School Systems Fcu Mortgage Rates, Fees & Info
Troy, NYLEI: 549300RA8E6JQC2S7K66
Tax ID: 14-1439105
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Mortgage Data
Review & Overview
School Systems Fcu is a smaller credit union specializing in Other and Refi loans. School Systems Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Albany, Glens Falls, Gloversville, Bennington, and Hudson among others. We have data for 6 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. They have a below average pick rate when compared to similar 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.
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Originations
63Origination Dollar Volume (All Markets)
$4,925,000Top 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 |
|---|---|---|---|---|---|
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 56 | $4,220,000 | $75,357 | $702 | 4.39% |
| GLENS FALLS, NY (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $450 | 3.83% |
| Gloversville, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.00% |
| Bennington, VT (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.25% |
| Hudson, NY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.25% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $580 | 3.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 62 | $4,670,000 | $75,323 | $684 | 4.36% |
| HELOC | 1 | $255,000 | $255,000 | n/a | 4.25% |
For 2019, School Systems Fcu's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2019, School Systems Fcu's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Other, with 16 originations.
Loan Duration/Length
For 2019, School Systems Fcu's most frequently cited loan duration was 20 Year, with 35 originations. The 2nd most popular length was 10 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $450,000 | $225,000 |
School Systems Fcu's average total fees were $4,121, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 18 | $1,160,000 | $64,444 |
| 4-5% | 16 | $1,630,000 | $101,875 |
| 2.5-3% | 13 | $935,000 | $71,923 |
| 5-6% | 10 | $590,000 | $59,000 |
| 6-7% | 6 | $610,000 | $101,667 |
During 2019, School Systems Fcu's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 3-4%, with 18 originations.
Loan Sizing
2019 saw School Systems Fcu place emphasis on $100,000 or less loans with 47 originations, totaling $2,115,000 in origination value.
Applicant Income
School Systems Fcu lent most frequently to those with incomes in the $150k-250k range, with 18 originations. The second most popular income band? $100k-150k, with 16 originations.
Applicant Debt to Income Ratio
School Systems Fcu lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 61 | $4,885,000 | $80,082 | $696 | 4.36% |
| Not provided | 1 | $35,000 | $35,000 | $450 | 3.50% |
| Black | 1 | $5,000 | $5,000 | $0 | 5.25% |
Approval Rates
Total approvals of all applications100.00%
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 origination87.30%
School Systems Fcu has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 63 | $4,925,000 | $78,175 |