Iaa Credit Union Mortgage Rates, Fees & Info
Bloomington, ILLEI: 549300UM6HPORF7X4415
Tax ID: 37-6031888
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Mortgage Data
Review & Overview
Iaa Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Iaa Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Bloomington, Chicago, Phoenix, Tampa, and Atlanta among others. We have data for 42 markets. (Some data included below & more in-depth data is available with an active subscription.)Iaa Credit Union 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. Iaa Credit Union 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 12/16/24 |
| 30 Year Conventional Refi | 6.62% | 12/16/24 |
| 30 Year Cash-out Refi | 6.52% | 12/16/24 |
| 15 Year Conventional Purchase | 6.23% | 12/16/24 |
| 15 Year Conventional Refi | 6.05% | 12/16/24 |
| 15 Year Cash-out Refi | 6.05% | 12/16/24 |
| 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. | ||
Iaa 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
164Origination Dollar Volume (All Markets)
$30,180,000Awards
IAA Credit Union - 2019
IAA Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| BLOOMINGTON, IL (FHA|USDA|VA) | 61 | $9,595,000 | $157,295 | $1,221 | 4.10% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 22 | $3,820,000 | $173,636 | $2,108 | 4.03% |
| Outside of Metro Areas | 18 | $2,760,000 | $153,333 | $2,084 | 3.99% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 8 | $2,670,000 | $333,750 | $2,565 | 3.73% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $3,198 | 4.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $2,767 | 4.34% |
| Roseburg, OR (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $2,555 | 3.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $2,479 | 4.21% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $2,141 | 4.13% |
| Centralia, WA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,727 | 3.50% |
| PEORIA, IL (FHA|USDA|VA) | 4 | $420,000 | $105,000 | $1,426 | 3.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $1,754 | 4.17% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,071 | 4.25% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,961 | 4.75% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,450 | 4.25% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $1,583 | 3.75% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,902 | 4.63% |
| BEND, OR (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,750 | 3.25% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,258 | 3.50% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $1,909 | 4.19% |
| Montrose, CO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,766 | 5.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,018 | 4.75% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,259 | 4.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,256 | 3.75% |
| Fernley, NV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,421 | 4.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,703 | 3.88% |
| Ottawa, IL (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $2,454 | 3.88% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,881 | 3.88% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,229 | 4.13% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,975 | 3.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,031 | 4.50% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,964 | 4.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,639 | 4.50% |
| Pontiac, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,016 | 3.63% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,276 | 4.00% |
| Centralia, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,264 | 4.88% |
| Macomb, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,052 | 4.00% |
| Lincoln, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,431 | 3.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,577 | 4.38% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,006 | 3.88% |
| Freeport, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,952 | 4.00% |
| Las Vegas, NM (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,138 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against IAA Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 164 | $30,180,000 | $184,024 | $1,885 | 4.06% |
For 2019, Iaa Credit Union's most frequently originated type of loan was Conventional, with 164 originations.
Loan Reason
For 2019, Iaa Credit Union's most frequently cited loan purpose was Home Purchase, with 81 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.
Loan Duration/Length
For 2019, Iaa Credit Union's most frequently cited loan duration was 30 Year, with 101 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 164 | $30,180,000 | $184,024 |
Iaa Credit Union's average total fees were $2,057, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 164 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 97 | $18,695,000 | $192,732 |
| 4-5% | 64 | $10,830,000 | $169,219 |
| 2.5-3% | 1 | $315,000 | $315,000 |
| 5-6% | 1 | $255,000 | $255,000 |
| Over 8% | 1 | $85,000 | $85,000 |
During 2019, Iaa Credit Union's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 3-4%, with 97 originations.
Loan Sizing
2019 saw Iaa Credit Union place emphasis on $100k-200k loans with 68 originations, totaling $9,570,000 in origination value.
Applicant Income
Iaa Credit Union lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $150k-250k, with 33 originations.
Applicant Debt to Income Ratio
Iaa Credit Union lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 36 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.98%
Iaa Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination73.17%
Iaa Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 164 | $30,180,000 | $184,024 |