First Education Federal Credit Union Mortgage Rates, Fees & Info
Cheyenne, WYLEI: 5493009V6C21MWMPSR74
Tax ID: 83-0179538
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Mortgage Data
Review & Overview
First Education Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. First Education Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Cheyenne.First Education Federal Credit Union has an average approval rate when compared to the average across all lenders.
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Originations
31Origination Dollar Volume (All Markets)
$2,395,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| CHEYENNE, WY (FHA|USDA|VA) | 30 | $2,370,000 | $79,000 | $579 | 7.73% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 8.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,395,000 | $77,258 | $579 | 7.74% |
For 2023, First Education Federal Credit Union's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 30 | $2,290,000 | $76,333 | $579 | 7.73% |
| Other | 1 | $105,000 | $105,000 | $0 | 8.00% |
For 2023, First Education Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 30 originations. The 2nd most popular reason was Other, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 25 | $2,145,000 | $85,800 | $627 | 7.85% |
| Other | 4 | $200,000 | $50,000 | $460 | 7.33% |
| 5 Year | 2 | $50,000 | $25,000 | $417 | 7.00% |
For 2023, First Education Federal Credit Union's most frequently cited loan duration was 15 Year, with 25 originations. The 2nd most popular length was Other, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 30 | $2,360,000 | $78,667 |
First Education Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 30 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 21 | $1,515,000 | $72,143 |
| Over 8% | 5 | $505,000 | $101,000 |
| 6-7% | 4 | $300,000 | $75,000 |
During 2023, First Education Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 21 originations.
Loan Sizing
2023 saw First Education Federal Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $1,190,000 in origination value.
Applicant Income
First Education Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 7 originations.
Applicant Debt to Income Ratio
First Education Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 13 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.11%
First Education Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $2,395,000 | $77,258 |