Southland Credit Union Mortgage Rates, Fees & Info
Los Alamitos, CALEI: 5493006YSC5JOGNPMH78
Tax ID: 95-1585409
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Mortgage Data
Review & 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 by origination volume include: Los Angeles, Riverside, San Francisco, and Sacramento among others. We have data for 4 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 a low 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/23/24 |
| 30 Year Conventional Purchase | 6.29% | 12/23/24 |
| 30 Year Conventional Refi | 6.33% | 12/23/24 |
| 30 Year Cash-out Refi | 6.43% | 12/23/24 |
| 15 Year Conventional Refi | 5.95% | 12/23/24 |
| 15 Year Cash-out Refi | 5.95% | 12/23/24 |
| 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. | ||
Southland Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
126Origination Dollar Volume (All Markets)
$55,440,000Awards
SOUTHLAND CREDIT UNION - 2019
SOUTHLAND CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 113 | $51,025,000 | $451,549 | $3,541 | 3.78% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 11 | $3,595,000 | $326,818 | $3,401 | 3.94% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $3,524 | 4.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,906 | 5.38% |
Their top states include:
Similar Lenders
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 126 | $55,440,000 | $440,000 | $3,523 | 3.82% |
For 2019, Southland Credit Union's most frequently originated type of loan was Conventional, with 126 originations.
Loan Reason
For 2019, Southland Credit Union's most frequently cited loan purpose was Cash Out Refi, with 62 originations. The 2nd most popular reason was Refi, with 47 originations.
Loan Duration/Length
For 2019, Southland Credit Union's most frequently cited loan duration was 30 Year, with 104 originations. The 2nd most popular length was 15 Year, with 20 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 119 | $52,315,000 | $439,622 |
| $2k-3k | 6 | $2,700,000 | $450,000 |
| $3k-4k | 1 | $425,000 | $425,000 |
Southland Credit Union's average total fees were $3,618, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 119 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 85 | $39,945,000 | $469,941 |
| 4-5% | 28 | $9,750,000 | $348,214 |
| 2.5-3% | 9 | $4,525,000 | $502,778 |
| 5-6% | 4 | $1,220,000 | $305,000 |
During 2019, Southland Credit Union's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 85 originations.
Loan Sizing
2019 saw Southland Credit Union place emphasis on $200k-400k loans with 47 originations, totaling $14,135,000 in origination value.
Applicant Income
Southland Credit Union lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $150k-250k, with 31 originations.
Applicant Debt to Income Ratio
Southland Credit Union lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 22 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.19%
Southland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination36.51%
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 | 126 | $55,440,000 | $440,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 126 | $55,440,000 | $440,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| 1ST ALLIANCE LENDING, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| 1ST ALLIANCE LENDING, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |