First Technology Credit Union

Beaverton, OR 97075-2100

LEI: 549300Q02LGIN9AXKP98

Tax ID: 23-7062675

2019 Data | 2018 Data


Overview

First Technology Credit Union is a small mortgage company specializing in Home Purchase and Refi loans. First Technology Credit Union has a high proportion of conventional loans. Their top markets include Seattle, Portland, San Jose, Oakland, and Sacramento among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. First Technology Credit Union is typically a lendor.


Originations

7,603

Origination Dollar Volume (All Markets)

$2,412,025,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 7,603 $2,412,025,000 $317,246

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 3,138 $1,273,520,000 $405,838
Home Improvement 1,033 $106,135,000 $102,744
Other 629 $56,725,000 $90,183
Refi 1,283 $557,575,000 $434,587
Cash Out Refi 1,520 $418,070,000 $275,046

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SEATTLE-BELLEVUE-KENT, WA 1,718 $767,650,000 $446,828
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 2,831 $721,225,000 $254,760
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 299 $192,645,000 $644,298
OAKLAND-BERKELEY-LIVERMORE, CA 131 $70,785,000 $540,344
SACRAMENTO-ROSEVILLE-FOLSOM, CA 226 $60,990,000 $269,867
SALEM, OR 306 $50,230,000 $164,150
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 67 $46,875,000 $699,627
Outside of Metro Areas 172 $38,720,000 $225,116
BOISE CITY, ID 187 $38,075,000 $203,610
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 111 $36,165,000 $325,811
FORT COLLINS, CO 154 $30,380,000 $197,273
SANTA ROSA-PETALUMA, CA 82 $27,060,000 $330,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 92 $26,230,000 $285,109
DENVER-AURORA-LAKEWOOD, CO 87 $24,905,000 $286,264
BEND, OR 69 $17,705,000 $256,594
CORVALLIS, OR 82 $17,180,000 $209,512
PHOENIX-MESA-CHANDLER, AZ 76 $16,090,000 $211,711
EUGENE-SPRINGFIELD, OR 85 $13,105,000 $154,176
COLORADO SPRINGS, CO 64 $12,070,000 $188,594
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 45 $11,065,000 $245,889
LOS ANGELES-LONG BEACH-GLENDALE, CA 34 $10,450,000 $307,353
AUSTIN-ROUND ROCK-GEORGETOWN, TX 35 $10,285,000 $293,857
DALLAS-PLANO-IRVING, TX 22 $10,200,000 $463,636
GREELEY, CO 44 $9,320,000 $211,818
TACOMA-LAKEWOOD, WA 30 $8,250,000 $275,000
ANAHEIM-SANTA ANA-IRVINE, CA 29 $7,565,000 $260,862
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 37 $7,545,000 $203,919
ALBANY-LEBANON, OR 40 $6,680,000 $167,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 15 $5,685,000 $379,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 13 $5,105,000 $392,692
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $5,085,000 $5,085,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 20 $5,080,000 $254,000
SANTA CRUZ-WATSONVILLE, CA 11 $3,965,000 $360,455
VALLEJO, CA 13 $3,735,000 $287,308
RENO, NV 10 $3,620,000 $362,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 14 $3,430,000 $245,000
MIAMI-MIAMI BEACH-KENDALL, FL 13 $3,245,000 $249,615
BOULDER, CO 10 $3,130,000 $313,000
LAS VEGAS-HENDERSON-PARADISE, NV 18 $2,890,000 $160,556
FORT WORTH-ARLINGTON-GRAPEVINE, TX 9 $2,525,000 $280,556
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 6 $2,190,000 $365,000
ANNISTON-OXFORD, AL 1 $2,105,000 $2,105,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 3 $2,045,000 $681,667
SPOKANE-SPOKANE VALLEY, WA 10 $2,010,000 $201,000
ALBUQUERQUE, NM 7 $1,985,000 $283,571
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 6 $1,940,000 $323,333
RALEIGH-CARY, NC 7 $1,915,000 $273,571
STOCKTON, CA 7 $1,865,000 $266,429
PROVO-OREM, UT 6 $1,820,000 $303,333
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 9 $1,815,000 $201,667
SAN LUIS OBISPO-PASO ROBLES, CA 3 $1,765,000 $588,333
TAMPA-ST. PETERSBURG-CLEARWATER, FL 8 $1,710,000 $213,750
LONGVIEW, WA 9 $1,675,000 $186,111
ORLANDO-KISSIMMEE-SANFORD, FL 8 $1,630,000 $203,750
WENATCHEE, WA 5 $1,615,000 $323,000
BRIDGEPORT-STAMFORD-NORWALK, CT 2 $1,540,000 $770,000
COEUR D'ALENE, ID 8 $1,440,000 $180,000
MEDFORD, OR 6 $1,370,000 $228,333
BELLINGHAM, WA 4 $1,330,000 $332,500
OLYMPIA-LACEY-TUMWATER, WA 9 $1,275,000 $141,667
BOSTON, MA 6 $1,250,000 $208,333
DURHAM-CHAPEL HILL, NC 2 $1,240,000 $620,000
MOUNT VERNON-ANACORTES, WA 4 $1,220,000 $305,000
OXNARD-THOUSAND OAKS-VENTURA, CA 3 $1,185,000 $395,000
PRESCOTT VALLEY-PRESCOTT, AZ 5 $1,185,000 $237,000
LAKE HAVASU CITY-KINGMAN, AZ 4 $1,040,000 $260,000
BALTIMORE-COLUMBIA-TOWSON, MD 2 $1,000,000 $500,000
SALT LAKE CITY, UT 4 $980,000 $245,000
YAKIMA, WA 2 $980,000 $490,000
SAN RAFAEL, CA 1 $955,000 $955,000
KENNEWICK-RICHLAND, WA 5 $925,000 $185,000
PITTSBURGH, PA 3 $915,000 $305,000
MODESTO, CA 5 $905,000 $181,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 2 $890,000 $445,000
TUCSON, AZ 4 $870,000 $217,500
WILMINGTON, DE-MD-NJ 3 $865,000 $288,333
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 3 $835,000 $278,333
MANCHESTER-NASHUA, NH 5 $835,000 $167,000
NEWARK, NJ-PA 5 $825,000 $165,000
NEW BRUNSWICK-LAKEWOOD, NJ 3 $815,000 $271,667
PALM BAY-MELBOURNE-TITUSVILLE, FL 4 $800,000 $200,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 4 $790,000 $197,500
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 2 $750,000 $375,000
REDDING, CA 6 $750,000 $125,000
SANTA FE, NM 3 $725,000 $241,667
GRANTS PASS, OR 2 $690,000 $345,000
SAN ANTONIO-NEW BRAUNFELS, TX 2 $620,000 $310,000
ST. CLOUD, MN 1 $605,000 $605,000
FRESNO, CA 3 $565,000 $188,333
RICHMOND, VA 3 $555,000 $185,000
FLAGSTAFF, AZ 2 $550,000 $275,000
MERCED, CA 2 $540,000 $270,000
OGDEN-CLEARFIELD, UT 3 $535,000 $178,333
JACKSONVILLE, FL 3 $515,000 $171,667
CHICO, CA 2 $510,000 $255,000
SALINAS, CA 1 $475,000 $475,000
BAKERSFIELD, CA 2 $470,000 $235,000
LAS CRUCES, NM 3 $465,000 $155,000
CAPE CORAL-FORT MYERS, FL 2 $460,000 $230,000
COLUMBUS, OH 1 $445,000 $445,000
SPRINGFIELD, MA 1 $445,000 $445,000
PHILADELPHIA, PA 2 $390,000 $195,000
PROVIDENCE-WARWICK, RI-MA 1 $385,000 $385,000
CHARLESTON-NORTH CHARLESTON, SC 1 $365,000 $365,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 3 $325,000 $108,333
YUMA, AZ 1 $315,000 $315,000
EL PASO, TX 2 $310,000 $155,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $305,000 $305,000
YUBA CITY, CA 2 $300,000 $150,000
WINSTON-SALEM, NC 2 $300,000 $150,000
IDAHO FALLS, ID 2 $280,000 $140,000
MADERA, CA 2 $280,000 $140,000
STATE COLLEGE, PA 1 $275,000 $275,000
CLEVELAND-ELYRIA, OH 5 $275,000 $55,000
THE VILLAGES, FL 1 $275,000 $275,000
SPARTANBURG, SC 1 $255,000 $255,000
ST. GEORGE, UT 1 $255,000 $255,000
PORTLAND-SOUTH PORTLAND, ME 1 $225,000 $225,000
ALBANY-SCHENECTADY-TROY, NY 1 $205,000 $205,000
LEWISTON, ID-WA 1 $205,000 $205,000
NAPA, CA 2 $200,000 $100,000
WALLA WALLA, WA 1 $195,000 $195,000
NEW BERN, NC 1 $185,000 $185,000
TWIN FALLS, ID 1 $185,000 $185,000
FARMINGTON, NM 1 $175,000 $175,000
VISALIA, CA 1 $165,000 $165,000
SIERRA VISTA-DOUGLAS, AZ 1 $145,000 $145,000
KILLEEN-TEMPLE, TX 1 $125,000 $125,000
NASSAU COUNTY-SUFFOLK COUNTY, NY 1 $125,000 $125,000
LAREDO, TX 1 $115,000 $115,000
ROCHESTER, NY 1 $115,000 $115,000
BROWNSVILLE-HARLINGEN, TX 1 $115,000 $115,000
CHATTANOOGA, TN-GA 1 $105,000 $105,000
LAKELAND-WINTER HAVEN, FL 1 $95,000 $95,000
ROANOKE, VA 1 $95,000 $95,000
SEBRING-AVON PARK, FL 1 $75,000 $75,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $75,000 $75,000
SAVANNAH, GA 1 $65,000 $65,000
ROME, GA 1 $65,000 $65,000
MANSFIELD, OH 1 $45,000 $45,000
CAMDEN, NJ 1 $45,000 $45,000
GRAND JUNCTION, CO 1 $35,000 $35,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 208 $80,460,000 $386,827
3-4% 3,442 $1,547,310,000 $449,538
4-5% 1,220 $490,660,000 $402,180
5-6% 935 $101,395,000 $108,444
6-7% 1,318 $145,100,000 $110,091
7-8% 342 $37,150,000 $108,626
Over 8% 138 $9,950,000 $72,101

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,673 $92,135,000 $55,072
$100k-200k 1,333 $188,795,000 $141,632
$200k-400k 2,467 $720,685,000 $292,130
$400k-600k 1,210 $578,900,000 $478,430
$600k-1000k 691 $523,305,000 $757,315
$Over $1MM 229 $308,205,000 $1,345,873

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,022 $187,460,000 $183,425
40-60% 884 $295,020,000 $333,733
60-80% 2,414 $1,159,350,000 $480,261
80-100% 1,338 $614,010,000 $458,901
Over 100% 1 $2,915,000 $2,915,000
Under 20% 1,944 $153,270,000 $78,843

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,308 $619,040,000 $268,215
$150k-250k 2,231 $808,965,000 $362,602
$50k-75k 675 $115,005,000 $170,378
$50k-or less 457 $93,315,000 $204,190
$75k-100k 943 $187,355,000 $198,680
$Over $250k 908 $539,460,000 $594,119

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 4,285 $1,235,955,000 $288,438
Asian 1,182 $509,310,000 $430,888
Not provided 1,542 $410,680,000 $266,329
Asian Indian 260 $125,660,000 $483,308
Black 123 $37,715,000 $306,626
Chinese 49 $25,035,000 $510,918
Not applicable 13 $24,415,000 $1,878,077
American Indian 78 $21,470,000 $275,256
Other Asian 31 $10,305,000 $332,419
Korean 8 $3,380,000 $422,500
Filipino 11 $3,245,000 $295,000
Japanese 5 $1,155,000 $231,000
Other Pacific Islander 5 $1,075,000 $215,000
Vietnamese 4 $960,000 $240,000
3 $855,000 $285,000
Native Hawaiian 4 $810,000 $202,500

Approval Rates

Total approvals of all applications
92.72%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
68.71%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 7,603 $2,412,025,000 $317,246

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,185 $391,835,000 $330,662
$1k-2k 1,432 $416,020,000 $290,517
$2k-3k 951 $410,765,000 $431,930
$3k-4k 783 $471,685,000 $602,407
$5k+ 414 $333,450,000 $805,435

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 15 $27,985,000 $1,865,667
Single Family (1-4 Units):Manufactured 21 $4,315,000 $205,476
Single Family (1-4 Units):Site-Built 7,567 $2,379,725,000 $314,487