Educators Credit Union Mortgage Rates, Fees & Info
Mount Pleasant, WILEI: 549300FS35FQXZRU4Z45
Tax ID: 39-0555293
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
5,230Origination Dollar Volume (All Markets)
$733,460,000Awards
EDUCATORS CREDIT UNION - 2021
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For 2021, less than of lenders were eligible for this award.
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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 applications89.59%
Educators Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination64.70%
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% |
