Community Choice Credit Union Mortgage Rates, Fees & Info
Farmington Hills, MILEI: 549300R0SQ8LYM3HBY12
Tax ID: 38-0960035
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Mortgage Data
Review & Overview
Community Choice Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Community Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Jackson, Grand Rapids, Muskegon, and Hillsdale among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Community Choice Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 5/4/24 |
| 30 Year Cash-out Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 5.68% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 5/4/24 |
| 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. | ||
Community Choice 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
1,153Origination Dollar Volume (All Markets)
$63,075,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 859 | $49,245,000 | $57,328 | $0 | 4.71% |
| JACKSON, MI (FHA|USDA|VA) | 81 | $4,155,000 | $51,296 | $0 | 4.89% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 43 | $2,125,000 | $49,419 | $0 | 4.79% |
| MUSKEGON, MI (FHA|USDA|VA) | 43 | $1,755,000 | $40,814 | $0 | 4.99% |
| Outside of Metro Areas | 30 | $1,360,000 | $45,333 | $0 | 4.86% |
| Hillsdale, MI (FHA|USDA|VA) | 33 | $1,225,000 | $37,121 | $0 | 4.45% |
| ANN ARBOR, MI (FHA|USDA|VA) | 13 | $815,000 | $62,692 | $0 | 4.72% |
| Holland, MI (FHA|USDA|VA) | 11 | $485,000 | $44,091 | $0 | 4.77% |
| FLINT, MI (FHA|USDA|VA) | 9 | $475,000 | $52,778 | $0 | 4.88% |
| Adrian, MI (FHA|USDA|VA) | 5 | $425,000 | $85,000 | $0 | 4.92% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 7 | $315,000 | $45,000 | $0 | 5.59% |
| MONROE, MI (FHA|USDA|VA) | 5 | $225,000 | $45,000 | $0 | 4.66% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 4.71% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 4 | $100,000 | $25,000 | $0 | 4.80% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.24% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.34% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.54% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.50% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.84% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.69% |
| Ludington, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 802 | $39,320,000 | $49,027 | $0 | 4.71% |
| HELOC | 351 | $23,755,000 | $67,678 | n/a | 4.80% |
For 2022, Community Choice Credit Union's most frequently originated type of loan was Conventional, with 802 originations. Their 2nd most popular type was HELOC, with 351 originations.
Loan Reason
For 2022, Community Choice Credit Union's most frequently cited loan purpose was Cash Out Refi, with 565 originations. The 2nd most popular reason was Home Improvement, with 512 originations.
Loan Duration/Length
For 2022, Community Choice Credit Union's most frequently cited loan duration was Other, with 459 originations. The 2nd most popular length was 10 Year, with 327 originations.
Interest Rates
During 2022, Community Choice Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 455 originations.
Loan Sizing
2022 saw Community Choice Credit Union place emphasis on $100,000 or less loans with 1,047 originations, totaling $44,925,000 in origination value.
Applicant Income
Community Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 269 originations. The second most popular income band? $50k-75k, with 269 originations.
Applicant Debt to Income Ratio
Community Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 291 originations. The next most common DTI ratio? 30-36%, with 227 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.47%
Community Choice Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination81.53%
Community Choice Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,153 | $63,075,000 | $54,705 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) | FHA mortgage | Struggling to pay mortgage | 2 | 66.7% |
| Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) | Other type of mortgage | Trouble during payment process | 1 | 33.3% |