San Mateo Credit Union Mortgage Rates, Fees & Info

Redwood City, CA

LEI: 549300QNPOF1WCRKLZ94

Tax ID: 94-1231186

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

San Mateo Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. San Mateo Credit Union has a high proportion of conventional loans. Their top markets include San Francisco, San Jose, Sacramento, Stockton, and Vallejo among others. San Mateo 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. San Mateo Credit Union is typically an average fee lendor.


Originations

617

Origination Dollar Volume (All Markets)

$344,725,000

Awards

San Mateo Credit Union 30 Year Conventional Loans silver San Mateo Credit Union 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

San Mateo Credit Union's average 30 year fixed rate mortgage of loans were 2.93%.

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

This yields a difference of -0.22%.

Relative Fees

San Mateo Credit Union's average total fees for a 30 year fixed rate mortgage are $3,695.

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
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 476 $281,420,000 $591,218 $3,422 2.94%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 35 $23,945,000 $684,143 $3,622 2.97%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 19 $8,045,000 $423,421 $3,956 2.88%
STOCKTON, CA (FHA|USDA|VA) 16 $5,710,000 $356,875 $3,134 2.91%
VALLEJO, CA (FHA|USDA|VA) 12 $4,460,000 $371,667 $3,006 2.99%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 6 $3,890,000 $648,333 $2,090 3.23%
MODESTO, CA (FHA|USDA|VA) 9 $2,855,000 $317,222 $3,030 3.15%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 6 $2,320,000 $386,667 $3,134 3.15%
MERCED, CA (FHA|USDA|VA) 7 $2,055,000 $293,571 $3,458 2.84%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $1,790,000 $447,500 $2,361 2.69%
Outside of Metro Areas 6 $1,490,000 $248,333 $1,741 2.83%
NAPA, CA (FHA|USDA|VA) 3 $1,425,000 $475,000 $3,488 3.04%
Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $990,000 $495,000 $723 2.94%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $990,000 $247,500 $3,700 2.94%
CHICO, CA (FHA|USDA|VA) 2 $590,000 $295,000 $4,031 2.88%
SALINAS, CA (FHA|USDA|VA) 1 $565,000 $565,000 $3,158 3.38%
YUBA CITY, CA (FHA|USDA|VA) 2 $440,000 $220,000 $2,474 2.81%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $415,000 $415,000 $0 3.13%
Crescent City, CA (FHA|USDA|VA) 2 $400,000 $200,000 $6,521 2.81%
MADERA, CA (FHA|USDA|VA) 1 $275,000 $275,000 $2,837 2.75%
REDDING, CA (FHA|USDA|VA) 1 $265,000 $265,000 $3,172 3.25%
Clearlake, CA (FHA|USDA|VA) 1 $255,000 $255,000 $3,380 3.25%
VISALIA, CA (FHA|USDA|VA) 1 $135,000 $135,000 $6,879 3.25%

San Mateo Credit Union's top markets include San Francisco, San Jose, Sacramento, Stockton, and Vallejo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 617 $344,725,000 $558,712 $3,385 2.94%

For the 2021 period, San Mateo Credit Union's most frequently originated loan type of loans were Conventional, with 617 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Other 161 $81,625,000 $506,988 $3,181 2.95%
Cash Out Refi 159 $105,475,000 $663,365 $4,068 2.87%
Refi 137 $64,595,000 $471,496 $2,068 2.79%
Home Purchase 90 $60,230,000 $669,222 $4,910 2.99%
Home Improvement 70 $32,800,000 $468,571 $2,923 3.36%

For the 2021, San Mateo Credit Union's most frequently cited loan purpose of loans were Other, with 161 originations. The 2nd most popular reason of loans were Cash Out Refi, with 159 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 482 $300,560,000 $623,568 $3,695 2.93%
15 Year 91 $27,995,000 $307,637 $2,112 2.93%
20 Year 19 $6,525,000 $343,421 $2,219 3.09%
10 Year 12 $2,530,000 $210,833 $1,441 3.43%
30+ year 7 $6,215,000 $887,857 $5,795 2.88%
Other 5 $865,000 $173,000 $0 3.25%
5 Year 1 $35,000 $35,000 $0 4.00%

For the 2021, San Mateo Credit Union's most frequently cited loan length of loans were 30 Year, with 482 originations. The 2nd most popular length of loans were 15 Year, with 91 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 415 $219,665,000 $529,313
$1k-2k 74 $47,000,000 $635,135
$3k-4k 42 $21,870,000 $520,714
$5k+ 41 $30,275,000 $738,415
$2k-3k 36 $22,150,000 $615,278

$3,695 of loans were San Mateo Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 415 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 355 $218,895,000 $616,606
3-4% 138 $70,460,000 $510,580
<2.5% 102 $53,400,000 $523,529
4-5% 13 $1,195,000 $91,923
5-6% 9 $775,000 $86,111

During 2021, San Mateo Credit Union's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 355 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 159 $47,075,000 $296,069 $2,881 2.88%
$400k-600k 158 $77,080,000 $487,848 $3,048 2.90%
$600k-1MM 158 $125,090,000 $791,709 $4,312 2.88%
$1MM+ 70 $86,040,000 $1,229,143 $5,214 2.86%
$100k-200k 57 $8,635,000 $151,491 $1,666 3.06%
$100,000 or less 15 $805,000 $53,667 $156 4.77%

2021 saw San Mateo Credit Union place emphasis on $200k-400k loans with 159 originations, totaling $47,075,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 197 $128,985,000 $654,746 $3,481 3.02%
$100k-150k 158 $69,820,000 $441,899 $2,907 2.98%
$250k+ 119 $99,465,000 $835,840 $4,857 2.84%
$75k-100k 68 $26,310,000 $386,912 $2,803 2.90%
$50k-75k 53 $14,695,000 $277,264 $2,535 2.87%
$50k or less 21 $5,095,000 $242,619 $1,954 2.90%

San Mateo Credit Union lent most frequently to those with incomes in the $150k-250k range, with 197 originations. The second most popular income band? $100k-150k, with 158 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 146 $78,770,000 $539,521 $3,202 2.92%
30-36% 120 $75,380,000 $628,167 $3,882 2.87%
<20% 54 $21,950,000 $406,481 $3,358 2.83%
41% 30 $15,140,000 $504,667 $2,574 3.07%
42% 27 $19,195,000 $710,926 $4,084 2.90%
44% 25 $15,095,000 $603,800 $2,660 2.97%
49% 24 $11,630,000 $484,583 $2,448 3.05%
40% 24 $11,890,000 $495,417 $2,985 3.02%
47% 24 $14,710,000 $612,917 $4,592 3.13%
43% 22 $12,030,000 $546,818 $2,721 3.07%
36% 20 $11,210,000 $560,500 $2,345 3.14%
39% 19 $10,605,000 $558,158 $3,586 2.86%
46% 18 $10,290,000 $571,667 $3,699 2.82%
37% 17 $10,305,000 $606,176 $4,555 2.98%
48% 14 $7,480,000 $534,286 $4,016 2.96%
38% 11 $4,755,000 $432,273 $2,607 2.85%
45% 11 $5,475,000 $497,727 $2,148 3.35%
50-60% 9 $7,635,000 $848,333 $5,031 2.92%
>60% 2 $1,180,000 $590,000 $2,050 2.63%

San Mateo Credit Union lent most frequently to those with DTI ratios of 20-30%, with 146 originations. The next most common DTI ratio? 30-36%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 266 $143,040,000 $537,744 $3,256 2.95%
Not provided 233 $125,585,000 $538,991 $3,191 2.93%
Asian 76 $48,600,000 $639,474 $3,535 3.01%
Filipino 8 $5,840,000 $730,000 $7,252 2.91%
Black 11 $5,805,000 $527,727 $5,320 2.76%
Asian Indian 5 $5,105,000 $1,021,000 $4,130 2.80%
Native Hawaiian 7 $3,745,000 $535,000 $5,315 2.89%
Other Pacific Islander 4 $1,630,000 $407,500 $2,014 3.00%
American Indian 3 $1,625,000 $541,667 $2,237 2.46%
Korean 1 $1,505,000 $1,505,000 $12,660 2.75%
Chinese 1 $1,445,000 $1,445,000 $4,946 2.88%
Native Hawiian 2 $800,000 $400,000 $1,188 4.06%

Approval Rates

Total approvals of all applications
77.96%

San Mateo Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
44.74%

San Mateo 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 617 $344,725,000 $558,712

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
617 $344,725,000 $558,712

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 129 $62,245,000 $482,519 $2,827 2.86%
40-60% 135 $84,935,000 $629,148 $3,575 2.87%
60-80% 150 $118,390,000 $789,267 $4,407 2.91%
80-100% 55 $42,625,000 $775,000 $5,177 2.94%
Under 20% 73 $13,945,000 $191,027 $1,511 3.45%