Spire Credit Union Mortgage Rates, Fees & Info

Falcon Heights, MN

LEI: 549300QDGMFASKEN7Z77

Tax ID: 41-0585825

5 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Spire Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Spire Credit Union has a high proportion of conventional loans. Their top markets include Minneapolis, Brainerd, St. Cloud, Duluth, and Grand Rapids among others. Spire Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Spire Credit Union is typically an average fee lendor.


Originations

1,815

Origination Dollar Volume (All Markets)

$328,715,000

Relative Rate

Spire Credit Union's average 30 year fixed rate mortgage of loans were 3.15%.

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

This yields a difference of 0%.

Relative Fees

Spire Credit Union's average total fees for a 30 year fixed rate mortgage are $3,783.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,580 $294,340,000 $186,291 $2,530 3.21%
Outside of Metro Areas 171 $23,845,000 $139,444 $2,543 3.03%
Brainerd, MN (FHA|USDA|VA) 13 $3,155,000 $242,692 $3,563 3.08%
ST. CLOUD, MN (FHA|USDA|VA) 16 $2,340,000 $146,250 $2,957 3.23%
DULUTH, MN-WI (FHA|USDA|VA) 7 $1,135,000 $162,143 $3,030 3.36%
Grand Rapids, MN (FHA|USDA|VA) 6 $750,000 $125,000 $2,895 3.06%
Faribault-Northfield, MN (FHA|USDA|VA) 5 $675,000 $135,000 $2,179 3.25%
Hutchinson, MN (FHA|USDA|VA) 4 $490,000 $122,500 $2,577 3.22%
ROCHESTER, MN (FHA|USDA|VA) 3 $425,000 $141,667 $2,757 2.79%
Red Wing, MN (FHA|USDA|VA) 2 $420,000 $210,000 $3,025 3.13%
Bemidji, MN (FHA|USDA|VA) 1 $255,000 $255,000 $5,066 3.13%
Winona, MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,139 3.00%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,696 3.13%
Willmar, MN (FHA|USDA|VA) 1 $155,000 $155,000 $3,609 2.88%
New Ulm, MN (FHA|USDA|VA) 1 $145,000 $145,000 $3,363 2.50%
Austin, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,116 3.50%
Menomonie, WI (FHA|USDA|VA) 1 $65,000 $65,000 $2,589 2.38%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $55,000 $55,000 $364 3.50%

Spire Credit Union's top markets include Minneapolis, Brainerd, St. Cloud, Duluth, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,815 $328,715,000 $181,110 $2,547 3.19%

For the 2021 period, Spire Credit Union's most frequently originated loan type of loans were Conventional, with 1,815 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 830 $171,590,000 $206,735 $2,537 3.07%
Refi 430 $73,350,000 $170,581 $2,644 2.82%
Home Purchase 266 $65,650,000 $246,805 $4,630 3.08%
Home Improvement 171 $8,415,000 $49,211 $471 4.32%
Other 118 $9,710,000 $82,288 $718 4.07%

For the 2021, Spire Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 830 originations. The 2nd most popular reason of loans were Refi, with 430 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 742 $115,430,000 $155,566 $2,030 2.94%
30 Year 651 $147,165,000 $226,060 $3,783 3.15%
10 Year 151 $32,925,000 $218,046 $658 3.73%
20 Year 114 $22,770,000 $199,737 $3,698 2.94%
5 Year 82 $4,280,000 $52,195 $241 4.24%
Other 71 $5,145,000 $72,465 $384 4.28%
1 Year 4 $1,000,000 $250,000 $5,566 3.16%

For the 2021, Spire Credit Union's most frequently cited loan length of loans were 15 Year, with 742 originations. The 2nd most popular length of loans were 30 Year, with 651 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 782 $96,060,000 $122,839
$2k-3k 451 $105,185,000 $233,226
$1k-2k 418 $55,510,000 $132,799
$3k-4k 123 $44,215,000 $359,472
$5k+ 5 $2,225,000 $445,000

$3,783 of loans were Spire Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 782 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 841 $159,355,000 $189,483
3-4% 484 $111,830,000 $231,054
<2.5% 264 $44,950,000 $170,265
4-5% 202 $11,720,000 $58,020
5-6% 19 $645,000 $33,947
6-7% 4 $160,000 $40,000
7-8% 1 $55,000 $55,000

During 2021, Spire Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 841 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 675 $101,755,000 $150,748 $2,552 2.95%
$200k-400k 594 $157,600,000 $265,320 $3,845 3.01%
$100,000 or less 494 $28,250,000 $57,186 $744 3.76%
$400k-600k 46 $21,080,000 $458,261 $5,247 3.09%
$1MM+ 4 $18,670,000 $4,667,500 $0 3.21%
$600k-1MM 2 $1,360,000 $680,000 $8,841 3.25%

2021 saw Spire Credit Union place emphasis on $100k-200k loans with 675 originations, totaling $101,755,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 452 $86,160,000 $190,619 $2,637 3.22%
$50k-75k 440 $64,750,000 $147,159 $2,562 3.12%
$75k-100k 371 $63,835,000 $172,062 $2,649 3.16%
$150k-250k 270 $56,280,000 $208,444 $2,556 3.37%
$50k or less 218 $24,880,000 $114,128 $2,139 3.02%
$250k+ 31 $7,845,000 $253,065 $2,672 3.48%

Spire Credit Union lent most frequently to those with incomes in the $100k-150k range, with 452 originations. The second most popular income band? $50k-75k, with 440 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 496 $88,880,000 $179,194 $2,653 3.10%
30-36% 395 $68,235,000 $172,747 $2,509 3.25%
<20% 202 $29,520,000 $146,139 $2,220 2.93%
42% 97 $14,355,000 $147,990 $2,052 3.55%
41% 83 $12,565,000 $151,386 $2,135 3.48%
40% 74 $12,030,000 $162,568 $2,205 3.27%
36% 74 $13,260,000 $179,189 $2,639 3.32%
39% 69 $11,505,000 $166,739 $2,280 3.31%
38% 63 $9,615,000 $152,619 $1,961 3.33%
37% 59 $10,825,000 $183,475 $2,855 3.18%
44% 52 $9,410,000 $180,962 $3,327 3.19%
43% 36 $7,090,000 $196,944 $3,625 3.07%
45% 26 $5,350,000 $205,769 $3,785 2.90%
46% 16 $3,740,000 $233,750 $4,227 2.87%
48% 16 $2,690,000 $168,125 $2,968 2.88%
47% 14 $2,830,000 $202,143 $3,590 2.89%
49% 7 $1,295,000 $185,000 $3,526 2.93%

Spire Credit Union lent most frequently to those with DTI ratios of 20-30%, with 496 originations. The next most common DTI ratio? 30-36%, with 395 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,526 $259,380,000 $169,974 $2,551 3.18%
Not provided 209 $36,225,000 $173,325 $2,487 3.22%
Not applicable 23 $22,505,000 $978,478 $197 3.66%
Asian 25 $4,735,000 $189,400 $2,575 3.18%
Black 20 $3,660,000 $183,000 $2,846 3.14%
American Indian 10 $1,850,000 $185,000 $2,806 3.51%
Native Hawaiian 2 $360,000 $180,000 $2,210 3.00%

Approval Rates

Total approvals of all applications
86.02%

Spire Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
59.25%

Spire Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,815 $328,715,000 $181,110

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,815 $328,715,000 $181,110

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 294 $30,320,000 $103,129 $1,352 3.13%
40-60% 380 $74,840,000 $196,947 $2,547 2.83%
60-80% 607 $147,895,000 $243,649 $3,366 3.03%
80-100% 259 $63,745,000 $246,120 $4,343 3.08%
Under 20% 275 $11,915,000 $43,327 $393 4.24%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Sovereign Lending Group, Incorporated Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 37.5%
Sovereign Lending Group, Incorporated Conventional home mortgage Closing on a mortgage 1 12.5%
Sovereign Lending Group, Incorporated Conventional home mortgage Struggling to pay mortgage 1 12.5%
Sovereign Lending Group, Incorporated VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 25.0%
Sovereign Lending Group, Incorporated VA mortgage Trouble during payment process 1 12.5%