Veridian Credit Union Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300KER3YVZ3U5RK57

Tax ID: 42-1132695

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Veridian Credit Union is a small credit union specializing in Home Purchase and Refi loans. Veridian Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Des Moines, Omaha, Waterloo, Cedar Rapids, and Iowa City among others. We have data for 53 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    10,250

    Origination Dollar Volume (All Markets)

    $1,570,120,000
    Show all (21) awards

    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) 3,185 $554,035,000 $173,951 $1,467 3.29%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1,853 $330,555,000 $178,389 $1,507 3.28%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2,565 $298,845,000 $116,509 $1,343 3.32%
    Outside of Metro Areas 1,100 $116,680,000 $106,073 $1,347 3.43%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 872 $112,380,000 $128,876 $1,450 3.38%
    IOWA CITY, IA (FHA|USDA|VA) 232 $40,620,000 $175,086 $1,636 3.19%
    SIOUX FALLS, SD (FHA|USDA|VA) 3 $36,485,000 $12,161,667 $1,853 2.67%
    AMES, IA (FHA|USDA|VA) 139 $18,475,000 $132,914 $1,308 3.43%
    LINCOLN, NE (FHA|USDA|VA) 28 $15,530,000 $554,643 $1,392 3.61%
    Menomonie, WI (FHA|USDA|VA) 1 $7,835,000 $7,835,000 $0 3.25%
    Marshalltown, IA (FHA|USDA|VA) 45 $4,615,000 $102,556 $1,132 3.39%
    Mason City, IA (FHA|USDA|VA) 28 $4,260,000 $152,143 $1,689 3.44%
    Pella, IA (FHA|USDA|VA) 26 $3,790,000 $145,769 $1,375 3.31%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 11 $3,605,000 $327,727 $2,589 2.44%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 22 $3,220,000 $146,364 $1,703 3.52%
    DUBUQUE, IA (FHA|USDA|VA) 13 $2,205,000 $169,615 $1,379 3.28%
    Fremont, NE (FHA|USDA|VA) 15 $1,845,000 $123,000 $1,613 3.50%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 16 $1,700,000 $106,250 $1,480 3.78%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $1,475,000 $210,714 $1,817 2.37%
    Muscatine, IA (FHA|USDA|VA) 10 $1,180,000 $118,000 $1,283 3.58%
    MADISON, WI (FHA|USDA|VA) 4 $1,010,000 $252,500 $3,338 2.31%
    Oskaloosa, IA (FHA|USDA|VA) 12 $990,000 $82,500 $1,023 3.74%
    Burlington, IA-IL (FHA|USDA|VA) 6 $920,000 $153,333 $1,590 2.77%
    Spirit Lake, IA (FHA|USDA|VA) 4 $640,000 $160,000 $1,329 4.03%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $570,000 $285,000 $2,379 3.25%
    ROCHESTER, MN (FHA|USDA|VA) 3 $545,000 $181,667 $2,125 3.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $500,000 $250,000 $1,841 2.88%
    Fairfield, IA (FHA|USDA|VA) 3 $455,000 $151,667 $1,731 3.04%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $450,000 $225,000 $1,961 2.88%
    Clinton, IA (FHA|USDA|VA) 3 $445,000 $148,333 $2,431 2.38%
    SPRINGFIELD, MO (FHA|USDA|VA) 2 $440,000 $220,000 $1,959 2.50%
    Ottumwa, IA (FHA|USDA|VA) 3 $405,000 $135,000 $1,821 3.88%
    Columbus, NE (FHA|USDA|VA) 2 $390,000 $195,000 $1,414 2.87%
    PEORIA, IL (FHA|USDA|VA) 1 $315,000 $315,000 $1,640 2.75%
    Norfolk, NE (FHA|USDA|VA) 2 $280,000 $140,000 $1,747 3.69%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $265,000 $265,000 $1,799 2.38%
    Fort Dodge, IA (FHA|USDA|VA) 5 $255,000 $51,000 $831 3.62%
    Whitewater, WI (FHA|USDA|VA) 1 $195,000 $195,000 $1,301 2.88%
    Hastings, NE (FHA|USDA|VA) 1 $195,000 $195,000 $1,214 2.63%
    Yankton, SD (FHA|USDA|VA) 1 $145,000 $145,000 $1,889 2.88%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,164 2.75%
    ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $125,000 $125,000 $1,801 3.38%
    Storm Lake, IA (FHA|USDA|VA) 3 $125,000 $41,667 $1,700 4.41%
    Kirksville, MO (FHA|USDA|VA) 1 $125,000 $125,000 $1,254 3.25%
    Spencer, IA (FHA|USDA|VA) 3 $125,000 $41,667 $140 3.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $115,000 $115,000 $1,691 2.88%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,257 2.75%
    Carroll, IA (FHA|USDA|VA) 2 $100,000 $50,000 $1,772 3.25%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 2 $100,000 $50,000 $1,772 4.36%
    North Platte, NE (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.00%
    Ottawa, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,700 2.75%
    Marshall, MO (FHA|USDA|VA) 1 $75,000 $75,000 $1,654 4.00%
    GRAND ISLAND, NE (FHA|USDA|VA) 1 $55,000 $55,000 $1,159 2.88%
    Veridian Credit Union's top markets include Des Moines, Omaha, Waterloo, Cedar Rapids, and Iowa City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • 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.

    Bank
    Similarity Rank: 82
    BankIowa of Cedar Rapids
    Similarity Rank: 195
    Manufacturers Bank & Trust Company
    Similarity Rank: 198
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    VisionBank of Iowa
    Similarity Rank: 286
    FIRST
    Similarity Rank: 308
    KELLOGG MIDWEST FEDERAL CREDIT UNION
    Similarity Rank: 322
    Fidelity Bank
    Similarity Rank: 392
    Community Savings Bank
    Similarity Rank: 399
    GREATER IOWA CREDIT UNION
    Similarity Rank: 414

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,676 $1,385,930,000 $180,554 $1,360 3.05%
    HELOC 2,379 $135,645,000 $57,018 n/a 4.29%
    VA 193 $48,125,000 $249,352 $4,171 2.27%
    USDA 2 $420,000 $210,000 $5,109 2.12%

    For 2021, Veridian Credit Union's most frequently originated type of loan was Conventional, with 7,676 originations. Their 2nd most popular type was HELOC, with 2,379 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,488 $697,360,000 $199,931 $1,702 3.14%
    Refi 2,772 $440,680,000 $158,975 $1,296 2.96%
    Home Improvement 1,494 $78,270,000 $52,390 $386 4.23%
    Other 1,356 $114,420,000 $84,381 $743 3.93%
    Cash Out Refi 1,140 $239,390,000 $209,991 $1,755 2.85%

    For 2021, Veridian Credit Union's most frequently cited loan purpose was Home Purchase, with 3,488 originations. The 2nd most popular reason was Refi, with 2,772 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,405 $863,235,000 $195,967 $1,794 2.94%
    Other 2,467 $184,525,000 $74,797 $1,130 4.21%
    15 Year 1,766 $277,680,000 $157,237 $1,457 2.71%
    10 Year 1,160 $138,070,000 $119,026 $223 3.86%
    20 Year 216 $39,480,000 $182,778 $1,610 2.83%
    5 Year 185 $48,895,000 $264,297 $124 3.78%
    30+ year 44 $17,370,000 $394,773 $2,410 3.32%
    1 Year 4 $610,000 $152,500 $0 4.26%
    3 Year 3 $255,000 $85,000 $1,335 2.63%

    For 2021, Veridian Credit Union's most frequently cited loan duration was 30 Year, with 4,405 originations. The 2nd most popular length was Other, with 2,467 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 7,016 $1,216,820,000 $173,435
    $1k-2k 51 $13,565,000 $265,980
    $2k-3k 14 $3,410,000 $243,571
    $3k-4k 6 $1,980,000 $330,000
    $5k+ 3 $1,485,000 $495,000
    $4k-5k 1 $205,000 $205,000

    Veridian Credit Union's average total fees were $1,794, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7,016 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 3,417 $457,275,000 $133,824
    2.5-3% 3,068 $613,110,000 $199,840
    <2.5% 2,048 $408,570,000 $199,497
    4-5% 832 $45,030,000 $54,123
    5-6% 629 $32,305,000 $51,359
    6-7% 256 $13,830,000 $54,023

    During 2021, Veridian Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 3-4%, with 3,417 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 4,446 $230,910,000 $51,937 $717 3.98%
    $100k-200k 3,234 $473,030,000 $146,268 $1,590 2.89%
    $200k-400k 2,320 $618,470,000 $266,582 $1,796 2.71%
    $400k-600k 225 $104,565,000 $464,733 $2,595 2.70%
    $600k-1MM 13 $9,615,000 $739,615 $3,236 2.94%
    $1MM+ 12 $133,530,000 $11,127,500 $3,572 3.38%

    2021 saw Veridian Credit Union place emphasis on $100,000 or less loans with 4,446 originations, totaling $230,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2,501 $304,875,000 $121,901 $1,412 3.26%
    $100k-150k 2,413 $405,775,000 $168,162 $1,502 3.30%
    $50k or less 1,961 $172,795,000 $88,116 $1,310 3.32%
    $75k-100k 1,915 $270,845,000 $141,433 $1,417 3.33%
    $150k-250k 1,138 $218,590,000 $192,083 $1,585 3.40%
    $250k+ 217 $54,635,000 $251,774 $1,682 3.37%

    Veridian Credit Union lent most frequently to those with incomes in the $50k-75k range, with 2,501 originations. The second most popular income band? $100k-150k, with 2,413 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,887 $406,575,000 $140,830 $1,418 3.24%
    30-36% 2,076 $284,500,000 $137,042 $1,434 3.41%
    <20% 1,174 $164,050,000 $139,736 $1,334 2.94%
    40% 421 $53,805,000 $127,803 $1,335 3.58%
    39% 409 $51,095,000 $124,927 $1,347 3.64%
    38% 358 $47,370,000 $132,318 $1,391 3.50%
    42% 348 $45,340,000 $130,287 $1,304 3.57%
    41% 343 $43,575,000 $127,041 $1,333 3.57%
    36% 341 $44,835,000 $131,481 $1,377 3.44%
    37% 340 $43,300,000 $127,353 $1,402 3.53%
    43% 322 $45,680,000 $141,863 $1,448 3.45%
    44% 322 $45,840,000 $142,360 $1,461 3.38%
    45% 184 $31,930,000 $173,533 $1,887 3.17%
    47% 157 $30,785,000 $196,083 $1,591 3.09%
    46% 142 $24,010,000 $169,085 $1,720 3.10%
    49% 128 $26,170,000 $204,453 $1,712 2.96%
    48% 126 $22,130,000 $175,635 $1,832 3.08%
    50-60% 96 $13,630,000 $141,979 $2,034 3.59%
    >60% 7 $2,615,000 $373,571 $3,832 2.96%

    Veridian Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,887 originations. The next most common DTI ratio? 30-36%, with 2,076 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8,287 $1,087,545,000 $131,235 $1,393 3.39%
    Not provided 1,292 $237,870,000 $184,110 $1,601 2.99%
    Not applicable 34 $137,210,000 $4,035,588 $0 3.86%
    Asian 328 $62,130,000 $189,421 $1,605 2.97%
    Black 209 $26,355,000 $126,100 $1,358 3.43%
    Asian Indian 35 $8,925,000 $255,000 $1,605 2.51%
    American Indian 26 $3,510,000 $135,000 $1,479 3.45%
    Other Asian 13 $2,615,000 $201,154 $1,638 2.80%
    Native Hawaiian or Islander 7 $1,215,000 $173,571 $2,450 3.01%
    Chinese 3 $1,015,000 $338,333 $2,041 2.79%
    Other Pacific Islander 3 $635,000 $211,667 $1,434 2.54%
    Korean 2 $490,000 $245,000 $1,598 2.88%
    8 $490,000 $61,250 $119 3.97%
    Filipino 1 $65,000 $65,000 $385 3.24%
    Japanese 1 $35,000 $35,000 $0 6.25%
    Native Hawaiian 1 $15,000 $15,000 $0 3.35%

    Approval Rates

    Total approvals of all applications
    94.30%

    Veridian Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.90%

    Veridian Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,250 $1,570,120,000 $153,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    10,250 $1,570,120,000 $153,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,579 $105,835,000 $67,027 $457 4.10%
    40-60% 1,221 $170,135,000 $139,341 $1,250 2.93%
    60-80% 3,042 $696,520,000 $228,968 $1,587 2.85%
    80-100% 2,552 $522,920,000 $204,906 $1,849 2.88%
    Over 100% 22 $5,850,000 $265,909 $7,272 2.36%
    Under 20% 1,811 $63,965,000 $35,320 $121 4.33%