,096
FHA 170 $34,240,000 $201,412
VA 83 $20,805,000 $250,663
USDA 48 $8,480,000 $176,667

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 2,488 $622,860,000 $250,346
Home Improvement 2,271 $144,465,000 $63,613
Other 1,919 $120,095,000 $62,582
NA 3 $1,205,000 $401,667
Refi 4,117 $418,875,000 $101,743
Cash Out Refi 968 $178,780,000 $184,690

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 4,111 $496,325,000 $120,731
Outside of Metro Areas 1,774 $239,060,000 $134,758
PROVO-OREM, UT 1,696 $229,630,000 $135,395
OGDEN-CLEARFIELD, UT 1,163 $134,715,000 $115,834
ST. GEORGE, UT 754 $93,540,000 $124,058
BOISE CITY, ID 615 $84,245,000 $136,984
PHOENIX-MESA-CHANDLER, AZ 516 $67,150,000 $130,136
LAS VEGAS-HENDERSON-PARADISE, NV 204 $34,190,000 $167,598
IDAHO FALLS, ID 223 $24,685,000 $110,695
LOGAN, UT-ID 243 $23,155,000 $95,288
RENO, NV 130 $13,830,000 $106,385
ALBUQUERQUE, NM 77 $9,985,000 $129,675
POCATELLO, ID 105 $9,865,000 $93,952
TWIN FALLS, ID 39 $4,835,000 $123,974
FLAGSTAFF, AZ 21 $4,515,000 $215,000
SANTA CRUZ-WATSONVILLE, CA 1 $4,305,000 $4,305,000
LAKE HAVASU CITY-KINGMAN, AZ 30 $3,980,000 $132,667
Outside of Metro Areas 13 $2,275,000 $175,000
TUCSON, AZ 9 $1,085,000 $120,556
CARSON CITY, NV 5 $835,000 $167,000
GRAND JUNCTION, CO 3 $725,000 $241,667
DENVER-AURORA-LAKEWOOD, CO 7 $515,000 $73,571
COLORADO SPRINGS, CO 4 $460,000 $115,000
SANTA FE, NM 5 $445,000 $89,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 3 $425,000 $141,667
COEUR D'ALENE, ID 2 $280,000 $140,000
LAS CRUCES, NM 3 $265,000 $88,333
Outside of Metro Areas 3 $245,000 $81,667
SPOKANE-SPOKANE VALLEY, WA 1 $205,000 $205,000
LEWISTON, ID-WA 1 $175,000 $175,000
WALLA WALLA, WA 1 $135,000 $135,000
SIERRA VISTA-DOUGLAS, AZ 1 $85,000 $85,000
MEDFORD, OR 1 $45,000 $45,000
FARMINGTON, NM 1 $45,000 $45,000
MISSOULA, MT 1 $25,000 $25,000

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
3-4% 556 $89,750,000 $161,421
4-5% 3,868 $718,220,000 $185,683
5-6% 5,022 $541,780,000 $107,881
6-7% 1,587 $99,325,000 $62,587
7-8% 574 $29,050,000 $50,610
Over 8% 159 $8,155,000 $51,289

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 6,682 $315,710,000 $47,248
$100k-200k 2,663 $380,595,000 $142,920
$200k-400k 2,044 $543,100,000 $265,705
$400k-600k 263 $122,515,000 $465,837
$600k-1000k 82 $62,020,000 $756,341
$Over $1MM 32 $62,340,000 $1,948,125

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% 2,441 $248,065,000 $101,624
40-60% 832 $147,970,000 $177,849
60-80% 1,390 $351,270,000 $252,712
80-100% 2,021 $516,295,000 $255,465
Over 100% 17 $4,845,000 $285,000
Under 20% 5,065 $217,835,000 $43,008

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 2,530 $323,410,000 $127,830
$150k-250k 1,062 $183,030,000 $172,345
$50k-75k 3,148 $326,260,000 $103,640
$50k-or less 1,919 $169,755,000 $88,460
$75k-100k 2,555 $285,185,000 $111,618
$Over $250k 272 $104,440,000 $383,971

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 10,902 $1,348,410,000 $123,685
Not applicable 35 $43,195,000 $1,234,143
Not provided 363 $35,865,000 $98,802
Asian 155 $26,075,000 $168,226
American Indian 135 $14,285,000 $105,815
Black 81 $9,405,000 $116,111
Native Hawaiian 55 $5,995,000 $109,000
Other Asian 11 $1,165,000 $105,909
Samoan 5 $465,000 $93,000
Filipino 8 $350,000 $43,750
Chinese 3 $315,000 $105,000
Guamanian 3 $205,000 $68,333
Korean 2 $170,000 $85,000
Other Pacific Islander 3 $115,000 $38,333
Japanese 2 $110,000 $55,000
Asian Indian 2 $80,000 $40,000
Vietnamese 1 $75,000 $75,000

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 11,766 $1,486,280,000 $126,320

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 439 $54,715,000 $124,636
$1k-2k 476 $58,350,000 $122,584
$2k-3k 961 $175,505,000 $182,627
$3k-4k 1,165 $313,715,000 $269,283
$5k+ 462 $199,860,000 $432,597

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 41 $45,945,000 $1,120,610
Single Family (1-4 Units):Manufactured 190 $17,810,000 $93,737
Single Family (1-4 Units):Site-Built 11,535 $1,422,525,000 $123,322