Srp Federal Credit Union Mortgage Rates, Fees & Info

North Augusta, SC

LEI: 549300K80E72C24ZOJ37

Tax ID: 57-0621127

4.9 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Srp Federal Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Srp Federal Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Augusta, Atlanta, Columbia, Charleston, and Savannah among others. Srp 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. Srp Federal Credit Union is typically an average fee lendor.


Originations

537

Origination Dollar Volume (All Markets)

$101,195,000

Awards

SRP Federal Credit Union 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Srp Federal Credit Union's average 30 year fixed rate mortgage of loans were 2.99%.

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

This yields a difference of -0.16%.

Relative Fees

Srp Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $5,352.

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
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 482 $90,320,000 $187,386 $4,811 3.00%
Outside of Metro Areas 27 $4,005,000 $148,333 $4,465 2.92%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $1,865,000 $266,429 $5,475 2.91%
COLUMBIA, SC (FHA|USDA|VA) 9 $1,315,000 $146,111 $4,631 2.94%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $0 3.29%
SAVANNAH, GA (FHA|USDA|VA) 3 $825,000 $275,000 $9,272 3.21%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $600,000 $300,000 $4,780 3.00%
ALBANY, GA (FHA|USDA|VA) 1 $325,000 $325,000 $7,441 3.25%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $5,042 3.25%
ROME, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,986 3.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $125,000 $125,000 $3,291 2.75%
Orangeburg, SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,592 3.25%
Milledgeville, GA (FHA|USDA|VA) 1 $75,000 $75,000 $3,535 2.88%

Srp Federal Credit Union's top markets include Augusta, Atlanta, Columbia, Charleston, and Savannah among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 465 $87,305,000 $187,753 $4,358 3.02%
FHA 56 $9,960,000 $177,857 $7,685 2.89%
VA 16 $3,930,000 $245,625 $6,435 2.66%

For the 2021 period, Srp Federal Credit Union's most frequently originated loan type of loans were Conventional, with 465 originations. Their 2nd most popular type is FHA, with 56 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 244 $52,960,000 $217,049 $5,706 2.97%
Refi 150 $26,650,000 $177,667 $3,966 2.83%
Cash Out Refi 143 $21,585,000 $150,944 $4,005 3.20%

For the 2021, Srp Federal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 244 originations. The 2nd most popular reason of loans were Refi, with 150 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 312 $61,200,000 $196,154 $5,352 2.99%
15 Year 130 $17,840,000 $137,231 $3,876 2.89%
10 Year 30 $4,420,000 $147,333 $3,676 2.73%
Other 25 $6,035,000 $241,400 $3,613 3.50%
20 Year 21 $3,295,000 $156,905 $3,949 2.93%
5 Year 19 $8,405,000 $442,368 $0 3.66%

For the 2021, Srp Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 312 originations. The 2nd most popular length of loans were 15 Year, with 130 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 212 $36,020,000 $169,906
$1k-2k 148 $13,660,000 $92,297
$3k-4k 109 $31,035,000 $284,725
$<1k 18 $2,710,000 $150,556
$5k+ 7 $3,505,000 $500,714

$5,352 of loans were Srp Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 212 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 268 $46,560,000 $173,731
3-4% 182 $39,780,000 $218,571
<2.5% 78 $14,420,000 $184,872
4-5% 4 $210,000 $52,500
6-7% 3 $135,000 $45,000
5-6% 1 $35,000 $35,000
7-8% 1 $55,000 $55,000

During 2021, Srp Federal Credit Union's average interest rate of loans were 2.99%, while their most frequently originated rate bucket of loans were 2.5-3%, with 268 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 246 $35,660,000 $144,959 $4,354 2.95%
$200k-400k 172 $44,840,000 $260,698 $6,025 2.96%
$100,000 or less 105 $7,405,000 $70,524 $3,165 3.14%
$400k-600k 9 $4,065,000 $451,667 $9,370 2.78%
$1MM+ 4 $8,550,000 $2,137,500 $16,112 3.67%
$600k-1MM 1 $675,000 $675,000 $0 3.84%

2021 saw Srp Federal Credit Union place emphasis on $100k-200k loans with 246 originations, totaling $35,660,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 129 $20,835,000 $161,512 $4,643 2.88%
$50k or less 118 $12,940,000 $109,661 $4,068 3.06%
$75k-100k 101 $19,335,000 $191,436 $5,040 2.90%
$100k-150k 90 $18,430,000 $204,778 $5,364 2.95%
$150k-250k 42 $10,520,000 $250,476 $5,300 2.95%
$250k+ 8 $3,360,000 $420,000 $7,933 3.20%

Srp Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 129 originations. The second most popular income band? $50k or less, with 118 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 138 $23,650,000 $171,377 $4,803 2.92%
30-36% 106 $18,550,000 $175,000 $4,733 2.98%
<20% 70 $11,450,000 $163,571 $4,403 2.98%
36% 19 $3,245,000 $170,789 $4,591 2.82%
37% 18 $3,080,000 $171,111 $5,266 3.04%
43% 18 $4,050,000 $225,000 $5,856 2.91%
41% 17 $2,685,000 $157,941 $4,764 2.91%
38% 17 $3,525,000 $207,353 $4,957 3.07%
39% 16 $3,110,000 $194,375 $5,326 3.01%
42% 15 $2,885,000 $192,333 $5,261 2.93%
44% 15 $2,615,000 $174,333 $4,346 2.77%
40% 13 $2,195,000 $168,846 $4,425 2.86%
46% 9 $1,195,000 $132,778 $4,389 2.89%
47% 9 $1,645,000 $182,778 $4,860 3.01%
48% 8 $1,400,000 $175,000 $4,508 2.83%
45% 8 $1,780,000 $222,500 $6,029 2.81%
49% 2 $300,000 $150,000 $6,091 4.63%
>60% 1 $185,000 $185,000 $0 3.99%

Srp Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 138 originations. The next most common DTI ratio? 30-36%, with 106 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 383 $67,695,000 $176,749 $4,666 2.92%
Black 82 $13,810,000 $168,415 $5,369 3.07%
Not applicable 38 $13,650,000 $359,211 $0 3.55%
Not provided 21 $3,625,000 $172,619 $5,100 2.86%
Asian 8 $1,390,000 $173,750 $4,626 2.88%
American Indian 5 $1,025,000 $205,000 $5,371 3.65%

Approval Rates

Total approvals of all applications
93.05%

Srp Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.24%

Srp Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 537 $101,195,000 $188,445

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
537 $101,195,000 $188,445

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 31 $2,565,000 $82,742 $3,182 3.12%
40-60% 85 $13,465,000 $158,412 $4,084 2.89%
60-80% 191 $35,965,000 $188,298 $4,185 3.05%
80-100% 226 $48,380,000 $214,071 $5,651 2.95%
Over 100% 2 $730,000 $365,000 $17,059 2.75%
Under 20% 2 $90,000 $45,000 $1,881 4.63%