Sterling United Fcu Mortgage Rates, Fees & Info

Evansville, IN

LEI: 549300OD0X37005DV702

Tax ID: 35-1067814

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Sterling United Fcu is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Refi loans. Sterling United Fcu has a high proportion of conventional loans. Their top two markets are Evansville and Madisonville .

    Sterling United Fcu has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Sterling United Fcu is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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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    Originations

    48

    Origination Dollar Volume (All Markets)

    $3,740,000

    Top 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
    EVANSVILLE, IN-KY (FHA|USDA|VA) 44 $3,380,000 $76,818 $2,092 3.72%
    Outside of Metro Areas 3 $225,000 $75,000 $0 3.33%
    Madisonville, KY (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.00%
    Sterling United Fcu's top markets include Evansville and Madisonville among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $3,530,000 $84,048 $2,092 3.69%
    HELOC 6 $210,000 $35,000 n/a 3.58%

    For 2018, Sterling United Fcu's most frequently originated type of loan was Conventional, with 42 originations. Their 2nd most popular type was HELOC, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 21 $895,000 $42,619 $0 3.66%
    Cash Out Refi 10 $990,000 $99,000 $0 3.50%
    Refi 8 $1,090,000 $136,250 $0 3.56%
    Other 6 $340,000 $56,667 $0 3.52%
    Home Purchase 3 $425,000 $141,667 $2,092 5.08%

    For 2018, Sterling United Fcu's most frequently cited loan purpose was Home Improvement, with 21 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 15 $1,425,000 $95,000 $0 3.67%
    10 Year 10 $570,000 $57,000 $0 3.77%
    20 Year 7 $905,000 $129,286 $0 3.66%
    Other 7 $275,000 $39,286 $0 3.68%
    5 Year 6 $140,000 $23,333 $0 2.87%
    30 Year 3 $425,000 $141,667 $2,092 5.08%

    For 2018, Sterling United Fcu's most frequently cited loan duration was 15 Year, with 15 originations. The 2nd most popular length was 10 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3 $425,000 $141,667

    Sterling United Fcu's average total fees were $2,092, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 18 $1,200,000 $66,667
    4-5% 14 $1,190,000 $85,000
    2.5-3% 12 $1,150,000 $95,833
    <2.5% 2 $70,000 $35,000
    5-6% 2 $130,000 $65,000

    During 2018, Sterling United Fcu's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 3-4%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 33 $1,535,000 $46,515 $1,522 3.69%
    $100k-200k 13 $1,705,000 $131,154 $1,981 3.50%
    $200k-400k 2 $500,000 $250,000 $2,773 4.76%

    2018 saw Sterling United Fcu place emphasis on $100,000 or less loans with 33 originations, totaling $1,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 16 $1,130,000 $70,625 $1,981 3.63%
    $50k or less 13 $505,000 $38,846 $1,522 3.96%
    $100k-150k 10 $940,000 $94,000 $0 3.31%
    $75k-100k 7 $875,000 $125,000 $2,773 3.69%
    $150k-250k 2 $290,000 $145,000 $0 4.13%

    Sterling United Fcu lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $50k or less, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $1,390,000 $69,500 $1,752 3.82%
    <20% 15 $1,115,000 $74,333 $0 3.47%
    30-36% 6 $490,000 $81,667 $2,773 3.96%
    40% 2 $130,000 $65,000 $0 4.33%
    48% 1 $115,000 $115,000 $0 3.00%
    50-60% 1 $115,000 $115,000 $0 3.00%
    36% 1 $45,000 $45,000 $0 2.25%
    38% 1 $95,000 $95,000 $0 3.00%
    41% 1 $245,000 $245,000 $0 4.53%

    Sterling United Fcu lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? <20%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 23 $2,055,000 $89,348 $2,092 3.55%
    Asian 25 $1,685,000 $67,400 $0 3.80%

    Approval Rates

    Total approvals of all applications
    81.97%

    Sterling United Fcu has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    97.92%

    Sterling United Fcu has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 48 $3,740,000 $77,917

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 48 $3,740,000 $77,917

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $690,000 $43,125 $0 3.43%
    40-60% 5 $455,000 $91,000 $0 3.53%
    60-80% 15 $1,555,000 $103,667 $1,522 3.84%
    80-100% 7 $935,000 $133,571 $2,377 3.89%
    Under 20% 5 $105,000 $21,000 $0 3.87%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    STERLING BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Closing on a mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Struggling to pay mortgage 5 33.3%
    STERLING BANCORP Conventional home mortgage Trouble during payment process 2 13.3%
    STERLING BANCORP FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Struggling to pay mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Trouble during payment process 1 6.7%