Virginia Beach Schools Federal Credit Union Mortgage Rates, Fees & Info
Virginia Beach, VALEI: 549300GTR45POT1IF097
Tax ID: 54-6045005
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Mortgage Data
Review & Overview
Virginia Beach Schools Federal Credit Union is a smaller credit union specializing in Home Improvement 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 above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
25Origination Dollar Volume (All Markets)
$1,385,000Top 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) | 25 | $1,385,000 | $55,400 | $0 | 6.37% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 25 | $1,385,000 | $55,400 | $0 | 6.37% |
For 2019, Virginia Beach Schools Federal Credit Union's most frequently originated type of loan was Conventional, with 25 originations.
Loan Reason
For 2019, Virginia Beach Schools Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
For 2019, Virginia Beach Schools Federal Credit Union's most frequently cited loan duration was 10 Year, with 15 originations. The 2nd most popular length was 15 Year, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 9 | $425,000 | $47,222 |
| 3-4% | 5 | $295,000 | $59,000 |
| 7-8% | 4 | $250,000 | $62,500 |
| Over 8% | 4 | $170,000 | $42,500 |
| 4-5% | 2 | $160,000 | $80,000 |
| 2.5-3% | 1 | $85,000 | $85,000 |
During 2019, 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 6-7%, with 9 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 23 | $1,105,000 | $48,043 | $0 | 6.43% |
| $100k-200k | 2 | $280,000 | $140,000 | $0 | 5.76% |
2019 saw Virginia Beach Schools Federal Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $1,105,000 in origination value.
Applicant Income
Virginia Beach Schools Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Virginia Beach Schools Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17 | $1,045,000 | $61,471 | $0 | 6.17% |
| Black | 8 | $340,000 | $42,500 | $0 | 6.81% |
Approval Rates
Total approvals of all applications93.55%
Virginia Beach Schools Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.00%
Virginia Beach Schools Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $1,385,000 | $55,400 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 25 | $1,385,000 | $55,400 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 10 | $750,000 | $75,000 | $0 | 5.61% |
| 40-60% | 1 | $135,000 | $135,000 | $0 | 4.06% |
| Under 20% | 14 | $500,000 | $35,714 | $0 | 7.09% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |
| VIRGINIA HOUSING DEVELOPMENT AUTHORITY | Other type of mortgage | Trouble during payment process | 1 | 50.0% |