Royal Credit Union Mortgage Rates, Fees & Info

Eau Claire, WI

LEI: 549300OZ550X4QD5PC74

Tax ID: 39-6072970

5 stars - out of 5 stars, based on 78 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Royal Credit Union is a small credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Royal Credit Union has a high proportion of conventional loans. Their top markets include Eau Claire, Minneapolis, Menomonie, Wausau, and Owatonna among others. Royal 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. Royal Credit Union is typically a low fee lendor.


Originations

6,117

Origination Dollar Volume (All Markets)

$1,029,095,000

Awards

Royal Credit Union 30 Year Conventional Loans silver Royal Credit Union 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Royal Credit Union's average 30 year fixed rate mortgage of loans were 3.57%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.42%.

Relative Fees

Royal Credit Union's average total fees for a 30 year fixed rate mortgage are $115.

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
EAU CLAIRE, WI (FHA|USDA|VA) 2,829 $454,655,000 $160,712 $69 3.16%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,500 $315,300,000 $210,200 $134 3.41%
Outside of Metro Areas 1,240 $170,310,000 $137,347 $120 3.33%
Menomonie, WI (FHA|USDA|VA) 357 $53,315,000 $149,342 $5 3.31%
WAUSAU-WESTON, WI (FHA|USDA|VA) 68 $8,360,000 $122,941 $40 3.27%
Owatonna, MN (FHA|USDA|VA) 1 $5,655,000 $5,655,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 21 $3,425,000 $163,095 $184 3.38%
MADISON, WI (FHA|USDA|VA) 8 $2,180,000 $272,500 $0 3.31%
Brainerd, MN (FHA|USDA|VA) 5 $1,865,000 $373,000 $0 4.15%
ROCHESTER, MN (FHA|USDA|VA) 10 $1,740,000 $174,000 $0 3.08%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 9 $1,305,000 $145,000 $0 2.65%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 6 $1,210,000 $201,667 $0 3.08%
Red Wing, MN (FHA|USDA|VA) 9 $1,195,000 $132,778 $0 3.73%
MANKATO, MN (FHA|USDA|VA) 5 $1,005,000 $201,000 $0 3.48%
Stevens Point, WI (FHA|USDA|VA) 5 $985,000 $197,000 $0 2.88%
Marinette, WI-MI (FHA|USDA|VA) 1 $815,000 $815,000 $0 3.50%
Faribault-Northfield, MN (FHA|USDA|VA) 8 $810,000 $101,250 $0 4.39%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 6 $680,000 $113,333 $0 4.10%
Grand Rapids, MN (FHA|USDA|VA) 2 $640,000 $320,000 $0 3.69%
Baraboo, WI (FHA|USDA|VA) 4 $630,000 $157,500 $0 2.69%
Willmar, MN (FHA|USDA|VA) 1 $505,000 $505,000 $0 3.13%
ST. CLOUD, MN (FHA|USDA|VA) 3 $325,000 $108,333 $0 3.75%
Hutchinson, MN (FHA|USDA|VA) 2 $300,000 $150,000 $0 2.88%
APPLETON, WI (FHA|USDA|VA) 1 $275,000 $275,000 $0 2.25%
Bemidji, MN (FHA|USDA|VA) 1 $265,000 $265,000 $0 2.88%
FOND DU LAC, WI (FHA|USDA|VA) 2 $240,000 $120,000 $0 2.94%
Winona, MN (FHA|USDA|VA) 2 $220,000 $110,000 $0 3.56%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.13%
RACINE, WI (FHA|USDA|VA) 2 $170,000 $85,000 $0 2.75%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $130,000 $65,000 $0 4.13%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.25%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.25%
Albert Lea, MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 2.88%
GREEN BAY, WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.50%
Platteville, WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%

Royal Credit Union's top markets include Eau Claire, Minneapolis, Menomonie, Wausau, and Owatonna among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 6,117 $1,029,095,000 $168,235 $88 3.27%

For the 2021 period, Royal Credit Union's most frequently originated loan type of loans were Conventional, with 6,117 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,502 $359,890,000 $239,607 $93 3.06%
Other 1,323 $127,865,000 $96,648 $103 3.94%
Refi 1,301 $219,045,000 $168,367 $86 2.78%
Cash Out Refi 1,239 $229,835,000 $185,500 $86 2.79%
Home Improvement 752 $92,460,000 $122,952 $0 4.14%

For the 2021, Royal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 1,502 originations. The 2nd most popular reason of loans were Other, with 1,323 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,142 $620,140,000 $149,720 $115 3.57%
15 Year 1,018 $168,550,000 $165,570 $57 2.42%
20 Year 515 $97,745,000 $189,796 $54 2.93%
10 Year 243 $32,745,000 $134,753 $65 2.32%
Other 105 $71,145,000 $677,571 $0 3.57%
30+ year 84 $36,390,000 $433,214 $36 2.92%
3 Year 7 $1,395,000 $199,286 $0 3.96%
1 Year 2 $210,000 $105,000 $0 5.50%
5 Year 1 $775,000 $775,000 $0 3.50%

For the 2021, Royal Credit Union's most frequently cited loan length of loans were 30 Year, with 4,142 originations. The 2nd most popular length of loans were 15 Year, with 1,018 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 4,070 $778,060,000 $191,170
$1k-2k 36 $7,490,000 $208,056
$2k-3k 13 $3,115,000 $239,615
$5k+ 6 $2,010,000 $335,000
$3k-4k 5 $1,395,000 $279,000

$115 of loans were Royal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 4,070 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,596 $525,810,000 $202,546
3-4% 1,525 $257,635,000 $168,941
<2.5% 1,103 $181,155,000 $164,238
5-6% 420 $25,500,000 $60,714
4-5% 413 $29,005,000 $70,230
6-7% 49 $3,275,000 $66,837
7-8% 6 $380,000 $63,333
Over 8% 1 $185,000 $185,000

During 2021, Royal Credit Union's average interest rate of loans were 3.57%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,596 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 2,304 $337,860,000 $146,641 $74 2.99%
$100,000 or less 2,038 $111,970,000 $54,941 $53 3.89%
$200k-400k 1,536 $406,470,000 $264,629 $103 2.91%
$400k-600k 184 $86,760,000 $471,522 $280 2.89%
$600k-1MM 32 $24,310,000 $759,688 $0 3.18%
$1MM+ 23 $61,725,000 $2,683,696 $0 3.17%

2021 saw Royal Credit Union place emphasis on $100k-200k loans with 2,304 originations, totaling $337,860,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,501 $206,385,000 $137,498 $83 3.19%
$100k-150k 1,319 $231,275,000 $175,341 $84 3.33%
$75k-100k 1,194 $187,000,000 $156,616 $74 3.20%
$50k or less 1,001 $108,585,000 $108,477 $69 3.18%
$150k-250k 648 $129,840,000 $200,370 $78 3.45%
$250k+ 169 $48,565,000 $287,367 $574 3.25%

Royal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,501 originations. The second most popular income band? $100k-150k, with 1,319 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,706 $259,240,000 $151,958 $87 3.21%
30-36% 1,251 $204,615,000 $163,561 $75 3.24%
<20% 699 $95,405,000 $136,488 $113 3.21%
44% 294 $41,620,000 $141,565 $113 3.61%
38% 223 $32,525,000 $145,852 $24 3.36%
36% 218 $32,500,000 $149,083 $135 3.26%
39% 209 $34,425,000 $164,713 $113 3.48%
41% 205 $34,705,000 $169,293 $32 3.25%
42% 204 $32,170,000 $157,696 $105 3.42%
43% 203 $33,645,000 $165,739 $43 3.35%
40% 199 $30,165,000 $151,583 $49 3.37%
37% 182 $28,640,000 $157,363 $65 3.33%
45% 84 $17,590,000 $209,405 $247 2.97%
49% 78 $16,620,000 $213,077 $41 2.89%
46% 70 $12,660,000 $180,857 $65 2.83%
48% 66 $11,510,000 $174,394 $89 2.82%
47% 61 $13,285,000 $217,787 $321 2.88%
>60% 6 $1,010,000 $168,333 $0 2.85%
50-60% 4 $680,000 $170,000 $0 3.56%

Royal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,706 originations. The next most common DTI ratio? 30-36%, with 1,251 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,872 $762,020,000 $156,408 $96 3.25%
Not provided 968 $151,540,000 $156,550 $57 3.27%
Not applicable 127 $91,815,000 $722,953 $0 3.76%
Asian 63 $10,555,000 $167,540 $46 3.42%
Black 44 $6,010,000 $136,591 $0 3.62%
American Indian 30 $4,690,000 $156,333 $0 3.05%
Asian Indian 3 $655,000 $218,333 $0 2.67%
Other Asian 4 $470,000 $117,500 $0 3.06%
Guamanian 1 $435,000 $435,000 $0 3.00%
Native Hawaiian 3 $435,000 $145,000 $0 3.71%
Korean 1 $295,000 $295,000 $0 3.00%
Vietnamese 1 $175,000 $175,000 $0 2.75%

Approval Rates

Total approvals of all applications
92.12%

Royal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.55%

Royal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 6,117 $1,029,095,000 $168,235

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
6,117 $1,029,095,000 $168,235

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 836 $78,220,000 $93,565 $62 3.75%
40-60% 1,058 $173,360,000 $163,856 $54 2.83%
60-80% 2,007 $426,505,000 $212,509 $111 2.91%
80-100% 1,148 $263,170,000 $229,242 $89 3.00%
Over 100% 19 $32,775,000 $1,725,000 $0 3.32%
Under 20% 929 $37,635,000 $40,511 $83 4.33%