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 Refi and Cash Out Refi loans. Empower Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Racine, Watertown, Appleton, and Chicago among others. We have data for 14 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. 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% | 4/28/24 |
| 30 Year Conventional Refi | 6.10% | 4/28/24 |
| 30 Year Cash-out Refi | 6.13% | 4/28/24 |
| 15 Year Conventional Purchase | 5.29% | 4/28/24 |
| 15 Year Conventional Refi | 5.53% | 4/28/24 |
| 15 Year Cash-out Refi | 5.53% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
156Origination Dollar Volume (All Markets)
$32,200,000Top 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) | 119 | $24,415,000 | $205,168 | $0 | 2.77% |
| Outside of Metro Areas | 14 | $2,990,000 | $213,571 | $0 | 2.92% |
| RACINE, WI (FHA|USDA|VA) | 6 | $1,370,000 | $228,333 | $0 | 2.88% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $0 | 2.75% |
| APPLETON, WI (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 2.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 3.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 2.69% |
| MADISON, WI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 2.38% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.75% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 3.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 2.88% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 2.31% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 2.50% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 3.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 156 | $32,200,000 | $206,410 | $0 | 2.79% |
For 2021, Empower Credit Union's most frequently originated type of loan was Conventional, with 156 originations.
Loan Reason
For 2021, Empower Credit Union's most frequently cited loan purpose was Refi, with 86 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.
Loan Duration/Length
For 2021, Empower Credit Union's most frequently cited loan duration was 30 Year, with 86 originations. The 2nd most popular length was 15 Year, with 52 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 90 | $19,920,000 | $221,333 |
| <2.5% | 43 | $8,375,000 | $194,767 |
| 3-4% | 21 | $3,835,000 | $182,619 |
| 4-5% | 2 | $70,000 | $35,000 |
During 2021, Empower Credit Union's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 90 originations.
Loan Sizing
2021 saw Empower Credit Union place emphasis on $200k-400k loans with 68 originations, totaling $18,490,000 in origination value.
Applicant Income
Empower Credit Union lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $150k-250k, with 33 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 156 | $32,200,000 | $206,410 | $0 | 2.79% |
Empower Credit Union lent most frequently to those with DTI ratios of Exempt%, with 156 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.92%
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 origination78.85%
Empower Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 156 | $32,200,000 | $206,410 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| EMBRACE HOME LOANS | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 40.0% |
| EMBRACE HOME LOANS | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| EMBRACE HOME LOANS | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| EMBRACE HOME LOANS | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |