Chattanooga Federal Emp. Credit Union Mortgage Rates, Fees & Info
Chattanooga, TNLEI: 549300A1ILQC3X3Z1716
Tax ID: 62-0156027
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Chattanooga Federal Emp. Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Chattanooga Federal Emp. Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chattanooga, Cleveland, Nashville, Dayton, and Dalton among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Chattanooga Federal Emp. 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. Chattanooga Federal Emp. Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
37Origination Dollar Volume (All Markets)
$5,985,000Relative Rate
Chattanooga Federal Emp. Credit Union's average 30 year fixed mortgage rate was
7.36%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.88%.
Relative Fees (Closing Costs)
Chattanooga Federal Emp. Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,901.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 29 | $4,585,000 | $158,103 | $4,062 | 7.77% |
| CLEVELAND, TN (FHA|USDA|VA) | 5 | $1,105,000 | $221,000 | $5,636 | 7.23% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,319 | 6.00% |
| Dayton, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,961 | 6.13% |
| DALTON, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,181 | 8.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Chattanooga Federal Emp. Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 485
Similarity Rank: 850
Similarity Rank: 868
Similarity Rank: 1140
Similarity Rank: 1320
Similarity Rank: 1344
Similarity Rank: 1428
Similarity Rank: 1799
Similarity Rank: 2043
Similarity Rank: 2408
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $5,985,000 | $161,757 | $4,228 | 7.61% |
For 2023, Chattanooga Federal Emp. Credit Union's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
For 2023, Chattanooga Federal Emp. Credit Union's most frequently cited loan purpose was Cash Out Refi, with 22 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
For 2023, Chattanooga Federal Emp. Credit Union's most frequently cited loan duration was 15 Year, with 19 originations. The 2nd most popular length was 30 Year, with 15 originations.
Origination Fees/Closing Costs
Chattanooga Federal Emp. Credit Union's average total fees were $5,901, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 17 | $2,455,000 | $144,412 |
| 6-7% | 9 | $2,105,000 | $233,889 |
| Over 8% | 9 | $1,175,000 | $130,556 |
| 5-6% | 2 | $250,000 | $125,000 |
During 2023, Chattanooga Federal Emp. Credit Union's average interest rate for loans was 7.36%, while their most frequently originated rate bucket for loans was 7-8%, with 17 originations.
Loan Sizing
2023 saw Chattanooga Federal Emp. Credit Union place emphasis on $100,000 or less loans with 15 originations, totaling $905,000 in origination value.
Applicant Income
Chattanooga Federal Emp. Credit Union lent most frequently to those with incomes in the $75k-100k range, with 11 originations. The second most popular income band? $100k-150k, with 9 originations.
Applicant Debt to Income Ratio
Chattanooga Federal Emp. Credit Union lent most frequently to those with DTI ratios of 30-36%, with 8 originations. The next most common DTI ratio? 45%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.49%
Chattanooga Federal Emp. Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.89%
Chattanooga Federal Emp. Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 37 | $5,985,000 | $161,757 |