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 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, Birmingham, Alexander City, Selma, and Daphne among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alabama State Employees Credit Union has an above 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

    123

    Origination Dollar Volume (All Markets)

    $10,585,000

    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) 81 $5,815,000 $71,790 $3,263 4.95%
    Outside of Metro Areas 15 $1,695,000 $113,000 $3,858 4.55%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 7 $1,025,000 $146,429 $10,562 5.32%
    Alexander City, AL (FHA|USDA|VA) 5 $625,000 $125,000 $3,691 5.40%
    Selma, AL (FHA|USDA|VA) 5 $535,000 $107,000 $0 4.90%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $270,000 $135,000 $3,473 3.37%
    Troy, AL (FHA|USDA|VA) 1 $205,000 $205,000 $4,098 2.99%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $180,000 $90,000 $3,603 4.63%
    TUSCALOOSA, AL (FHA|USDA|VA) 2 $140,000 $70,000 $2,930 3.87%
    DOTHAN, AL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    DECATUR, AL (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.00%
    Albertville, AL (FHA|USDA|VA) 1 $15,000 $15,000 $0 5.00%
    Alabama State Employees Credit Union's top markets include Montgomery, Birmingham, Alexander City, Selma, and Daphne among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 85 $4,935,000 $58,059 n/a 5.26%
    Conventional 38 $5,650,000 $148,684 $3,566 3.97%

    For 2022, Alabama State Employees Credit Union's most frequently originated type of loan was HELOC, with 85 originations. Their 2nd most popular type was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 77 $4,775,000 $62,013 $2,844 5.39%
    Refi 33 $3,625,000 $109,848 $3,391 3.91%
    Home Purchase 9 $1,845,000 $205,000 $4,135 3.94%
    Home Improvement 4 $340,000 $85,000 $5,529 4.63%

    For 2022, Alabama State Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 77 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 121 $10,525,000 $86,983 $3,634 4.88%
    10 Year 2 $60,000 $30,000 $2,335 3.75%

    For 2022, Alabama State Employees Credit Union's most frequently cited loan duration was 15 Year, with 121 originations. The 2nd most popular length was 10 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 21 $1,465,000 $69,762
    $1k-2k 9 $1,595,000 $177,222
    $2k-3k 5 $1,195,000 $239,000
    $3k-4k 2 $690,000 $345,000
    $5k+ 1 $705,000 $705,000

    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 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 37 $4,075,000 $110,135
    4-5% 21 $1,475,000 $70,238
    5-6% 21 $1,305,000 $62,143
    6-7% 20 $1,310,000 $65,500
    2.5-3% 17 $2,185,000 $128,529
    7-8% 5 $165,000 $33,000
    Over 8% 2 $70,000 $35,000

    During 2022, 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 37 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 98 $4,290,000 $43,776 $2,567 5.05%
    $100k-200k 12 $1,750,000 $145,833 $3,843 4.33%
    $200k-400k 11 $2,985,000 $271,364 $4,670 3.97%
    $600k-1MM 2 $1,560,000 $780,000 $10,562 3.88%

    2022 saw Alabama State Employees Credit Union place emphasis on $100,000 or less loans with 98 originations, totaling $4,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 31 $1,665,000 $53,710 $2,838 4.71%
    $50k or less 30 $1,260,000 $42,000 $2,665 5.13%
    $100k-150k 28 $2,120,000 $75,714 $3,575 4.91%
    $150k-250k 17 $3,005,000 $176,765 $4,468 4.59%
    $75k-100k 16 $2,160,000 $135,000 $4,510 4.89%
    $250k+ 1 $375,000 $375,000 $7,214 4.75%

    Alabama State Employees Credit Union lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $50k or less, with 30 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $2,045,000 $58,429 $2,754 4.87%
    30-36% 19 $1,295,000 $68,158 $3,360 5.33%
    <20% 18 $1,230,000 $68,333 $3,105 4.43%
    36% 10 $560,000 $56,000 $2,485 4.50%
    37% 7 $465,000 $66,429 $3,596 5.07%
    38% 7 $855,000 $122,143 $2,396 4.53%
    39% 7 $565,000 $80,714 $3,508 4.71%
    40% 4 $410,000 $102,500 $6,008 3.87%
    42% 4 $810,000 $202,500 $10,562 4.81%
    45% 4 $220,000 $55,000 $2,893 6.44%
    43% 3 $1,045,000 $348,333 $2,498 5.33%
    44% 3 $535,000 $178,333 $5,738 5.25%
    41% 1 $175,000 $175,000 $4,682 4.75%
    49% 1 $375,000 $375,000 $7,214 4.75%

    Alabama State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 84 $7,350,000 $87,500 $3,469 4.84%
    Black 34 $2,840,000 $83,529 $3,863 4.82%
    Not provided 5 $395,000 $79,000 $2,428 5.65%

    Approval Rates

    Total approvals of all applications
    100.00%

    Alabama State Employees Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 85 $4,935,000 $58,059
    NA 38 $5,650,000 $148,684

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    123 $10,585,000 $86,057

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,035,000 $65,645 $3,434 5.06%
    40-60% 16 $2,490,000 $155,625 $3,161 4.23%
    60-80% 14 $2,640,000 $188,571 $4,067 3.94%
    80-100% 7 $1,445,000 $206,429 $3,910 3.86%
    Under 20% 55 $1,975,000 $35,909 $2,373 5.30%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 1 100.0%