Educators Credit Union Mortgage Rates, Fees & Info

Mount Pleasant, WI

LEI: 549300FS35FQXZRU4Z45

Tax ID: 39-0555293

5 stars - out of 5 stars, based on 72 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Educators Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Educators Credit Union has a high proportion of conventional loans. Their top markets include Milwaukee, Racine, Chicago, Whitewater, and Janesville among others. Educators 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. Educators Credit Union is typically a low fee lendor.


Originations

5,230

Origination Dollar Volume (All Markets)

$733,460,000
Show all (10) awards

Relative Rate

Educators Credit Union's average 30 year fixed rate mortgage of loans were 3.02%.

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

This yields a difference of -0.13%.

Relative Fees

Educators Credit Union's average total fees for a 30 year fixed rate mortgage are $1,577.

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
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2,400 $339,460,000 $141,442 $1,162 3.24%
RACINE, WI (FHA|USDA|VA) 1,730 $231,410,000 $133,763 $1,400 3.15%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 568 $82,500,000 $145,246 $1,224 3.26%
Whitewater, WI (FHA|USDA|VA) 180 $32,500,000 $180,556 $1,194 3.25%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 167 $19,085,000 $114,281 $1,133 3.21%
Outside of Metro Areas 85 $14,155,000 $166,529 $1,635 2.77%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 14 $1,910,000 $136,429 $1,210 3.47%
SHEBOYGAN, WI (FHA|USDA|VA) 14 $1,770,000 $126,429 $1,347 3.16%
MADISON, WI (FHA|USDA|VA) 15 $1,715,000 $114,333 $1,245 3.35%
GREEN BAY, WI (FHA|USDA|VA) 7 $1,405,000 $200,714 $1,894 2.68%
Beaver Dam, WI (FHA|USDA|VA) 8 $1,340,000 $167,500 $1,651 3.01%
Baraboo, WI (FHA|USDA|VA) 5 $975,000 $195,000 $1,868 3.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 8 $830,000 $103,750 $1,371 2.75%
FOND DU LAC, WI (FHA|USDA|VA) 5 $625,000 $125,000 $1,602 2.92%
ROCKFORD, IL (FHA|USDA|VA) 3 $565,000 $188,333 $1,635 2.92%
Shawano, WI (FHA|USDA|VA) 2 $550,000 $275,000 $2,087 2.94%
Manitowoc, WI (FHA|USDA|VA) 3 $465,000 $155,000 $1,150 4.05%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $370,000 $185,000 $2,799 4.00%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $350,000 $175,000 $1,476 3.06%
APPLETON, WI (FHA|USDA|VA) 1 $315,000 $315,000 $1,515 3.25%
Stevens Point, WI (FHA|USDA|VA) 2 $310,000 $155,000 $581 2.31%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 3 $305,000 $101,667 $1,685 2.96%
Marinette, WI-MI (FHA|USDA|VA) 5 $295,000 $59,000 $1,567 3.00%
Platteville, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,124 3.13%

Educators Credit Union's top markets include Milwaukee, Racine, Chicago, Whitewater, and Janesville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,230 $733,460,000 $140,241 $1,265 3.20%

For the 2021 period, Educators Credit Union's most frequently originated loan type of loans were Conventional, with 5,230 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 2,232 $358,450,000 $160,596 $1,158 2.91%
Refi 1,274 $173,910,000 $136,507 $961 3.17%
Home Purchase 997 $174,395,000 $174,920 $1,757 3.16%
Other 600 $22,640,000 $37,733 $4,387 4.12%
Home Improvement 127 $4,065,000 $32,008 $151 4.56%

For the 2021, Educators Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 2,232 originations. The 2nd most popular reason of loans were Refi, with 1,274 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,930 $383,710,000 $198,813 $1,577 3.02%
10 Year 1,632 $115,910,000 $71,023 $446 3.62%
15 Year 893 $122,925,000 $137,654 $1,165 2.81%
20 Year 516 $86,800,000 $168,217 $1,195 2.80%
5 Year 182 $14,450,000 $79,396 $3,381 3.93%
Other 69 $8,845,000 $128,188 $188 4.52%
3 Year 8 $820,000 $102,500 $156 3.81%

For the 2021, Educators Credit Union's most frequently cited loan length of loans were 30 Year, with 1,930 originations. The 2nd most popular length of loans were 10 Year, with 1,632 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,785 $644,805,000 $170,358
$1k-2k 19 $4,555,000 $239,737
$2k-3k 7 $1,505,000 $215,000
$5k+ 5 $1,065,000 $213,000
$3k-4k 3 $605,000 $201,667

$1,577 of loans were Educators Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,785 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,895 $355,025,000 $187,348
3-4% 1,521 $182,945,000 $120,279
<2.5% 1,213 $170,195,000 $140,309
4-5% 302 $15,490,000 $51,291
5-6% 175 $5,525,000 $31,571
6-7% 54 $1,630,000 $30,185
Over 8% 36 $1,190,000 $33,056
7-8% 34 $1,460,000 $42,941

During 2021, Educators Credit Union's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,895 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 2,110 $107,990,000 $51,180 $1,031 3.73%
$100k-200k 1,960 $284,740,000 $145,276 $1,294 2.82%
$200k-400k 1,042 $275,090,000 $264,002 $1,468 2.87%
$400k-600k 95 $44,235,000 $465,632 $1,594 2.99%
$600k-1MM 18 $12,780,000 $710,000 $1,878 2.90%
$1MM+ 5 $8,625,000 $1,725,000 $2,080 3.53%

2021 saw Educators Credit Union place emphasis on $100,000 or less loans with 2,110 originations, totaling $107,990,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,344 $157,910,000 $117,493 $1,203 3.12%
$100k-150k 1,225 $194,075,000 $158,429 $1,166 3.26%
$75k-100k 1,121 $152,875,000 $136,374 $1,161 3.19%
$50k or less 757 $68,875,000 $90,984 $1,216 3.19%
$150k-250k 550 $109,250,000 $198,636 $1,968 3.15%
$250k+ 57 $15,165,000 $266,053 $1,252 2.97%

Educators Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,344 originations. The second most popular income band? $100k-150k, with 1,225 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,142 $183,820,000 $160,963 $1,214 2.73%
30-36% 878 $154,800,000 $176,310 $1,332 2.78%
<20% 360 $52,160,000 $144,889 $1,099 2.68%
41% 184 $35,200,000 $191,304 $1,344 2.79%
42% 179 $29,515,000 $164,888 $1,360 2.79%
39% 175 $32,605,000 $186,314 $1,328 2.82%
40% 174 $30,850,000 $177,299 $1,352 2.83%
38% 165 $29,855,000 $180,939 $1,484 2.80%
36% 160 $28,780,000 $179,875 $1,355 2.81%
37% 144 $26,870,000 $186,597 $1,362 2.78%
43% 65 $13,115,000 $201,769 $1,443 2.83%
44% 58 $10,100,000 $174,138 $1,464 2.88%
45% 42 $8,210,000 $195,476 $1,554 2.95%
46% 32 $6,070,000 $189,688 $1,495 2.90%
48% 23 $3,845,000 $167,174 $1,471 2.97%
47% 21 $4,065,000 $193,571 $1,499 2.90%
49% 16 $2,880,000 $180,000 $1,521 2.88%
50-60% 1 $115,000 $115,000 $1,685 3.38%

Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,142 originations. The next most common DTI ratio? 30-36%, with 878 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,496 $634,440,000 $141,112 $1,274 3.15%
Black 482 $49,340,000 $102,365 $1,179 3.49%
Not applicable 138 $29,070,000 $210,652 $0 3.91%
Asian 92 $17,880,000 $194,348 $1,348 3.07%
American Indian 17 $2,055,000 $120,882 $861 3.41%
Native Hawaiian 3 $625,000 $208,333 $1,847 3.08%
Asian Indian 1 $35,000 $35,000 $351 3.90%
Native Hawiian 1 $15,000 $15,000 $0 5.38%

Approval Rates

Total approvals of all applications
89.59%

Educators Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
64.70%

Educators 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 5,230 $733,460,000 $140,241

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,230 $733,460,000 $140,241

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 618 $43,510,000 $70,405 $713 3.53%
40-60% 876 $116,560,000 $133,059 $1,072 2.75%
60-80% 1,825 $336,805,000 $184,551 $1,272 2.85%
80-100% 1,048 $209,290,000 $199,704 $1,598 2.99%
Over 100% 2 $340,000 $170,000 $0 4.19%
Under 20% 861 $26,955,000 $31,307 $1,378 4.42%