Class Act Federal Credit Union Mortgage Rates, Fees & Info

Louisville, KY

LEI: 549300VNVP1PTYHESA41

Tax ID: 61-0549795

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

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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

    Class Act Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Class Act Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Louisville, Bardstown, Elizabethtown, Evansville, and Cincinnati among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Class Act Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Class Act Federal 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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    Originations

    136

    Origination Dollar Volume (All Markets)

    $21,000,000

    Awards

    CLASS ACT FEDERAL CREDIT UNION 30 Year Conventional Loans gold CLASS ACT FEDERAL 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
    LOUISVILLE, KY (FHA|USDA|VA) 126 $19,610,000 $155,635 $2,505 4.30%
    Bardstown, KY (FHA|USDA|VA) 3 $605,000 $201,667 $2,991 4.25%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $350,000 $175,000 $2,814 4.75%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $155,000 $155,000 $2,801 4.88%
    Outside of Metro Areas 2 $110,000 $55,000 $1,447 6.63%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,671 5.38%
    Frankfort, KY (FHA|USDA|VA) 1 $65,000 $65,000 $2,504 4.88%
    Class Act Federal Credit Union's top markets include Louisville, Bardstown, Elizabethtown, Evansville, and Cincinnati among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    The Peoples Bank
    Similarity Rank: 120
    Guardian Savings Bank, A Federal Savings Bank
    Similarity Rank: 162
    COMMONWEALTH
    Similarity Rank: 345
    First Harrison Bank
    Similarity Rank: 357
    CLASS ACT FEDERAL CREDIT UNION
    Similarity Rank: 357
    Abound Federal Credit Union
    Similarity Rank: 375
    Peoples Bank
    Similarity Rank: 455
    PARK COMMUNITY CREDIT UNION, INC.
    Similarity Rank: 468
    The New Washington State Bank
    Similarity Rank: 650
    Victory Community Bank
    Similarity Rank: 714

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 136 $21,000,000 $154,412 $2,508 4.36%

    For 2018, Class Act Federal Credit Union's most frequently originated type of loan was Conventional, with 136 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $11,540,000 $180,313 $2,791 4.25%
    Cash Out Refi 48 $6,860,000 $142,917 $2,506 4.31%
    Refi 13 $1,865,000 $143,462 $2,088 4.64%
    Home Improvement 10 $570,000 $57,000 $1,023 4.85%
    Other 1 $165,000 $165,000 $2,877 4.88%

    For 2018, Class Act Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 91 $17,495,000 $192,253 $2,810 4.06%
    15 Year 23 $2,115,000 $91,957 $2,429 4.64%
    10 Year 12 $610,000 $50,833 $1,144 5.56%
    20 Year 5 $655,000 $131,000 $2,720 5.03%
    5 Year 5 $125,000 $25,000 $223 4.85%

    For 2018, Class Act Federal Credit Union's most frequently cited loan duration was 30 Year, with 91 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 116 $19,720,000 $170,000
    $<1k 4 $580,000 $145,000

    Class Act Federal Credit Union's average total fees were $2,810, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 59 $8,615,000 $146,017
    3-4% 37 $6,905,000 $186,622
    5-6% 21 $2,305,000 $109,762
    2.5-3% 12 $2,760,000 $230,000
    6-7% 4 $300,000 $75,000
    7-8% 3 $115,000 $38,333

    During 2018, Class Act Federal Credit Union's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 4-5%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 61 $8,915,000 $146,148 $2,724 4.16%
    $100,000 or less 42 $2,240,000 $53,333 $1,746 5.05%
    $200k-400k 27 $7,235,000 $267,963 $2,991 3.90%
    $400k-600k 6 $2,610,000 $435,000 $3,430 3.60%

    2018 saw Class Act Federal Credit Union place emphasis on $100k-200k loans with 61 originations, totaling $8,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 39 $6,055,000 $155,256 $2,641 4.03%
    $50k or less 31 $2,625,000 $84,677 $2,441 4.67%
    $100k-150k 27 $4,765,000 $176,481 $2,329 4.49%
    $75k-100k 25 $4,015,000 $160,600 $2,589 4.41%
    $150k-250k 14 $3,540,000 $252,857 $2,484 4.22%

    Class Act Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 39 originations. The second most popular income band? $50k or less, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $7,655,000 $162,872 $2,634 4.03%
    30-36% 24 $3,620,000 $150,833 $2,156 4.72%
    <20% 13 $1,325,000 $101,923 $2,209 4.23%
    39% 8 $1,330,000 $166,250 $2,681 4.30%
    36% 7 $1,345,000 $192,143 $2,910 3.92%
    40% 6 $1,280,000 $213,333 $2,905 4.50%
    49% 5 $815,000 $163,000 $2,788 4.90%
    37% 5 $385,000 $77,000 $2,089 4.82%
    38% 4 $220,000 $55,000 $1,407 5.38%
    42% 3 $625,000 $208,333 $2,920 4.83%
    48% 3 $515,000 $171,667 $2,675 4.79%
    41% 2 $560,000 $280,000 $2,989 5.00%
    46% 2 $300,000 $150,000 $2,778 4.69%
    45% 2 $250,000 $125,000 $2,760 4.06%
    43% 2 $200,000 $100,000 $2,605 4.44%
    44% 2 $440,000 $220,000 $2,936 3.75%
    47% 1 $135,000 $135,000 $2,674 3.24%

    Class Act Federal 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 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 113 $16,725,000 $148,009 $2,470 4.38%
    Black 14 $2,320,000 $165,714 $2,641 4.32%
    Not provided 7 $1,535,000 $219,286 $2,776 4.12%
    Native Hawaiian or Islander 1 $295,000 $295,000 $3,173 4.75%
    Other Pacific Islander 1 $125,000 $125,000 $2,625 3.12%

    Approval Rates

    Total approvals of all applications
    87.77%

    Class Act Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.62%

    Class Act Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 136 $21,000,000 $154,412

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 136 $21,000,000 $154,412

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,155,000 $77,000 $1,904 4.77%
    40-60% 13 $1,905,000 $146,538 $2,814 3.75%
    60-80% 42 $7,500,000 $178,571 $2,795 4.22%
    80-100% 54 $10,110,000 $187,222 $2,814 4.23%
    Under 20% 12 $330,000 $27,500 $400 5.53%