Indiana University Credit Union Mortgage Rates, Fees & Info

Bloomington, IN

LEI: 549300F175WFRUKLMG10

Tax ID: 35-0987917

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Indiana University Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Indiana University Credit Union has a high proportion of conventional loans. Their top markets include Bloomington, Indianapolis, Bedford, Muncie, and Fort Wayne among others. Indiana University Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Indiana University Credit Union is typically a low fee lendor.


Originations

918

Origination Dollar Volume (All Markets)

$204,740,000
Show all (5) awards

Relative Rate

Indiana University Credit Union's average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

Indiana University Credit Union's average total fees for a 30 year fixed rate mortgage are $2,002.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BLOOMINGTON, IN (FHA|USDA|VA) 638 $143,490,000 $224,906 $1,737 3.36%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 144 $33,610,000 $233,403 $1,708 3.68%
Bedford, IN (FHA|USDA|VA) 32 $6,060,000 $189,375 $1,233 3.68%
Outside of Metro Areas 39 $5,725,000 $146,795 $1,567 3.31%
MUNCIE, IN (FHA|USDA|VA) 1 $4,595,000 $4,595,000 $0 3.65%
FORT WAYNE, IN (FHA|USDA|VA) 19 $2,695,000 $141,842 $1,298 3.24%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 16 $2,510,000 $156,875 $1,567 3.69%
COLUMBUS, IN (FHA|USDA|VA) 7 $2,135,000 $305,000 $803 4.21%
TERRE HAUTE, IN (FHA|USDA|VA) 6 $860,000 $143,333 $1,685 3.67%
KOKOMO, IN (FHA|USDA|VA) 2 $830,000 $415,000 $0 4.13%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 3 $565,000 $188,333 $2,273 3.88%
Seymour, IN (FHA|USDA|VA) 2 $390,000 $195,000 $3,682 3.13%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $345,000 $345,000 $2,130 2.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $240,000 $120,000 $1,410 3.63%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $1,814 3.00%
Auburn, IN (FHA|USDA|VA) 2 $170,000 $85,000 $833 3.93%
Scottsburg, IN (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.25%
Angola, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,598 3.13%
Decatur, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.10%

Indiana University Credit Union's top markets include Bloomington, Indianapolis, Bedford, Muncie, and Fort Wayne among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 918 $204,740,000 $223,028 $1,693 3.44%

For the 2021 period, Indiana University Credit Union's most frequently originated loan type of loans were Conventional, with 918 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 377 $62,085,000 $164,682 $1,540 3.61%
Home Purchase 280 $85,380,000 $304,929 $1,914 3.23%
Refi 229 $53,755,000 $234,738 $1,805 3.37%
Home Improvement 22 $2,620,000 $119,091 $1,346 3.48%
Other 10 $900,000 $90,000 $775 4.09%

For the 2021, Indiana University Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 377 originations. The 2nd most popular reason of loans were Home Purchase, with 280 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 407 $89,165,000 $219,079 $2,002 3.11%
15 Year 273 $51,065,000 $187,051 $1,430 3.71%
20 Year 70 $13,900,000 $198,571 $1,997 2.96%
10 Year 68 $14,050,000 $206,618 $746 4.03%
5 Year 49 $8,955,000 $182,755 $156 4.15%
Other 40 $24,330,000 $608,250 $1,033 4.01%
30+ year 6 $2,200,000 $366,667 $4,750 2.75%
1 Year 5 $1,075,000 $215,000 $0 4.05%

For the 2021, Indiana University Credit Union's most frequently cited loan length of loans were 30 Year, with 407 originations. The 2nd most popular length of loans were 15 Year, with 273 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 681 $115,585,000 $169,728
$1k-2k 58 $16,120,000 $277,931
$2k-3k 9 $2,835,000 $315,000
$3k-4k 3 $665,000 $221,667

$2,002 of loans were Indiana University Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 681 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 465 $117,115,000 $251,860
2.5-3% 272 $58,000,000 $213,235
4-5% 85 $15,045,000 $177,000
<2.5% 60 $12,960,000 $216,000
5-6% 19 $875,000 $46,053
6-7% 10 $510,000 $51,000
7-8% 5 $205,000 $41,000
Over 8% 2 $30,000 $15,000

During 2021, Indiana University Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 465 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 367 $54,985,000 $149,823 $1,820 3.25%
$200k-400k 249 $67,695,000 $271,867 $2,210 3.10%
$100,000 or less 232 $13,960,000 $60,172 $744 4.10%
$400k-600k 40 $19,630,000 $490,750 $2,713 3.28%
$600k-1MM 17 $13,025,000 $766,176 $2,285 3.49%
$1MM+ 13 $35,445,000 $2,726,538 $0 3.95%

2021 saw Indiana University Credit Union place emphasis on $100k-200k loans with 367 originations, totaling $54,985,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 181 $24,715,000 $136,547 $1,462 3.45%
$100k-150k 174 $35,680,000 $205,057 $1,843 3.27%
$50k or less 145 $16,855,000 $116,241 $1,513 3.35%
$75k-100k 143 $23,465,000 $164,091 $1,700 3.38%
$150k-250k 98 $26,690,000 $272,347 $2,030 3.14%
$250k+ 29 $11,715,000 $403,966 $2,127 3.36%

Indiana University Credit Union lent most frequently to those with incomes in the $50k-75k range, with 181 originations. The second most popular income band? $100k-150k, with 174 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 246 $42,840,000 $174,146 $1,736 3.25%
<20% 148 $26,270,000 $177,500 $1,859 3.09%
30-36% 137 $24,775,000 $180,839 $1,553 3.43%
38% 27 $6,435,000 $238,333 $1,740 3.33%
37% 27 $5,365,000 $198,704 $1,603 3.44%
43% 26 $3,740,000 $143,846 $1,381 3.86%
36% 26 $4,830,000 $185,769 $1,660 3.50%
39% 21 $3,425,000 $163,095 $1,595 3.39%
41% 19 $3,525,000 $185,526 $1,383 3.43%
40% 18 $3,270,000 $181,667 $1,875 3.51%
50-60% 15 $3,215,000 $214,333 $1,857 3.74%
42% 12 $2,710,000 $225,833 $1,816 3.02%
47% 12 $2,960,000 $246,667 $1,488 3.68%
45% 11 $1,675,000 $152,273 $1,550 3.77%
>60% 10 $1,590,000 $159,000 $0 4.01%
44% 10 $1,820,000 $182,000 $1,817 3.29%
46% 7 $1,215,000 $173,571 $1,093 3.70%
48% 5 $855,000 $171,000 $1,525 3.22%
49% 4 $770,000 $192,500 $2,391 2.75%

Indiana University Credit Union lent most frequently to those with DTI ratios of 20-30%, with 246 originations. The next most common DTI ratio? <20%, with 148 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 681 $122,185,000 $179,420 $1,680 3.35%
Not applicable 127 $60,705,000 $477,992 $0 4.07%
Not provided 57 $11,025,000 $193,421 $1,763 3.27%
Asian 21 $4,765,000 $226,905 $1,871 3.00%
American Indian 10 $2,360,000 $236,000 $1,987 3.21%
Black 14 $2,070,000 $147,857 $1,420 3.53%
Filipino 2 $620,000 $310,000 $2,369 2.88%
Asian Indian 2 $480,000 $240,000 $1,978 3.44%
Chinese 1 $225,000 $225,000 $2,499 3.13%
Other Asian 1 $115,000 $115,000 $1,740 3.13%
Korean 1 $105,000 $105,000 $1,694 3.25%
Japanese 1 $85,000 $85,000 $1,411 3.00%

Approval Rates

Total approvals of all applications
85.09%

Indiana University Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
83.18%

Indiana University Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 918 $204,740,000 $223,028

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
918 $204,740,000 $223,028

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 88 $8,100,000 $92,045 $1,194 3.58%
40-60% 181 $30,815,000 $170,249 $1,696 3.22%
60-80% 404 $104,170,000 $257,847 $2,028 3.36%
80-100% 178 $58,400,000 $328,090 $1,949 3.22%
Under 20% 62 $2,060,000 $33,226 $213 5.08%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Indian River County Habitat for Humanity, Inc. Other type of mortgage Struggling to pay mortgage 1 100.0%