Novation Credit Union Mortgage Rates, Fees & Info
Oakdale, MNLEI: 549300ODTHTLPTSBD612
Tax ID: 41-0800081
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Mortgage Data
Review & Overview
Novation Credit Union is a smaller credit union specializing in Home Improvement, Other, Cash Out Refi, and Home Purchase loans. Novation Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Hutchinson, Brainerd, Menomonie, and Brookings among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Novation Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Novation Credit Union 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.06% | 11/21/24 |
| 15 Year Conventional Purchase | 5.49% | 11/21/24 |
| 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. | ||
Novation 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
129Origination Dollar Volume (All Markets)
$13,145,000Top 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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 93 | $10,235,000 | $110,054 | $984 | 4.30% |
| Hutchinson, MN (FHA|USDA|VA) | 21 | $1,525,000 | $72,619 | $1,000 | 4.45% |
| Outside of Metro Areas | 8 | $410,000 | $51,250 | $277 | 4.54% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,673 | 2.88% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,476 | 2.75% |
| Brookings, SD (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $142 | 4.50% |
| MADISON, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,845 | 4.00% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $151 | 5.25% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,102 | 2.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against NOVATION 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 | 123 | $12,835,000 | $104,350 | $1,033 | 4.31% |
| HELOC | 6 | $310,000 | $51,667 | n/a | 4.25% |
For 2022, Novation Credit Union's most frequently originated type of loan was Conventional, with 123 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
For 2022, Novation Credit Union's most frequently cited loan purpose was Home Improvement, with 56 originations. The 2nd most popular reason was Other, with 44 originations.
Loan Duration/Length
For 2022, Novation Credit Union's most frequently cited loan duration was 15 Year, with 51 originations. The 2nd most popular length was 10 Year, with 40 originations.
Origination Fees/Closing Costs
Novation Credit Union's average total fees were $4,390, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.
Interest Rates
During 2022, Novation Credit Union's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 4-5%, with 57 originations.
Loan Sizing
2022 saw Novation Credit Union place emphasis on $100,000 or less loans with 91 originations, totaling $5,015,000 in origination value.
Applicant Income
Novation Credit Union lent most frequently to those with incomes in the $150k-250k range, with 38 originations. The second most popular income band? $100k-150k, with 29 originations.
Applicant Debt to Income Ratio
Novation Credit Union lent most frequently to those with DTI ratios of <20%, with 37 originations. The next most common DTI ratio? 20-30%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.35%
Novation Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination98.45%
Novation Credit Union 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 | 129 | $13,145,000 | $101,899 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Novad Management Consulting LLC | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| Novad Management Consulting LLC | FHA mortgage | Closing on a mortgage | 1 | 20.0% |
| Novad Management Consulting LLC | Reverse mortgage | Struggling to pay mortgage | 2 | 40.0% |
| Novad Management Consulting LLC | Reverse mortgage | Trouble during payment process | 1 | 20.0% |