Ume Federal Credit Union Mortgage Rates, Fees & Info
Burbank, CALEI: 549300Q6TVHCCFZ5R384
Tax ID: 95-1654362
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Mortgage Data
Review & Overview
Ume Federal Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Ume Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Oxnard, Riverside, San Diego, and Santa Maria among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Ume Federal 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.18% | 11/22/24 |
| 30 Year Cash-out Refi | 5.55% | 11/22/24 |
| 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. | ||
Ume Federal 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
148Origination Dollar Volume (All Markets)
$56,470,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 127 | $47,525,000 | $374,213 | $0 | 3.52% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 6 | $3,300,000 | $550,000 | $0 | 4.27% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 10 | $2,760,000 | $276,000 | $0 | 3.83% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $2,075,000 | $691,667 | $0 | 4.21% |
| Outside of Metro Areas | 1 | $705,000 | $705,000 | $0 | 3.63% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 2.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 89 | $16,845,000 | $189,270 | n/a | 3.01% |
| Conventional | 59 | $39,625,000 | $671,610 | $0 | 4.43% |
For 2022, Ume Federal Credit Union's most frequently originated type of loan was HELOC, with 89 originations. Their 2nd most popular type was Conventional, with 59 originations.
Loan Reason
For 2022, Ume Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 90 originations. The 2nd most popular reason was Cash Out Refi, with 35 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 120 | $36,820,000 | $306,833 | $0 | 3.36% |
| 30+ year | 18 | $13,360,000 | $742,222 | $0 | 4.81% |
| 15 Year | 10 | $6,290,000 | $629,000 | $0 | 4.00% |
For 2022, Ume Federal Credit Union's most frequently cited loan duration was 30 Year, with 120 originations. The 2nd most popular length was 30+ year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 42 | $33,570,000 | $799,286 |
| $3k-4k | 2 | $350,000 | $175,000 |
| $4k-5k | 2 | $490,000 | $245,000 |
| $1k-2k | 1 | $165,000 | $165,000 |
Ume Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 42 originations.
Interest Rates
During 2022, Ume Federal Credit Union's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 2.5-3%, with 88 originations.
Loan Sizing
2022 saw Ume Federal Credit Union place emphasis on $100k-200k loans with 49 originations, totaling $6,435,000 in origination value.
Applicant Income
Ume Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 54 originations. The second most popular income band? $250k+, with 37 originations.
Applicant Debt to Income Ratio
Ume Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 31 originations. The next most common DTI ratio? 20-30%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.09%
Ume 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 origination95.27%
Ume Federal 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 |
|---|---|---|---|
| 10505.3 | 1 | $335,000 | $335,000 |
| 10600.38 | 1 | $335,000 | $335,000 |
| 11141.64 | 1 | $305,000 | $305,000 |
| 11624.55 | 1 | $475,000 | $475,000 |
| 11645.45 | 1 | $515,000 | $515,000 |
| 12089.0 | 1 | $545,000 | $545,000 |
| 12263.45 | 1 | $345,000 | $345,000 |
| 12864.78 | 1 | $455,000 | $455,000 |
| 13862.71 | 1 | $155,000 | $155,000 |
| 14282.31 | 1 | $705,000 | $705,000 |
| 14887.14 | 1 | $725,000 | $725,000 |
| 14900.21 | 1 | $1,025,000 | $1,025,000 |
| 14975.75 | 1 | $465,000 | $465,000 |
| 15332.12 | 1 | $735,000 | $735,000 |
| 15614.15 | 1 | $1,105,000 | $1,105,000 |
| 15802.0 | 1 | $425,000 | $425,000 |
| 17103.49 | 1 | $875,000 | $875,000 |
| 17420.0 | 1 | $885,000 | $885,000 |
| 17811.0 | 1 | $605,000 | $605,000 |
| 18036.0 | 1 | $695,000 | $695,000 |
| 19054.5 | 1 | $785,000 | $785,000 |
| 19080.0 | 1 | $755,000 | $755,000 |
| 19837.91 | 1 | $1,255,000 | $1,255,000 |
| 20075.74 | 1 | $1,255,000 | $1,255,000 |
| 20164.5 | 1 | $635,000 | $635,000 |
| 20860.74 | 1 | $675,000 | $675,000 |
| 21658.0 | 1 | $685,000 | $685,000 |
| 22324.8 | 1 | $835,000 | $835,000 |
| 22763.55 | 1 | $1,125,000 | $1,125,000 |
| 23403.03 | 1 | $1,235,000 | $1,235,000 |
| 23877.08 | 1 | $995,000 | $995,000 |
| 23914.86 | 1 | $855,000 | $855,000 |
| 24003.66 | 1 | $1,005,000 | $1,005,000 |
| 24044.8 | 1 | $1,255,000 | $1,255,000 |
| 24107.98 | 1 | $1,005,000 | $1,005,000 |
| 24386.07 | 1 | $1,005,000 | $1,005,000 |
| 24589.0 | 1 | $865,000 | $865,000 |
| 24807.3 | 1 | $975,000 | $975,000 |
| 26504.0 | 1 | $1,255,000 | $1,255,000 |
| 26838.5 | 1 | $995,000 | $995,000 |
| 34745.0 | 1 | $1,255,000 | $1,255,000 |
| 3555.23 | 1 | $455,000 | $455,000 |
| 3625.67 | 1 | $225,000 | $225,000 |
| 36390.59 | 1 | $1,155,000 | $1,155,000 |
| 3727.41 | 1 | $305,000 | $305,000 |
| 3749.41 | 1 | $175,000 | $175,000 |
| 3915.86 | 1 | $105,000 | $105,000 |
| 3918.73 | 1 | $675,000 | $675,000 |
| 3965.57 | 1 | $415,000 | $415,000 |
| 3988.8 | 1 | $275,000 | $275,000 |
| 4017.45 | 1 | $655,000 | $655,000 |
| 4124.52 | 1 | $365,000 | $365,000 |
| 5147.28 | 1 | $165,000 | $165,000 |
| 5513.5 | 1 | $415,000 | $415,000 |
| 7286.17 | 1 | $145,000 | $145,000 |
| 7351.75 | 1 | $985,000 | $985,000 |
| 7545.23 | 1 | $205,000 | $205,000 |
| 8382.24 | 1 | $255,000 | $255,000 |
| 8724.58 | 1 | $235,000 | $235,000 |
| NA | 89 | $16,845,000 | $189,270 |