First Class Community Credit Union Mortgage Rates, Fees & Info

West Des Moines, IA

LEI: 549300K04ZGWYV7LDX51

Tax ID: 42-0214790

Latest/2023 | 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

    First Class Community Credit Union is a smaller credit union specializing in Home Improvement loans. First Class Community Credit Union has a high proportion of conventional loans. Their top two markets are Des Moines and Pella .

    First Class Community Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    39

    Origination Dollar Volume (All Markets)

    $1,425,000

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 35 $1,315,000 $37,571 $747 4.46%
    Outside of Metro Areas 3 $95,000 $31,667 $483 4.38%
    Pella, IA (FHA|USDA|VA) 1 $15,000 $15,000 $430 4.00%
    First Class Community Credit Union's top markets include Des Moines and Pella among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $1,245,000 $35,571 $713 4.45%
    HELOC 4 $180,000 $45,000 n/a 4.38%

    For 2019, First Class Community Credit Union's most frequently originated type of loan was Conventional, with 35 originations. Their 2nd most popular type was HELOC, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 19 $525,000 $27,632 $510 4.46%
    Other 7 $285,000 $40,714 $503 4.45%
    Cash Out Refi 7 $265,000 $37,857 $805 4.20%
    Refi 4 $230,000 $57,500 $1,157 4.50%
    Home Purchase 1 $75,000 $75,000 $2,920 4.50%
    NA 1 $45,000 $45,000 $0 5.38%

    For 2019, First Class Community Credit Union's most frequently cited loan purpose was Home Improvement, with 19 originations. The 2nd most popular reason was Other, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 15 $685,000 $45,667 $794 4.64%
    5 Year 15 $405,000 $27,000 $508 4.31%
    Other 7 $205,000 $29,286 $481 4.36%
    15 Year 2 $130,000 $65,000 $2,549 4.19%

    For 2019, First Class Community Credit Union's most frequently cited loan duration was 10 Year, with 15 originations. The 2nd most popular length was 5 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2 $210,000 $105,000
    $<1k 1 $55,000 $55,000

    First Class Community Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 30 $1,100,000 $36,667
    3-4% 6 $220,000 $36,667
    5-6% 3 $105,000 $35,000

    During 2019, First Class Community Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 37 $1,185,000 $32,027 $636 4.46%
    $100k-200k 2 $240,000 $120,000 $1,911 4.00%

    2019 saw First Class Community Credit Union place emphasis on $100,000 or less loans with 37 originations, totaling $1,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $355,000 $23,667 $625 4.43%
    $50k-75k 12 $530,000 $44,167 $1,043 4.54%
    $75k-100k 7 $225,000 $32,143 $467 4.34%
    $100k-150k 4 $270,000 $67,500 $532 4.31%
    $150k-250k 1 $45,000 $45,000 $504 4.50%

    First Class Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 13 $465,000 $35,769 $534 4.48%
    30-36% 12 $390,000 $32,500 $831 4.28%
    41% 4 $150,000 $37,500 $430 4.69%
    <20% 3 $95,000 $31,667 $532 4.50%
    >60% 2 $60,000 $30,000 $430 4.75%
    36% 2 $80,000 $40,000 $504 4.44%
    42% 1 $135,000 $135,000 $3,262 4.13%
    50-60% 1 $35,000 $35,000 $547 4.25%
    38% 1 $15,000 $15,000 $504 4.50%

    First Class Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $1,290,000 $33,947 $634 4.45%
    Black 1 $135,000 $135,000 $3,262 4.13%

    Approval Rates

    Total approvals of all applications
    83.33%

    First Class Community Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.67%

    First Class Community Credit Union 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
    235.0 2 $140,000 $70,000
    NA 37 $1,285,000 $34,730

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 39 $1,425,000 $36,538

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $550,000 $39,286 $529 4.68%
    40-60% 3 $145,000 $48,333 $1,338 4.46%
    60-80% 2 $190,000 $95,000 $2,721 4.00%
    80-100% 1 $105,000 $105,000 $560 3.88%
    Under 20% 19 $435,000 $22,895 $482 4.34%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%