Alabama State Employees Credit Union Mortgage Rates, Fees & Info
Montgomery, ALLEI: 549300IL6X4MHW0HHI39
Tax ID: 63-0348156
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Alabama State Employees Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Alabama State Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Montgomery, Daphne, Birmingham, Selma, and Talladega among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Alabama State Employees Credit Union has an average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 5.04% | 4/28/24 |
| 15 Year Conventional Refi | 5.61% | 4/28/24 |
| 15 Year Cash-out Refi | 5.61% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Alabama State Employees Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
94Origination Dollar Volume (All Markets)
$6,590,000Top 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) | 57 | $3,945,000 | $69,211 | $1,873 | 3.79% |
| Outside of Metro Areas | 12 | $710,000 | $59,167 | $915 | 4.11% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $4,384 | 4.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 6 | $470,000 | $78,333 | $1,405 | 3.64% |
| Selma, AL (FHA|USDA|VA) | 4 | $300,000 | $75,000 | $0 | 4.63% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,298 | 2.99% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.00% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,574 | 2.99% |
| Alexander City, AL (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $3,257 | 5.13% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.00% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,203 | 6.75% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.00% |
| DECATUR, AL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.00% |
| Cullman, AL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 47 | $2,505,000 | $53,298 | n/a | 4.35% |
| Conventional | 47 | $4,085,000 | $86,915 | $1,757 | 3.55% |
For 2021, Alabama State Employees Credit Union's most frequently originated type of loan was HELOC, with 47 originations. Their 2nd most popular type was Conventional, with 47 originations.
Loan Reason
For 2021, Alabama State Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 47 originations. The 2nd most popular reason was Refi, with 32 originations.
Loan Duration/Length
For 2021, Alabama State Employees Credit Union's most frequently cited loan duration was 15 Year, with 87 originations. The 2nd most popular length was 10 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 39 | $2,955,000 | $75,769 |
| $1k-2k | 6 | $820,000 | $136,667 |
| $2k-3k | 1 | $105,000 | $105,000 |
| $3k-4k | 1 | $205,000 | $205,000 |
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 39 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 34 | $2,080,000 | $61,176 |
| 2.5-3% | 31 | $3,065,000 | $98,871 |
| 4-5% | 12 | $550,000 | $45,833 |
| 5-6% | 9 | $445,000 | $49,444 |
| 6-7% | 2 | $90,000 | $45,000 |
During 2021, 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 34 originations.
Loan Sizing
2021 saw Alabama State Employees Credit Union place emphasis on $100,000 or less loans with 72 originations, totaling $3,370,000 in origination value.
Applicant Income
Alabama State Employees Credit Union lent most frequently to those with incomes in the $50k or less range, with 25 originations. The second most popular income band? $50k-75k, with 24 originations.
Applicant Debt to Income Ratio
Alabama State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 21 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 66 | $5,000,000 | $75,758 | $1,682 | 3.82% |
| Black | 28 | $1,590,000 | $56,786 | $1,933 | 4.24% |
Approval Rates
Total approvals of all applications86.24%
Alabama State Employees Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 47 | $2,505,000 | $53,298 |
| NA | 47 | $4,085,000 | $86,915 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Alabama Housing Finance Authority | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Incorrect information on your report | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Struggling to pay mortgage | 3 | 23.1% |
| Alabama Housing Finance Authority | FHA mortgage | Trouble during payment process | 6 | 46.2% |
| Alabama Housing Finance Authority | Other type of mortgage | Struggling to pay mortgage | 1 | 7.7% |