Srp Federal Credit Union Mortgage Rates, Fees & Info
North Augusta, SCLEI: 549300K80E72C24ZOJ37
Tax ID: 57-0621127
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
537Origination Dollar Volume (All Markets)
$101,195,000Awards
SRP Federal Credit Union - 2021
SRP Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications93.05%
Srp Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.24%
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% |
