America First Federal Credit Union

RIVERDALE, UT 84405

LEI: 5493007I0X1GRWIU8B34

Tax ID: 87-0216202

2019 Data | 2018 Data


Overview

America First Federal Credit Union is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. America First Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Ogden, Salt Lake City, Provo, Las Vegas, and St. George among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. America First Federal Credit Union is typically a low fee lendor.


Originations

15,537

Origination Dollar Volume (All Markets)

$1,709,985,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 15,410 $1,678,600,000 $108,929
FHA 74 $16,840,000 $227,568
VA 51 $14,115,000 $276,765
USDA 2 $430,000 $215,000

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 1,650 $362,920,000 $219,952
Home Improvement 4,415 $234,105,000 $53,025
Other 3,777 $220,585,000 $58,402
Refi 3,927 $493,215,000 $125,596
Cash Out Refi 1,768 $399,160,000 $225,769

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
OGDEN-CLEARFIELD, UT 5,998 $675,460,000 $112,614
SALT LAKE CITY, UT 4,459 $476,085,000 $106,769
PROVO-OREM, UT 1,686 $186,950,000 $110,884
LAS VEGAS-HENDERSON-PARADISE, NV 1,356 $158,450,000 $116,851
ST. GEORGE, UT 487 $61,355,000 $125,986
Outside of Metro Areas 524 $59,810,000 $114,141
LOGAN, UT-ID 425 $40,485,000 $95,259
PHOENIX-MESA-CHANDLER, AZ 454 $34,700,000 $76,432
BOISE CITY, ID 55 $8,305,000 $151,000
LAKE HAVASU CITY-KINGMAN, AZ 38 $3,490,000 $91,842
FLAGSTAFF, AZ 9 $1,375,000 $152,778
IDAHO FALLS, ID 10 $1,030,000 $103,000
POCATELLO, ID 8 $880,000 $110,000
TWIN FALLS, ID 4 $500,000 $125,000
TUCSON, AZ 6 $310,000 $51,667
RENO, NV 5 $235,000 $47,000
PRESCOTT VALLEY-PRESCOTT, AZ 5 $175,000 $35,000
YUMA, AZ 4 $170,000 $42,500
COEUR D'ALENE, ID 2 $140,000 $70,000
CARSON CITY, NV 1 $45,000 $45,000
SIERRA VISTA-DOUGLAS, AZ 1 $35,000 $35,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 13 $2,705,000 $208,077
2.5-3% 505 $103,325,000 $204,604
3-4% 3,260 $675,750,000 $207,285
4-5% 2,548 $330,870,000 $129,855
5-6% 3,860 $296,760,000 $76,881
6-7% 2,599 $171,085,000 $65,827
7-8% 980 $49,880,000 $50,898
Over 8% 1,772 $79,610,000 $44,927

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 9,659 $431,955,000 $44,720
$100k-200k 2,979 $425,465,000 $142,821
$200k-400k 2,587 $701,315,000 $271,092
$400k-600k 288 $129,590,000 $449,965
$600k-1000k 19 $12,885,000 $678,158
$Over $1MM 5 $8,775,000 $1,755,000

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 2,992 $282,000,000 $94,251
40-60% 1,616 $279,650,000 $173,051
60-80% 2,216 $552,540,000 $249,341
80-100% 1,114 $286,120,000 $256,840
Over 100% 3 $1,035,000 $345,000
Under 20% 7,596 $308,640,000 $40,632

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,205 $485,755,000 $115,518
$150k-250k 1,814 $234,940,000 $129,515
$50k-75k 3,441 $347,695,000 $101,045
$50k-or less 1,631 $137,695,000 $84,424
$75k-100k 3,635 $364,985,000 $100,409
$Over $250k 508 $95,620,000 $188,228

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 14,205 $1,538,625,000 $108,316
Not provided 526 $78,130,000 $148,536
Asian 415 $49,675,000 $119,699
American Indian 129 $11,495,000 $89,109
Black 145 $11,155,000 $76,931
Native Hawaiian 103 $10,875,000 $105,583
Not applicable 11 $9,925,000 $902,273
Other Pacific Islander 3 $105,000 $35,000

Approval Rates

Total approvals of all applications
78.37%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
77.00%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 15,537 $1,709,985,000 $110,059

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 5,942 $373,580,000 $62,871
$1k-2k 1,867 $352,485,000 $188,798
$2k-3k 1,014 $287,250,000 $283,284
$3k-4k 546 $157,080,000 $287,692
$5k+ 245 $80,175,000 $327,245

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 7 $9,305,000 $1,329,286
Single Family (1-4 Units):Manufactured 97 $9,105,000 $93,866
Single Family (1-4 Units):Site-Built 15,433 $1,691,575,000 $109,608