L & N Federal Credit Union Mortgage Rates, Fees & Info

LOUISVILLE, KY

LEI: 549300OHIEQGELZVJP60

Tax ID: 61-0508496

5 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

2,158

Origination Dollar Volume (All Markets)

$332,420,000
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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 applications
96.04%

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 origination
85.87%

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%