Knoxville Tva Employees Credit Union Mortgage Rates, Fees & Info

Knoxville, TN

LEI: 54930074H8866HTIWU69

Tax ID: 62-0263105

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Knoxville Tva Employees Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Knoxville Tva Employees Credit Union has a high proportion of conventional loans. Their top markets include Knoxville, Morristown, Sevierville, Kingsport, and Johnson City among others. Knoxville Tva Employees 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. Knoxville Tva Employees Credit Union is typically an average fee lendor.


Originations

1,419

Origination Dollar Volume (All Markets)

$248,445,000

Awards

KNOXVILLE TVA EMPLOYEES CREDIT UNION 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Knoxville Tva Employees Credit Union's average 30 year fixed rate mortgage of loans were 3.1%.

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

This yields a difference of -0.05%.

Relative Fees

Knoxville Tva Employees Credit Union's average total fees for a 30 year fixed rate mortgage are $4,471.

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
KNOXVILLE, TN (FHA|USDA|VA) 812 $147,740,000 $181,946 $4,184 2.87%
MORRISTOWN, TN (FHA|USDA|VA) 324 $49,860,000 $153,889 $3,838 2.81%
Sevierville, TN (FHA|USDA|VA) 115 $23,395,000 $203,435 $4,283 2.81%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 56 $8,190,000 $146,250 $3,741 2.74%
JOHNSON CITY, TN (FHA|USDA|VA) 28 $5,250,000 $187,500 $4,348 2.84%
Newport, TN (FHA|USDA|VA) 25 $4,175,000 $167,000 $4,012 2.96%
Outside of Metro Areas 30 $4,010,000 $133,667 $3,774 2.79%
Greeneville, TN (FHA|USDA|VA) 8 $1,430,000 $178,750 $4,204 2.83%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 4 $1,340,000 $335,000 $4,453 3.69%
Crossville, TN (FHA|USDA|VA) 6 $830,000 $138,333 $3,928 2.85%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $820,000 $205,000 $4,576 2.38%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $385,000 $385,000 $7,633 2.75%
Dayton, TN (FHA|USDA|VA) 2 $370,000 $185,000 $4,645 2.63%
CLEVELAND, TN (FHA|USDA|VA) 1 $235,000 $235,000 $4,775 2.88%
Athens, TN (FHA|USDA|VA) 2 $230,000 $115,000 $3,661 2.94%
Cookeville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $4,344 3.00%

Knoxville Tva Employees Credit Union's top markets include Knoxville, Morristown, Sevierville, Kingsport, and Johnson City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,419 $248,445,000 $175,085 $4,090 2.84%

For the 2021 period, Knoxville Tva Employees Credit Union's most frequently originated loan type of loans were Conventional, with 1,419 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 782 $138,450,000 $177,046 $4,073 2.79%
Home Purchase 285 $55,825,000 $195,877 $4,705 3.15%
Refi 249 $41,075,000 $164,960 $3,762 2.64%
Home Improvement 84 $11,350,000 $135,119 $3,466 2.94%
Other 19 $1,745,000 $91,842 $2,757 2.75%

For the 2021, Knoxville Tva Employees Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 782 originations. The 2nd most popular reason of loans were Home Purchase, with 285 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 766 $152,310,000 $198,838 $4,471 3.10%
15 Year 405 $59,945,000 $148,012 $3,724 2.44%
20 Year 140 $20,600,000 $147,143 $3,743 2.92%
10 Year 100 $14,260,000 $142,600 $3,135 2.33%
Other 6 $1,140,000 $190,000 $3,373 3.34%
5 Year 2 $190,000 $95,000 $2,535 3.06%

For the 2021, Knoxville Tva Employees Credit Union's most frequently cited loan length of loans were 30 Year, with 766 originations. The 2nd most popular length of loans were 15 Year, with 405 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 620 $68,500,000 $110,484
$2k-3k 510 $99,810,000 $195,706
$3k-4k 184 $56,850,000 $308,967
$<1k 74 $6,520,000 $88,108
$5k+ 22 $11,850,000 $538,636

$4,471 of loans were Knoxville Tva Employees Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 620 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 519 $96,615,000 $186,156
<2.5% 445 $65,675,000 $147,584
3-4% 434 $84,660,000 $195,069
4-5% 15 $1,135,000 $75,667
5-6% 4 $260,000 $65,000
6-7% 2 $100,000 $50,000

During 2021, Knoxville Tva Employees Credit Union's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 2.5-3%, with 519 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 698 $103,380,000 $148,109 $3,797 2.82%
$200k-400k 393 $101,365,000 $257,926 $5,200 2.88%
$100,000 or less 286 $20,270,000 $70,874 $2,744 2.82%
$400k-600k 37 $17,485,000 $472,568 $7,809 2.94%
$1MM+ 3 $4,705,000 $1,568,333 $14,073 3.54%
$600k-1MM 2 $1,240,000 $620,000 $6,988 3.50%

2021 saw Knoxville Tva Employees Credit Union place emphasis on $100k-200k loans with 698 originations, totaling $103,380,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 391 $62,895,000 $160,857 $3,956 2.91%
$50k or less 352 $40,630,000 $115,426 $3,430 2.87%
$75k-100k 274 $49,250,000 $179,745 $4,172 2.82%
$100k-150k 259 $53,355,000 $206,004 $4,521 2.71%
$150k-250k 84 $23,210,000 $276,310 $5,382 2.73%
$250k+ 16 $6,940,000 $433,750 $6,991 2.52%

Knoxville Tva Employees Credit Union lent most frequently to those with incomes in the $50k-75k range, with 391 originations. The second most popular income band? $50k or less, with 352 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 410 $67,140,000 $163,756 $4,010 2.76%
30-36% 296 $55,470,000 $187,399 $4,287 2.87%
<20% 173 $25,655,000 $148,295 $3,780 2.60%
42% 75 $13,555,000 $180,733 $4,169 2.98%
41% 65 $12,045,000 $185,308 $4,233 2.96%
36% 63 $10,405,000 $165,159 $4,041 2.88%
40% 60 $10,730,000 $178,833 $4,183 2.95%
37% 55 $9,955,000 $181,000 $4,124 2.90%
39% 53 $9,805,000 $185,000 $4,204 2.94%
38% 53 $9,485,000 $178,962 $4,155 2.91%
43% 36 $6,330,000 $175,833 $4,110 2.93%
44% 19 $3,235,000 $170,263 $4,161 2.88%
45% 9 $1,395,000 $155,000 $3,946 3.50%
46% 9 $1,815,000 $201,667 $4,535 2.63%
47% 8 $1,800,000 $225,000 $4,811 3.31%
50-60% 7 $1,385,000 $197,857 $4,184 2.80%
>60% 6 $1,060,000 $176,667 $4,207 2.92%
48% 1 $155,000 $155,000 $3,849 3.13%

Knoxville Tva Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 410 originations. The next most common DTI ratio? 30-36%, with 296 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,342 $231,810,000 $172,735 $4,084 2.84%
Black 38 $6,130,000 $161,316 $4,048 2.88%
Not provided 25 $4,825,000 $193,000 $4,477 2.69%
Not applicable 5 $4,045,000 $809,000 $0 3.86%
Asian 5 $915,000 $183,000 $4,058 2.98%
American Indian 4 $720,000 $180,000 $4,063 3.00%

Approval Rates

Total approvals of all applications
94.05%

Knoxville Tva Employees Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
76.56%

Knoxville Tva Employees Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,419 $248,445,000 $175,085

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,419 $248,445,000 $175,085

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 146 $13,670,000 $93,630 $2,922 2.66%
40-60% 325 $48,265,000 $148,508 $3,779 2.59%
60-80% 530 $103,270,000 $194,849 $4,276 2.80%
80-100% 390 $81,970,000 $210,179 $4,677 3.15%
Under 20% 28 $1,270,000 $45,357 $2,103 3.09%