Credit Union Of America Mortgage Rates, Fees & Info

Wichita, KS

LEI: 549300RRQHIHHM9I4K21

Tax ID: 48-0477295

5 stars - out of 5 stars, based on 48 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Credit Union Of America is a smaller credit union specializing in Home Purchase and Refi loans. Credit Union Of America has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Wichita, Hutchinson, Great Bend, Kansas City, and Salina among others. Credit Union Of America 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. Credit Union Of America is typically a low fee lendor.


Originations

2,275

Origination Dollar Volume (All Markets)

$266,795,000
Show all (9) awards

Relative Rate

Credit Union Of America's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

Credit Union Of America's average total fees for a 30 year fixed rate mortgage are $2,198.

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
WICHITA, KS (FHA|USDA|VA) 1,232 $197,660,000 $160,438 $2,129 3.04%
Outside of Metro Areas 856 $43,170,000 $50,432 $1,991 3.63%
Hutchinson, KS (FHA|USDA|VA) 72 $10,170,000 $141,250 $1,776 2.87%
Great Bend, KS (FHA|USDA|VA) 64 $6,660,000 $104,063 $1,899 3.03%
KANSAS CITY, MO-KS (FHA|USDA|VA) 11 $2,475,000 $225,000 $2,211 3.01%
Salina, KS (FHA|USDA|VA) 17 $2,455,000 $144,412 $2,087 3.01%
OKLAHOMA CITY, OK (FHA|USDA|VA) 5 $1,705,000 $341,000 $3,063 2.88%
Winfield, KS (FHA|USDA|VA) 6 $770,000 $128,333 $1,966 2.79%
LAWRENCE, KS (FHA|USDA|VA) 2 $410,000 $205,000 $1,615 2.63%
McPherson, KS (FHA|USDA|VA) 2 $280,000 $140,000 $1,400 3.38%
Dodge City, KS (FHA|USDA|VA) 2 $210,000 $105,000 $1,470 3.13%
Ponca City, OK (FHA|USDA|VA) 1 $195,000 $195,000 $3,435 2.88%
Parsons, KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,535 3.00%
Pittsburg, KS (FHA|USDA|VA) 1 $145,000 $145,000 $2,222 3.63%
MANHATTAN, KS (FHA|USDA|VA) 1 $135,000 $135,000 $2,084 2.63%
Bartlesville, OK (FHA|USDA|VA) 1 $105,000 $105,000 $3,155 3.00%
TOPEKA, KS (FHA|USDA|VA) 1 $85,000 $85,000 $1,789 3.00%

Credit Union Of America's top markets include Wichita, Hutchinson, Great Bend, Kansas City, and Salina among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,262 $264,490,000 $116,927 $2,068 3.26%
FHA 13 $2,305,000 $177,308 $4,987 2.79%

For the 2021 period, Credit Union Of America's most frequently originated loan type of loans were Conventional, with 2,262 originations. Their 2nd most popular type is FHA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 713 $122,825,000 $172,265 $2,224 3.10%
Refi 623 $56,975,000 $91,453 $1,887 3.26%
Home Improvement 389 $21,375,000 $54,949 $1,992 3.67%
Other 292 $26,890,000 $92,089 $2,011 3.30%
Cash Out Refi 258 $38,730,000 $150,116 $2,050 3.00%

For the 2021, Credit Union Of America's most frequently cited loan purpose of loans were Home Purchase, with 713 originations. The 2nd most popular reason of loans were Refi, with 623 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 865 $154,705,000 $178,850 $2,198 3.13%
Other 846 $37,560,000 $44,397 $2,102 3.71%
15 Year 276 $36,870,000 $133,587 $1,942 2.60%
20 Year 179 $23,465,000 $131,089 $1,994 2.95%
10 Year 98 $12,030,000 $122,755 $1,757 2.65%
5 Year 10 $1,660,000 $166,000 $0 4.27%
3 Year 1 $505,000 $505,000 $0 4.50%

For the 2021, Credit Union Of America's most frequently cited loan length of loans were 30 Year, with 865 originations. The 2nd most popular length of loans were Other, with 846 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,293 $205,735,000 $159,114
$1k-2k 80 $10,070,000 $125,875
$2k-3k 15 $2,245,000 $149,667
$3k-4k 14 $3,160,000 $225,714
$5k+ 3 $1,305,000 $435,000

$2,198 of loans were Credit Union Of America's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,293 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,183 $112,925,000 $95,456
2.5-3% 666 $116,280,000 $174,595
<2.5% 217 $27,115,000 $124,954
4-5% 209 $10,475,000 $50,120

During 2021, Credit Union Of America's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 1,183 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,198 $60,130,000 $50,192 $1,882 3.48%
$100k-200k 720 $103,260,000 $143,417 $2,015 3.00%
$200k-400k 323 $83,535,000 $258,622 $2,408 3.01%
$400k-600k 24 $11,600,000 $483,333 $3,286 3.11%
$600k-1MM 7 $4,775,000 $682,143 $3,351 3.09%
$1MM+ 3 $3,495,000 $1,165,000 $6,304 3.53%

2021 saw Credit Union Of America place emphasis on $100,000 or less loans with 1,198 originations, totaling $60,130,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 597 $61,105,000 $102,353 $2,005 3.21%
$100k-150k 525 $70,385,000 $134,067 $2,206 3.30%
$50k or less 456 $35,920,000 $78,772 $1,880 3.17%
$75k-100k 405 $49,975,000 $123,395 $2,132 3.26%
$150k-250k 230 $34,010,000 $147,870 $2,437 3.35%
$250k+ 44 $9,800,000 $222,727 $2,873 3.40%

Credit Union Of America lent most frequently to those with incomes in the $50k-75k range, with 597 originations. The second most popular income band? $100k-150k, with 525 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 609 $66,595,000 $109,351 $2,041 3.25%
30-36% 422 $50,200,000 $118,957 $2,102 3.26%
<20% 356 $30,790,000 $86,489 $1,988 3.24%
43% 82 $10,910,000 $133,049 $2,241 3.24%
42% 74 $10,900,000 $147,297 $2,068 3.16%
36% 72 $9,830,000 $136,528 $2,107 3.20%
37% 71 $8,785,000 $123,732 $2,003 3.19%
40% 71 $9,215,000 $129,789 $2,338 3.20%
41% 66 $9,360,000 $141,818 $2,173 3.30%
38% 65 $8,825,000 $135,769 $1,994 3.17%
44% 62 $8,750,000 $141,129 $2,479 3.17%
39% 61 $8,325,000 $136,475 $1,964 3.20%
45% 50 $6,740,000 $134,800 $2,148 3.30%
50-60% 45 $3,675,000 $81,667 $2,387 3.53%
48% 43 $4,855,000 $112,907 $2,385 3.34%
46% 37 $4,715,000 $127,432 $1,915 3.27%
47% 30 $3,720,000 $124,000 $2,053 3.17%
49% 19 $2,955,000 $155,526 $2,206 3.34%
>60% 17 $885,000 $52,059 $0 3.69%

Credit Union Of America lent most frequently to those with DTI ratios of 20-30%, with 609 originations. The next most common DTI ratio? 30-36%, with 422 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,895 $216,635,000 $114,319 $2,084 3.27%
Not provided 225 $29,855,000 $132,689 $2,110 3.05%
Black 76 $7,020,000 $92,368 $1,997 3.44%
Asian 41 $6,035,000 $147,195 $2,547 3.09%
Not applicable 18 $5,600,000 $311,111 $0 4.05%
American Indian 17 $1,395,000 $82,059 $2,028 3.10%
Native Hawaiian 1 $215,000 $215,000 $1,655 3.38%
Guamanian 1 $25,000 $25,000 $0 4.25%
Korean 1 $15,000 $15,000 $0 4.25%

Approval Rates

Total approvals of all applications
81.90%

Credit Union Of America has a below average approval rate.

Pick Rate

Approvals leading to origination
76.50%

Credit Union Of America has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,275 $266,795,000 $117,273

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,275 $266,795,000 $117,273

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 370 $19,470,000 $52,622 $1,695 3.60%
40-60% 285 $27,705,000 $97,211 $1,842 3.04%
60-80% 660 $100,220,000 $151,848 $2,101 3.04%
80-100% 618 $108,610,000 $175,744 $2,193 3.08%
Over 100% 3 $695,000 $231,667 $6,328 3.73%
Under 20% 339 $10,095,000 $29,779 $1,000 3.77%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Credit Union Mortgage Association, Inc. Conventional home mortgage Trouble during payment process 1 100.0%