School Systems Fcu Mortgage Rates, Fees & Info

Troy, NY

LEI: 549300RA8E6JQC2S7K66

Tax ID: 14-1439105

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    School Systems Fcu is a smaller credit union specializing in Home Improvement, Refi, and Cash Out Refi loans. School Systems Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Port St. Lucie, Hudson, and Glens Falls among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    School Systems Fcu has an above average approval rate when compared to the average across all lenders. School Systems Fcu is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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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    Originations

    68

    Origination Dollar Volume (All Markets)

    $5,030,000

    Top 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
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 65 $4,705,000 $72,385 $649 3.67%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,863 4.00%
    Hudson, NY (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.25%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $15,000 $15,000 $0 2.50%
    School Systems Fcu's top markets include Albany, Port St. Lucie, Hudson, and Glens Falls among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 68 $5,030,000 $73,971 $695 3.65%

    For 2018, School Systems Fcu's most frequently originated type of loan was Conventional, with 68 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 40 $1,730,000 $43,250 $423 3.25%
    Refi 12 $1,610,000 $134,167 $827 5.21%
    Cash Out Refi 10 $1,040,000 $104,000 $1,425 3.48%
    Other 5 $635,000 $127,000 $225 3.71%
    NA 1 $15,000 $15,000 $0 2.50%

    For 2018, School Systems Fcu's most frequently cited loan purpose was Home Improvement, with 40 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 28 $2,100,000 $75,000 $704 3.52%
    10 Year 22 $1,290,000 $58,636 $341 3.65%
    15 Year 10 $1,110,000 $111,000 $1,208 4.21%
    5 Year 5 $275,000 $55,000 $186 3.12%
    30 Year 2 $200,000 $100,000 $2,362 4.56%
    Other 1 $55,000 $55,000 $775 2.50%

    For 2018, School Systems Fcu's most frequently cited loan duration was 20 Year, with 28 originations. The 2nd most popular length was 10 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 3 $415,000 $138,333
    $2k-3k 1 $85,000 $85,000

    School Systems Fcu's average total fees were $2,362, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 18 $1,170,000 $65,000
    2.5-3% 17 $1,065,000 $62,647
    <2.5% 14 $560,000 $40,000
    4-5% 12 $1,300,000 $108,333
    5-6% 5 $765,000 $153,000
    6-7% 1 $145,000 $145,000
    Over 8% 1 $25,000 $25,000

    During 2018, School Systems Fcu's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 3-4%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $2,025,000 $41,327 $593 3.43%
    $100k-200k 15 $1,995,000 $133,000 $675 4.11%
    $200k-400k 4 $1,010,000 $252,500 $2,540 4.63%

    2018 saw School Systems Fcu place emphasis on $100,000 or less loans with 49 originations, totaling $2,025,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 18 $1,570,000 $87,222 $846 3.24%
    $50k-75k 16 $900,000 $56,250 $564 3.70%
    $75k-100k 16 $1,320,000 $82,500 $416 3.55%
    $150k-250k 11 $635,000 $57,727 $835 4.20%
    $50k or less 6 $530,000 $88,333 $1,288 4.19%
    $250k+ 1 $75,000 $75,000 $0 2.50%

    School Systems Fcu lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $50k-75k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 23 $1,575,000 $68,478 $471 3.33%
    20-30% 20 $1,090,000 $54,500 $463 3.69%
    30-36% 9 $855,000 $95,000 $564 3.61%
    36% 4 $170,000 $42,500 $269 4.19%
    38% 2 $290,000 $145,000 $721 4.50%
    50-60% 2 $300,000 $150,000 $3,772 3.44%
    46% 1 $55,000 $55,000 $275 2.79%
    >60% 1 $95,000 $95,000 $2,363 4.50%
    37% 1 $45,000 $45,000 $0 4.50%
    40% 1 $95,000 $95,000 $0 3.75%
    41% 1 $135,000 $135,000 $0 6.00%
    42% 1 $75,000 $75,000 $270 3.60%
    45% 1 $105,000 $105,000 $2,362 4.63%

    School Systems Fcu lent most frequently to those with DTI ratios of <20%, with 23 originations. The next most common DTI ratio? 20-30%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 66 $4,880,000 $73,939 $707 3.63%
    Black 2 $150,000 $75,000 $125 4.25%

    Approval Rates

    Total approvals of all applications
    100.00%

    School Systems Fcu has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 68 $5,030,000 $73,971

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $5,000 $5,000
    Single Family (1-4 Units):Site-Built 67 $5,025,000 $75,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $760,000 $54,286 $311 3.27%
    40-60% 5 $495,000 $99,000 $760 3.83%
    60-80% 8 $1,100,000 $137,500 $1,435 4.05%
    80-100% 13 $1,965,000 $151,154 $1,123 4.27%
    Under 20% 28 $710,000 $25,357 $473 3.41%