Nassau Educators Federal Credit Union Mortgage Rates, Fees & Info

Westbury, NY

LEI: 549300T7DF901BR7V258

Tax ID: 11-1644859

5 stars - out of 5 stars, based on 49 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Nassau Educators Federal Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Cash Out Refi loans. Nassau Educators Federal Credit Union has a high proportion of conventional loans. Their top markets include New York, Poughkeepsie, Glens Falls, Miami, and Hudson among others. Nassau Educators Federal 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. Nassau Educators Federal Credit Union is typically an average fee lendor.


Originations

2,426

Origination Dollar Volume (All Markets)

$608,770,000

Awards

Nassau Educators Federal Credit Union 30 Year Conventional Loans bronze Nassau Educators Federal Credit Union 30 Year Conventional Loans bronze Nassau Educators Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Nassau Educators Federal Credit Union's average 30 year fixed rate mortgage of loans were 2.02%.

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

This yields a difference of -1.13%.

Relative Fees

Nassau Educators Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,355.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2,406 $604,210,000 $251,126 $4,301 2.08%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 5 $1,225,000 $245,000 $4,746 2.09%
GLENS FALLS, NY (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $445,000 $445,000 $3,325 2.75%
Outside of Metro Areas 3 $435,000 $145,000 $0 1.26%
Hudson, NY (FHA|USDA|VA) 1 $415,000 $415,000 $5,882 2.88%
Oneonta, NY (FHA|USDA|VA) 1 $355,000 $355,000 $4,195 3.00%
SYRACUSE, NY (FHA|USDA|VA) 3 $315,000 $105,000 $3,598 3.56%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $235,000 $235,000 $4,852 2.25%
KINGSTON, NY (FHA|USDA|VA) 1 $205,000 $205,000 $404 2.88%
Key West, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,857 2.50%
ITHACA, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,823 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,114 2.50%

Nassau Educators Federal Credit Union's top markets include New York, Poughkeepsie, Glens Falls, Miami, and Hudson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,426 $608,770,000 $250,936 $4,295 2.09%

For the 2021 period, Nassau Educators Federal Credit Union's most frequently originated loan type of loans were Conventional, with 2,426 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 947 $154,695,000 $163,353 $0 1.71%
Refi 531 $168,265,000 $316,883 $3,922 2.25%
Cash Out Refi 419 $168,455,000 $402,041 $4,452 2.81%
Other 398 $58,670,000 $147,412 $0 1.83%
Home Purchase 131 $58,685,000 $447,977 $4,757 2.62%

For the 2021, Nassau Educators Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 947 originations. The 2nd most popular reason of loans were Refi, with 531 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,125 $504,105,000 $237,226 $4,355 2.02%
15 Year 170 $56,660,000 $333,294 $3,954 2.43%
20 Year 106 $41,170,000 $388,396 $4,642 2.74%
10 Year 20 $4,790,000 $239,500 $3,562 2.39%
Other 5 $2,045,000 $409,000 $4,928 2.83%

For the 2021, Nassau Educators Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 2,125 originations. The 2nd most popular length of loans were 15 Year, with 170 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 517 $198,655,000 $384,246
$1k-2k 163 $60,205,000 $369,356
$2k-3k 72 $33,180,000 $460,833
$3k-4k 51 $24,525,000 $480,882
$5k+ 24 $15,070,000 $627,917

$4,355 of loans were Nassau Educators Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 517 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 1,624 $316,440,000 $194,852
2.5-3% 578 $228,150,000 $394,723
3-4% 214 $63,250,000 $295,561
5-6% 6 $490,000 $81,667
4-5% 3 $165,000 $55,000

During 2021, Nassau Educators Federal Credit Union's average interest rate of loans were 2.02%, while their most frequently originated rate bucket of loans were <2.5%, with 1,624 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 761 $221,135,000 $290,585 $3,787 2.21%
$100k-200k 668 $91,040,000 $136,287 $3,348 1.86%
$100,000 or less 488 $30,130,000 $61,742 $2,395 1.78%
$400k-600k 424 $201,690,000 $475,684 $4,638 2.41%
$600k-1MM 75 $52,345,000 $697,933 $5,953 2.84%
$1MM+ 10 $12,430,000 $1,243,000 $8,412 2.84%

2021 saw Nassau Educators Federal Credit Union place emphasis on $200k-400k loans with 761 originations, totaling $221,135,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 829 $211,845,000 $255,543 $4,498 2.06%
$100k-150k 760 $181,090,000 $238,276 $4,046 2.14%
$250k+ 382 $131,260,000 $343,613 $4,928 2.02%
$75k-100k 236 $50,780,000 $215,169 $3,939 2.11%
$50k-75k 138 $23,770,000 $172,246 $3,668 2.13%
$50k or less 64 $7,120,000 $111,250 $3,621 1.96%

Nassau Educators Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 829 originations. The second most popular income band? $100k-150k, with 760 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 545 $135,855,000 $249,275 $4,373 2.07%
30-36% 427 $111,955,000 $262,190 $4,441 2.14%
<20% 258 $53,180,000 $206,124 $3,683 1.92%
50-60% 108 $25,730,000 $238,241 $3,770 1.54%
44% 105 $24,695,000 $235,190 $4,483 2.07%
37% 92 $21,440,000 $233,043 $4,405 2.27%
42% 86 $22,080,000 $256,744 $4,102 2.17%
36% 79 $20,825,000 $263,608 $4,608 2.18%
39% 79 $20,645,000 $261,329 $4,383 2.16%
38% 79 $18,595,000 $235,380 $3,848 2.22%
47% 78 $20,140,000 $258,205 $3,810 1.99%
41% 76 $20,540,000 $270,263 $4,196 2.35%
49% 75 $21,155,000 $282,067 $3,983 2.07%
40% 75 $19,585,000 $261,133 $4,757 2.18%
45% 73 $18,835,000 $258,014 $4,126 2.10%
43% 70 $18,000,000 $257,143 $4,000 2.15%
46% 54 $15,880,000 $294,074 $4,852 2.26%
48% 50 $15,060,000 $301,200 $4,467 2.23%
>60% 15 $4,055,000 $270,333 $915 2.00%

Nassau Educators Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 545 originations. The next most common DTI ratio? 30-36%, with 427 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,753 $438,015,000 $249,866 $4,249 2.07%
Not provided 326 $88,620,000 $271,840 $4,435 2.22%
Asian 125 $37,085,000 $296,680 $4,484 2.01%
Black 168 $31,500,000 $187,500 $4,195 2.11%
Asian Indian 19 $5,765,000 $303,421 $5,469 1.63%
American Indian 19 $4,155,000 $218,684 $0 1.96%
Native Hawaiian 9 $1,625,000 $180,556 $3,114 1.68%
Filipino 2 $820,000 $410,000 $3,528 2.27%
Other Asian 3 $565,000 $188,333 $0 1.52%
Korean 1 $335,000 $335,000 $3,562 2.13%
Chinese 1 $285,000 $285,000 $5,874 1.88%

Approval Rates

Total approvals of all applications
70.16%

Nassau Educators Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
80.67%

Nassau Educators Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,426 $608,770,000 $250,936

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,426 $608,770,000 $250,936

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 644 $141,580,000 $219,845 $3,374 1.85%
40-60% 427 $149,025,000 $349,005 $4,023 2.33%
60-80% 407 $184,735,000 $453,894 $4,702 2.66%
80-100% 104 $53,040,000 $510,000 $4,756 2.72%
Over 100% 1 $585,000 $585,000 $3,671 3.00%
Under 20% 843 $79,805,000 $94,668 $3,220 1.78%