Union Bank Mortgage Rates, Fees & Info

Morristown, VT

LEI: 549300I3PFIO81O8JD40

Tax ID: 03-0286322

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Union Bank is a smaller bank specializing in Home Purchase and Refi loans. Union Bank 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 Burlington, Lebanon, Barre, Berlin, and Rutland among others. Union Bank 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. Union Bank is typically an average fee lendor.


Originations

1,313

Origination Dollar Volume (All Markets)

$326,605,000

Employee count

194

Awards

Union Bank 30 Year Conventional Loans bronze Union Bank 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Union Bank's average 30 year fixed rate mortgage of loans were 3.14%.

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

This yields a difference of -0.01%.

Relative Fees

Union Bank's average total fees for a 30 year fixed rate mortgage are $4,024.

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
Outside of Metro Areas 596 $132,030,000 $221,527 $3,657 3.13%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 445 $127,085,000 $285,584 $3,812 3.09%
Lebanon, NH-VT (FHA|USDA|VA) 115 $31,125,000 $270,652 $3,488 3.08%
Barre, VT (FHA|USDA|VA) 112 $26,870,000 $239,911 $3,827 3.08%
Berlin, NH (FHA|USDA|VA) 33 $6,835,000 $207,121 $3,053 2.88%
Rutland, VT (FHA|USDA|VA) 4 $690,000 $172,500 $4,769 3.16%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $490,000 $245,000 $4,378 3.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $365,000 $365,000 $3,382 2.63%
LYNCHBURG, VA (FHA|USDA|VA) 1 $345,000 $345,000 $3,364 2.50%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $325,000 $325,000 $6,147 2.88%
Laconia, NH (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.50%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $135,000 $135,000 $2,471 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $125,000 $125,000 $3,039 2.50%

Union Bank's top markets include Burlington, Lebanon, Barre, Berlin, and Rutland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,217 $306,955,000 $252,223 $3,473 3.10%
FHA 44 $8,850,000 $201,136 $7,141 3.03%
USDA 39 $7,465,000 $191,410 $5,410 3.03%
VA 13 $3,335,000 $256,538 $6,575 2.95%

For the 2021 period, Union Bank's most frequently originated loan type of loans were Conventional, with 1,217 originations. Their 2nd most popular type is FHA, with 44 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 711 $193,765,000 $272,525 $4,134 3.19%
Refi 315 $72,365,000 $229,730 $2,887 2.91%
Cash Out Refi 262 $57,090,000 $217,901 $3,613 2.99%
Other 16 $2,430,000 $151,875 $2,337 4.07%
Home Improvement 9 $955,000 $106,111 $2,060 3.94%

For the 2021, Union Bank's most frequently cited loan purpose of loans were Home Purchase, with 711 originations. The 2nd most popular reason of loans were Refi, with 315 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 876 $221,700,000 $253,082 $4,024 3.14%
15 Year 209 $39,555,000 $189,258 $2,897 2.74%
20 Year 161 $37,415,000 $232,391 $3,032 3.21%
Other 52 $26,350,000 $506,731 $3,393 3.46%
10 Year 14 $1,560,000 $111,429 $1,932 3.21%
5 Year 1 $25,000 $25,000 $120 4.75%

For the 2021, Union Bank's most frequently cited loan length of loans were 30 Year, with 876 originations. The 2nd most popular length of loans were 15 Year, with 209 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 696 $161,230,000 $231,652
$1k-2k 277 $61,235,000 $221,065
$2k-3k 120 $28,950,000 $241,250
$3k-4k 83 $22,775,000 $274,398
$5k+ 39 $14,335,000 $367,564

$4,024 of loans were Union Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 696 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 677 $157,855,000 $233,168
3-4% 423 $121,885,000 $288,144
<2.5% 143 $28,515,000 $199,406
4-5% 52 $17,210,000 $330,962
5-6% 16 $1,000,000 $62,500
6-7% 2 $140,000 $70,000

During 2021, Union Bank's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 2.5-3%, with 677 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 569 $155,565,000 $273,401 $4,034 3.03%
$100k-200k 492 $75,550,000 $153,557 $3,352 3.06%
$100,000 or less 114 $8,370,000 $73,421 $2,451 3.44%
$400k-600k 105 $49,705,000 $473,381 $4,552 3.14%
$600k-1MM 22 $15,010,000 $682,273 $4,341 3.40%
$1MM+ 11 $22,405,000 $2,036,818 $6,919 3.72%

2021 saw Union Bank place emphasis on $200k-400k loans with 569 originations, totaling $155,565,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 324 $59,090,000 $182,377 $3,645 3.08%
$100k-150k 269 $70,955,000 $263,773 $3,694 2.98%
$75k-100k 263 $56,175,000 $213,593 $3,788 3.06%
$150k-250k 166 $52,980,000 $319,157 $3,838 3.02%
$50k or less 151 $19,445,000 $128,775 $3,421 3.21%
$250k+ 85 $38,545,000 $453,471 $4,170 3.10%

Union Bank lent most frequently to those with incomes in the $50k-75k range, with 324 originations. The second most popular income band? $100k-150k, with 269 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 276 $66,290,000 $240,181 $3,548 3.03%
30-36% 265 $63,025,000 $237,830 $3,524 3.07%
<20% 79 $22,175,000 $280,696 $3,548 2.98%
38% 60 $15,130,000 $252,167 $3,570 3.12%
41% 60 $13,850,000 $230,833 $4,200 3.11%
42% 59 $12,405,000 $210,254 $4,069 3.12%
36% 58 $12,920,000 $222,759 $3,503 3.04%
37% 56 $11,830,000 $211,250 $3,660 3.22%
39% 56 $13,520,000 $241,429 $3,568 3.17%
44% 55 $12,065,000 $219,364 $4,382 3.04%
40% 50 $11,600,000 $232,000 $3,714 3.05%
43% 40 $8,160,000 $204,000 $3,836 3.18%
48% 35 $7,725,000 $220,714 $3,373 2.94%
45% 33 $6,715,000 $203,485 $3,139 2.96%
46% 31 $7,195,000 $232,097 $4,187 3.08%
49% 31 $7,545,000 $243,387 $5,044 2.98%
47% 24 $5,810,000 $242,083 $4,220 2.95%
50-60% 6 $2,070,000 $345,000 $4,086 3.50%
>60% 2 $270,000 $135,000 $2,247 4.13%

Union Bank lent most frequently to those with DTI ratios of 20-30%, with 276 originations. The next most common DTI ratio? 30-36%, with 265 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 924 $221,530,000 $239,751 $3,629 3.07%
Not provided 337 $80,255,000 $238,145 $3,849 3.06%
Not applicable 33 $20,075,000 $608,333 $0 4.18%
Black 8 $2,110,000 $263,750 $4,232 3.19%
Asian 7 $1,955,000 $279,286 $4,395 3.04%
American Indian 4 $680,000 $170,000 $5,498 3.06%

Approval Rates

Total approvals of all applications
92.96%

Union Bank has an average approval rate.

Pick Rate

Approvals leading to origination
84.54%

Union Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,313 $326,605,000 $248,747

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,313 $326,605,000 $248,747

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 93 $14,165,000 $152,312 $2,591 2.98%
40-60% 248 $55,720,000 $224,677 $2,888 3.00%
60-80% 518 $148,370,000 $286,429 $3,689 3.13%
80-100% 430 $105,470,000 $245,279 $4,399 3.10%
Over 100% 7 $1,575,000 $225,000 $7,986 3.11%
Under 20% 17 $1,305,000 $76,765 $1,235 4.05%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Union Bank 16 Browns River Road Fairfax, VT 5454 Full Service B&M $40,331
Union Bank 1028 Us Route 302, Suite 101 Berlin, VT 5641 Full Service B&M $16,554
Union Bank 103 Vermont 15 West Hardwick, VT 5843 Full Service B&M $63,970
Union Bank 135 Main Street Lincoln, NH 3251 Full Service B&M $50,417
Union Bank 15 Mapleville Depot Saint Albans, VT 5478 Full Service B&M $27,968
Union Bank 183 Depot Street Lyndonville, VT 5851 Full Service B&M $41,665
Union Bank 198 Lower Main Street West Johnson, VT 5656 Full Service B&M $29,834
Union Bank 20 Main St Morrisville, VT 5661 Full Service B&M $183,076
Union Bank 263 Dells Road Littleton, NH 3561 Full Service B&M $23,524
Union Bank 3 State Street Groveton, NH 3582 Full Service B&M $21,470
Union Bank 31 Market Street Williston, VT 5495 Full Service B&M $21,241
Union Bank 325 Portland Street Saint Johnsbury, VT 5819 Full Service B&M $23,037
Union Bank 364 Railroad Street Saint Johnsbury, VT 5819 Full Service B&M $81,657
Union Bank 368 Vermont Route 15 Jericho, VT 5465 Full Service B&M $18,467
Union Bank 47 Park Street Stowe, VT 5672 Full Service B&M $154,896
Union Bank 5062 Vt Route 15 Jeffersonville, VT 5464 Full Service B&M $69,710
Union Bank 65 Northgate Avenue Morrisville, VT 5661 Full Service B&M $73,887
Union Bank 76 Main Street Littleton, NH 3561 Full Service B&M $29,093

For 2021, Union Bank had 18 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $39,273
Net interest income $35,907
Total noninterest income $12,870
Gross Fiduciary activities income $808
Service charges on deposit accounts $1,145
Trading account gains and fees $0
Additional Noninterest Income $10,917
Pre-tax net operating income $16,619
Securities gains (or losses, -) $-29
Income before extraordinary items $13,780
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,780
Minority interest net income $0
Net income $13,780
Sale, conversion, retirement of capital stock, net $367
Net operating income $13,804

Union Bank's gross interest income from loans was $39,273,000.
Union Bank's net interest income from loans was $35,907,000.
Union Bank's fee based income from loans was $1,145,000.
Union Bank's net income from loans was $13,780,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,366
Provision for credit losses $0
Total noninterest expense $32,158
Salaries and employee benefits $19,024
Premises and equipment expense $5,206
Additional noninterest expense $7,928
Applicable income taxes $2,810
Net charge-offs $-65
Cash dividends $5,400

Union Bank's interest expense for loans was $3,366,000.
Union Bank's payroll and benefits expense were $19,024,000.
Union Bank's property, plant and equipment expenses $5,206,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 1.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,097,761
Deposits held in domestic offices $1,097,761
Deposits by Individuals, partnerships, and corporations $968,771
Deposits by U.S. Government $2,201
Deposits by States and political subdivisions in the U.S. $122,571
Deposits by Commercial banks and other depository institutions in U.S. $4,218
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $544,032
Demand deposits $312,429
Nontransaction accounts $553,729
Money market deposit accounts (MMDAs) $263,523
Other savings deposits (excluding MMDAs) $183,491
Total time deposits $106,715
Total time and savings deposits $785,332
Noninterest-bearing deposits $267,566
Interest-bearing deposits $830,195
Retail deposits $1,081,538
IRAs and Keogh plan accounts $25,821
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,204,547
Cash & Balances due from depository institutions $79,182
Interest-bearing balances $70,793
Total securities $269,521
Federal funds sold & reverse repurchase $159
Net loans and leases $793,247
Loan and leases loss allowance $8,336
Trading account assets $0
Bank premises and fixed assets $23,227
Other real estate owned $0
Goodwill and other intangibles $4,719
All other assets $34,492

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,204,547
Total Liabilities $1,104,730
Total deposits $1,097,761
Interest-bearing deposits $830,195
Deposits held in domestic offices $1,097,761
% insured (estimated) $80
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $6,969

Issued Loan Types

Type Value (in 000's)
Net loans and leases $793,247
Loan and leases loss allowance $8,336
Total loans and leases (domestic) $801,583
All real estate loans $666,373
Real estate loans in domestic offices $666,373
Construction and development loans $65,285
Residential 1-4 family construction $33,169
Other construction, all land development and other land $32,116
Loans secured by nonfarm nonresidential properties $248,360
Nonfarm nonresidential secured by owner-occupied properties $93,802
Commercial real estate & other non-farm, non-residential $154,558
Multifamily residential real estate $89,998
1-4 family residential loans $261,621
Farmland loans $1,109
Loans held in foreign offices $0
Farm loans $498
Commercial and industrial loans $49,528
To non-U.S. addressees $0
Loans to individuals $2,311
Credit card loans $9
Related Plans $29
Consumer Auto Loans $124
Other loans to individuals $2,149
All other loans & leases $83,994
Loans to foreign governments and official institutions $0
Other loans $67
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $2,102
Restructured Loans & leases $1,633
Non 1-4 family restructured loans & leases $384
Total loans and leases (foreign) $0

Union Bank had $793,247,000 of loans outstanding in 2021. $666,373,000 of loans were in real estate loans. $65,285,000 of loans were in development loans. $89,998,000 of loans were in multifamily mortgage loans. $261,621,000 of loans were in 1-4 family mortgage loans. $498,000 of loans were in farm loans. $9,000 of loans were in credit card loans. $124,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 407 $89,881 $220,838
Nonfarm, nonresidential loans - <$100k 89 $3,211 $36,079
Nonfarm, nonresidential loans - $100-250k 138 $17,603 $127,558
Nonfarm, nonresidential loans - $250k-1MM 180 $69,067 $383,706
Commercial & Industrial, US addressed loans - <$1MM 384 $31,101 $80,992
Commercial & Industrial, US addressed loans - <$100k 274 $6,730 $24,562
Commercial & Industrial, US addressed loans - $100-250k 65 $7,922 $121,877
Commercial & Industrial, US addressed loans - $250k-1MM 45 $16,449 $365,533
Farmland loans - <$1MM 6 $778 $129,667
Farmland loans - <$100k 1 $25 $25,000
Farmland loans - $100-250k 4 $467 $116,750
Farmland loans - $250k-1MM 1 $286 $286,000
Agriculture operations loans - <$1MM 1 $58 $58,000
Agriculture operations loans - <$100k 1 $58 $58,000