First Education Federal Credit Union Mortgage Rates, Fees & Info

Cheyenne, WY

LEI: 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

35

Origination Dollar Volume (All Markets)

$2,235,000

Top 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) 34 $2,040,000 $60,000 $0 5.94%
Outside of Metro Areas 1 $195,000 $195,000 $0 5.88%
First Education Federal Credit Union's top markets include and Cheyenne among others.

Their top states include:
  • Wyoming (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $2,235,000 $63,857 $0 5.94%

    For 2018, First Education Federal Credit Union's most frequently originated type of loan was Conventional, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 22 $1,320,000 $60,000 $0 5.87%
    Home Improvement 8 $440,000 $55,000 $0 6.03%
    Other 3 $135,000 $45,000 $0 6.29%
    Home Purchase 2 $340,000 $170,000 $0 5.81%

    For 2018, First Education Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 22 originations. The 2nd most popular reason was Home Improvement, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 30 $2,090,000 $69,667 $0 6.11%
    5 Year 4 $130,000 $32,500 $0 4.69%
    10 Year 1 $15,000 $15,000 $0 5.88%

    For 2018, First Education Federal Credit Union's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 5 Year, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 14 $1,250,000 $89,286
    6-7% 14 $590,000 $42,143
    4-5% 6 $360,000 $60,000
    7-8% 1 $35,000 $35,000

    During 2018, First Education Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 14 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 30 $1,260,000 $42,000 $0 6.01%
    $100k-200k 4 $670,000 $167,500 $0 5.47%
    $200k-400k 1 $305,000 $305,000 $0 5.75%

    2018 saw First Education Federal Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $700,000 $70,000 $0 5.91%
    $50k-75k 10 $510,000 $51,000 $0 5.85%
    $75k-100k 8 $750,000 $93,750 $0 5.86%
    $50k or less 4 $120,000 $30,000 $0 6.13%
    $150k-250k 3 $155,000 $51,667 $0 6.29%

    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? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 35 $2,235,000 $63,857 $0 5.94%

    First Education Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $2,210,000 $65,000 $0 5.99%
    Not provided 1 $25,000 $25,000 $0 4.38%

    Approval Rates

    Total approvals of all applications
    85.37%

    First Education Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 35 $2,235,000 $63,857

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 35 $2,235,000 $63,857

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $460,000 $57,500 $0 6.13%
    60-80% 1 $195,000 $195,000 $0 5.88%
    80-100% 4 $780,000 $195,000 $0 5.44%
    Under 20% 22 $800,000 $36,364 $0 5.97%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%