Alabama State Employees Credit Union Mortgage Rates, Fees & Info
Montgomery, ALLEI: 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
Review & Overview
Alabama State Employees Credit Union is a smaller credit union specializing in 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, Alexander City, Mobile, and Daphne among others. We have data for 9 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.
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Originations
93Origination Dollar Volume (All Markets)
$5,455,000Top 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) | 70 | $3,610,000 | $51,571 | $975 | 8.04% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 6 | $760,000 | $126,667 | $3,176 | 6.88% |
| Outside of Metro Areas | 7 | $315,000 | $45,000 | $1,294 | 7.61% |
| Alexander City, AL (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $0 | 8.25% |
| MOBILE, AL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $3,750 | 6.63% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,242 | 5.50% |
| Selma, AL (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $2,910 | 6.38% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $133 | 7.75% |
| Atmore, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $128 | 8.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 65 | $3,195,000 | $49,154 | n/a | 8.24% |
| Conventional | 28 | $2,260,000 | $80,714 | $1,615 | 6.91% |
For 2023, Alabama State Employees Credit Union's most frequently originated type of loan was HELOC, with 65 originations. Their 2nd most popular type was Conventional, with 28 originations.
Loan Reason
For 2023, Alabama State Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 66 originations. The 2nd most popular reason was Other, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 83 | $4,915,000 | $59,217 | $1,946 | 7.92% |
| 10 Year | 9 | $475,000 | $52,778 | $918 | 7.03% |
| Other | 1 | $65,000 | $65,000 | $0 | 8.00% |
For 2023, Alabama State Employees Credit Union's most frequently cited loan duration was 15 Year, with 83 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $900,000 | $45,000 |
| $1k-2k | 6 | $870,000 | $145,000 |
| $2k-3k | 2 | $490,000 | $245,000 |
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 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 47 | $2,235,000 | $47,553 |
| Over 8% | 33 | $1,655,000 | $50,152 |
| 5-6% | 9 | $1,345,000 | $149,444 |
| 6-7% | 3 | $185,000 | $61,667 |
During 2023, Alabama State Employees Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 47 originations.
Loan Sizing
2023 saw Alabama State Employees Credit Union place emphasis on $100,000 or less loans with 81 originations, totaling $3,515,000 in origination value.
Applicant Income
Alabama State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $50k-75k, with 21 originations.
Applicant Debt to Income Ratio
Alabama State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 65 | $3,195,000 | $49,154 |
| NA | 28 | $2,260,000 | $80,714 |