Cu Mortgage Direct Rates, Fees & Info

SIOUX FALLS, SD

LEI: 549300VHSPIDK7A5D559

Tax ID: 68-0572881

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cu Mortgage Direct is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Cu Mortgage Direct 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.) They have a low ratio of USDA loans. Their top markets include Sioux Falls, Watertown, Yankton, Rapid City, and Vermillion among others. Cu Mortgage Direct has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Cu Mortgage Direct is typically an average fee lendor.


Originations

738

Origination Dollar Volume (All Markets)

$146,670,000
Show all (9) awards

Relative Rate

Cu Mortgage Direct 's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Cu Mortgage Direct 's average total fees for a 30 year fixed rate mortgage are $3,875.

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
SIOUX FALLS, SD (FHA|USDA|VA) 378 $79,730,000 $210,926 $3,369 2.72%
Outside of Metro Areas 160 $28,430,000 $177,688 $3,949 2.71%
Watertown, SD (FHA|USDA|VA) 78 $14,980,000 $192,051 $4,198 2.92%
Yankton, SD (FHA|USDA|VA) 30 $5,580,000 $186,000 $4,539 2.81%
RAPID CITY, SD (FHA|USDA|VA) 23 $5,205,000 $226,304 $1,452 2.67%
Vermillion, SD (FHA|USDA|VA) 17 $3,155,000 $185,588 $4,357 2.83%
Aberdeen, SD (FHA|USDA|VA) 19 $2,955,000 $155,526 $4,092 2.80%
Spearfish, SD (FHA|USDA|VA) 7 $1,915,000 $273,571 $3,139 3.16%
Mitchell, SD (FHA|USDA|VA) 7 $1,525,000 $217,857 $5,051 2.66%
Brookings, SD (FHA|USDA|VA) 6 $1,280,000 $213,333 $4,252 2.90%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 7 $1,035,000 $147,857 $3,531 2.89%
Pierre, SD (FHA|USDA|VA) 3 $495,000 $165,000 $3,891 2.38%
Huron, SD (FHA|USDA|VA) 3 $385,000 $128,333 $4,331 2.50%

Cu Mortgage Direct 's top markets include Sioux Falls, Watertown, Yankton, Rapid City, and Vermillion among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 629 $126,675,000 $201,391 $3,410 2.76%
VA 42 $9,650,000 $229,762 $4,769 2.55%
FHA 35 $6,665,000 $190,429 $6,273 2.91%
USDA 32 $3,680,000 $115,000 $3,863 2.66%

For the 2021 period, Cu Mortgage Direct 's most frequently originated loan type of loans were Conventional, with 629 originations. Their 2nd most popular type is VA, with 42 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 297 $62,415,000 $210,152 $4,267 2.86%
Cash Out Refi 228 $44,970,000 $197,237 $3,224 2.75%
Refi 208 $39,160,000 $188,269 $3,278 2.60%
Other 4 $100,000 $25,000 $1,052 2.90%
Home Improvement 1 $25,000 $25,000 $871 2.90%

For the 2021, Cu Mortgage Direct 's most frequently cited loan purpose of loans were Home Purchase, with 297 originations. The 2nd most popular reason of loans were Cash Out Refi, with 228 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 515 $109,425,000 $212,476 $3,875 2.90%
15 Year 134 $22,940,000 $171,194 $3,077 2.28%
20 Year 71 $12,385,000 $174,437 $3,392 2.68%
10 Year 17 $1,895,000 $111,471 $2,269 2.34%
Other 1 $25,000 $25,000 $964 2.90%

For the 2021, Cu Mortgage Direct 's most frequently cited loan length of loans were 30 Year, with 515 originations. The 2nd most popular length of loans were 15 Year, with 134 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 268 $48,730,000 $181,828
$<1k 192 $36,920,000 $192,292
$1k-2k 138 $16,490,000 $119,493
$3k-4k 123 $36,975,000 $300,610
$5k+ 16 $7,380,000 $461,250

$3,875 of loans were Cu Mortgage Direct 's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 268 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 337 $68,795,000 $204,139
<2.5% 252 $44,890,000 $178,135
3-4% 148 $32,900,000 $222,297
4-5% 1 $85,000 $85,000

During 2021, Cu Mortgage Direct 's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 337 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 367 $55,415,000 $150,995 $3,206 2.72%
$200k-400k 270 $72,310,000 $267,815 $4,347 2.83%
$100,000 or less 72 $5,650,000 $78,472 $2,577 2.63%
$400k-600k 29 $13,295,000 $458,448 $5,257 2.83%

2021 saw Cu Mortgage Direct place emphasis on $100k-200k loans with 367 originations, totaling $55,415,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 191 $34,085,000 $178,455 $3,632 2.77%
$75k-100k 186 $38,950,000 $209,409 $3,733 2.83%
$100k-150k 150 $35,240,000 $234,933 $3,749 2.66%
$50k or less 143 $18,905,000 $132,203 $3,227 2.79%
$150k-250k 47 $13,795,000 $293,511 $4,092 2.74%
$250k+ 9 $2,875,000 $319,444 $5,165 2.49%

Cu Mortgage Direct lent most frequently to those with incomes in the $50k-75k range, with 191 originations. The second most popular income band? $75k-100k, with 186 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 179 $34,445,000 $192,430 $3,523 2.80%
20-30% 177 $33,795,000 $190,932 $3,379 2.67%
<20% 81 $14,335,000 $176,975 $3,477 2.50%
36% 38 $7,530,000 $198,158 $3,665 2.76%
39% 35 $7,235,000 $206,714 $4,126 2.85%
40% 32 $6,350,000 $198,438 $3,876 2.96%
38% 29 $6,435,000 $221,897 $4,024 2.78%
37% 28 $5,200,000 $185,714 $3,278 2.77%
41% 26 $5,390,000 $207,308 $3,662 2.82%
43% 25 $5,435,000 $217,400 $3,578 2.85%
44% 23 $4,705,000 $204,565 $4,143 2.94%
42% 18 $4,480,000 $248,889 $4,607 2.90%
45% 12 $3,180,000 $265,000 $3,827 2.88%
46% 12 $3,560,000 $296,667 $5,407 2.73%
49% 11 $1,985,000 $180,455 $4,015 2.85%
47% 6 $1,310,000 $218,333 $4,136 3.00%
48% 4 $1,030,000 $257,500 $3,115 2.97%
50-60% 2 $270,000 $135,000 $3,532 2.88%

Cu Mortgage Direct lent most frequently to those with DTI ratios of 30-36%, with 179 originations. The next most common DTI ratio? 20-30%, with 177 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 686 $135,530,000 $197,566 $3,629 2.75%
Black 24 $5,850,000 $243,750 $4,391 2.89%
Not provided 18 $3,750,000 $208,333 $3,501 2.78%
American Indian 6 $870,000 $145,000 $3,838 2.77%
Asian 3 $555,000 $185,000 $2,710 2.75%
Native Hawaiian 1 $115,000 $115,000 $0 2.38%

Approval Rates

Total approvals of all applications
90.97%

Cu Mortgage Direct has an average approval rate.

Pick Rate

Approvals leading to origination
79.76%

Cu Mortgage Direct has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 738 $146,670,000 $198,740

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
738 $146,670,000 $198,740

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 21 $3,075,000 $146,429 $2,910 2.32%
40-60% 96 $14,760,000 $153,750 $2,553 2.55%
60-80% 313 $64,605,000 $206,406 $3,500 2.76%
80-100% 297 $63,135,000 $212,576 $4,213 2.84%
Over 100% 4 $740,000 $185,000 $6,646 2.75%
Under 20% 7 $355,000 $50,714 $1,296 2.76%