L & N Federal Credit Union Mortgage Rates, Fees & Info
LOUISVILLE, KYLEI: 549300OHIEQGELZVJP60
Tax ID: 61-0508496
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
L & N Federal Credit Union is a smaller credit union specializing in Refi, Home Purchase, and Cash Out Refi loans. L & N Federal Credit Union has a high proportion of conventional loans. Their top markets include Louisville/jefferson County, London, Cincinnati, Somerset, and Elizabethtown among others. L & N Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. L & N Federal Credit Union is typically a low fee lendor.Originations
2,158Origination Dollar Volume (All Markets)
$332,420,000Awards
L & N Federal Credit Union - 2021
L & N 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
L & N Federal Credit Union's average 30 year fixed rate mortgage of loans were
3.56%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.41%.
Relative Fees
L & N Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $1,972.
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 |
|---|---|---|---|---|---|
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 1,321 | $219,785,000 | $166,378 | $1,988 | 3.74% |
| London, KY (FHA|USDA|VA) | 388 | $46,620,000 | $120,155 | $2,029 | 3.65% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 174 | $23,540,000 | $135,287 | $2,268 | 3.74% |
| Somerset, KY (FHA|USDA|VA) | 115 | $13,365,000 | $116,217 | $1,961 | 3.76% |
| Outside of Metro Areas | 59 | $5,815,000 | $98,559 | $2,172 | 3.61% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 19 | $5,435,000 | $286,053 | $2,253 | 3.56% |
| Bardstown, KY (FHA|USDA|VA) | 31 | $4,895,000 | $157,903 | $2,046 | 3.79% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $3,805,000 | $3,805,000 | $15,954 | 3.50% |
| Richmond-Berea, KY (FHA|USDA|VA) | 14 | $2,510,000 | $179,286 | $2,994 | 3.39% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $1,155,000 | $1,155,000 | $0 | 3.75% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $2,310 | 3.50% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $2,104 | 3.78% |
| Frankfort, KY (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $1,838 | 4.16% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 4 | $470,000 | $117,500 | $1,645 | 3.28% |
| Danville, KY (FHA|USDA|VA) | 4 | $430,000 | $107,500 | $2,111 | 4.00% |
| Middlesborough, KY (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $2,479 | 4.13% |
| Jasper, IN (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 4.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $1,749 | 3.21% |
| Scottsburg, IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,157 | 3.25% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,918 | 5.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,495 | 4.25% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,686 | 2.88% |
| Mount Sterling, KY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.25% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,626 | 3.25% |
| Campbellsville, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,101 | 3.25% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.00% |
L & N Federal Credit Union's top markets include Louisville/jefferson County, London, Cincinnati, Somerset, and Elizabethtown among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 2,158 | $332,420,000 | $154,041 | $2,046 | 3.72% |
For the 2021 period, L & N Federal Credit Union's most frequently originated loan type of loans were Conventional, with 2,158 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 994 | $100,350,000 | $100,956 | $1,999 | 3.92% |
| Home Purchase | 528 | $136,590,000 | $258,693 | $2,237 | 3.77% |
| Cash Out Refi | 441 | $70,955,000 | $160,896 | $1,954 | 3.27% |
| Other | 154 | $20,470,000 | $132,922 | $1,775 | 3.44% |
| Home Improvement | 41 | $4,055,000 | $98,902 | $1,827 | 4.34% |
For the 2021, L & N Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 994 originations. The 2nd most popular reason of loans were Home Purchase, with 528 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 1,181 | $205,165,000 | $173,721 | $1,972 | 3.56% |
| 20 Year | 542 | $40,290,000 | $74,336 | $2,570 | 4.43% |
| 15 Year | 355 | $41,065,000 | $115,676 | $2,130 | 3.32% |
| 10 Year | 38 | $3,840,000 | $101,053 | $1,726 | 2.76% |
| 30+ year | 28 | $10,250,000 | $366,071 | $3,258 | 3.42% |
| Other | 12 | $31,390,000 | $2,615,833 | $3,225 | 3.47% |
| 1 Year | 1 | $65,000 | $65,000 | $0 | 3.75% |
| 5 Year | 1 | $355,000 | $355,000 | $0 | 3.50% |
For the 2021, L & N Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 1,181 originations. The 2nd most popular length of loans were 20 Year, with 542 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1,200 | $199,930,000 | $166,608 |
| $1k-2k | 202 | $32,560,000 | $161,188 |
| $2k-3k | 69 | $12,365,000 | $179,203 |
| $3k-4k | 45 | $9,945,000 | $221,000 |
| $5k+ | 8 | $2,420,000 | $302,500 |
$1,972 of loans were L & N Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,200 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 784 | $173,590,000 | $221,416 |
| 4-5% | 677 | $62,385,000 | $92,149 |
| 2.5-3% | 611 | $90,985,000 | $148,912 |
| 5-6% | 51 | $3,685,000 | $72,255 |
| 6-7% | 20 | $770,000 | $38,500 |
| Over 8% | 9 | $365,000 | $40,556 |
| <2.5% | 4 | $620,000 | $155,000 |
During 2021, L & N Federal Credit Union's average interest rate of loans were 3.56%, while their most frequently originated rate bucket of loans were 3-4%, with 784 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 876 | $48,480,000 | $55,342 | $1,564 | 4.07% |
| $100k-200k | 857 | $122,605,000 | $143,063 | $1,980 | 3.50% |
| $200k-400k | 370 | $96,590,000 | $261,054 | $2,486 | 3.45% |
| $400k-600k | 36 | $17,380,000 | $482,778 | $3,604 | 3.41% |
| $1MM+ | 12 | $42,390,000 | $3,532,500 | $7,748 | 3.41% |
| $600k-1MM | 7 | $4,975,000 | $710,714 | $2,875 | 3.45% |
2021 saw L & N Federal Credit Union place emphasis on $100,000 or less loans with 876 originations, totaling $48,480,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 562 | $69,900,000 | $124,377 | $1,986 | 3.70% |
| $50k or less | 514 | $48,550,000 | $94,455 | $1,718 | 3.77% |
| $75k-100k | 415 | $57,825,000 | $139,337 | $2,084 | 3.71% |
| $100k-150k | 392 | $61,530,000 | $156,964 | $2,291 | 3.76% |
| $150k-250k | 179 | $31,185,000 | $174,218 | $2,521 | 3.69% |
| $250k+ | 42 | $20,430,000 | $486,429 | $4,399 | 3.64% |
L & N Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 562 originations. The second most popular income band? $50k or less, with 514 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 633 | $79,465,000 | $125,537 | $2,088 | 3.72% |
| <20% | 411 | $49,065,000 | $119,380 | $1,974 | 3.62% |
| 30-36% | 355 | $53,205,000 | $149,873 | $1,972 | 3.80% |
| 42% | 83 | $12,545,000 | $151,145 | $1,915 | 3.92% |
| 40% | 78 | $12,640,000 | $162,051 | $1,965 | 3.80% |
| 38% | 78 | $11,110,000 | $142,436 | $1,939 | 3.88% |
| 39% | 66 | $11,460,000 | $173,636 | $2,186 | 3.87% |
| 41% | 66 | $13,540,000 | $205,152 | $2,165 | 3.88% |
| 37% | 63 | $11,525,000 | $182,937 | $2,140 | 3.88% |
| 36% | 46 | $7,010,000 | $152,391 | $2,095 | 3.86% |
| 43% | 25 | $2,985,000 | $119,400 | $2,658 | 3.68% |
| 44% | 18 | $3,110,000 | $172,778 | $2,854 | 3.13% |
| 50-60% | 16 | $1,760,000 | $110,000 | $1,085 | 3.57% |
| >60% | 10 | $1,260,000 | $126,000 | $1,156 | 3.85% |
| 47% | 9 | $1,575,000 | $175,000 | $2,392 | 3.96% |
| 45% | 7 | $1,695,000 | $242,143 | $2,296 | 3.16% |
| 46% | 6 | $800,000 | $133,333 | $1,850 | 2.83% |
| 49% | 5 | $825,000 | $165,000 | $2,264 | 2.98% |
| 48% | 4 | $1,110,000 | $277,500 | $3,016 | 3.19% |
L & N Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 633 originations. The next most common DTI ratio? <20%, with 411 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 1,918 | $265,100,000 | $138,217 | $2,069 | 3.72% |
| Not applicable | 27 | $36,945,000 | $1,368,333 | $1,839 | 3.66% |
| Not provided | 81 | $13,575,000 | $167,593 | $2,005 | 3.45% |
| Black | 112 | $13,570,000 | $121,161 | $1,759 | 3.91% |
| Asian | 9 | $1,705,000 | $189,444 | $2,309 | 3.72% |
| American Indian | 6 | $930,000 | $155,000 | $1,219 | 3.81% |
| Asian Indian | 1 | $195,000 | $195,000 | $1,113 | 3.75% |
| Native Hawaiian | 2 | $140,000 | $70,000 | $2,237 | 3.63% |
| Other Pacific Islander | 1 | $135,000 | $135,000 | $2,121 | 3.25% |
| Other Asian | 1 | $125,000 | $125,000 | $1,281 | 3.88% |
Approval Rates
Total approvals of all applications96.04%
L & N Federal 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 origination85.87%
L & N Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,158 | $332,420,000 | $154,041 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2,158 | $332,420,000 | $154,041 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 297 | $27,085,000 | $91,195 | $1,557 | 4.02% |
| 40-60% | 320 | $42,020,000 | $131,313 | $1,723 | 3.34% |
| 60-80% | 561 | $117,635,000 | $209,688 | $2,323 | 3.19% |
| 80-100% | 645 | $133,895,000 | $207,589 | $2,034 | 3.78% |
| Over 100% | 2 | $260,000 | $130,000 | $1,116 | 4.50% |
| Under 20% | 332 | $11,520,000 | $34,699 | $1,264 | 4.61% |
