Veridian Credit Union Mortgage Rates, Fees & Info
Waterloo, IALEI: 549300KER3YVZ3U5RK57
Tax ID: 42-1132695
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Mortgage Data
Review & Overview
Veridian Credit Union is a smaller credit union specializing in Home Purchase loans. Veridian Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Des Moines, Waterloo, Omaha, Cedar Rapids, and Ames among others. We have data for 46 markets. (Some data included below & more in-depth data is available with an active subscription.)Veridian Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Veridian Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.48% | 12/16/24 |
| 30 Year Conventional Refi | 6.31% | 12/16/24 |
| 30 Year Cash-out Refi | 6.53% | 12/16/24 |
| 30 Year VA Purchase | 5.74% | 12/16/24 |
| 30 Year VA Refi | 5.65% | 12/16/24 |
| 15 Year Conventional Purchase | 5.71% | 12/16/24 |
| 15 Year Conventional Refi | 5.76% | 12/16/24 |
| 15 Year Cash-out Refi | 5.76% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Veridian Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Veridian Credit Union. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
8,514Origination Dollar Volume (All Markets)
$901,180,000Awards
VERIDIAN CREDIT UNION - 2018
VERIDIAN CREDIT UNION is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 2,800 | $333,880,000 | $119,243 | $1,205 | 4.80% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 2,249 | $178,065,000 | $79,175 | $1,040 | 4.70% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1,144 | $139,150,000 | $121,635 | $1,420 | 4.76% |
| Outside of Metro Areas | 1,070 | $84,570,000 | $79,037 | $970 | 4.76% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 688 | $63,440,000 | $92,209 | $1,164 | 4.83% |
| AMES, IA (FHA|USDA|VA) | 153 | $33,735,000 | $220,490 | $1,341 | 4.94% |
| IOWA CITY, IA (FHA|USDA|VA) | 159 | $17,135,000 | $107,767 | $1,252 | 4.67% |
| GRAND ISLAND, NE (FHA|USDA|VA) | 1 | $15,925,000 | $15,925,000 | $0 | 4.45% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 13 | $7,085,000 | $545,000 | $1,841 | 4.62% |
| Mason City, IA (FHA|USDA|VA) | 35 | $3,515,000 | $100,429 | $1,178 | 4.68% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 22 | $3,380,000 | $153,636 | $994 | 4.77% |
| Marshalltown, IA (FHA|USDA|VA) | 44 | $2,660,000 | $60,455 | $1,195 | 4.81% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 10 | $2,480,000 | $248,000 | $2,585 | 4.33% |
| Kearney, NE (FHA|USDA|VA) | 1 | $2,265,000 | $2,265,000 | $0 | 4.42% |
| Pella, IA (FHA|USDA|VA) | 16 | $1,770,000 | $110,625 | $1,305 | 5.00% |
| Muscatine, IA (FHA|USDA|VA) | 13 | $985,000 | $75,769 | $1,016 | 4.69% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $2,795 | 4.28% |
| LINCOLN, NE (FHA|USDA|VA) | 9 | $895,000 | $99,444 | $1,010 | 5.06% |
| Ottumwa, IA (FHA|USDA|VA) | 10 | $710,000 | $71,000 | $795 | 4.61% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $1,753 | 4.63% |
| Fort Dodge, IA (FHA|USDA|VA) | 9 | $635,000 | $70,556 | $808 | 5.10% |
| Oskaloosa, IA (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $1,946 | 3.84% |
| MADISON, WI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $4,180 | 4.25% |
| Brainerd, MN (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $1,916 | 3.63% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $2,141 | 4.31% |
| Spirit Lake, IA (FHA|USDA|VA) | 5 | $425,000 | $85,000 | $1,261 | 4.87% |
| Burlington, IA-IL (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $1,585 | 4.01% |
| DUBUQUE, IA (FHA|USDA|VA) | 6 | $400,000 | $66,667 | $1,061 | 4.78% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $1,690 | 4.25% |
| Fremont, NE (FHA|USDA|VA) | 7 | $375,000 | $53,571 | $880 | 4.51% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,863 | 3.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $1,659 | 3.63% |
| Spencer, IA (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $556 | 5.14% |
| Willmar, MN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,676 | 4.00% |
| Clinton, IA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $573 | 5.67% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,481 | 4.25% |
| Storm Lake, IA (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $1,013 | 4.46% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,735 | 3.50% |
| Beatrice, NE (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,090 | 3.88% |
| ROCKFORD, IL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $2,189 | 4.38% |
| North Platte, NE (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,091 | 3.75% |
| Norfolk, NE (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $132 | 4.75% |
| Rolla, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,363 | 4.25% |
| Carroll, IA (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $157 | 6.02% |
| Maryville, MO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.38% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 3.65% |
Similar Lenders
We use machine learning to identify the top lenders compared against VERIDIAN CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Veridian Credit Union's most frequently originated type of loan was Conventional, with 5,837 originations. Their 2nd most popular type was HELOC, with 2,542 originations.
Loan Reason
For 2018, Veridian Credit Union's most frequently cited loan purpose was Home Purchase, with 3,870 originations. The 2nd most popular reason was Home Improvement, with 1,576 originations.
Loan Duration/Length
For 2018, Veridian Credit Union's most frequently cited loan duration was 30 Year, with 3,294 originations. The 2nd most popular length was Other, with 2,534 originations.
Origination Fees/Closing Costs
Veridian Credit Union's average total fees were $1,661, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3,980 originations.
Interest Rates
During 2018, Veridian Credit Union's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was 4-5%, with 3,846 originations.
Loan Sizing
2018 saw Veridian Credit Union place emphasis on $100,000 or less loans with 5,586 originations, totaling $237,270,000 in origination value.
Applicant Income
Veridian Credit Union lent most frequently to those with incomes in the $50k or less range, with 2,201 originations. The second most popular income band? $50k-75k, with 2,158 originations.
Applicant Debt to Income Ratio
Veridian Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,175 originations. The next most common DTI ratio? 30-36%, with 1,740 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.06%
Veridian Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.85%
Veridian Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 8,514 | $901,180,000 | $105,847 |