Chocolate Bayou Community Federal Credit Union Mortgage Rates, Fees & Info
Alvin, TXLEI: 549300VEIFZEX6HJVA94
Tax ID: 74-6043196
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Mortgage Data
Review & Overview
Chocolate Bayou Community Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Chocolate Bayou Community Federal Credit Union has a high proportion of conventional loans. Their top two markets are Houston and College Station .Chocolate Bayou Community Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/17/24 |
| 30 Year Conventional Refi | 6.27% | 12/17/24 |
| 15 Year Conventional Purchase | 5.68% | 12/17/24 |
| 15 Year Conventional Refi | 5.68% | 12/17/24 |
| 15 Year Cash-out Refi | 5.68% | 12/17/24 |
| 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. | ||
Chocolate Bayou Community Federal 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
61Origination Dollar Volume (All Markets)
$5,975,000Top 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 58 | $5,610,000 | $96,724 | $0 | 5.50% |
| Outside of Metro Areas | 2 | $210,000 | $105,000 | $0 | 5.00% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 61 | $5,975,000 | $97,951 | $0 | 5.47% |
For 2018, Chocolate Bayou Community Federal Credit Union's most frequently originated type of loan was Conventional, with 61 originations.
Loan Reason
For 2018, Chocolate Bayou Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 37 originations. The 2nd most popular reason was Refi, with 14 originations.
Loan Duration/Length
For 2018, Chocolate Bayou Community Federal Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 17 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $55,000 | $55,000 |
Chocolate Bayou Community Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 24 | $2,660,000 | $110,833 |
| 4-5% | 18 | $1,400,000 | $77,778 |
| 6-7% | 9 | $795,000 | $88,333 |
| 3-4% | 5 | $725,000 | $145,000 |
| 7-8% | 5 | $395,000 | $79,000 |
During 2018, Chocolate Bayou Community Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.
Loan Sizing
2018 saw Chocolate Bayou Community Federal Credit Union place emphasis on $100,000 or less loans with 36 originations, totaling $1,890,000 in origination value.
Applicant Income
Chocolate Bayou Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
Chocolate Bayou Community Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 49 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 60 | $5,870,000 | $97,833 | $0 | 5.47% |
| Black | 1 | $105,000 | $105,000 | $0 | 5.25% |
Approval Rates
Total approvals of all applications100.00%
Chocolate Bayou Community Federal 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 61 | $5,975,000 | $97,951 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $295,000 | $59,000 |
| Single Family (1-4 Units):Site-Built | 56 | $5,680,000 | $101,429 |