Chattanooga Federal Emp. Credit Union Mortgage Rates, Fees & Info
Chattanooga, TNLEI: 549300A1ILQC3X3Z1716
Tax ID: 62-0156027
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Mortgage Data
Review & Overview
Chattanooga Federal Emp. Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Chattanooga Federal Emp. Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chattanooga, Nashville, Dalton, and Athens among others. We have data for 4 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 a below average pick rate when compared to similar lenders. Chattanooga Federal Emp. Credit Union is typically a low 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 about average rates.
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Originations
53Origination Dollar Volume (All Markets)
$6,515,000Awards
Chattanooga Federal Emp. Credit Union - 2018
Chattanooga Federal Emp. Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 48 | $5,370,000 | $111,875 | $1,331 | 4.30% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $2,443 | 5.08% |
| DALTON, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,813 | 4.75% |
| Athens, TN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 53 | $6,515,000 | $122,925 | $1,411 | 4.38% |
For 2018, Chattanooga Federal Emp. Credit Union's most frequently originated type of loan was Conventional, with 53 originations.
Loan Reason
For 2018, Chattanooga Federal Emp. Credit Union's most frequently cited loan purpose was Other, with 19 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2018, Chattanooga Federal Emp. Credit Union's most frequently cited loan duration was 30 Year, with 21 originations. The 2nd most popular length was 15 Year, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 26 | $3,720,000 | $143,077 |
| 4-5% | 15 | $1,485,000 | $99,000 |
| 5-6% | 12 | $1,310,000 | $109,167 |
During 2018, Chattanooga Federal Emp. Credit Union's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.
Loan Sizing
2018 saw Chattanooga Federal Emp. Credit Union place emphasis on $100,000 or less loans with 27 originations, totaling $1,615,000 in origination value.
Applicant Income
Chattanooga Federal Emp. Credit Union lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $75k-100k, with 14 originations.
Applicant Debt to Income Ratio
Chattanooga Federal Emp. Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? <20%, with 13 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 49 | $6,285,000 | $128,265 | $1,424 | 4.35% |
| Black | 3 | $205,000 | $68,333 | $1,211 | 4.25% |
| Asian | 1 | $25,000 | $25,000 | $0 | 6.00% |
Approval Rates
Total approvals of all applications98.46%
Chattanooga Federal Emp. 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 origination79.25%
Chattanooga Federal Emp. Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $75,000 | $75,000 |
| NA | 52 | $6,440,000 | $123,846 |