Black Hills Federal Credit Union Mortgage Rates, Fees & Info

Rapid City, SD

LEI: 549300M2Z8GR3VL0QQ74

Tax ID: 46-0235529

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,110

Origination Dollar Volume (All Markets)

$263,440,000
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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 applications
88.02%

Black Hills Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
64.03%

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%