Lanco Federal Credit Union Mortgage Rates, Fees & Info
Lancaster, PALEI: 549300FK7ZHTO2G1RM11
Tax ID: 23-1733157
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Lanco Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Lanco Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lancaster, York, Harrisburg, Philadelphia, and Lebanon among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Lanco Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Lanco Federal 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
168Origination Dollar Volume (All Markets)
$27,560,000Top 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 |
|---|---|---|---|---|---|
| LANCASTER, PA (FHA|USDA|VA) | 143 | $22,245,000 | $155,559 | $3,765 | 4.89% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 12 | $2,480,000 | $206,667 | $0 | 5.48% |
| Outside of Metro Areas | 4 | $1,180,000 | $295,000 | $0 | 4.65% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $0 | 5.15% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 4.25% |
| LEBANON, PA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $0 | 4.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 130 | $23,410,000 | $180,077 | $3,765 | 4.87% |
| HELOC | 38 | $4,150,000 | $109,211 | n/a | 5.10% |
For 2022, Lanco Federal Credit Union's most frequently originated type of loan was Conventional, with 130 originations. Their 2nd most popular type was HELOC, with 38 originations.
Loan Reason
For 2022, Lanco Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 76 originations. The 2nd most popular reason was Home Improvement, with 38 originations.
Loan Duration/Length
For 2022, Lanco Federal Credit Union's most frequently cited loan duration was 15 Year, with 100 originations. The 2nd most popular length was Other, with 38 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $300,000 | $150,000 |
| $2k-3k | 1 | $225,000 | $225,000 |
Lanco Federal Credit Union's average total fees were $6,108, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
During 2022, Lanco Federal Credit Union's average interest rate for loans was 5.88%, while their most frequently originated rate bucket for loans was 3-4%, with 61 originations.
Loan Sizing
2022 saw Lanco Federal Credit Union place emphasis on $100,000 or less loans with 61 originations, totaling $3,545,000 in origination value.
Applicant Income
Lanco Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $250k+, with 24 originations.
Applicant Debt to Income Ratio
Lanco Federal Credit Union lent most frequently to those with DTI ratios of >60%, with 33 originations. The next most common DTI ratio? 50-60%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.84%
Lanco Federal 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 origination98.81%
Lanco Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 300.0 | 1 | $25,000 | $25,000 |
| 415.0 | 28 | $1,730,000 | $61,786 |
| 425.0 | 8 | $440,000 | $55,000 |
| 740.0 | 2 | $220,000 | $110,000 |
| NA | 129 | $25,145,000 | $194,922 |