Gecu Mortgage Rates, Fees & Info

El Paso, TX

LEI: 549300IV3BQZRSE82O16

Tax ID: 74-0650998

5 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Gecu is a smaller mortgage company specializing in Home Purchase and Refi loans. Gecu has a high proportion of conventional loans. Their top markets include and El Paso among others. Gecu has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Gecu is typically a low fee lendor.


Originations

2,072

Origination Dollar Volume (All Markets)

$270,730,000

Awards

GECU 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Gecu's average 30 year fixed rate mortgage of loans were 3.57%.

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

This yields a difference of 0.42%.

Relative Fees

Gecu's average total fees for a 30 year fixed rate mortgage are $3,216.

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
EL PASO, TX (FHA|USDA|VA) 1,992 $257,670,000 $129,352 $2,795 3.55%
Outside of Metro Areas 80 $13,060,000 $163,250 $3,310 3.51%

Gecu's top markets include and El Paso among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,072 $270,730,000 $130,661 $2,815 3.55%

For the 2021 period, Gecu's most frequently originated loan type of loans were Conventional, with 2,072 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 814 $138,610,000 $170,283 $3,255 3.52%
Refi 792 $96,050,000 $121,275 $2,956 2.76%
Cash Out Refi 227 $22,095,000 $97,335 $2,277 4.89%
Home Improvement 178 $11,020,000 $61,910 $1,467 5.04%
Other 61 $2,955,000 $48,443 $1,100 4.99%

For the 2021, Gecu's most frequently cited loan purpose of loans were Home Purchase, with 814 originations. The 2nd most popular reason of loans were Refi, with 792 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 918 $148,940,000 $162,244 $3,216 3.57%
15 Year 691 $75,625,000 $109,443 $2,777 3.34%
20 Year 247 $27,055,000 $109,534 $2,383 3.77%
10 Year 138 $9,680,000 $70,145 $1,671 4.02%
Other 47 $6,135,000 $130,532 $2,385 3.36%
5 Year 31 $3,295,000 $106,290 $877 4.34%

For the 2021, Gecu's most frequently cited loan length of loans were 30 Year, with 918 originations. The 2nd most popular length of loans were 15 Year, with 691 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,359 $155,325,000 $114,294
$1k-2k 315 $37,395,000 $118,714
$2k-3k 268 $42,370,000 $158,097
$3k-4k 105 $24,035,000 $228,905
$5k+ 13 $5,425,000 $417,308

$3,216 of loans were Gecu's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,359 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 655 $98,845,000 $150,908
3-4% 474 $68,860,000 $145,274
<2.5% 391 $50,605,000 $129,425
4-5% 281 $26,705,000 $95,036
5-6% 195 $20,045,000 $102,795
6-7% 30 $2,210,000 $73,667
7-8% 23 $1,855,000 $80,652
Over 8% 23 $1,605,000 $69,783

During 2021, Gecu's average interest rate of loans were 3.57%, while their most frequently originated rate bucket of loans were 2.5-3%, with 655 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 990 $141,220,000 $142,646 $2,997 3.32%
$100,000 or less 794 $50,370,000 $63,438 $1,965 4.00%
$200k-400k 270 $66,710,000 $247,074 $4,334 3.15%
$400k-600k 14 $6,550,000 $467,857 $8,195 2.77%
$1MM+ 3 $5,115,000 $1,705,000 $0 3.73%
$600k-1MM 1 $765,000 $765,000 $14,095 3.38%

2021 saw Gecu place emphasis on $100k-200k loans with 990 originations, totaling $141,220,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 612 $74,490,000 $121,716 $2,659 3.50%
$50k or less 563 $53,565,000 $95,142 $2,416 3.63%
$100k-150k 371 $56,515,000 $152,332 $3,141 3.50%
$75k-100k 353 $47,905,000 $135,708 $2,882 3.56%
$150k-250k 136 $24,090,000 $177,132 $3,554 3.67%
$250k+ 28 $8,220,000 $293,571 $5,475 3.08%

Gecu lent most frequently to those with incomes in the $50k-75k range, with 612 originations. The second most popular income band? $50k or less, with 563 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 377 $51,155,000 $135,690 $2,960 3.34%
20-30% 368 $50,650,000 $137,636 $2,998 3.24%
<20% 185 $20,055,000 $108,405 $2,578 3.39%
50-60% 156 $15,810,000 $101,346 $2,261 4.56%
>60% 110 $9,010,000 $81,909 $1,989 5.16%
38% 79 $11,075,000 $140,190 $2,738 3.36%
46% 75 $9,725,000 $129,667 $2,984 3.59%
43% 73 $10,435,000 $142,945 $2,811 3.35%
44% 70 $9,700,000 $138,571 $3,095 3.28%
41% 66 $7,750,000 $117,424 $2,751 3.62%
42% 66 $10,080,000 $152,727 $3,421 3.30%
37% 64 $8,740,000 $136,563 $2,898 3.44%
36% 61 $8,175,000 $134,016 $2,840 3.19%
48% 58 $7,430,000 $128,103 $2,891 3.54%
49% 58 $7,540,000 $130,000 $3,088 3.34%
39% 55 $7,325,000 $133,182 $2,823 3.37%
47% 49 $6,765,000 $138,061 $2,885 3.36%
45% 47 $6,795,000 $144,574 $2,994 3.85%
40% 46 $6,570,000 $142,826 $2,774 3.35%

Gecu lent most frequently to those with DTI ratios of 30-36%, with 377 originations. The next most common DTI ratio? 20-30%, with 368 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,766 $221,900,000 $125,651 $2,781 3.55%
Not provided 266 $38,670,000 $145,376 $3,026 3.48%
Not applicable 8 $5,840,000 $730,000 $0 4.32%
Asian 11 $1,895,000 $172,273 $3,140 3.65%
Black 12 $1,490,000 $124,167 $2,871 4.04%
American Indian 7 $765,000 $109,286 $2,845 4.25%
Native Hawaiian 1 $85,000 $85,000 $3,247 4.25%
Filipino 1 $85,000 $85,000 $2,081 4.75%

Approval Rates

Total approvals of all applications
84.77%

Gecu has a below average approval rate.

Pick Rate

Approvals leading to origination
49.23%

Gecu has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 2,072 $270,730,000 $130,661

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,072 $270,730,000 $130,661

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 214 $12,030,000 $56,215 $1,668 4.04%
40-60% 331 $31,875,000 $96,299 $2,615 3.47%
60-80% 642 $91,060,000 $141,838 $3,014 3.32%
80-100% 766 $131,690,000 $171,919 $3,378 3.39%
Under 20% 119 $4,075,000 $34,244 $733 5.16%