First Education Federal Credit Union Mortgage Rates, Fees & Info
Cheyenne, WYLEI: 5493009V6C21MWMPSR74
Tax ID: 83-0179538
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
35Origination Dollar Volume (All Markets)
$2,235,000Top 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) | 34 | $2,040,000 | $60,000 | $0 | 5.94% |
| Outside of Metro Areas | 1 | $195,000 | $195,000 | $0 | 5.88% |
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
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
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
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 applications85.37%
First Education Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints 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
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% |