Black Hills Federal Credit Union Mortgage Rates, Fees & Info
Rapid City, SDLEI: 549300M2Z8GR3VL0QQ74
Tax ID: 46-0235529
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Black Hills Federal Credit Union is a smaller credit union specializing in Home Purchase, Home Improvement, and Cash Out Refi loans. Black Hills Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Rapid City, Sioux Falls, Spearfish, Sioux City, and Pierre among others. Black Hills Federal 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. Black Hills Federal Credit Union is typically an average fee lendor.Originations
1,110Origination Dollar Volume (All Markets)
$263,440,000Awards
BLACK HILLS FEDERAL CREDIT UNION - 2021
BLACK HILLS FEDERAL CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Black Hills Federal Credit Union's average 30 year fixed rate mortgage of loans were
2.89%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.26%.
Relative Fees
Black Hills Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $5,260.
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 |
|---|---|---|---|---|---|
| RAPID CITY, SD (FHA|USDA|VA) | 693 | $160,035,000 | $230,931 | $5,216 | 2.85% |
| Outside of Metro Areas | 132 | $27,250,000 | $206,439 | $5,133 | 2.93% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 104 | $25,960,000 | $249,615 | $4,988 | 2.84% |
| Spearfish, SD (FHA|USDA|VA) | 95 | $24,965,000 | $262,789 | $5,637 | 2.95% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 1 | $6,535,000 | $6,535,000 | $0 | 3.85% |
| Pierre, SD (FHA|USDA|VA) | 27 | $4,975,000 | $184,259 | $4,843 | 2.90% |
| Mitchell, SD (FHA|USDA|VA) | 5 | $2,045,000 | $409,000 | $4,476 | 2.84% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $5,330 | 2.92% |
| Gillette, WY (FHA|USDA|VA) | 6 | $1,110,000 | $185,000 | $3,946 | 2.52% |
| Yankton, SD (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $5,196 | 2.47% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $4,996 | 2.71% |
| Aberdeen, SD (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $4,168 | 2.93% |
| Brookings, SD (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $4,011 | 2.68% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $8,511 | 2.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $10,546 | 2.50% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $3,265 | 2.44% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $6,930 | 3.25% |
| Watertown, SD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,035 | 2.75% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,696 | 3.12% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,764 | 3.38% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,455 | 2.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,269 | 2.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,233 | 2.99% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,319 | 2.99% |
| Shelton, WA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,836 | 3.00% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,753 | 2.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,004 | 2.63% |
| Eufaula, AL-GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,236 | 3.13% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,916 | 1.93% |
| Huron, SD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,957 | 2.99% |
| Vermillion, SD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,469 | 2.99% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,682 | 2.99% |
| AMES, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,844 | 2.25% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,947 | 1.88% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,147 | 2.38% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,857 | 2.99% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,922 | 2.99% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,690 | 2.50% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,498 | 2.99% |
Black Hills Federal Credit Union's top markets include Rapid City, Sioux Falls, Spearfish, Sioux City, and Pierre among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,025 | $240,125,000 | $234,268 | $5,130 | 2.91% |
| VA | 82 | $22,710,000 | $276,951 | $6,015 | 2.27% |
| USDA | 3 | $605,000 | $201,667 | $5,425 | 2.83% |
For the 2021 period, Black Hills Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,025 originations. Their 2nd most popular type is VA, with 82 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 370 | $103,740,000 | $280,378 | $5,763 | 2.96% |
| Home Improvement | 259 | $53,715,000 | $207,394 | $4,994 | 2.95% |
| Refi | 247 | $49,445,000 | $200,182 | $4,501 | 2.61% |
| Cash Out Refi | 228 | $55,270,000 | $242,412 | $5,289 | 2.89% |
| Other | 6 | $1,270,000 | $211,667 | $5,032 | 2.81% |
For the 2021, Black Hills Federal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 370 originations. The 2nd most popular reason of loans were Home Improvement, with 259 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 758 | $187,370,000 | $247,190 | $5,260 | 2.89% |
| 15 Year | 231 | $41,695,000 | $180,498 | $4,432 | 2.57% |
| 30+ year | 37 | $17,315,000 | $467,973 | $11,306 | 3.02% |
| 20 Year | 34 | $8,210,000 | $241,471 | $5,220 | 3.10% |
| 10 Year | 18 | $2,080,000 | $115,556 | $2,354 | 3.49% |
| 5 Year | 16 | $680,000 | $42,500 | $989 | 3.76% |
| Other | 16 | $6,090,000 | $380,625 | $7,692 | 3.47% |
For the 2021, Black Hills Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 758 originations. The 2nd most popular length of loans were 15 Year, with 231 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 423 | $71,495,000 | $169,019 |
| $3k-4k | 380 | $104,770,000 | $275,711 |
| $1k-2k | 146 | $16,080,000 | $110,137 |
| $5k+ | 99 | $52,525,000 | $530,556 |
| $<1k | 37 | $4,645,000 | $125,541 |
$5,260 of loans were Black Hills Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 423 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 564 | $134,380,000 | $238,262 |
| <2.5% | 376 | $82,910,000 | $220,505 |
| 3-4% | 119 | $37,095,000 | $311,723 |
| 4-5% | 41 | $8,205,000 | $200,122 |
| 5-6% | 4 | $260,000 | $65,000 |
| 6-7% | 4 | $500,000 | $125,000 |
| 7-8% | 1 | $65,000 | $65,000 |
| Over 8% | 1 | $25,000 | $25,000 |
During 2021, Black Hills Federal Credit Union's average interest rate of loans were 2.89%, while their most frequently originated rate bucket of loans were 2.5-3%, with 564 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 462 | $125,000,000 | $270,563 | $5,743 | 2.80% |
| $100k-200k | 437 | $67,095,000 | $153,535 | $4,180 | 2.82% |
| $100,000 or less | 106 | $7,200,000 | $67,925 | $2,571 | 3.25% |
| $400k-600k | 78 | $37,330,000 | $478,590 | $8,989 | 2.83% |
| $600k-1MM | 23 | $16,675,000 | $725,000 | $12,460 | 3.10% |
| $1MM+ | 4 | $10,140,000 | $2,535,000 | $16,786 | 3.53% |
2021 saw Black Hills Federal Credit Union place emphasis on $200k-400k loans with 462 originations, totaling $125,000,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 262 | $49,290,000 | $188,130 | $4,672 | 2.88% |
| $100k-150k | 260 | $66,920,000 | $257,385 | $5,714 | 2.79% |
| $75k-100k | 225 | $46,415,000 | $206,289 | $4,911 | 2.82% |
| $50k or less | 192 | $29,290,000 | $152,552 | $3,909 | 2.87% |
| $150k-250k | 105 | $38,415,000 | $365,857 | $7,106 | 2.79% |
| $250k+ | 34 | $16,810,000 | $494,412 | $8,880 | 2.85% |
Black Hills Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 262 originations. The second most popular income band? $100k-150k, with 260 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 286 | $64,940,000 | $227,063 | $5,302 | 2.78% |
| 30-36% | 212 | $49,510,000 | $233,538 | $5,057 | 2.86% |
| <20% | 131 | $26,165,000 | $199,733 | $4,677 | 2.79% |
| 43% | 41 | $9,695,000 | $236,463 | $5,606 | 2.79% |
| 37% | 41 | $9,785,000 | $238,659 | $5,278 | 2.72% |
| 41% | 40 | $8,120,000 | $203,000 | $5,133 | 3.00% |
| 44% | 36 | $8,850,000 | $245,833 | $5,801 | 3.11% |
| 38% | 34 | $8,400,000 | $247,059 | $5,548 | 2.95% |
| 36% | 33 | $7,475,000 | $226,515 | $5,102 | 2.88% |
| 39% | 32 | $8,700,000 | $271,875 | $5,684 | 2.87% |
| 42% | 31 | $6,615,000 | $213,387 | $5,490 | 2.73% |
| 40% | 31 | $7,075,000 | $228,226 | $5,253 | 2.83% |
| 46% | 21 | $5,035,000 | $239,762 | $5,630 | 2.69% |
| 45% | 21 | $4,655,000 | $221,667 | $5,222 | 3.07% |
| 49% | 20 | $5,430,000 | $271,500 | $6,518 | 2.86% |
| 47% | 19 | $5,025,000 | $264,474 | $5,537 | 2.88% |
| 48% | 14 | $3,180,000 | $227,143 | $4,892 | 2.96% |
| 50-60% | 10 | $2,150,000 | $215,000 | $5,590 | 3.17% |
| >60% | 10 | $2,890,000 | $289,000 | $4,395 | 2.81% |
Black Hills Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 286 originations. The next most common DTI ratio? 30-36%, with 212 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 970 | $222,010,000 | $228,876 | $5,191 | 2.84% |
| Not provided | 92 | $22,330,000 | $242,717 | $5,350 | 2.81% |
| Not applicable | 16 | $12,260,000 | $766,250 | $0 | 4.36% |
| American Indian | 23 | $4,325,000 | $188,043 | $4,766 | 2.94% |
| Asian | 5 | $1,615,000 | $323,000 | $6,217 | 2.89% |
| Black | 4 | $900,000 | $225,000 | $4,840 | 2.99% |
Approval Rates
Total approvals of all applications88.02%
Black Hills Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination64.03%
Black Hills Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,110 | $263,440,000 | $237,333 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,110 | $263,440,000 | $237,333 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 71 | $8,145,000 | $114,718 | $3,388 | 2.82% |
| 40-60% | 193 | $35,565,000 | $184,275 | $4,635 | 2.79% |
| 60-80% | 474 | $113,960,000 | $240,422 | $5,323 | 2.80% |
| 80-100% | 335 | $91,915,000 | $274,373 | $5,858 | 2.86% |
| Over 100% | 2 | $510,000 | $255,000 | $12,516 | 2.13% |
| Under 20% | 14 | $520,000 | $37,143 | $1,047 | 4.07% |
