Credit Union One Mortgage Rates, Fees & Info

Ferndale, MI

LEI: 5493008NQVB5ZOWYNU83

Tax ID: 38-0536242

5 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Credit Union One is a small credit union specializing in Refi loans. Credit Union One has a high proportion of conventional loans. Their top markets include Detroit, Traverse City, Grand Rapids, Ann Arbor, and Flint among others. Credit Union One has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Credit Union One is typically an average fee lendor.


Originations

2,112

Origination Dollar Volume (All Markets)

$1,025,080,000

Awards

CREDIT UNION ONE 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Credit Union One's average 30 year fixed rate mortgage of loans were 3.29%.

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

This yields a difference of 0.14%.

Relative Fees

Credit Union One's average total fees for a 30 year fixed rate mortgage are $3,338.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,474 $957,200,000 $649,389 $1,652 2.95%
Traverse City, MI (FHA|USDA|VA) 212 $24,630,000 $116,179 $1,967 2.90%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 144 $12,960,000 $90,000 $1,398 2.98%
Outside of Metro Areas 73 $7,545,000 $103,356 $2,152 3.02%
ANN ARBOR, MI (FHA|USDA|VA) 36 $5,550,000 $154,167 $2,009 2.42%
FLINT, MI (FHA|USDA|VA) 42 $2,890,000 $68,810 $456 3.05%
Mount Pleasant, MI (FHA|USDA|VA) 4 $2,330,000 $582,500 $3,146 3.41%
MONROE, MI (FHA|USDA|VA) 15 $1,855,000 $123,667 $1,967 3.51%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 18 $1,640,000 $91,111 $2,345 2.81%
Cadillac, MI (FHA|USDA|VA) 11 $1,225,000 $111,364 $2,170 3.05%
MUSKEGON, MI (FHA|USDA|VA) 13 $1,015,000 $78,077 $2,060 3.05%
MIDLAND, MI (FHA|USDA|VA) 10 $840,000 $84,000 $0 2.34%
BAY CITY, MI (FHA|USDA|VA) 9 $825,000 $91,667 $0 2.92%
Ludington, MI (FHA|USDA|VA) 5 $685,000 $137,000 $1,388 3.07%
Holland, MI (FHA|USDA|VA) 8 $620,000 $77,500 $2,429 2.76%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $540,000 $270,000 $5,113 2.63%
JACKSON, MI (FHA|USDA|VA) 3 $475,000 $158,333 $1,524 3.37%
Big Rapids, MI (FHA|USDA|VA) 5 $315,000 $63,000 $1,133 3.32%
SAGINAW, MI (FHA|USDA|VA) 6 $230,000 $38,333 $1,383 3.43%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $185,000 $185,000 $3,828 3.13%
Adrian, MI (FHA|USDA|VA) 5 $185,000 $37,000 $0 2.44%
Marquette, MI (FHA|USDA|VA) 3 $185,000 $61,667 $2,708 3.08%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,338 3.13%
Hillsdale, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 2.50%
FLORENCE, SC (FHA|USDA|VA) 1 $135,000 $135,000 $3,429 2.88%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $115,000 $115,000 $2,791 2.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $3,148 3.50%
NILES, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,968 3.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.99%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $85,000 $85,000 $3,621 3.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,789 3.25%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.99%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%

Credit Union One's top markets include Detroit, Traverse City, Grand Rapids, Ann Arbor, and Flint among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,112 $1,025,080,000 $485,360 $1,709 2.95%

For the 2021 period, Credit Union One's most frequently originated loan type of loans were Conventional, with 2,112 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 686 $41,050,000 $59,840 $34 2.82%
Refi 515 $883,585,000 $1,715,699 $2,559 3.02%
Cash Out Refi 365 $35,735,000 $97,904 $131 2.95%
Other 326 $24,350,000 $74,693 $48 2.99%
Home Purchase 220 $40,360,000 $183,455 $3,140 3.10%

For the 2021, Credit Union One's most frequently cited loan purpose of loans were Home Improvement, with 686 originations. The 2nd most popular reason of loans were Refi, with 515 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,079 $83,565,000 $77,447 $67 2.48%
15 Year 334 $38,110,000 $114,102 $1,683 3.35%
30 Year 293 $53,225,000 $181,655 $3,338 3.29%
20 Year 150 $22,670,000 $151,133 $1,570 3.45%
10 Year 147 $823,625,000 $5,602,891 $571 3.82%
5 Year 109 $3,885,000 $35,642 $37 3.55%

For the 2021, Credit Union One's most frequently cited loan length of loans were Other, with 1,079 originations. The 2nd most popular length of loans were 15 Year, with 334 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 509 $80,495,000 $158,143
$<1k 507 $35,485,000 $69,990
$2k-3k 42 $8,480,000 $201,905
$3k-4k 18 $4,210,000 $233,889
$5k+ 3 $965,000 $321,667

$3,338 of loans were Credit Union One's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 509 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 906 $76,610,000 $84,558
3-4% 641 $81,465,000 $127,090
2.5-3% 292 $39,860,000 $136,507
4-5% 208 $824,000,000 $3,961,538
5-6% 65 $3,145,000 $48,385

During 2021, Credit Union One's average interest rate of loans were 3.29%, while their most frequently originated rate bucket of loans were <2.5%, with 906 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,288 $64,980,000 $50,450 $732 2.97%
$100k-200k 563 $76,965,000 $136,705 $2,467 2.91%
$200k-400k 239 $59,255,000 $247,929 $3,034 2.86%
$400k-600k 15 $6,735,000 $449,000 $4,091 3.14%
$1MM+ 4 $815,020,000 $203,755,000 $6,775 3.75%
$600k-1MM 3 $2,125,000 $708,333 $4,717 3.00%

2021 saw Credit Union One place emphasis on $100,000 or less loans with 1,288 originations, totaling $64,980,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 497 $51,035,000 $102,686 $1,568 2.90%
$50k-75k 474 $41,420,000 $87,384 $1,702 2.98%
$75k-100k 375 $37,205,000 $99,213 $1,744 2.99%
$50k or less 356 $26,470,000 $74,354 $1,707 3.00%
$150k-250k 321 $40,525,000 $126,246 $1,849 2.91%
$250k+ 86 $14,490,000 $168,488 $1,988 2.70%

Credit Union One lent most frequently to those with incomes in the $100k-150k range, with 497 originations. The second most popular income band? $50k-75k, with 474 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 607 $58,655,000 $96,631 $1,702 2.90%
30-36% 412 $39,270,000 $95,316 $1,585 3.07%
<20% 261 $24,835,000 $95,153 $1,437 2.85%
42% 77 $7,505,000 $97,468 $2,081 2.96%
40% 77 $7,525,000 $97,727 $2,093 3.00%
36% 73 $7,085,000 $97,055 $1,690 3.07%
41% 72 $7,940,000 $110,278 $1,782 3.15%
38% 69 $6,955,000 $100,797 $1,595 2.93%
50-60% 65 $7,405,000 $113,923 $1,316 2.80%
43% 63 $6,945,000 $110,238 $1,939 2.99%
39% 62 $6,240,000 $100,645 $1,635 3.08%
37% 55 $5,925,000 $107,727 $1,800 2.98%
44% 47 $3,965,000 $84,362 $1,732 2.93%
45% 36 $3,750,000 $104,167 $2,434 2.82%
46% 31 $4,005,000 $129,194 $1,841 3.07%
>60% 29 $4,655,000 $160,517 $2,463 2.28%
49% 28 $3,750,000 $133,929 $2,219 2.75%
47% 24 $2,600,000 $108,333 $2,341 2.82%
48% 21 $2,135,000 $101,667 $2,086 2.79%

Credit Union One lent most frequently to those with DTI ratios of 20-30%, with 607 originations. The next most common DTI ratio? 30-36%, with 412 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 2 $533,930,000 $266,965,000 $0 3.75%
White 1,674 $445,580,000 $266,177 $1,658 2.93%
Not provided 202 $20,420,000 $101,089 $1,822 2.96%
Black 162 $16,730,000 $103,272 $1,967 3.06%
Asian 56 $7,140,000 $127,500 $1,966 2.94%
American Indian 12 $730,000 $60,833 $902 3.09%
Native Hawaiian 2 $330,000 $165,000 $2,932 2.69%
Other Asian 1 $155,000 $155,000 $4,723 2.63%
Korean 1 $65,000 $65,000 $0 3.00%

Approval Rates

Total approvals of all applications
84.04%

Credit Union One has a below average approval rate.

Pick Rate

Approvals leading to origination
69.02%

Credit Union One 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 2,112 $1,025,080,000 $485,360

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,112 $1,025,080,000 $485,360

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 518 $43,910,000 $84,768 $814 2.83%
40-60% 333 $42,655,000 $128,093 $1,915 2.87%
60-80% 354 $61,310,000 $173,192 $2,616 3.02%
80-100% 172 $32,180,000 $187,093 $2,943 3.29%
Under 20% 732 $31,090,000 $42,473 $78 2.94%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Credit One LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%