Iaa Credit Union Mortgage Rates, Fees & Info

Bloomington, IL

LEI: 549300UM6HPORF7X4415

Tax ID: 37-6031888

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    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, Atlanta, Savannah, and Peoria among others. We have data for 29 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.59% 5/26/24
    30 Year Conventional Refi 6.62% 5/26/24
    30 Year Cash-out Refi 6.52% 5/26/24
    15 Year Conventional Purchase 6.23% 5/26/24
    15 Year Conventional Refi 6.05% 5/26/24
    15 Year Cash-out Refi 6.05% 5/26/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Iaa Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    125

    Origination Dollar Volume (All Markets)

    $24,945,000

    Awards

    IAA Credit Union 30 Year Conventional Loans gold IAA Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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) 46 $6,620,000 $143,913 $1,221 4.73%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 15 $3,665,000 $244,333 $2,969 3.87%
    Outside of Metro Areas 15 $3,465,000 $231,000 $2,220 4.98%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $1,610,000 $268,333 $3,033 4.06%
    SAVANNAH, GA (FHA|USDA|VA) 3 $1,475,000 $491,667 $3,668 4.33%
    PEORIA, IL (FHA|USDA|VA) 11 $1,175,000 $106,818 $1,829 5.02%
    Centralia, WA (FHA|USDA|VA) 2 $870,000 $435,000 $2,952 3.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $565,000 $565,000 $3,921 3.75%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $565,000 $565,000 $3,465 4.38%
    LONGVIEW, TX (FHA|USDA|VA) 1 $525,000 $525,000 $5,439 3.50%
    RENO, NV (FHA|USDA|VA) 1 $485,000 $485,000 $3,469 3.88%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $465,000 $465,000 $2,417 5.25%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $2,057 3.13%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $385,000 $385,000 $5,770 3.99%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $355,000 $118,333 $1,989 4.50%
    Crossville, TN (FHA|USDA|VA) 1 $315,000 $315,000 $2,869 4.00%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $255,000 $255,000 $3,346 4.50%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $255,000 $255,000 $2,496 5.38%
    DECATUR, IL (FHA|USDA|VA) 2 $210,000 $105,000 $1,717 5.00%
    COLUMBUS, GA-AL (FHA|USDA|VA) 1 $205,000 $205,000 $3,064 5.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,940 3.50%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $180,000 $90,000 $2,027 5.88%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $165,000 $165,000 $1,971 2.63%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $155,000 $155,000 $2,340 5.25%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $145,000 $145,000 $2,255 2.88%
    Lincoln, IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,711 4.00%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,134 4.00%
    ROCKFORD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $1,474 2.38%
    CORVALLIS, OR (FHA|USDA|VA) 1 $45,000 $45,000 $178 6.25%
    Iaa Credit Union's top markets include Bloomington, Chicago, Atlanta, Savannah, and Peoria among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    Prairie State Bank and Trust
    Similarity Rank: 90
    Liberty Bank for Savings
    Similarity Rank: 116
    FINANCIAL PLUS
    Similarity Rank: 198
    IAA Credit Union
    Similarity Rank: 290
    Morton Community Bank
    Similarity Rank: 342
    Marine Bank
    Similarity Rank: 532
    DuPage Credit Union
    Similarity Rank: 579
    EDUCATORS CREDIT UNION
    Similarity Rank: 850
    Community State Bank
    Similarity Rank: 930

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 125 $24,945,000 $199,560 $2,064 4.54%

    For 2022, Iaa Credit Union's most frequently originated type of loan was Conventional, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 75 $15,615,000 $208,200 $2,266 4.98%
    Cash Out Refi 35 $6,935,000 $198,143 $1,854 4.15%
    Refi 14 $2,150,000 $153,571 $1,350 3.17%
    Home Improvement 1 $245,000 $245,000 $4,333 4.50%

    For 2022, Iaa Credit Union's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Cash Out Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 70 $17,310,000 $247,286 $2,330 4.74%
    15 Year 27 $4,375,000 $162,037 $2,103 4.07%
    20 Year 14 $2,190,000 $156,429 $1,624 4.61%
    10 Year 13 $1,025,000 $78,846 $1,168 4.31%
    5 Year 1 $45,000 $45,000 $247 5.00%

    For 2022, Iaa Credit Union's most frequently cited loan duration was 30 Year, with 70 originations. The 2nd most popular length was 15 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $24,120,000 $197,705
    $3k-4k 3 $825,000 $275,000

    Iaa Credit Union's average total fees were $2,330, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 37 $10,695,000 $289,054
    5-6% 29 $4,395,000 $151,552
    4-5% 24 $4,890,000 $203,750
    2.5-3% 14 $2,430,000 $173,571
    6-7% 11 $1,505,000 $136,818
    <2.5% 5 $525,000 $105,000
    7-8% 5 $505,000 $101,000

    During 2022, Iaa Credit Union's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 3-4%, with 37 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 42 $2,920,000 $69,524 $1,382 5.03%
    $100k-200k 39 $5,585,000 $143,205 $1,665 4.29%
    $200k-400k 28 $7,550,000 $269,643 $2,880 4.50%
    $400k-600k 14 $6,800,000 $485,714 $3,280 3.96%
    $1MM+ 1 $1,225,000 $1,225,000 $6,329 3.50%
    $600k-1MM 1 $865,000 $865,000 $2,184 4.25%

    2022 saw Iaa Credit Union place emphasis on $100,000 or less loans with 42 originations, totaling $2,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $3,350,000 $111,667 $1,728 4.89%
    $150k-250k 24 $6,900,000 $287,500 $2,543 4.30%
    $100k-150k 22 $5,140,000 $233,636 $1,989 4.39%
    $75k-100k 22 $4,340,000 $197,273 $2,073 4.59%
    $50k or less 19 $1,575,000 $82,895 $1,606 4.52%
    $250k+ 8 $3,640,000 $455,000 $3,160 4.28%

    Iaa Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $150k-250k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $5,920,000 $197,333 $2,292 4.59%
    20-30% 28 $5,860,000 $209,286 $1,862 4.84%
    <20% 23 $2,935,000 $127,609 $1,567 4.70%
    36% 9 $1,805,000 $200,556 $1,949 4.40%
    38% 7 $1,855,000 $265,000 $2,531 4.21%
    44% 6 $960,000 $160,000 $2,337 4.00%
    39% 4 $1,240,000 $310,000 $2,210 4.47%
    37% 4 $980,000 $245,000 $1,489 4.38%
    42% 4 $650,000 $162,500 $1,579 3.78%
    45% 3 $855,000 $285,000 $4,712 3.54%
    43% 3 $815,000 $271,667 $2,033 4.38%
    40% 2 $830,000 $415,000 $3,872 4.81%
    41% 1 $165,000 $165,000 $1,692 4.50%
    48% 1 $75,000 $75,000 $1,034 4.25%

    Iaa Credit Union lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 114 $22,840,000 $200,351 $2,048 4.59%
    Black 5 $745,000 $149,000 $2,473 3.90%
    Asian 2 $710,000 $355,000 $2,456 5.38%
    Not provided 4 $650,000 $162,500 $1,827 3.47%

    Approval Rates

    Total approvals of all applications
    99.35%

    Iaa Credit Union 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
    78.40%

    Iaa Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 125 $24,945,000 $199,560

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $24,945,000 $199,560

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,335,000 $102,692 $1,402 4.49%
    40-60% 23 $3,835,000 $166,739 $1,764 4.42%
    60-80% 48 $10,990,000 $228,958 $2,271 4.47%
    80-100% 39 $8,705,000 $223,205 $2,308 4.64%
    Under 20% 2 $80,000 $40,000 $135 6.00%