Empower Credit Union Mortgage Rates, Fees & Info
West Allis, WILEI: 549300L7JNOXBW10PN68
Tax ID: 39-1909991
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Mortgage Data
Review & Overview
Empower Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Empower Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Racine, Beaver Dam, Sheboygan, and Appleton among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Empower 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. Empower 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 |
|---|---|---|
| 30 Year Conventional Purchase | 5.94% | 12/16/24 |
| 30 Year Conventional Refi | 6.10% | 12/16/24 |
| 30 Year Cash-out Refi | 6.13% | 12/16/24 |
| 15 Year Conventional Purchase | 5.29% | 12/16/24 |
| 15 Year Conventional Refi | 5.53% | 12/16/24 |
| 15 Year Cash-out Refi | 5.53% | 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. | ||
Empower Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Empower Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
103Origination Dollar Volume (All Markets)
$15,695,000Awards
Empower Credit Union - 2018
Empower 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 |
|---|---|---|---|---|---|
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 82 | $12,010,000 | $146,463 | $1,173 | 3.76% |
| RACINE, WI (FHA|USDA|VA) | 8 | $1,310,000 | $163,750 | $1,242 | 4.00% |
| Outside of Metro Areas | 4 | $960,000 | $240,000 | $1,394 | 3.41% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $1,499 | 3.31% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $1,469 | 3.83% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,336 | 4.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,361 | 4.88% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,711 | 3.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Empower Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 10
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Similarity Rank: 357
Similarity Rank: 416
Similarity Rank: 600
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 103 | $15,695,000 | $152,379 | $1,213 | 3.78% |
For 2018, Empower Credit Union's most frequently originated type of loan was Conventional, with 103 originations.
Loan Reason
For 2018, Empower Credit Union's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Cash Out Refi, with 34 originations.
Loan Duration/Length
For 2018, Empower Credit Union's most frequently cited loan duration was 30 Year, with 52 originations. The 2nd most popular length was 10 Year, with 30 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 85 | $15,145,000 | $178,176 |
Empower Credit Union's average total fees were $1,406, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 85 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 42 | $7,270,000 | $173,095 |
| 3-4% | 36 | $6,160,000 | $171,111 |
| 2.5-3% | 22 | $1,860,000 | $84,545 |
| 5-6% | 2 | $40,000 | $20,000 |
| <2.5% | 1 | $365,000 | $365,000 |
During 2018, Empower Credit Union's average interest rate for loans was 3.99%, while their most frequently originated rate bucket for loans was 4-5%, with 42 originations.
Loan Sizing
2018 saw Empower Credit Union place emphasis on $100,000 or less loans with 40 originations, totaling $2,020,000 in origination value.
Applicant Income
Empower Credit Union lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $50k-75k, with 25 originations.
Applicant Debt to Income Ratio
Empower Credit Union lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? <20%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.31%
Empower 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 origination81.55%
Empower Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 103 | $15,695,000 | $152,379 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 103 | $15,695,000 | $152,379 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| EMBRACE HOME LOANS | Conventional home mortgage | Trouble during payment process | 1 | 14.3% |
| EMBRACE HOME LOANS | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| EMBRACE HOME LOANS | FHA mortgage | Trouble during payment process | 1 | 14.3% |
| EMBRACE HOME LOANS | Other type of mortgage | Struggling to pay mortgage | 1 | 14.3% |
| EMBRACE HOME LOANS | VA mortgage | Trouble during payment process | 3 | 42.9% |