Southland Credit Union Mortgage Rates, Fees & Info

Los Alamitos, CA

LEI: 5493006YSC5JOGNPMH78

Tax ID: 95-1585409

5 stars - out of 5 stars, based on 16 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

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


Originations

245

Origination Dollar Volume (All Markets)

$101,415,000

Awards

SOUTHLAND CREDIT UNION 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Southland Credit Union's average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Southland Credit Union's average total fees for a 30 year fixed rate mortgage are $4,370.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 219 $91,275,000 $416,781 $4,134 2.95%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 22 $7,570,000 $344,091 $4,408 2.99%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $695,000 $695,000 $3,172 3.00%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $665,000 $665,000 $4,870 3.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $645,000 $645,000 $4,707 3.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $565,000 $565,000 $2,827 2.88%

Southland Credit Union's top markets include Los Angeles, Riverside, Santa Maria, San Luis Obispo, and San Diego among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 245 $101,415,000 $413,939 $4,155 2.95%

For the 2021 period, Southland Credit Union's most frequently originated loan type of loans were Conventional, with 245 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 129 $54,185,000 $420,039 $4,354 3.01%
Refi 104 $41,940,000 $403,269 $3,689 2.88%
Home Purchase 12 $5,290,000 $440,833 $6,017 2.99%

For the 2021, Southland Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 129 originations. The 2nd most popular reason of loans were Refi, with 104 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 189 $84,525,000 $447,222 $4,370 3.05%
15 Year 30 $9,400,000 $313,333 $3,425 2.49%
20 Year 19 $4,835,000 $254,474 $3,338 2.81%
10 Year 7 $2,655,000 $379,286 $3,626 2.48%

For the 2021, Southland Credit Union's most frequently cited loan length of loans were 30 Year, with 189 originations. The 2nd most popular length of loans were 15 Year, with 30 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 167 $64,985,000 $389,132
$2k-3k 39 $14,325,000 $367,308
$3k-4k 17 $9,365,000 $550,882
$5k+ 16 $9,810,000 $613,125
$<1k 5 $1,925,000 $385,000

$4,370 of loans were Southland Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 167 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 132 $54,110,000 $409,924
3-4% 78 $35,090,000 $449,872
<2.5% 35 $12,215,000 $349,000

During 2021, Southland Credit Union's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 132 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 116 $34,670,000 $298,879 $3,587 2.92%
$400k-600k 71 $34,725,000 $489,085 $4,425 3.03%
$600k-1MM 31 $22,585,000 $728,548 $5,318 2.97%
$100k-200k 22 $3,490,000 $158,636 $3,395 2.78%
$1MM+ 5 $5,945,000 $1,189,000 $11,001 3.13%

2021 saw Southland Credit Union place emphasis on $200k-400k loans with 116 originations, totaling $34,670,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 63 $30,085,000 $477,540 $4,436 3.00%
$100k-150k 61 $24,325,000 $398,770 $3,924 2.92%
$75k-100k 39 $13,045,000 $334,487 $4,072 2.95%
$50k-75k 34 $9,720,000 $285,882 $3,673 2.95%
$250k+ 21 $15,455,000 $735,952 $5,435 2.86%
$50k or less 15 $2,855,000 $190,333 $3,507 2.98%

Southland Credit Union lent most frequently to those with incomes in the $150k-250k range, with 63 originations. The second most popular income band? $100k-150k, with 61 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 57 $21,795,000 $382,368 $4,190 2.98%
20-30% 53 $21,315,000 $402,170 $4,095 2.86%
<20% 24 $10,200,000 $425,000 $3,586 2.90%
44% 16 $6,950,000 $434,375 $4,604 2.95%
41% 11 $4,985,000 $453,182 $3,633 3.11%
37% 11 $3,745,000 $340,455 $4,447 2.85%
46% 9 $4,665,000 $518,333 $5,199 3.15%
45% 8 $2,950,000 $368,750 $3,490 2.83%
39% 7 $2,905,000 $415,000 $4,777 3.11%
43% 7 $2,665,000 $380,714 $3,563 3.09%
38% 7 $3,015,000 $430,714 $4,129 3.02%
47% 7 $3,005,000 $429,286 $4,392 3.04%
40% 6 $2,240,000 $373,333 $4,060 2.85%
42% 5 $1,865,000 $373,000 $4,113 2.88%
36% 5 $2,665,000 $533,000 $5,108 2.80%
48% 5 $2,655,000 $531,000 $3,519 3.15%
49% 5 $2,245,000 $449,000 $4,652 2.85%
>60% 1 $545,000 $545,000 $5,310 2.88%

Southland Credit Union lent most frequently to those with DTI ratios of 30-36%, with 57 originations. The next most common DTI ratio? 20-30%, with 53 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 109 $49,145,000 $450,872 $4,393 2.96%
Not provided 83 $32,795,000 $395,120 $3,924 2.92%
Asian 20 $9,360,000 $468,000 $4,786 2.84%
Black 28 $8,030,000 $286,786 $3,532 3.06%
American Indian 4 $1,950,000 $487,500 $3,932 3.13%
Native Hawaiian 1 $135,000 $135,000 $2,865 2.25%

Approval Rates

Total approvals of all applications
86.28%

Southland Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
56.82%

Southland Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 245 $101,415,000 $413,939

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
245 $101,415,000 $413,939

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 58 $16,330,000 $281,552 $3,368 2.82%
40-60% 79 $35,455,000 $448,797 $3,685 2.92%
60-80% 88 $43,200,000 $490,909 $5,000 3.06%
80-100% 10 $4,470,000 $447,000 $5,930 3.10%
Under 20% 10 $1,960,000 $196,000 $3,176 2.83%