First Education Federal Credit Union Mortgage Rates, Fees & Info

Cheyenne, WY

LEI: 5493009V6C21MWMPSR74

Tax ID: 83-0179538

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 two markets are Cheyenne and Laramie .

    First Education Federal Credit Union has an above average approval rate when compared to the average across all lenders.

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    Originations

    41

    Origination Dollar Volume (All Markets)

    $2,935,000

    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) 40 $2,860,000 $71,500 $0 0.00%
    Laramie, WY (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    First Education Federal Credit Union's top markets include Cheyenne and Laramie among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $2,935,000 $71,585 $0 0.00%

    For 2019, First Education Federal Credit Union's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 28 $1,980,000 $70,714 $0 0.00%
    Home Improvement 9 $385,000 $42,778 $0 0.00%
    Refi 3 $485,000 $161,667 $0 0.00%
    Home Purchase 1 $85,000 $85,000 $0 0.00%

    For 2019, First Education Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 41 $2,935,000 $71,585 $0 0.00%

    For 2019, First Education Federal Credit Union's most frequently cited loan duration was Other, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,700,000 $50,000 $0 0.00%
    $100k-200k 6 $1,020,000 $170,000 $0 0.00%
    $200k-400k 1 $215,000 $215,000 $0 0.00%

    2019 saw First Education Federal Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $1,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $1,365,000 $91,000 $0 0.00%
    $75k-100k 12 $1,020,000 $85,000 $0 0.00%
    $50k-75k 5 $185,000 $37,000 $0 0.00%
    $50k or less 5 $195,000 $39,000 $0 0.00%
    $150k-250k 4 $170,000 $42,500 $0 0.00%

    First Education Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 41 $2,935,000 $71,585 $0 0.00%

    First Education Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $2,575,000 $73,571 $0 0.00%
    American Indian 2 $190,000 $95,000 $0 0.00%
    Black 2 $90,000 $45,000 $0 0.00%
    Not provided 1 $55,000 $55,000 $0 0.00%
    Asian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.35%

    First Education Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 41 $2,935,000 $71,585

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 41 $2,935,000 $71,585

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%