Cu Mortgage Direct Rates, Fees & Info

SIOUX FALLS, SD

LEI: 549300VHSPIDK7A5D559

Tax ID: 68-0572881

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Mortgage Data

Review & Overview

Cu Mortgage Direct is a smaller mortgage company specializing in Home Purchase loans. Cu Mortgage Direct has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Sioux Falls, Watertown, Yankton, Brookings, and Vermillion among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cu Mortgage Direct 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. Cu Mortgage Direct 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 6.43% 3/28/24
30 Year Conventional Refi 6.40% 3/28/24
30 Year Cash-out Refi 6.61% 3/28/24
30 Year FHA Purchase 7.51% 3/28/24
30 Year FHA Refi 6.86% 3/28/24
30 Year VA Purchase 6.13% 3/28/24
30 Year VA Refi 6.27% 3/28/24
30 Year USDA Purchase 6.68% 3/28/24
15 Year Conventional Purchase 5.94% 3/28/24
15 Year Conventional Refi 5.98% 3/28/24
15 Year Cash-out Refi 5.98% 3/28/24
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.

Cu Mortgage Direct Mortgage Calculator






Your Estimates

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

This is not an official calculator from Cu Mortgage Direct. 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

315

Origination Dollar Volume (All Markets)

$52,865,000
Show all (14) 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
SIOUX FALLS, SD (FHA|USDA|VA) 132 $23,620,000 $178,939 $3,032 4.52%
Outside of Metro Areas 99 $15,015,000 $151,667 $3,706 4.41%
Watertown, SD (FHA|USDA|VA) 27 $4,235,000 $156,852 $3,555 4.50%
Yankton, SD (FHA|USDA|VA) 19 $3,045,000 $160,263 $3,880 4.29%
Brookings, SD (FHA|USDA|VA) 9 $1,755,000 $195,000 $3,995 4.32%
Vermillion, SD (FHA|USDA|VA) 9 $1,475,000 $163,889 $3,948 4.50%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $680,000 $340,000 $12,436 4.25%
Huron, SD (FHA|USDA|VA) 4 $600,000 $150,000 $3,297 4.34%
RAPID CITY, SD (FHA|USDA|VA) 3 $535,000 $178,333 $4,840 4.38%
Spearfish, SD (FHA|USDA|VA) 2 $520,000 $260,000 $3,398 4.25%
Pierre, SD (FHA|USDA|VA) 2 $500,000 $250,000 $6,492 4.50%
Aberdeen, SD (FHA|USDA|VA) 3 $455,000 $151,667 $4,615 4.04%
Mitchell, SD (FHA|USDA|VA) 4 $430,000 $107,500 $2,523 4.13%
Cu Mortgage Direct's top markets include Sioux Falls, Watertown, Yankton, Brookings, and Vermillion among others.

Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against CU MORTGAGE DIRECT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SERVICE FIRST FEDERAL CREDIT UNION
    Similarity Rank: 380
    SIOUX FALLS
    Similarity Rank: 385
    First National Bank of Omaha
    Similarity Rank: 460
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 468
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 528
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 530
    First Dakota National Bank
    Similarity Rank: 667
    Dacotah Bank
    Similarity Rank: 714
    First PREMIER Bank
    Similarity Rank: 1159
    Reliabank Dakota
    Similarity Rank: 1207

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 186 $32,330,000 $173,817 $3,100 4.63%
    FHA 54 $8,120,000 $150,370 $4,516 4.34%
    USDA 44 $5,960,000 $135,455 $3,256 4.09%
    VA 31 $6,455,000 $208,226 $4,461 4.06%

    For 2018, Cu Mortgage Direct's most frequently originated type of loan was Conventional, with 186 originations. Their 2nd most popular type was FHA, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 241 $39,585,000 $164,253 $3,203 4.42%
    Cash Out Refi 49 $8,245,000 $168,265 $4,613 4.48%
    Refi 25 $5,035,000 $201,400 $4,332 4.67%

    For 2018, Cu Mortgage Direct's most frequently cited loan purpose was Home Purchase, with 241 originations. The 2nd most popular reason was Cash Out Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 286 $48,660,000 $170,140 $3,537 4.49%
    15 Year 26 $3,790,000 $145,769 $3,261 4.05%
    20 Year 2 $270,000 $135,000 $3,441 4.31%
    10 Year 1 $145,000 $145,000 $1,175 4.00%

    For 2018, Cu Mortgage Direct's most frequently cited loan duration was 30 Year, with 286 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 100 $11,820,000 $118,200
    $2k-3k 64 $12,880,000 $201,250
    $<1k 61 $9,005,000 $147,623
    $3k-4k 22 $6,240,000 $283,636
    $4k-5k 7 $2,565,000 $366,429
    $5k+ 2 $840,000 $420,000

    Cu Mortgage Direct's average total fees were $3,537, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 100 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 227 $37,925,000 $167,070
    3-4% 69 $11,915,000 $172,681
    5-6% 18 $2,690,000 $149,444
    7-8% 1 $335,000 $335,000

    During 2018, Cu Mortgage Direct's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 4-5%, with 227 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 169 $24,925,000 $147,485 $3,277 4.46%
    $200k-400k 83 $21,525,000 $259,337 $4,350 4.45%
    $100,000 or less 59 $4,685,000 $79,407 $2,586 4.42%
    $400k-600k 4 $1,730,000 $432,500 $9,523 4.28%

    2018 saw Cu Mortgage Direct place emphasis on $100k-200k loans with 169 originations, totaling $24,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 98 $16,010,000 $163,367 $3,675 4.47%
    $50k or less 89 $10,115,000 $113,652 $2,771 4.43%
    $75k-100k 60 $11,390,000 $189,833 $3,749 4.39%
    $100k-150k 47 $10,495,000 $223,298 $3,907 4.50%
    $150k-250k 18 $4,010,000 $222,778 $4,233 4.47%
    $250k+ 3 $845,000 $281,667 $4,685 4.63%

    Cu Mortgage Direct lent most frequently to those with incomes in the $50k-75k range, with 98 originations. The second most popular income band? $50k or less, with 89 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $11,515,000 $153,533 $3,108 4.44%
    30-36% 64 $11,450,000 $178,906 $3,521 4.49%
    <20% 20 $2,190,000 $109,500 $2,538 4.24%
    44% 17 $3,085,000 $181,471 $4,511 4.23%
    45% 16 $2,730,000 $170,625 $4,086 4.33%
    43% 15 $2,725,000 $181,667 $4,354 4.38%
    41% 15 $2,695,000 $179,667 $3,861 4.42%
    40% 13 $2,085,000 $160,385 $3,123 4.70%
    48% 12 $2,070,000 $172,500 $3,532 4.69%
    36% 11 $2,175,000 $197,727 $3,542 4.61%
    49% 10 $1,830,000 $183,000 $3,586 4.58%
    38% 9 $1,185,000 $131,667 $2,790 4.35%
    37% 8 $1,160,000 $145,000 $2,704 4.63%
    46% 8 $1,670,000 $208,750 $5,305 4.30%
    42% 7 $1,205,000 $172,143 $2,871 4.23%
    39% 7 $1,095,000 $156,429 $3,714 4.55%
    47% 7 $1,665,000 $237,857 $4,356 4.25%
    >60% 1 $335,000 $335,000 $5,295 7.50%

    Cu Mortgage Direct lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 306 $51,380,000 $167,908 $3,512 4.45%
    Asian 3 $585,000 $195,000 $4,031 4.38%
    Black 4 $500,000 $125,000 $2,231 4.69%
    Japanese 1 $255,000 $255,000 $5,246 4.63%
    American Indian 1 $145,000 $145,000 $0 4.13%

    Approval Rates

    Total approvals of all applications
    91.65%

    Cu Mortgage Direct has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.08%

    Cu Mortgage Direct has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1670.2 1 $105,000 $105,000
    2716.85 1 $325,000 $325,000
    319.5 1 $145,000 $145,000
    NA 312 $52,290,000 $167,596

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 315 $52,865,000 $167,825

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $715,000 $102,143 $2,254 4.39%
    40-60% 24 $2,780,000 $115,833 $3,002 4.49%
    60-80% 64 $11,480,000 $179,375 $3,366 4.59%
    80-100% 202 $34,910,000 $172,822 $3,628 4.44%
    Over 100% 18 $2,980,000 $165,556 $3,774 4.03%