Use Credit Union Mortgage Rates, Fees & Info

San Diego, CA

LEI: 549300730ZNSQK9EBT50

Tax ID: 95-1209332

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Use Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Use Credit Union has a high proportion of conventional loans. Their top markets include San Diego, Sacramento, San Francisco, Riverside, and Vallejo among others. Use Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Use Credit Union is typically a low fee lendor.


Originations

367

Origination Dollar Volume (All Markets)

$163,525,000

Awards

USE Credit Union 30 Year Conventional Loans silver USE Credit Union 30 Year Conventional Loans silver USE Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Use Credit Union's average 30 year fixed rate mortgage of loans were 3.15%.

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

This yields a difference of -0%.

Relative Fees

Use Credit Union's average total fees for a 30 year fixed rate mortgage are $3,225.

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
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 174 $85,090,000 $489,023 $3,150 3.12%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 84 $30,050,000 $357,738 $2,745 3.08%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 57 $26,495,000 $464,825 $3,066 3.06%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 13 $6,125,000 $471,154 $3,405 3.07%
VALLEJO, CA (FHA|USDA|VA) 10 $4,520,000 $452,000 $2,704 3.29%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 6 $3,340,000 $556,667 $3,503 3.04%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $995,000 $995,000 $3,538 3.25%
Ukiah, CA (FHA|USDA|VA) 2 $770,000 $385,000 $3,218 2.94%
EL CENTRO, CA (FHA|USDA|VA) 3 $755,000 $251,667 $2,461 3.50%
Outside of Metro Areas 1 $745,000 $745,000 $5,653 3.38%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $540,000 $270,000 $2,720 3.06%
FRESNO, CA (FHA|USDA|VA) 2 $530,000 $265,000 $2,728 3.13%
STOCKTON, CA (FHA|USDA|VA) 1 $515,000 $515,000 $2,427 3.00%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $490,000 $245,000 $3,264 2.50%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $465,000 $465,000 $3,101 3.13%
CHICO, CA (FHA|USDA|VA) 1 $415,000 $415,000 $3,280 3.00%
MODESTO, CA (FHA|USDA|VA) 2 $410,000 $205,000 $2,571 3.00%
Clearlake, CA (FHA|USDA|VA) 2 $400,000 $200,000 $2,418 3.00%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $375,000 $375,000 $3,679 2.88%
Sonora, CA (FHA|USDA|VA) 1 $305,000 $305,000 $2,852 3.25%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $195,000 $195,000 $2,836 2.63%

Use Credit Union's top markets include San Diego, Sacramento, San Francisco, Riverside, and Vallejo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 367 $163,525,000 $445,572 $3,035 3.10%

For the 2021 period, Use Credit Union's most frequently originated loan type of loans were Conventional, with 367 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 140 $55,900,000 $399,286 $2,630 2.90%
Cash Out Refi 136 $51,820,000 $381,029 $2,540 3.28%
Home Purchase 58 $36,400,000 $627,586 $5,172 3.11%
Home Improvement 33 $19,405,000 $588,030 $3,191 3.15%

For the 2021, Use Credit Union's most frequently cited loan purpose of loans were Refi, with 140 originations. The 2nd most popular reason of loans were Cash Out Refi, with 136 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 277 $134,655,000 $486,119 $3,225 3.15%
15 Year 46 $17,010,000 $369,783 $2,761 2.64%
20 Year 26 $8,630,000 $331,923 $2,448 3.18%
10 Year 15 $3,085,000 $205,667 $2,000 2.86%
Other 3 $145,000 $48,333 $424 6.08%

For the 2021, Use Credit Union's most frequently cited loan length of loans were 30 Year, with 277 originations. The 2nd most popular length of loans were 15 Year, with 46 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 345 $145,845,000 $422,739
$5k+ 6 $3,830,000 $638,333
$1k-2k 4 $1,940,000 $485,000
$3k-4k 3 $1,795,000 $598,333
$2k-3k 1 $405,000 $405,000

$3,225 of loans were Use Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 345 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 176 $77,450,000 $440,057
3-4% 157 $73,505,000 $468,185
<2.5% 27 $12,045,000 $446,111
6-7% 4 $320,000 $80,000
5-6% 2 $190,000 $95,000
4-5% 1 $15,000 $15,000

During 2021, Use Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 176 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 165 $49,005,000 $297,000 $2,615 3.04%
$400k-600k 88 $42,950,000 $488,068 $3,107 3.02%
$600k-1MM 44 $34,180,000 $776,818 $4,514 3.21%
$100k-200k 37 $6,025,000 $162,838 $2,324 3.01%
$1MM+ 23 $30,705,000 $1,335,000 $5,504 3.11%
$100,000 or less 10 $660,000 $66,000 $1,344 4.62%

2021 saw Use Credit Union place emphasis on $200k-400k loans with 165 originations, totaling $49,005,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 104 $51,930,000 $499,327 $3,460 3.11%
$100k-150k 88 $31,400,000 $356,818 $2,595 3.16%
$75k-100k 57 $17,365,000 $304,649 $2,720 3.07%
$250k+ 41 $29,855,000 $728,171 $3,793 2.96%
$50k-75k 40 $10,130,000 $253,250 $2,612 3.07%
$50k or less 14 $2,990,000 $213,571 $2,483 3.04%

Use Credit Union lent most frequently to those with incomes in the $150k-250k range, with 104 originations. The second most popular income band? $100k-150k, with 88 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 88 $36,530,000 $415,114 $3,012 2.98%
30-36% 70 $33,100,000 $472,857 $3,054 3.21%
<20% 44 $16,140,000 $366,818 $2,596 2.82%
44% 18 $6,270,000 $348,333 $2,587 3.10%
42% 15 $8,135,000 $542,333 $2,996 3.31%
36% 15 $7,305,000 $487,000 $4,650 3.09%
39% 13 $4,665,000 $358,846 $2,368 3.21%
41% 12 $5,720,000 $476,667 $3,264 3.02%
47% 11 $5,405,000 $491,364 $3,215 3.16%
37% 11 $5,725,000 $520,455 $4,447 3.44%
40% 10 $4,160,000 $416,000 $3,182 3.08%
43% 9 $3,815,000 $423,889 $2,678 3.60%
45% 8 $3,110,000 $388,750 $2,478 3.20%
38% 8 $2,330,000 $291,250 $2,807 2.95%
46% 8 $3,730,000 $466,250 $2,893 3.11%
48% 8 $3,270,000 $408,750 $3,438 3.05%
49% 8 $2,670,000 $333,750 $2,563 2.97%
50-60% 2 $1,310,000 $655,000 $4,671 2.94%
>60% 1 $425,000 $425,000 $2,168 3.38%

Use Credit Union lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 70 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 225 $95,335,000 $423,711 $3,007 3.08%
Not provided 76 $31,640,000 $416,316 $2,998 3.11%
Asian 21 $12,265,000 $584,048 $3,552 3.12%
Not applicable 8 $9,710,000 $1,213,750 $0 3.61%
Black 22 $8,380,000 $380,909 $3,098 3.03%
Asian Indian 4 $2,240,000 $560,000 $3,120 3.34%
Filipino 4 $1,760,000 $440,000 $2,816 2.91%
American Indian 5 $1,655,000 $331,000 $2,690 3.23%
Japanese 1 $345,000 $345,000 $2,898 2.25%
Native Hawaiian 1 $195,000 $195,000 $2,026 2.38%

Approval Rates

Total approvals of all applications
91.12%

Use Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
66.84%

Use 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 367 $163,525,000 $445,572

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
367 $163,525,000 $445,572

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 77 $22,995,000 $298,636 $2,521 2.94%
40-60% 130 $59,820,000 $460,154 $2,984 2.97%
60-80% 107 $59,665,000 $557,617 $3,353 3.19%
80-100% 28 $17,050,000 $608,929 $4,329 3.13%
Under 20% 25 $3,995,000 $159,800 $2,105 3.83%