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

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    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 by origination volume include: Bloomington, Indianapolis, Bedford, Muncie, and Fort Wayne among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Indiana University 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. Indiana University 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.68% 3/20/23
    30 Year Conventional Refi 6.51% 3/20/23
    30 Year Cash-out Refi 6.55% 3/20/23
    15 Year Conventional Purchase 6.70% 3/20/23
    15 Year Conventional Refi 6.30% 3/20/23
    15 Year Cash-out Refi 6.30% 3/20/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    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 mortgage rate was 3.11%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

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

    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 $4,750.

    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
    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.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against INDIANA UNIVERSITY CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    Independent Federal Credit Union
    Similarity Rank: 560
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 675
    Madison County Federal Credit Union
    Similarity Rank: 784
    The Peoples State Bank
    Similarity Rank: 1375
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1690
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1919
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1980
    FORUM Credit Union
    Similarity Rank: 2294

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Indiana University Credit Union's most frequently cited loan purpose was Cash Out Refi, with 377 originations. The 2nd most popular reason was 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 2021, Indiana University Credit Union's most frequently cited loan duration was 30 Year, with 407 originations. The 2nd most popular length was 15 Year, with 273 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 2 $370,000 $185,000
    $4k-5k 1 $295,000 $295,000

    Indiana University Credit Union's average total fees were $2,002, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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
    80.79%

    Indiana University Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.31%

    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%