Service First Federal Credit Union Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300VTMXH07KUIB722

Tax ID: 46-0224713

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Mortgage Data

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

    Service First Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Service First Federal Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Willmar, Brookings, Sioux City, and Vermillion among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Service First Federal 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. Service First 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

    249

    Origination Dollar Volume (All Markets)

    $38,015,000

    Awards

    SERVICE FIRST FEDERAL CREDIT UNION FHA Loans gold SERVICE FIRST FEDERAL CREDIT UNION FHA 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
    SIOUX FALLS, SD (FHA|USDA|VA) 228 $34,850,000 $152,851 $3,549 4.85%
    Outside of Metro Areas 12 $2,010,000 $167,500 $4,682 4.77%
    Willmar, MN (FHA|USDA|VA) 1 $225,000 $225,000 $4,411 4.50%
    Brookings, SD (FHA|USDA|VA) 2 $200,000 $100,000 $3,455 5.06%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $195,000 $195,000 $3,121 4.00%
    Vermillion, SD (FHA|USDA|VA) 1 $195,000 $195,000 $3,879 4.50%
    Mitchell, SD (FHA|USDA|VA) 1 $145,000 $145,000 $5,716 4.38%
    Spearfish, SD (FHA|USDA|VA) 1 $65,000 $65,000 $2,549 4.88%
    Yankton, SD (FHA|USDA|VA) 1 $65,000 $65,000 $2,287 4.25%
    Fairmont, MN (FHA|USDA|VA) 1 $65,000 $65,000 $4,023 4.63%
    Service First Federal Credit Union's top markets include Sioux Falls, Willmar, Brookings, Sioux City, and Vermillion among others.

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

    • Similar Lenders

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

    Dacotah Bank
    Similarity Rank: 357
    SERVICE FIRST FEDERAL CREDIT UNION
    Similarity Rank: 380
    SIOUX FALLS
    Similarity Rank: 385
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 429
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 528
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 530
    First Dakota National Bank
    Similarity Rank: 552
    First PREMIER Bank
    Similarity Rank: 1064
    Reliabank Dakota
    Similarity Rank: 1088
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 1122

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $27,855,000 $147,381 $2,875 5.05%
    FHA 42 $7,010,000 $166,905 $5,881 4.22%
    VA 10 $1,900,000 $190,000 $6,688 3.94%
    USDA 8 $1,250,000 $156,250 $4,976 4.19%

    For 2018, Service First Federal Credit Union's most frequently originated type of loan was Conventional, with 189 originations. Their 2nd most popular type was FHA, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 155 $26,595,000 $171,581 $4,084 4.78%
    Cash Out Refi 62 $9,360,000 $150,968 $3,390 4.37%
    Other 12 $420,000 $35,000 $782 6.77%
    Home Improvement 10 $290,000 $29,000 $694 6.80%
    Refi 10 $1,350,000 $135,000 $3,918 4.36%

    For 2018, Service First Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Cash Out Refi, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $32,760,000 $176,129 $4,127 4.68%
    15 Year 37 $3,755,000 $101,486 $2,504 4.93%
    10 Year 15 $675,000 $45,000 $1,039 6.23%
    5 Year 5 $135,000 $27,000 $538 5.35%
    20 Year 3 $365,000 $121,667 $2,875 4.33%
    Other 2 $250,000 $125,000 $2,590 6.50%
    1 Year 1 $75,000 $75,000 $0 6.50%

    For 2018, Service First Federal Credit Union's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 117 $16,665,000 $142,436
    $<1k 67 $5,735,000 $85,597
    $2k-3k 46 $9,980,000 $216,957
    $3k-4k 9 $2,905,000 $322,778
    $4k-5k 5 $1,905,000 $381,000

    Service First Federal Credit Union's average total fees were $4,127, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 117 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 158 $25,650,000 $162,342
    3-4% 46 $8,360,000 $181,739
    5-6% 23 $2,885,000 $125,435
    6-7% 14 $710,000 $50,714
    Over 8% 5 $315,000 $63,000
    7-8% 3 $95,000 $31,667

    During 2018, Service First Federal Credit Union's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 158 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 120 $17,910,000 $149,250 $3,854 4.78%
    $100,000 or less 69 $3,975,000 $57,609 $1,786 5.32%
    $200k-400k 56 $14,340,000 $256,071 $5,065 4.42%
    $400k-600k 4 $1,790,000 $447,500 $6,371 4.16%

    2018 saw Service First Federal Credit Union place emphasis on $100k-200k loans with 120 originations, totaling $17,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 84 $12,640,000 $150,476 $3,847 4.78%
    $50k or less 82 $9,970,000 $121,585 $3,237 4.92%
    $75k-100k 40 $6,370,000 $159,250 $3,405 4.86%
    $100k-150k 33 $6,355,000 $192,576 $3,633 4.89%
    $150k-250k 5 $1,505,000 $301,000 $5,418 4.38%
    $250k+ 5 $1,175,000 $235,000 $5,189 4.65%

    Service First Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 84 originations. The second most popular income band? $50k or less, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $7,845,000 $160,102 $3,675 4.42%
    30-36% 44 $7,400,000 $168,182 $3,695 4.55%
    50-60% 17 $2,825,000 $166,176 $5,112 4.80%
    39% 14 $1,420,000 $101,429 $2,502 5.30%
    37% 14 $1,800,000 $128,571 $3,137 5.05%
    38% 12 $1,930,000 $160,833 $3,672 5.25%
    <20% 11 $1,495,000 $135,909 $3,500 4.43%
    41% 11 $1,645,000 $149,545 $3,500 5.26%
    44% 11 $1,955,000 $177,727 $4,383 4.20%
    36% 10 $1,550,000 $155,000 $3,005 4.71%
    45% 9 $1,255,000 $139,444 $2,659 4.75%
    42% 9 $1,515,000 $168,333 $2,834 4.40%
    43% 8 $1,270,000 $158,750 $3,619 4.53%
    40% 8 $1,140,000 $142,500 $3,947 4.36%
    48% 7 $1,095,000 $156,429 $3,254 4.75%
    49% 6 $860,000 $143,333 $3,881 11.69%
    46% 5 $625,000 $125,000 $4,147 4.60%
    47% 4 $390,000 $97,500 $3,161 4.78%

    Service First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 213 $31,745,000 $149,038 $3,511 4.93%
    Asian 19 $3,305,000 $173,947 $3,881 4.26%
    Black 14 $2,530,000 $180,714 $4,700 4.35%
    American Indian 3 $435,000 $145,000 $3,647 4.38%

    Approval Rates

    Total approvals of all applications
    91.44%

    Service First Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.32%

    Service First Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 249 $38,015,000 $152,671

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 249 $38,015,000 $152,671

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $940,000 $67,143 $1,898 5.14%
    40-60% 14 $1,510,000 $107,857 $2,761 4.11%
    60-80% 50 $8,230,000 $164,600 $3,257 4.51%
    80-100% 150 $26,620,000 $177,467 $4,361 4.75%
    Under 20% 21 $715,000 $34,048 $727 6.52%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Service Finance Holdings, LLC Other type of mortgage Trouble during payment process 1 100.0%