Illinois State Police Federal Credit Union Mortgage Rates, Fees & Info
Springfield, ILLEI: 549300D4P7FB9UH6CL48
Tax ID: 37-6057285
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Illinois State Police Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Illinois State Police Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Effingham, St. Louis, Springfield, and Jacksonville among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Illinois State Police Federal Credit Union has an 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
12Origination Dollar Volume (All Markets)
$820,000Top Markets
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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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $280,000 | $70,000 | $600 | 7.21% |
| Effingham, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,846 | 6.99% |
| Outside of Metro Areas | 2 | $120,000 | $60,000 | $1,712 | 6.70% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.75% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 3 | $75,000 | $25,000 | $521 | 6.87% |
| Jacksonville, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.63% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $820,000 | $68,333 | $1,057 | 6.35% |
For 2023, Illinois State Police Federal Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 6 | $380,000 | $63,333 | $938 | 4.25% |
| Home Improvement | 4 | $160,000 | $40,000 | $476 | 9.12% |
| Home Purchase | 2 | $280,000 | $140,000 | $2,279 | 7.12% |
For 2023, Illinois State Police Federal Credit Union's most frequently cited loan purpose was Refi, with 6 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
For 2023, Illinois State Police Federal Credit Union's most frequently cited loan duration was 10 Year, with 5 originations. The 2nd most popular length was Other, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $545,000 | $77,857 |
Illinois State Police 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 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 4 | $160,000 | $40,000 |
| 6-7% | 3 | $295,000 | $98,333 |
| 2.5-3% | 2 | $100,000 | $50,000 |
| 3-4% | 2 | $160,000 | $80,000 |
| 7-8% | 1 | $105,000 | $105,000 |
During 2023, Illinois State Police Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 8 | $320,000 | $40,000 | $476 | 6.44% |
| $100k-200k | 4 | $500,000 | $125,000 | $1,832 | 6.18% |
2023 saw Illinois State Police Federal Credit Union place emphasis on $100,000 or less loans with 8 originations, totaling $320,000 in origination value.
Applicant Income
Illinois State Police Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 5 | $265,000 | $53,000 | $1,296 | 6.75% |
| <20% | 4 | $310,000 | $77,500 | $1,325 | 4.87% |
| 30-36% | 3 | $245,000 | $81,667 | $432 | 7.66% |
Illinois State Police Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? <20%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 11 | $715,000 | $65,000 | $1,077 | 6.32% |
| Black | 1 | $105,000 | $105,000 | $938 | 6.74% |
Approval Rates
Total approvals of all applications89.47%
Illinois State Police Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination58.33%
Illinois State Police Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 12 | $820,000 | $68,333 |