Serve Credit Union Mortgage Rates, Fees & Info

Des Moines, IA

LEI: 549300PU6VF7RGG5TI18

Tax ID: 42-0773825

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Serve Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Serve Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Pella, and Ames among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Serve 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.20% 12/16/24
    30 Year Conventional Refi 6.59% 12/16/24
    30 Year Cash-out Refi 6.71% 12/16/24
    15 Year Conventional Purchase 5.75% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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.

    Serve Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Serve Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    82

    Origination Dollar Volume (All Markets)

    $5,040,000

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 79 $4,835,000 $61,203 $14,333 4.95%
    Pella, IA (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.19%
    AMES, IA (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.69%
    Outside of Metro Areas 1 $15,000 $15,000 $320 3.99%
    Serve Credit Union's top markets include Des Moines, Pella, and Ames among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Serve Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 63
    Raccoon Valley Bank
    Similarity Rank: 145
    Luana Savings Bank
    Similarity Rank: 253
    Community Choice Credit Union
    Similarity Rank: 255
    Peoples Bank
    Similarity Rank: 380
    Fidelity Bank
    Similarity Rank: 388
    Premier Credit Union
    Similarity Rank: 469
    GREATER IOWA CREDIT UNION
    Similarity Rank: 480
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 640
    Farmers State Bank
    Similarity Rank: 1008

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $5,040,000 $61,463 $13,332 4.92%

    For 2019, Serve Credit Union's most frequently originated type of loan was Conventional, with 82 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 44 $2,010,000 $45,682 $5,692 4.71%
    Other 22 $960,000 $43,636 $320 5.63%
    Refi 9 $1,055,000 $117,222 $132,540 4.81%
    Home Purchase 4 $730,000 $182,500 $2,618 3.92%
    Cash Out Refi 3 $285,000 $95,000 $3,472 4.55%

    For 2019, Serve Credit Union's most frequently cited loan purpose was Home Improvement, with 44 originations. The 2nd most popular reason was Other, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 33 $3,075,000 $93,182 $20,972 5.36%
    10 Year 22 $950,000 $43,182 $19,116 4.89%
    5 Year 17 $385,000 $22,647 $320 4.15%
    Other 9 $615,000 $68,333 $320 4.77%
    20 Year 1 $15,000 $15,000 $330 5.50%

    For 2019, Serve Credit Union's most frequently cited loan duration was 15 Year, with 33 originations. The 2nd most popular length was 10 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 13 $1,285,000 $98,846
    $1k-2k 5 $835,000 $167,000

    Serve Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 34 $2,100,000 $61,765
    3-4% 20 $1,710,000 $85,500
    5-6% 16 $710,000 $44,375
    6-7% 8 $320,000 $40,000
    7-8% 4 $200,000 $50,000

    During 2019, Serve Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 67 $2,455,000 $36,642 $17,545 5.05%
    $100k-200k 12 $1,750,000 $145,833 $3,068 4.51%
    $200k-400k 3 $835,000 $278,333 $2,530 3.83%

    2019 saw Serve Credit Union place emphasis on $100,000 or less loans with 67 originations, totaling $2,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 35 $2,545,000 $72,714 $22,131 4.83%
    $75k-100k 16 $820,000 $51,250 $320 5.19%
    $50k-75k 13 $365,000 $28,077 $1,129 4.86%
    $150k-250k 12 $1,030,000 $85,833 $2,420 5.18%
    $50k or less 6 $280,000 $46,667 $3,472 4.38%

    Serve Credit Union lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $75k-100k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 25 $1,425,000 $57,000 $33,984 4.92%
    40% 17 $875,000 $51,471 $320 5.39%
    20-30% 9 $595,000 $66,111 $1,896 4.34%
    42% 4 $200,000 $50,000 $0 5.51%
    45% 4 $260,000 $65,000 $0 4.41%
    <20% 3 $115,000 $38,333 $0 4.46%
    38% 3 $265,000 $88,333 $2,640 5.04%
    39% 2 $80,000 $40,000 $320 4.69%
    43% 2 $60,000 $30,000 $0 5.60%
    37% 2 $200,000 $100,000 $2,665 5.32%
    >60% 2 $340,000 $170,000 $0 4.38%
    48% 1 $25,000 $25,000 $320 4.24%
    49% 1 $305,000 $305,000 $2,420 3.50%
    44% 1 $15,000 $15,000 $320 3.99%
    50-60% 1 $35,000 $35,000 $0 6.69%

    Serve Credit Union lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 40%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 69 $4,145,000 $60,072 $15,305 4.95%
    Not provided 6 $610,000 $101,667 $2,665 5.28%
    Black 3 $175,000 $58,333 $0 4.47%
    Not applicable 3 $85,000 $28,333 $0 4.29%
    Asian 1 $25,000 $25,000 $320 4.24%

    Approval Rates

    Total approvals of all applications
    100.00%

    Serve 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
    98.78%

    Serve 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 82 $5,040,000 $61,463

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 82 $5,040,000 $61,463

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,205,000 $63,421 $44,393 5.32%
    40-60% 4 $290,000 $72,500 $2,747 4.47%
    60-80% 7 $1,235,000 $176,429 $2,542 4.27%
    80-100% 5 $955,000 $191,000 $3,056 4.41%
    Under 20% 47 $1,355,000 $28,830 $6,587 4.95%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SERVICELINK LOSS MITIGATION SERVICES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%