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

Jump to:

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 (well, only) market is Cheyenne.

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

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    39

    Origination Dollar Volume (All Markets)

    $3,155,000

    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) 39 $3,155,000 $80,897 $1,121 6.30%
    First Education Federal Credit Union's top markets include and Cheyenne among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 39 $3,155,000 $80,897 $1,121 6.30%

    For 2022, First Education Federal Credit Union's most frequently originated type of loan was Conventional, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 27 $2,325,000 $86,111 $1,121 6.35%
    Home Improvement 6 $390,000 $65,000 $0 6.06%
    Other 4 $160,000 $40,000 $0 6.44%
    Refi 2 $280,000 $140,000 $0 6.13%

    For 2022, First Education Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 27 originations. The 2nd most popular reason was Home Improvement, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 33 $2,515,000 $76,212 $1,121 6.46%
    5 Year 2 $70,000 $35,000 $0 5.44%
    Other 2 $250,000 $125,000 $0 5.38%
    10 Year 1 $75,000 $75,000 $0 5.38%
    20 Year 1 $245,000 $245,000 $0 5.63%

    For 2022, First Education Federal Credit Union's most frequently cited loan duration was 15 Year, with 33 originations. The 2nd most popular length was 5 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $115,000 $115,000

    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 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 15 $1,195,000 $79,667
    7-8% 11 $765,000 $69,545
    6-7% 6 $390,000 $65,000
    4-5% 4 $620,000 $155,000
    Over 8% 2 $140,000 $70,000
    3-4% 1 $45,000 $45,000

    During 2022, 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 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 29 $1,465,000 $50,517 $0 6.41%
    $100k-200k 6 $790,000 $131,667 $1,121 6.77%
    $200k-400k 4 $900,000 $225,000 $0 4.84%

    2022 saw First Education Federal Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $870,000 $87,000 $0 6.49%
    $75k-100k 8 $320,000 $40,000 $0 6.19%
    $50k-75k 5 $415,000 $83,000 $0 6.48%
    $50k or less 4 $230,000 $57,500 $0 4.91%
    $150k-250k 2 $100,000 $50,000 $0 6.75%

    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? $75k-100k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $915,000 $61,000 $1,121 6.41%
    30-36% 8 $800,000 $100,000 $0 5.98%
    <20% 8 $880,000 $110,000 $0 5.48%
    38% 4 $350,000 $87,500 $0 7.38%
    37% 2 $90,000 $45,000 $0 6.69%
    43% 1 $15,000 $15,000 $0 7.25%
    44% 1 $105,000 $105,000 $0 7.88%

    First Education Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $3,050,000 $80,263 $1,121 6.35%
    Black 1 $105,000 $105,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    94.87%

    First Education Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 39 $3,155,000 $80,897

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    39 $3,155,000 $80,897

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $865,000 $96,111 $1,121 6.93%
    40-60% 1 $175,000 $175,000 $0 6.50%
    60-80% 2 $340,000 $170,000 $0 4.50%
    80-100% 2 $400,000 $200,000 $0 6.06%
    Over 100% 1 $245,000 $245,000 $0 5.63%
    Under 20% 24 $1,130,000 $47,083 $0 6.26%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST GUARANTY MORTGAGE CORP Conventional home mortgage Struggling to pay mortgage 1 100.0%