Latino Community Credit Union Mortgage Rates, Fees & Info

Durham, NC

LEI: 549300GOPH3KDGIKIU33

Tax ID: 56-2180770

1 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Latino Community Credit Union is a smaller credit union specializing in Home Purchase loans. Latino Community Credit Union has a high proportion of conventional loans. Their top markets include Charlotte, Raleigh, Durham, Greensboro, and Winston among others. Latino Community Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Latino Community Credit Union is typically an average fee lendor.


Originations

750

Origination Dollar Volume (All Markets)

$125,150,000

Relative Rate

Latino Community Credit Union's average 30 year fixed rate mortgage of loans were 5.85%.

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

This yields a difference of 2.7%.

Relative Fees

Latino Community Credit Union's average total fees for a 30 year fixed rate mortgage are $3,854.

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 209 $39,435,000 $188,684 $4,127 5.89%
RALEIGH-CARY, NC (FHA|USDA|VA) 125 $22,615,000 $180,920 $3,896 5.83%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 87 $15,815,000 $181,782 $3,919 5.86%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 93 $12,665,000 $136,183 $3,273 5.90%
WINSTON-SALEM, NC (FHA|USDA|VA) 57 $7,965,000 $139,737 $3,259 5.91%
BURLINGTON, NC (FHA|USDA|VA) 34 $5,460,000 $160,588 $3,619 5.86%
FAYETTEVILLE, NC (FHA|USDA|VA) 30 $4,270,000 $142,333 $3,400 5.92%
Outside of Metro Areas 19 $2,325,000 $122,368 $3,254 5.92%
WILMINGTON, NC (FHA|USDA|VA) 12 $2,240,000 $186,667 $3,740 5.83%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 14 $1,940,000 $138,571 $3,490 5.80%
Henderson, NC (FHA|USDA|VA) 10 $1,500,000 $150,000 $3,670 5.93%
ROCKY MOUNT, NC (FHA|USDA|VA) 10 $1,290,000 $129,000 $3,367 5.85%
Sanford, NC (FHA|USDA|VA) 7 $1,235,000 $176,429 $3,745 5.79%
Albemarle, NC (FHA|USDA|VA) 6 $1,070,000 $178,333 $4,179 5.67%
GOLDSBORO, NC (FHA|USDA|VA) 8 $800,000 $100,000 $2,770 5.94%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $620,000 $155,000 $3,364 6.00%
Wilson, NC (FHA|USDA|VA) 4 $610,000 $152,500 $3,496 6.19%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $380,000 $190,000 $3,808 6.00%
Lumberton, NC (FHA|USDA|VA) 2 $340,000 $170,000 $3,586 5.50%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $310,000 $155,000 $4,837 5.75%
Mount Airy, NC (FHA|USDA|VA) 2 $270,000 $135,000 $3,999 6.00%
GREENVILLE, NC (FHA|USDA|VA) 1 $255,000 $255,000 $4,453 5.50%
FLORENCE, SC (FHA|USDA|VA) 1 $245,000 $245,000 $4,845 6.00%
Forest City, NC (FHA|USDA|VA) 3 $235,000 $78,333 $2,935 6.08%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $225,000 $225,000 $5,214 6.00%
Boone, NC (FHA|USDA|VA) 1 $215,000 $215,000 $4,303 6.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $215,000 $215,000 $4,384 6.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $205,000 $205,000 $4,110 6.00%
SPARTANBURG, SC (FHA|USDA|VA) 1 $155,000 $155,000 $3,399 6.00%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $95,000 $95,000 $3,785 6.00%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,829 6.00%
Rockingham, NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,575 6.00%

Latino Community Credit Union's top markets include Charlotte, Raleigh, Durham, Greensboro, and Winston among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 750 $125,150,000 $166,867 $3,755 5.88%

For the 2021 period, Latino Community Credit Union's most frequently originated loan type of loans were Conventional, with 750 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 706 $120,130,000 $170,156 $3,778 5.89%
Refi 23 $3,375,000 $146,739 $3,234 5.55%
Home Improvement 14 $1,000,000 $71,429 $2,295 5.50%
Other 7 $645,000 $92,143 $3,345 5.50%

For the 2021, Latino Community Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 706 originations. The 2nd most popular reason of loans were Refi, with 23 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 612 $108,700,000 $177,614 $3,854 5.85%
15 Year 87 $10,355,000 $119,023 $3,142 5.98%
20 Year 28 $4,350,000 $155,357 $3,707 6.22%
Other 19 $1,405,000 $73,947 $0 0.00%
10 Year 4 $340,000 $85,000 $2,665 5.63%

For the 2021, Latino Community Credit Union's most frequently cited loan length of loans were 30 Year, with 612 originations. The 2nd most popular length of loans were 15 Year, with 87 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 424 $65,250,000 $153,892
$2k-3k 162 $37,870,000 $233,765
$<1k 85 $6,795,000 $79,941
$3k-4k 28 $9,370,000 $334,643

$3,854 of loans were Latino Community Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 424 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
5-6% 689 $117,905,000 $171,125
6-7% 40 $5,490,000 $137,250
7-8% 2 $350,000 $175,000

During 2021, Latino Community Credit Union's average interest rate of loans were 5.85%, while their most frequently originated rate bucket of loans were 5-6%, with 689 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 427 $64,825,000 $151,815 $3,548 5.88%
$200k-400k 210 $51,460,000 $245,048 $4,612 5.87%
$100,000 or less 112 $8,420,000 $75,179 $2,657 5.90%
$400k-600k 1 $445,000 $445,000 $6,615 5.50%

2021 saw Latino Community Credit Union place emphasis on $100k-200k loans with 427 originations, totaling $64,825,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 352 $47,690,000 $135,483 $3,372 5.85%
$50k-75k 255 $45,835,000 $179,745 $3,942 5.92%
$75k-100k 81 $17,285,000 $213,395 $4,382 5.91%
$100k-150k 37 $9,015,000 $243,649 $4,632 5.83%
$150k-250k 14 $2,770,000 $197,857 $4,227 5.85%
$250k+ 11 $2,555,000 $232,273 $4,582 5.86%

Latino Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 352 originations. The second most popular income band? $50k-75k, with 255 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 236 $39,800,000 $168,644 $3,756 5.91%
20-30% 178 $28,800,000 $161,798 $3,666 5.92%
<20% 51 $8,715,000 $170,882 $3,654 5.80%
36% 49 $9,535,000 $194,592 $4,058 5.86%
38% 48 $8,450,000 $176,042 $3,925 5.84%
40% 39 $6,415,000 $164,487 $3,714 5.90%
37% 38 $6,730,000 $177,105 $3,849 5.89%
39% 33 $5,625,000 $170,455 $3,780 5.84%
41% 27 $4,295,000 $159,074 $3,635 5.78%
Exempt% 19 $1,405,000 $73,947 $0 0.00%
42% 19 $3,355,000 $176,579 $3,903 5.75%
43% 4 $560,000 $140,000 $3,110 5.63%
46% 2 $290,000 $145,000 $3,158 5.75%
47% 2 $330,000 $165,000 $3,428 5.50%
44% 2 $500,000 $250,000 $4,287 5.50%
48% 1 $95,000 $95,000 $2,797 5.50%
49% 1 $95,000 $95,000 $2,268 5.50%
50-60% 1 $155,000 $155,000 $3,179 6.25%

Latino Community Credit Union lent most frequently to those with DTI ratios of 30-36%, with 236 originations. The next most common DTI ratio? 20-30%, with 178 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 747 $124,755,000 $167,008 $3,753 5.88%
Black 3 $395,000 $131,667 $4,300 5.83%

Approval Rates

Total approvals of all applications
95.47%

Latino Community 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 origination
81.38%

Latino Community Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 19 $1,405,000 $73,947
NA 731 $123,745,000 $169,282

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
750 $125,150,000 $166,867

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 11 $1,035,000 $94,091 $2,838 5.73%
40-60% 30 $3,660,000 $122,000 $3,074 5.61%
60-80% 169 $27,035,000 $159,970 $3,672 5.61%
80-100% 521 $92,015,000 $176,612 $3,836 5.99%