Smw Financial Credit Union Mortgage Rates, Fees & Info

Lino Lakes, MN

LEI: 549300B6S67QUY869538

Tax ID: 41-0840716

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

    Smw Financial Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Smw Financial Credit Union has a high proportion of conventional loans. Their top two markets are Minneapolis and New Ulm .

    Smw Financial 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.

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    Originations

    34

    Origination Dollar Volume (All Markets)

    $1,360,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 31 $1,255,000 $40,484 $2,169 4.99%
    Outside of Metro Areas 2 $80,000 $40,000 $0 5.49%
    New Ulm, MN (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.99%
    Smw Financial Credit Union's top markets include Minneapolis and New Ulm among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 34 $1,360,000 $40,000 $2,169 5.02%

    For 2019, Smw Financial Credit Union's most frequently originated type of loan was Conventional, with 34 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 12 $390,000 $32,500 $0 5.64%
    Cash Out Refi 8 $270,000 $33,750 $3,652 4.71%
    Other 6 $190,000 $31,667 $0 4.97%
    Refi 6 $280,000 $46,667 $1,316 4.44%
    Home Purchase 2 $230,000 $115,000 $1,539 4.37%

    For 2019, Smw Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 12 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 14 $430,000 $30,714 $0 4.47%
    10 Year 11 $515,000 $46,818 $1,316 5.22%
    15 Year 5 $325,000 $65,000 $2,596 4.93%
    Other 4 $90,000 $22,500 $0 6.49%

    For 2019, Smw Financial Credit Union's most frequently cited loan duration was 5 Year, with 14 originations. The 2nd most popular length was 10 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2 $280,000 $140,000

    Smw Financial 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 2 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 11 $405,000 $36,818
    3-4% 10 $490,000 $49,000
    6-7% 5 $215,000 $43,000
    5-6% 4 $110,000 $27,500
    2.5-3% 2 $120,000 $60,000
    7-8% 1 $5,000 $5,000
    Over 8% 1 $15,000 $15,000

    During 2019, Smw Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 33 $1,165,000 $35,303 $2,484 5.06%
    $100k-200k 1 $195,000 $195,000 $1,539 3.45%

    2019 saw Smw Financial Credit Union place emphasis on $100,000 or less loans with 33 originations, totaling $1,165,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 9 $325,000 $36,111 $0 5.52%
    $50k-75k 8 $310,000 $38,750 $3,652 4.55%
    $100k-150k 7 $205,000 $29,286 $0 5.44%
    $150k-250k 7 $255,000 $36,429 $1,316 4.81%
    $50k or less 3 $265,000 $88,333 $1,539 4.24%

    Smw Financial Credit Union lent most frequently to those with incomes in the $75k-100k range, with 9 originations. The second most popular income band? $50k-75k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 9 $295,000 $32,778 $0 5.98%
    20-30% 6 $200,000 $33,333 $0 5.47%
    <20% 5 $185,000 $37,000 $1,316 3.57%
    43% 5 $175,000 $35,000 $0 5.05%
    40% 2 $50,000 $25,000 $0 4.99%
    38% 2 $110,000 $55,000 $0 4.99%
    41% 1 $55,000 $55,000 $0 4.99%
    42% 1 $25,000 $25,000 $0 4.99%
    36% 1 $45,000 $45,000 $0 3.99%
    46% 1 $25,000 $25,000 $3,652 3.45%
    50-60% 1 $195,000 $195,000 $1,539 3.45%

    Smw Financial Credit Union lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $1,360,000 $40,000 $2,169 5.02%

    Approval Rates

    Total approvals of all applications
    97.56%

    Smw Financial 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
    82.35%

    Smw Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 34 $1,360,000 $40,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 34 $1,360,000 $40,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $425,000 $60,714 $1,316 4.81%
    60-80% 1 $195,000 $195,000 $1,539 3.45%
    Under 20% 26 $740,000 $28,462 $3,652 5.13%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Swan Financial Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%