Ornl Federal Credit Union Mortgage Rates, Fees & Info

Oak Ridge, TN

LEI: 549300K6L4VXCXWN4205

Tax ID: 62-0476738

4.9 stars - out of 5 stars, based on 48 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ornl Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Ornl Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Knoxville, Morristown, Sevierville, Athens, and Dayton among others. Ornl Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Ornl Federal Credit Union is typically an average fee lendor.


Originations

2,296

Origination Dollar Volume (All Markets)

$453,870,000
Show all (5) awards

Relative Rate

Ornl Federal Credit Union's average 30 year fixed rate mortgage of loans were 2.92%.

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

This yields a difference of -0.23%.

Relative Fees

Ornl Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $5,561.

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
KNOXVILLE, TN (FHA|USDA|VA) 1,908 $375,870,000 $196,997 $4,879 3.00%
MORRISTOWN, TN (FHA|USDA|VA) 147 $29,435,000 $200,238 $4,881 2.86%
Sevierville, TN (FHA|USDA|VA) 64 $18,420,000 $287,813 $6,386 2.94%
Outside of Metro Areas 103 $14,565,000 $141,408 $4,192 2.90%
Athens, TN (FHA|USDA|VA) 22 $3,590,000 $163,182 $4,716 2.97%
Dayton, TN (FHA|USDA|VA) 4 $2,770,000 $692,500 $11,421 3.25%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 7 $2,045,000 $292,143 $5,684 2.91%
Crossville, TN (FHA|USDA|VA) 10 $1,840,000 $184,000 $4,708 2.75%
CLEVELAND, TN (FHA|USDA|VA) 5 $1,475,000 $295,000 $6,998 3.35%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 6 $1,120,000 $186,667 $4,239 2.46%
Newport, TN (FHA|USDA|VA) 8 $1,100,000 $137,500 $5,009 2.97%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 4 $660,000 $165,000 $3,308 2.94%
Greeneville, TN (FHA|USDA|VA) 4 $420,000 $105,000 $2,454 2.81%
JOHNSON CITY, TN (FHA|USDA|VA) 2 $300,000 $150,000 $4,774 3.07%
Cookeville, TN (FHA|USDA|VA) 1 $195,000 $195,000 $4,826 3.25%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.25%

Ornl Federal Credit Union's top markets include Knoxville, Morristown, Sevierville, Athens, and Dayton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,295 $453,835,000 $197,749 $4,905 2.98%
USDA 1 $35,000 $35,000 $2,717 4.64%

For the 2021 period, Ornl Federal Credit Union's most frequently originated loan type of loans were Conventional, with 2,295 originations. Their 2nd most popular type is USDA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 881 $137,665,000 $156,260 $3,610 3.01%
Home Purchase 615 $187,805,000 $305,374 $6,708 2.80%
Cash Out Refi 433 $83,905,000 $193,776 $4,298 2.86%
Home Improvement 352 $42,090,000 $119,574 $4,136 3.33%
Other 14 $2,370,000 $169,286 $0 4.07%
NA 1 $35,000 $35,000 $0 5.25%

For the 2021, Ornl Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 881 originations. The 2nd most popular reason of loans were Home Purchase, with 615 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,027 $279,415,000 $272,069 $5,561 2.92%
20 Year 704 $76,950,000 $109,304 $4,095 3.53%
15 Year 432 $78,560,000 $181,852 $3,896 2.31%
10 Year 87 $10,615,000 $122,011 $3,468 2.24%
5 Year 26 $4,220,000 $162,308 $0 4.05%
Other 15 $3,115,000 $207,667 $4,928 3.13%
1 Year 5 $995,000 $199,000 $0 4.60%

For the 2021, Ornl Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 1,027 originations. The 2nd most popular length of loans were 20 Year, with 704 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 454 $73,050,000 $160,903
$3k-4k 413 $117,235,000 $283,862
$<1k 386 $79,020,000 $204,715
$1k-2k 283 $27,045,000 $95,565
$5k+ 169 $102,465,000 $606,302

$5,561 of loans were Ornl Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 454 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 762 $143,410,000 $188,202
2.5-3% 713 $173,495,000 $243,331
<2.5% 613 $118,575,000 $193,434
4-5% 127 $11,705,000 $92,165
5-6% 81 $6,685,000 $82,531

During 2021, Ornl Federal Credit Union's average interest rate of loans were 2.92%, while their most frequently originated rate bucket of loans were 3-4%, with 762 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 839 $121,675,000 $145,024 $3,810 2.89%
$100,000 or less 633 $38,845,000 $61,367 $3,052 3.33%
$200k-400k 614 $166,020,000 $270,391 $5,304 2.80%
$400k-600k 140 $66,890,000 $477,786 $8,470 2.73%
$600k-1MM 55 $39,875,000 $725,000 $11,054 3.11%
$1MM+ 15 $20,565,000 $1,371,000 $15,930 3.13%

2021 saw Ornl Federal Credit Union place emphasis on $100k-200k loans with 839 originations, totaling $121,675,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 546 $123,600,000 $226,374 $5,463 3.05%
$50k-75k 437 $64,875,000 $148,455 $4,194 2.91%
$50k or less 429 $50,165,000 $116,935 $3,856 2.93%
$75k-100k 406 $67,200,000 $165,517 $4,601 3.00%
$150k-250k 326 $92,290,000 $283,098 $6,502 3.03%
$250k+ 69 $39,575,000 $573,551 $9,683 3.15%

Ornl Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 546 originations. The second most popular income band? $50k-75k, with 437 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 647 $125,665,000 $194,227 $4,770 2.88%
30-36% 414 $84,740,000 $204,686 $5,023 3.03%
<20% 391 $70,875,000 $181,266 $4,417 2.76%
44% 93 $14,855,000 $159,731 $5,068 3.20%
39% 73 $15,265,000 $209,110 $5,483 3.16%
43% 73 $14,095,000 $193,082 $5,858 3.32%
41% 69 $12,455,000 $180,507 $4,954 3.15%
37% 68 $13,370,000 $196,618 $5,648 3.32%
42% 67 $15,065,000 $224,851 $5,511 2.97%
40% 64 $10,730,000 $167,656 $4,592 3.18%
38% 56 $12,800,000 $228,571 $5,393 3.00%
36% 54 $9,600,000 $177,778 $4,717 3.06%
>60% 48 $7,720,000 $160,833 $2,679 2.90%
47% 33 $10,535,000 $319,242 $6,577 2.98%
46% 29 $8,165,000 $281,552 $5,796 2.82%
45% 23 $6,975,000 $303,261 $6,384 2.84%
48% 20 $4,190,000 $209,500 $5,464 3.14%
49% 20 $7,120,000 $356,000 $6,806 2.86%
50-60% 20 $4,080,000 $204,000 $3,356 3.11%

Ornl Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 647 originations. The next most common DTI ratio? 30-36%, with 414 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,727 $348,955,000 $202,058 $4,882 2.94%
Not provided 464 $82,660,000 $178,147 $4,997 3.13%
Asian 35 $9,495,000 $271,286 $5,379 2.62%
Black 39 $8,185,000 $209,872 $4,772 2.87%
Not applicable 21 $3,285,000 $156,429 $0 4.08%
American Indian 7 $905,000 $129,286 $3,934 3.00%
Native Hawaiian 3 $385,000 $128,333 $4,351 2.75%

Approval Rates

Total approvals of all applications
91.17%

Ornl Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
65.63%

Ornl Federal 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
NA 2,296 $453,870,000 $197,679

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,296 $453,870,000 $197,679

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 399 $42,825,000 $107,331 $3,288 3.20%
40-60% 493 $84,505,000 $171,410 $3,999 2.73%
60-80% 675 $168,795,000 $250,067 $5,137 2.88%
80-100% 474 $142,820,000 $301,308 $6,047 2.86%
Over 100% 5 $1,825,000 $365,000 $8,238 3.18%
Under 20% 248 $12,900,000 $52,016 $2,686 3.67%