Red Rocks Credit Union Mortgage Rates, Fees & Info
Littleton, COLEI: 5493009NZUFSRFRWTY71
Tax ID: 84-0808889
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
895Origination Dollar Volume (All Markets)
$136,725,000Awards
Red Rocks Credit Union - 2021
Red Rocks Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications90.19%
Red Rocks Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.08%
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% |
