Virginia Beach Schools Federal Credit Union Mortgage Rates, Fees & Info
Virginia Beach, VALEI: 549300GTR45POT1IF097
Tax ID: 54-6045005
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Virginia Beach Schools Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Virginia Beach Schools Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Virginia Beach.Virginia Beach Schools Federal Credit Union has an average approval rate when compared to the average across all lenders.
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Originations
17Origination Dollar Volume (All Markets)
$1,155,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 17 | $1,155,000 | $67,941 | $0 | 5.58% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $1,155,000 | $67,941 | $0 | 5.58% |
For 2018, Virginia Beach Schools Federal Credit Union's most frequently originated type of loan was Conventional, with 17 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 11 | $495,000 | $45,000 | $0 | 6.18% |
| Cash Out Refi | 5 | $615,000 | $123,000 | $0 | 4.34% |
| Refi | 1 | $45,000 | $45,000 | $0 | 5.25% |
For 2018, Virginia Beach Schools Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 11 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
For 2018, Virginia Beach Schools Federal Credit Union's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was 10 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 5 | $265,000 | $53,000 |
| 3-4% | 3 | $275,000 | $91,667 |
| 4-5% | 3 | $395,000 | $131,667 |
| 6-7% | 3 | $75,000 | $25,000 |
| 7-8% | 3 | $145,000 | $48,333 |
During 2018, Virginia Beach Schools Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 5 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 14 | $640,000 | $45,714 | $0 | 5.93% |
| $100k-200k | 2 | $210,000 | $105,000 | $0 | 3.88% |
| $200k-400k | 1 | $305,000 | $305,000 | $0 | 4.09% |
2018 saw Virginia Beach Schools Federal Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $640,000 in origination value.
Applicant Income
Virginia Beach Schools Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Virginia Beach Schools Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? 50-60%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 13 | $965,000 | $74,231 | $0 | 5.49% |
| Black | 4 | $190,000 | $47,500 | $0 | 5.88% |
Approval Rates
Total approvals of all applications80.95%
Virginia Beach Schools Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 17 | $1,155,000 | $67,941 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 17 | $1,155,000 | $67,941 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 5 | $395,000 | $79,000 | $0 | 4.80% |
| 80-100% | 1 | $305,000 | $305,000 | $0 | 4.09% |
| Under 20% | 11 | $455,000 | $41,364 | $0 | 6.07% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | Conventional home mortgage | Struggling to pay mortgage | 1 | 25.0% |
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | FHA mortgage | Incorrect information on your report | 1 | 25.0% |
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | FHA mortgage | Trouble during payment process | 1 | 25.0% |