Southland Credit Union Mortgage Rates, Fees & InfoLos Alamitos, CA
Tax ID: 95-1585409
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSouthland 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 by origination volume include: Los Angeles, Riverside, Santa Maria, San Luis Obispo, and San Diego among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)
Southland 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. Southland Credit Union is typically an average 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.48%||3/19/23|
|30 Year Conventional Refi||6.25%||3/19/23|
|30 Year Cash-out Refi||6.38%||3/19/23|
|15 Year Conventional Refi||5.73%||3/19/23|
|15 Year Cash-out Refi||5.73%||3/19/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$101,415,000
Southland Credit Union's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.1%.
Relative Fees (Closing Costs)
Southland Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,370.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|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%|
Their top states include:
We use machine learning to identify the top lenders compared against SOUTHLAND CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 354
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Southland Credit Union's most frequently originated type of loan was Conventional, with 245 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||129||$54,185,000||$420,039||$4,354||3.01%|
For 2021, Southland Credit Union's most frequently cited loan purpose was Cash Out Refi, with 129 originations. The 2nd most popular reason was Refi, with 104 originations.
For 2021, Southland Credit Union's most frequently cited loan duration was 30 Year, with 189 originations. The 2nd most popular length was 15 Year, with 30 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Southland Credit Union's average total fees were $4,370, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 167 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Southland Credit Union's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 132 originations.
2021 saw Southland Credit Union place emphasis on $200k-400k loans with 116 originations, totaling $34,670,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Southland Credit Union has an average approval rate.
Pick RateApprovals leading to origination
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|