Strata Credit Union Mortgage Rates, Fees & Info
Bakersfield, CALEI: 549300NXYX3K4WQSGJ17
Tax ID: 95-1677890
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Mortgage Data
Review & Overview
Strata Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Strata Credit Union has a high proportion of conventional loans. Their top (well, only) market is Bakersfield.Strata Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.02% | 11/22/24 |
| 30 Year Conventional Refi | 6.52% | 11/22/24 |
| 30 Year Cash-out Refi | 6.23% | 11/22/24 |
| 15 Year Conventional Purchase | 5.89% | 11/22/24 |
| 15 Year Conventional Refi | 6.27% | 11/22/24 |
| 15 Year Cash-out Refi | 6.27% | 11/22/24 |
| 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. | ||
Strata 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
83Origination Dollar Volume (All Markets)
$5,595,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BAKERSFIELD, CA (FHA|USDA|VA) | 83 | $5,595,000 | $67,410 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against STRATA 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 | 83 | $5,595,000 | $67,410 | $0 | 0.00% |
For 2018, Strata Credit Union's most frequently originated type of loan was Conventional, with 83 originations.
Loan Reason
For 2018, Strata Credit Union's most frequently cited loan purpose was Home Improvement, with 49 originations. The 2nd most popular reason was Other, with 18 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 83 | $5,595,000 | $67,410 | $0 | 0.00% |
For 2018, Strata Credit Union's most frequently cited loan duration was Other, with 83 originations.
Loan Sizing
2018 saw Strata Credit Union place emphasis on $100,000 or less loans with 70 originations, totaling $3,340,000 in origination value.
Applicant Income
Strata Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $150k-250k, with 21 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 83 | $5,595,000 | $67,410 | $0 | 0.00% |
Strata Credit Union lent most frequently to those with DTI ratios of Exempt%, with 83 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 80 | $5,330,000 | $66,625 | $0 | 0.00% |
| Asian | 2 | $230,000 | $115,000 | $0 | 0.00% |
| Not provided | 1 | $35,000 | $35,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications52.20%
Strata Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination85.54%
Strata Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 83 | $5,595,000 | $67,410 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 83 | $5,595,000 | $67,410 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Stewart Information Services | Other type of mortgage | Trouble during payment process | 3 | 75.0% |
| Stewart Information Services | Reverse mortgage | Trouble during payment process | 1 | 25.0% |