Premier Members Credit Union Mortgage Rates, Fees & Info

Boulder, CO

LEI: 549300LG5340S24M4N89

Tax ID: 84-0500890

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Premier Members Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Home Purchase loans. Premier Members Credit Union has a high proportion of conventional loans. Their top markets include Denver, Boulder, Greeley, Fort Collins, and Colorado Springs among others. Premier Members Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Premier Members Credit Union is typically an average fee lendor.


Originations

1,753

Origination Dollar Volume (All Markets)

$341,855,000

Relative Rate

Premier Members Credit Union's average 30 year fixed rate mortgage of loans were 3.08%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.07%.

Relative Fees

Premier Members Credit Union's average total fees for a 30 year fixed rate mortgage are $4,894.

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
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 816 $156,350,000 $191,605 $4,771 3.84%
BOULDER, CO (FHA|USDA|VA) 466 $99,040,000 $212,532 $4,402 3.48%
GREELEY, CO (FHA|USDA|VA) 202 $33,650,000 $166,584 $4,314 3.80%
FORT COLLINS, CO (FHA|USDA|VA) 134 $25,740,000 $192,090 $4,666 3.61%
Outside of Metro Areas 40 $6,910,000 $172,750 $4,272 3.85%
COLORADO SPRINGS, CO (FHA|USDA|VA) 21 $5,515,000 $262,619 $5,961 3.95%
PUEBLO, CO (FHA|USDA|VA) 32 $4,420,000 $138,125 $3,961 4.03%
Edwards, CO (FHA|USDA|VA) 5 $1,665,000 $333,000 $11,664 4.13%
Breckenridge, CO (FHA|USDA|VA) 7 $1,485,000 $212,143 $0 3.89%
SANTA FE, NM (FHA|USDA|VA) 3 $1,075,000 $358,333 $4,966 3.21%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $945,000 $315,000 $4,705 2.79%
BILLINGS, MT (FHA|USDA|VA) 3 $935,000 $311,667 $4,871 3.13%
Gillette, WY (FHA|USDA|VA) 3 $705,000 $235,000 $6,214 2.83%
Montrose, CO (FHA|USDA|VA) 4 $570,000 $142,500 $4,591 4.53%
Glenwood Springs, CO (FHA|USDA|VA) 3 $545,000 $181,667 $0 3.75%
GRAND JUNCTION, CO (FHA|USDA|VA) 3 $455,000 $151,667 $4,869 3.92%
Steamboat Springs, CO (FHA|USDA|VA) 2 $440,000 $220,000 $10,549 3.19%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $355,000 $355,000 $2,929 3.13%
Taos, NM (FHA|USDA|VA) 1 $325,000 $325,000 $6,209 2.75%
Durango, CO (FHA|USDA|VA) 1 $315,000 $315,000 $5,566 3.25%
Cañon City, CO (FHA|USDA|VA) 1 $285,000 $285,000 $3,409 3.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $75,000 $75,000 $4,417 2.75%
Fort Morgan, CO (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.25%

Premier Members Credit Union's top markets include Denver, Boulder, Greeley, Fort Collins, and Colorado Springs among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,753 $341,855,000 $195,011 $4,585 3.72%

For the 2021 period, Premier Members Credit Union's most frequently originated loan type of loans were Conventional, with 1,753 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 598 $71,640,000 $119,799 $0 3.98%
Refi 516 $147,970,000 $286,764 $4,276 3.07%
Other 380 $42,410,000 $111,605 $0 4.22%
Home Purchase 249 $77,125,000 $309,739 $5,719 3.70%
Cash Out Refi 10 $2,710,000 $271,000 $4,332 2.83%

For the 2021, Premier Members Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 598 originations. The 2nd most popular reason of loans were Refi, with 516 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,160 $146,660,000 $126,431 $8,930 4.12%
30 Year 441 $157,035,000 $356,088 $4,894 3.08%
15 Year 95 $22,475,000 $236,579 $3,585 2.49%
20 Year 41 $9,755,000 $237,927 $3,677 2.78%
10 Year 15 $4,035,000 $269,000 $3,968 2.29%
5 Year 1 $1,895,000 $1,895,000 $0 4.25%

For the 2021, Premier Members Credit Union's most frequently cited loan length of loans were Other, with 1,160 originations. The 2nd most popular length of loans were 30 Year, with 441 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 210 $63,440,000 $302,095
$3k-4k 140 $41,730,000 $298,071
$1k-2k 86 $23,390,000 $271,977
$5k+ 81 $50,315,000 $621,173
$2k-3k 73 $13,945,000 $191,027

$4,894 of loans were Premier Members Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 210 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,091 $193,585,000 $177,438
2.5-3% 293 $95,335,000 $325,375
4-5% 159 $20,715,000 $130,283
<2.5% 85 $22,295,000 $262,294
5-6% 68 $5,180,000 $76,176
6-7% 43 $3,745,000 $87,093
7-8% 13 $955,000 $73,462
Over 8% 1 $45,000 $45,000

During 2021, Premier Members Credit Union's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 1,091 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 751 $52,225,000 $69,541 $2,653 4.15%
$200k-400k 488 $135,900,000 $278,484 $4,153 3.34%
$100k-200k 331 $49,965,000 $150,952 $3,403 3.58%
$400k-600k 137 $65,945,000 $481,350 $5,464 3.29%
$600k-1MM 40 $29,250,000 $731,250 $9,046 3.04%
$1MM+ 6 $8,570,000 $1,428,333 $15,335 3.04%

2021 saw Premier Members Credit Union place emphasis on $100,000 or less loans with 751 originations, totaling $52,225,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 451 $82,315,000 $182,517 $4,491 3.72%
$150k-250k 451 $94,855,000 $210,322 $5,479 3.83%
$75k-100k 293 $50,715,000 $173,089 $3,965 3.67%
$50k-75k 251 $39,885,000 $158,904 $3,982 3.64%
$250k+ 187 $55,295,000 $295,695 $7,205 3.76%
$50k or less 106 $13,050,000 $123,113 $3,601 3.53%

Premier Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 451 originations. The second most popular income band? $150k-250k, with 451 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 404 $79,410,000 $196,559 $4,376 3.54%
30-36% 294 $53,090,000 $180,578 $4,354 3.78%
<20% 182 $34,730,000 $190,824 $4,555 3.52%
50-60% 149 $19,115,000 $128,289 $7,088 4.29%
39% 69 $17,025,000 $246,739 $5,996 3.50%
37% 59 $11,385,000 $192,966 $3,862 3.77%
43% 57 $15,245,000 $267,456 $4,918 3.69%
40% 54 $9,400,000 $174,074 $4,324 3.91%
38% 54 $11,990,000 $222,037 $4,748 3.71%
44% 51 $11,495,000 $225,392 $5,575 3.82%
41% 50 $10,400,000 $208,000 $4,282 3.73%
36% 50 $11,000,000 $220,000 $4,433 3.50%
42% 49 $10,145,000 $207,041 $4,039 3.85%
47% 46 $7,750,000 $168,478 $4,270 3.64%
48% 45 $7,695,000 $171,000 $5,227 3.91%
45% 42 $10,240,000 $243,810 $4,608 3.51%
46% 39 $8,085,000 $207,308 $5,372 3.71%
>60% 30 $5,690,000 $189,667 $0 4.00%
49% 28 $6,070,000 $216,786 $4,446 3.80%

Premier Members Credit Union lent most frequently to those with DTI ratios of 20-30%, with 404 originations. The next most common DTI ratio? 30-36%, with 294 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,580 $299,860,000 $189,785 $4,646 3.75%
Not provided 97 $24,465,000 $252,216 $4,278 3.28%
Asian 43 $8,375,000 $194,767 $3,582 3.72%
Black 16 $3,680,000 $230,000 $5,064 3.91%
American Indian 11 $2,705,000 $245,909 $5,875 3.33%
Not applicable 2 $2,100,000 $1,050,000 $0 4.50%
Native Hawaiian 2 $280,000 $140,000 $4,607 3.19%
Japanese 1 $245,000 $245,000 $2,104 2.88%
1 $145,000 $145,000 $2,046 3.00%

Approval Rates

Total approvals of all applications
85.39%

Premier Members Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
74.86%

Premier Members Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,753 $341,855,000 $195,011

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,753 $341,855,000 $195,011

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 438 $83,740,000 $191,187 $3,515 3.73%
40-60% 233 $66,575,000 $285,730 $4,046 3.14%
60-80% 219 $85,715,000 $391,393 $5,132 3.10%
80-100% 106 $44,890,000 $423,491 $5,637 3.17%
Under 20% 757 $60,935,000 $80,495 $2,872 4.15%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Premier Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
Premier Mortgage, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%