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

Review & Overview

Serve Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Refi loans. Serve Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Pella, Ames, Sioux City, and Waterloo among others. We have data for 7 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. Serve 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.

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

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

Originations

101

Origination Dollar Volume (All Markets)

$8,935,000

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)	89	$7,995,000	$89,831	$3,713	4.12%
Pella, IA (FHA\|USDA\|VA)	5	$315,000	$63,000	$0	4.68%
AMES, IA (FHA\|USDA\|VA)	2	$190,000	$95,000	$1,050	3.25%
Outside of Metro Areas	2	$170,000	$85,000	$2,889	3.28%
SIOUX CITY, IA-NE-SD (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	3.99%
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	4.32%
Mason City, IA (FHA\|USDA\|VA)	1	$35,000	$35,000	$0	3.99%

Serve Credit Union's top markets include Des Moines, Pella, Ames, Sioux City, and Waterloo 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: 172

GREATER IOWA CREDIT UNION
Similarity Rank: 204

Raccoon Valley Bank
Similarity Rank: 299

Fidelity Bank
Similarity Rank: 330

I. H. MISSISSIPPI VALLEY CREDIT UNION
Similarity Rank: 442

MEMBERS1st Community Credit Union
Similarity Rank: 546

Premier Credit Union
Similarity Rank: 588

Luana Savings Bank
Similarity Rank: 832

Community Choice Credit Union
Similarity Rank: 1062

Bankers Trust Company
Similarity Rank: 1406

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	93	$8,545,000	$91,882	$3,480	4.04%
HELOC	8	$390,000	$48,750	n/a	5.00%

For 2020, Serve Credit Union's most frequently originated type of loan was Conventional, with 93 originations. Their 2nd most popular type was HELOC, with 8 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	38	$1,950,000	$51,316	$0	4.56%
Cash Out Refi	28	$3,270,000	$116,786	$3,847	3.98%
Refi	24	$3,090,000	$128,750	$2,938	3.48%
Other	9	$515,000	$57,222	$0	4.45%
Home Purchase	2	$110,000	$55,000	$2,889	3.56%

For 2020, Serve Credit Union's most frequently cited loan purpose was Home Improvement, with 38 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	57	$6,405,000	$112,368	$3,364	4.10%
5 Year	14	$310,000	$22,143	$0	3.75%
10 Year	13	$725,000	$55,769	$1,050	4.46%
30+ year	7	$365,000	$52,143	$0	5.00%
Other	7	$425,000	$60,714	$3,939	3.78%
30 Year	3	$705,000	$235,000	$4,524	3.29%

For 2020, Serve Credit Union's most frequently cited loan duration was 15 Year, with 57 originations. The 2nd most popular length was 5 Year, with 14 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	71	$5,385,000	$75,845
$1k-2k	12	$1,780,000	$148,333
$2k-3k	3	$735,000	$245,000
$5k+	1	$365,000	$365,000

Serve Credit Union's average total fees were $4,524, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 71 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	39	$3,745,000	$96,026
4-5%	31	$1,945,000	$62,742
5-6%	14	$730,000	$52,143
<2.5%	8	$1,530,000	$191,250
2.5-3%	7	$905,000	$129,286
6-7%	2	$80,000	$40,000

During 2020, Serve Credit Union's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 39 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	64	$2,730,000	$42,656	$2,457	4.45%
$100k-200k	28	$3,910,000	$139,643	$3,350	3.68%
$200k-400k	9	$2,295,000	$255,000	$4,122	3.08%

2020 saw Serve Credit Union place emphasis on $100,000 or less loans with 64 originations, totaling $2,730,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	34	$3,570,000	$105,000	$3,546	3.99%
$75k-100k	25	$1,795,000	$71,800	$0	4.10%
$150k-250k	20	$1,960,000	$98,000	$4,813	4.40%
$50k-75k	15	$925,000	$61,667	$2,457	3.89%
$50k or less	5	$565,000	$113,000	$3,329	4.17%
$250k+	2	$120,000	$60,000	$0	5.10%

Serve Credit Union lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $75k-100k, with 25 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	40	$3,260,000	$81,500	$2,969	3.93%
<20%	17	$1,355,000	$79,706	$0	4.22%
30-36%	16	$1,580,000	$98,750	$3,148	4.18%
40%	5	$545,000	$109,000	$3,218	4.44%
43%	5	$355,000	$71,000	$0	4.51%
39%	4	$380,000	$95,000	$3,809	4.29%
36%	4	$540,000	$135,000	$3,410	3.46%
37%	3	$165,000	$55,000	$0	4.90%
38%	2	$370,000	$185,000	$6,914	4.10%
41%	2	$280,000	$140,000	$4,182	3.72%
44%	1	$45,000	$45,000	$0	5.20%
46%	1	$25,000	$25,000	$0	4.19%
50-60%	1	$35,000	$35,000	$0	3.99%

Serve Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? <20%, with 17 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	84	$6,090,000	$72,500	$1,050	4.31%
Not provided	15	$2,715,000	$181,000	$3,654	2.91%
Asian	1	$75,000	$75,000	$0	4.69%
Black	1	$55,000	$55,000	$0	4.94%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	101	$8,935,000	$88,465

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	6	$300,000	$50,000
Single Family (1-4 Units):Site-Built	95	$8,635,000	$90,895

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	15	$925,000	$61,667	$0	4.64%
40-60%	16	$1,880,000	$117,500	$3,381	3.60%
60-80%	17	$2,555,000	$150,294	$3,003	3.55%
80-100%	14	$2,380,000	$170,000	$3,809	3.47%
Under 20%	39	$1,195,000	$30,641	$0	4.59%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
SERVICELINK LOSS MITIGATION SERVICES	Other type of mortgage	Closing on a mortgage	1	100.0%