Alabama State Employees Credit Union Mortgage Rates, Fees & Info

Montgomery, AL

LEI: 549300IL6X4MHW0HHI39

Tax ID: 63-0348156

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Alabama State Employees Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Alabama State Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Montgomery, Birmingham, Eufaula, and Huntsville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alabama State Employees Credit Union has a below average approval rate when compared to the average across all lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    30

    Origination Dollar Volume (All Markets)

    $2,750,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MONTGOMERY, AL (FHA|USDA|VA) 19 $1,595,000 $83,947 $2,303 4.48%
    Outside of Metro Areas 6 $610,000 $101,667 $2,617 4.04%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 3 $445,000 $148,333 $3,737 3.96%
    Eufaula, AL-GA (FHA|USDA|VA) 1 $65,000 $65,000 $3,402 4.50%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $35,000 $35,000 $1,376 3.63%
    Alabama State Employees Credit Union's top markets include Montgomery, Birmingham, Eufaula, and Huntsville among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 19 $2,105,000 $110,789 $2,621 3.98%
    HELOC 11 $645,000 $58,636 n/a 4.93%

    For 2018, Alabama State Employees Credit Union's most frequently originated type of loan was Conventional, with 19 originations. Their 2nd most popular type was HELOC, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 10 $1,080,000 $108,000 $2,738 3.75%
    Cash Out Refi 9 $935,000 $103,889 $2,412 4.61%
    Home Purchase 6 $590,000 $98,333 $2,850 4.54%
    Home Improvement 4 $110,000 $27,500 $0 5.00%
    Other 1 $35,000 $35,000 $1,376 3.63%

    For 2018, Alabama State Employees Credit Union's most frequently cited loan purpose was Refi, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 20 $2,220,000 $111,000 $2,990 4.26%
    10 Year 8 $380,000 $47,500 $1,981 4.25%
    20 Year 1 $115,000 $115,000 $2,395 5.63%
    Other 1 $35,000 $35,000 $0 0.00%

    For 2018, Alabama State Employees Credit Union's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was 10 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 12 $740,000 $61,667
    $1k-2k 2 $590,000 $295,000
    $2k-3k 1 $205,000 $205,000
    $3k-4k 1 $305,000 $305,000

    Alabama State Employees Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 12 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 13 $1,735,000 $133,462
    4-5% 10 $740,000 $74,000
    5-6% 5 $225,000 $45,000
    6-7% 1 $15,000 $15,000

    During 2018, Alabama State Employees Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 13 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 22 $1,010,000 $45,909 $2,131 4.40%
    $100k-200k 4 $620,000 $155,000 $2,909 4.34%
    $200k-400k 3 $715,000 $238,333 $4,649 3.88%
    $400k-600k 1 $405,000 $405,000 $3,586 3.50%

    2018 saw Alabama State Employees Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $1,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 13 $605,000 $46,538 $2,102 4.65%
    $100k-150k 8 $1,270,000 $158,750 $2,580 4.02%
    $50k-75k 7 $705,000 $100,714 $4,561 4.06%
    $150k-250k 1 $85,000 $85,000 $2,577 3.38%
    $75k-100k 1 $85,000 $85,000 $3,658 4.50%

    Alabama State Employees Credit Union lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $680,000 $68,000 $2,429 4.07%
    <20% 8 $870,000 $108,750 $2,519 4.00%
    30-36% 7 $385,000 $55,000 $2,341 5.09%
    45% 1 $305,000 $305,000 $5,473 3.63%
    46% 1 $405,000 $405,000 $3,586 3.50%
    47% 1 $15,000 $15,000 $0 6.25%
    38% 1 $55,000 $55,000 $2,080 3.75%
    41% 1 $35,000 $35,000 $2,028 3.50%

    Alabama State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? <20%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 21 $1,635,000 $77,857 $2,468 4.32%
    Black 9 $1,115,000 $123,889 $3,019 4.28%

    Approval Rates

    Total approvals of all applications
    56.60%

    Alabama State Employees Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 30 $2,750,000 $91,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 30 $2,750,000 $91,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $630,000 $63,000 $2,743 4.35%
    40-60% 6 $910,000 $151,667 $2,342 3.90%
    60-80% 4 $340,000 $85,000 $2,095 4.31%
    80-100% 6 $760,000 $126,667 $3,206 4.25%
    Over 100% 1 $35,000 $35,000 $0 4.25%
    Under 20% 3 $75,000 $25,000 $1,376 4.96%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 3 16.7%
    Alabama Housing Finance Authority Conventional home mortgage Trouble during payment process 1 5.6%
    Alabama Housing Finance Authority FHA mortgage Struggling to pay mortgage 6 33.3%
    Alabama Housing Finance Authority FHA mortgage Trouble during payment process 6 33.3%
    Alabama Housing Finance Authority Other type of mortgage Struggling to pay mortgage 2 11.1%