Cyprus Federal Credit Union Mortgage Rates, Fees & Info

West Jordan, UT

LEI: 549300HS714PZ0BMPN11

Tax ID: 87-0127320

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cyprus Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Cyprus Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Salt Lake City, Provo, Ogden, Heber, and Logan among others. Cyprus Federal 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. Cyprus Federal Credit Union is typically an average fee lendor.


Originations

1,249

Origination Dollar Volume (All Markets)

$350,535,000

Awards

CYPRUS Federal Credit Union 30 Year Conventional Loans gold CYPRUS Federal Credit Union 30 Year Conventional Loans bronze CYPRUS Federal Credit Union FHA Loans bronze
Show all (3) awards

Relative Rate

Cyprus Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.11%.

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

This yields a difference of -0.04%.

Relative Fees

Cyprus Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,057.

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
SALT LAKE CITY, UT (FHA|USDA|VA) 918 $248,650,000 $270,861 $3,365 3.08%
PROVO-OREM, UT (FHA|USDA|VA) 146 $47,810,000 $327,466 $4,412 3.27%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 85 $20,915,000 $246,059 $3,433 3.35%
Heber, UT (FHA|USDA|VA) 20 $9,720,000 $486,000 $3,505 3.13%
LOGAN, UT-ID (FHA|USDA|VA) 19 $8,355,000 $439,737 $6,133 3.51%
Outside of Metro Areas 27 $6,595,000 $244,259 $4,197 3.78%
ST. GEORGE, UT (FHA|USDA|VA) 14 $3,790,000 $270,714 $2,564 2.97%
Cedar City, UT (FHA|USDA|VA) 11 $2,885,000 $262,273 $3,345 3.38%
Vernal, UT (FHA|USDA|VA) 4 $1,070,000 $267,500 $8,980 3.53%
Price, UT (FHA|USDA|VA) 5 $745,000 $149,000 $3,543 3.40%

Cyprus Federal Credit Union's top markets include Salt Lake City, Provo, Ogden, Heber, and Logan among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,193 $331,035,000 $277,481 $3,263 3.16%
FHA 41 $13,945,000 $340,122 $10,347 2.79%
VA 13 $4,905,000 $377,308 $6,787 2.58%
USDA 2 $650,000 $325,000 $6,585 2.56%

For the 2021 period, Cyprus Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,193 originations. Their 2nd most popular type is FHA, with 41 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 549 $141,455,000 $257,659 $2,994 3.25%
Refi 428 $117,280,000 $274,019 $2,842 2.84%
Home Purchase 264 $90,410,000 $342,462 $6,153 3.37%
Other 7 $865,000 $123,571 $2,438 4.94%
Home Improvement 1 $525,000 $525,000 $0 3.00%

For the 2021, Cyprus Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 549 originations. The 2nd most popular reason of loans were Refi, with 428 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 797 $249,625,000 $313,206 $4,057 3.11%
15 Year 241 $50,235,000 $208,444 $3,009 3.23%
10 Year 144 $31,750,000 $220,486 $1,774 3.31%
20 Year 48 $12,240,000 $255,000 $2,891 2.76%
Other 12 $3,040,000 $253,333 $2,367 2.72%
30+ year 5 $3,295,000 $659,000 $12,980 3.30%
5 Year 2 $350,000 $175,000 $4,080 4.49%

For the 2021, Cyprus Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 797 originations. The 2nd most popular length of loans were 15 Year, with 241 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 688 $156,830,000 $227,951
$1k-2k 229 $65,315,000 $285,218
$5k+ 115 $61,485,000 $534,652
$2k-3k 109 $33,735,000 $309,495
$3k-4k 99 $30,545,000 $308,535

$4,057 of loans were Cyprus Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 688 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 537 $150,345,000 $279,972
3-4% 361 $138,285,000 $383,061
<2.5% 214 $45,440,000 $212,336
4-5% 85 $13,365,000 $157,235
5-6% 41 $2,545,000 $62,073
7-8% 8 $450,000 $56,250
6-7% 3 $105,000 $35,000

During 2021, Cyprus Federal Credit Union's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 537 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 640 $183,110,000 $286,109 $3,799 3.03%
$100k-200k 256 $39,750,000 $155,273 $2,040 2.88%
$400k-600k 159 $75,185,000 $472,862 $5,857 3.12%
$100,000 or less 152 $8,430,000 $55,461 $458 4.08%
$600k-1MM 30 $21,410,000 $713,667 $5,627 3.19%
$1MM+ 12 $22,650,000 $1,887,500 $20,156 3.44%

2021 saw Cyprus Federal Credit Union place emphasis on $200k-400k loans with 640 originations, totaling $183,110,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 291 $71,475,000 $245,619 $3,480 3.08%
$100k-150k 254 $77,900,000 $306,693 $3,590 3.25%
$75k-100k 248 $69,830,000 $281,573 $4,186 3.14%
$50k or less 141 $26,355,000 $186,915 $2,769 3.03%
$150k-250k 119 $42,525,000 $357,353 $4,077 3.34%
$250k+ 40 $19,180,000 $479,500 $5,556 3.64%

Cyprus Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 291 originations. The second most popular income band? $100k-150k, with 254 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 244 $65,380,000 $267,951 $2,953 3.01%
30-36% 214 $58,450,000 $273,131 $3,350 3.25%
<20% 77 $19,175,000 $249,026 $3,095 2.91%
42% 56 $18,140,000 $323,929 $4,015 3.28%
41% 52 $15,170,000 $291,731 $3,111 3.18%
38% 50 $14,850,000 $297,000 $3,959 3.01%
44% 46 $13,060,000 $283,913 $4,092 3.36%
39% 45 $15,095,000 $335,444 $4,452 3.15%
40% 44 $12,440,000 $282,727 $3,772 3.21%
43% 42 $12,090,000 $287,857 $3,882 3.09%
37% 41 $12,845,000 $313,293 $3,392 3.25%
36% 37 $9,765,000 $263,919 $3,584 3.22%
49% 24 $7,190,000 $299,583 $4,233 3.05%
50-60% 22 $5,000,000 $227,273 $5,858 3.73%
45% 18 $5,150,000 $286,111 $3,380 3.32%
48% 17 $5,115,000 $300,882 $3,179 3.02%
46% 15 $4,025,000 $268,333 $3,411 3.55%
47% 9 $2,295,000 $255,000 $3,429 2.90%

Cyprus Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 244 originations. The next most common DTI ratio? 30-36%, with 214 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,022 $271,280,000 $265,440 $3,286 3.15%
Not provided 114 $32,890,000 $288,509 $3,802 3.10%
Asian 61 $18,235,000 $298,934 $4,342 2.96%
Not applicable 11 $17,665,000 $1,605,909 $17,981 3.75%
American Indian 12 $2,760,000 $230,000 $3,476 2.94%
Black 10 $2,700,000 $270,000 $5,756 3.69%
Native Hawaiian 10 $2,550,000 $255,000 $3,038 3.61%
3 $955,000 $318,333 $4,627 3.29%
Other Asian 3 $785,000 $261,667 $5,565 3.04%
Asian Indian 2 $430,000 $215,000 $5,481 3.25%
Samoan 1 $285,000 $285,000 $7,583 2.38%

Approval Rates

Total approvals of all applications
87.77%

Cyprus Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.65%

Cyprus Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 2 $60,000 $30,000
NA 1,247 $350,475,000 $281,055

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,249 $350,535,000 $280,653

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 104 $18,160,000 $174,615 $2,254 2.77%
40-60% 256 $70,800,000 $276,563 $3,185 2.82%
60-80% 389 $135,225,000 $347,622 $3,824 3.09%
80-100% 218 $82,600,000 $378,899 $6,195 3.21%
Under 20% 96 $5,670,000 $59,063 $236 4.59%