Red Rocks Credit Union Mortgage Rates, Fees & Info

Littleton, CO

LEI: 5493009NZUFSRFRWTY71

Tax ID: 84-0808889

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Red Rocks Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Red Rocks Credit Union has a high proportion of conventional loans. Their top markets include Denver, Fort Collins, Greeley, Colorado Springs, and Breckenridge among others. Red Rocks 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. Red Rocks Credit Union is typically a low fee lendor.


Originations

895

Origination Dollar Volume (All Markets)

$136,725,000

Awards

Red Rocks Credit Union 30 Year Conventional Loans silver Red Rocks Credit Union 30 Year Conventional Loans bronze Red Rocks Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Red Rocks Credit Union's average 30 year fixed rate mortgage of loans were 2.95%.

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

This yields a difference of -0.2%.

Relative Fees

Red Rocks Credit Union's average total fees for a 30 year fixed rate mortgage are $3,077.

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
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 716 $111,810,000 $156,159 $1,703 4.32%
FORT COLLINS, CO (FHA|USDA|VA) 59 $8,605,000 $145,847 $1,088 4.78%
GREELEY, CO (FHA|USDA|VA) 45 $4,825,000 $107,222 $989 5.25%
COLORADO SPRINGS, CO (FHA|USDA|VA) 32 $4,340,000 $135,625 $1,363 4.68%
Breckenridge, CO (FHA|USDA|VA) 7 $2,485,000 $355,000 $3,630 3.32%
BOULDER, CO (FHA|USDA|VA) 17 $2,215,000 $130,294 $942 4.42%
Outside of Metro Areas 7 $1,075,000 $153,571 $573 4.14%
Edwards, CO (FHA|USDA|VA) 3 $535,000 $178,333 $0 3.50%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.50%
Glenwood Springs, CO (FHA|USDA|VA) 2 $170,000 $85,000 $798 5.74%
Montrose, CO (FHA|USDA|VA) 2 $130,000 $65,000 $148 5.00%
Durango, CO (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.50%
Steamboat Springs, CO (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.50%
PUEBLO, CO (FHA|USDA|VA) 1 $65,000 $65,000 $328 10.49%
Cañon City, CO (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.50%

Red Rocks Credit Union's top markets include Denver, Fort Collins, Greeley, Colorado Springs, and Breckenridge among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 895 $136,725,000 $152,765 $1,601 4.41%

For the 2021 period, Red Rocks Credit Union's most frequently originated loan type of loans were Conventional, with 895 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 318 $30,090,000 $94,623 $205 4.37%
Cash Out Refi 219 $54,455,000 $248,653 $2,362 4.03%
Other 182 $19,540,000 $107,363 $268 4.47%
Home Purchase 133 $25,455,000 $191,391 $1,379 5.11%
Refi 43 $7,185,000 $167,093 $1,612 4.22%

For the 2021, Red Rocks Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 318 originations. The 2nd most popular reason of loans were Cash Out Refi, with 219 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 758 $86,840,000 $114,565 $647 4.66%
30 Year 96 $41,320,000 $430,417 $3,077 2.95%
15 Year 27 $5,295,000 $196,111 $1,688 3.64%
10 Year 7 $1,075,000 $153,571 $2,458 2.34%
20 Year 7 $2,195,000 $313,571 $2,669 2.73%

For the 2021, Red Rocks Credit Union's most frequently cited loan length of loans were Other, with 758 originations. The 2nd most popular length of loans were 30 Year, with 96 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 172 $21,710,000 $126,221
$1k-2k 128 $50,210,000 $392,266
$5k+ 1 $595,000 $595,000

$3,077 of loans were Red Rocks Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 172 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 420 $56,890,000 $135,452
5-6% 165 $20,185,000 $122,333
4-5% 117 $10,895,000 $93,120
2.5-3% 88 $35,390,000 $402,159
6-7% 39 $4,355,000 $111,667
Over 8% 27 $2,475,000 $91,667
<2.5% 23 $5,505,000 $239,348
7-8% 16 $1,030,000 $64,375

During 2021, Red Rocks Credit Union's average interest rate of loans were 2.95%, while their most frequently originated rate bucket of loans were 3-4%, with 420 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 442 $25,080,000 $56,742 $487 4.76%
$100k-200k 224 $30,140,000 $134,554 $1,087 4.41%
$200k-400k 153 $42,425,000 $277,288 $2,073 3.97%
$400k-600k 67 $32,345,000 $482,761 $3,048 3.24%
$600k-1MM 8 $5,470,000 $683,750 $3,632 3.36%
$1MM+ 1 $1,265,000 $1,265,000 $4,002 3.13%

2021 saw Red Rocks Credit Union place emphasis on $100,000 or less loans with 442 originations, totaling $25,080,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 304 $45,680,000 $150,263 $1,189 4.53%
$100k-150k 277 $40,425,000 $145,939 $1,790 4.38%
$250k+ 151 $33,065,000 $218,974 $1,711 4.49%
$75k-100k 101 $10,715,000 $106,089 $2,055 4.21%
$50k-75k 52 $6,050,000 $116,346 $1,780 4.21%
$50k or less 9 $755,000 $83,889 $2,440 3.44%

Red Rocks Credit Union lent most frequently to those with incomes in the $150k-250k range, with 304 originations. The second most popular income band? $100k-150k, with 277 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 188 $29,880,000 $158,936 $1,745 4.39%
20-30% 182 $27,960,000 $153,626 $1,657 4.09%
<20% 59 $7,945,000 $134,661 $2,158 3.78%
41% 50 $8,230,000 $164,600 $1,632 4.70%
36% 39 $5,645,000 $144,744 $1,152 4.66%
42% 38 $8,200,000 $215,789 $2,156 4.23%
44% 37 $5,875,000 $158,784 $1,490 4.60%
40% 36 $3,590,000 $99,722 $916 4.73%
39% 35 $6,445,000 $184,143 $1,478 4.87%
43% 34 $4,060,000 $119,412 $1,223 4.66%
45% 31 $4,925,000 $158,871 $1,585 4.71%
50-60% 29 $4,005,000 $138,103 $663 4.46%
37% 29 $4,655,000 $160,517 $1,570 4.71%
38% 27 $4,695,000 $173,889 $1,535 4.31%
46% 25 $3,385,000 $135,400 $1,238 4.68%
49% 22 $3,040,000 $138,182 $786 4.51%
48% 18 $1,930,000 $107,222 $606 5.23%
47% 16 $2,260,000 $141,250 $1,313 4.22%

Red Rocks Credit Union lent most frequently to those with DTI ratios of 30-36%, with 188 originations. The next most common DTI ratio? 20-30%, with 182 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 820 $120,730,000 $147,232 $1,491 4.44%
Not provided 39 $10,655,000 $273,205 $2,732 3.54%
Asian 16 $2,720,000 $170,000 $1,908 4.10%
Black 15 $1,835,000 $122,333 $945 5.21%
American Indian 5 $785,000 $157,000 $2,100 4.07%

Approval Rates

Total approvals of all applications
90.19%

Red Rocks Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
78.08%

Red Rocks Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 895 $136,725,000 $152,765

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
895 $136,725,000 $152,765

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 191 $39,835,000 $208,560 $1,347 4.46%
40-60% 42 $12,980,000 $309,048 $2,518 3.11%
60-80% 71 $32,385,000 $456,127 $3,120 2.95%
80-100% 14 $6,730,000 $480,714 $3,402 3.02%
Under 20% 577 $44,795,000 $77,634 $502 4.70%