Service First Federal Credit Union Mortgage Rates, Fees & Info
Sioux Falls, SDLEI: 549300VTMXH07KUIB722
Tax ID: 46-0224713
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Mortgage Data
Review & Overview
Service First Federal Credit Union is a smaller credit union specializing in Refi, 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, Punta Gorda, Mitchell, and Minneapolis among others. We have data for 5 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.
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Originations
62Origination Dollar Volume (All Markets)
$12,190,000Top 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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 58 | $11,710,000 | $201,897 | $0 | 0.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Mitchell, SD (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $0 | 0.00% |
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.
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Product Mix
For 2021, Service First Federal Credit Union's most frequently originated type of loan was Conventional, with 55 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 39 | $7,005,000 | $179,615 | $0 | 0.00% |
| Home Purchase | 12 | $2,520,000 | $210,000 | $0 | 0.00% |
| Cash Out Refi | 11 | $2,665,000 | $242,273 | $0 | 0.00% |
For 2021, Service First Federal Credit Union's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 62 | $12,190,000 | $196,613 | $0 | 0.00% |
For 2021, Service First Federal Credit Union's most frequently cited loan duration was Other, with 62 originations.
Loan Sizing
2021 saw Service First Federal Credit Union place emphasis on $100k-200k loans with 23 originations, totaling $3,465,000 in origination value.
Applicant Income
Service First Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 62 | $12,190,000 | $196,613 | $0 | 0.00% |
Service First Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 62 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 50 | $10,130,000 | $202,600 | $0 | 0.00% |
| Black | 6 | $1,100,000 | $183,333 | $0 | 0.00% |
| Asian | 6 | $960,000 | $160,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications93.48%
Service First Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination61.29%
Service First Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 62 | $12,190,000 | $196,613 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Service Finance Holdings, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Service Finance Holdings, LLC | Other type of mortgage | Closing on a mortgage | 1 | 50.0% |