Greenstate Credit Union Mortgage Rates, Fees & Info

North Liberty, IA

LEI: 549300W4FT4H1UWPGU95

Tax ID: 42-0804594

5 stars - out of 5 stars, based on 135 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Greenstate Credit Union is a mid-sized credit union specializing in Home Purchase and Refi loans. Greenstate Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Des Moines, Iowa City, Cedar Rapids, Davenport, and Waterloo among others. Greenstate Credit Union 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. Greenstate Credit Union is typically a low fee lendor.


Originations

18,269

Origination Dollar Volume (All Markets)

$3,131,905,000
Show all (18) awards

Relative Rate

Greenstate Credit Union's average 30 year fixed rate mortgage of loans were 2.99%.

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

This yields a difference of -0.16%.

Relative Fees

Greenstate Credit Union's average total fees for a 30 year fixed rate mortgage are $1,882.

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 4,222 $853,830,000 $202,234 $1,502 3.32%
IOWA CITY, IA (FHA|USDA|VA) 3,597 $656,915,000 $182,629 $1,410 3.27%
CEDAR RAPIDS, IA (FHA|USDA|VA) 3,672 $529,150,000 $144,104 $1,462 3.32%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1,871 $303,015,000 $161,954 $1,427 3.35%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1,805 $281,305,000 $155,848 $1,568 3.36%
Outside of Metro Areas 1,595 $202,085,000 $126,699 $1,474 3.47%
DUBUQUE, IA (FHA|USDA|VA) 357 $57,835,000 $162,003 $1,487 3.27%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $42,005,000 $42,005,000 $0 3.25%
AMES, IA (FHA|USDA|VA) 179 $30,155,000 $168,464 $1,515 3.37%
Fort Dodge, IA (FHA|USDA|VA) 266 $29,530,000 $111,015 $1,515 3.28%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $27,005,000 $27,005,000 $0 3.35%
Muscatine, IA (FHA|USDA|VA) 144 $23,540,000 $163,472 $1,424 3.52%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 63 $16,675,000 $264,683 $2,981 3.16%
Clinton, IA (FHA|USDA|VA) 100 $13,340,000 $133,400 $1,357 3.49%
SPRINGFIELD, IL (FHA|USDA|VA) 4 $11,090,000 $2,772,500 $2,002 3.09%
Pella, IA (FHA|USDA|VA) 43 $7,775,000 $180,814 $1,645 3.53%
Marshalltown, IA (FHA|USDA|VA) 54 $6,380,000 $118,148 $1,563 3.57%
Burlington, IA-IL (FHA|USDA|VA) 44 $5,150,000 $117,045 $1,475 3.04%
Mason City, IA (FHA|USDA|VA) 32 $5,100,000 $159,375 $1,438 3.30%
Oskaloosa, IA (FHA|USDA|VA) 32 $4,050,000 $126,563 $1,753 3.36%
Spirit Lake, IA (FHA|USDA|VA) 14 $3,220,000 $230,000 $1,778 3.31%
Ottumwa, IA (FHA|USDA|VA) 25 $2,835,000 $113,400 $1,308 3.48%
Fairfield, IA (FHA|USDA|VA) 13 $2,225,000 $171,154 $1,608 3.31%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 14 $2,180,000 $155,714 $1,387 2.87%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,725,000 $1,725,000 $0 3.75%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 14 $1,700,000 $121,429 $1,643 3.86%
Galesburg, IL (FHA|USDA|VA) 16 $1,600,000 $100,000 $1,407 3.30%
Sterling, IL (FHA|USDA|VA) 15 $1,465,000 $97,667 $1,453 3.37%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 18 $1,450,000 $80,556 $1,499 3.79%
Platteville, WI (FHA|USDA|VA) 8 $1,350,000 $168,750 $2,156 3.23%
Carroll, IA (FHA|USDA|VA) 9 $1,245,000 $138,333 $1,087 3.11%
PEORIA, IL (FHA|USDA|VA) 7 $1,245,000 $177,857 $1,559 3.18%
Kirksville, MO (FHA|USDA|VA) 8 $810,000 $101,250 $0 3.23%
Spencer, IA (FHA|USDA|VA) 4 $650,000 $162,500 $1,289 3.34%
ROCKFORD, IL (FHA|USDA|VA) 5 $585,000 $117,000 $1,676 3.20%
MADISON, WI (FHA|USDA|VA) 2 $490,000 $245,000 $1,054 3.13%
DECATUR, IL (FHA|USDA|VA) 1 $375,000 $375,000 $1,526 2.13%
Macomb, IL (FHA|USDA|VA) 4 $360,000 $90,000 $1,692 3.69%
Ottawa, IL (FHA|USDA|VA) 4 $160,000 $40,000 $1,005 3.94%
Storm Lake, IA (FHA|USDA|VA) 2 $130,000 $65,000 $1,974 3.59%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.65%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.25%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.24%

Greenstate Credit Union's top markets include Des Moines, Iowa City, Cedar Rapids, Davenport, and Waterloo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 18,252 $3,128,790,000 $171,422 $1,474 3.33%
USDA 17 $3,115,000 $183,235 $3,945 2.17%

For the 2021 period, Greenstate Credit Union's most frequently originated loan type of loans were Conventional, with 18,252 originations. Their 2nd most popular type is USDA, with 17 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 8,423 $1,428,255,000 $169,566 $1,530 3.18%
Refi 4,679 $953,505,000 $203,784 $1,399 2.96%
Cash Out Refi 2,981 $592,825,000 $198,868 $1,419 3.38%
Home Improvement 1,253 $77,415,000 $61,784 $0 4.62%
Other 933 $79,905,000 $85,643 $0 4.68%

For the 2021, Greenstate Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 8,423 originations. The 2nd most popular reason of loans were Refi, with 4,679 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 8,970 $1,952,720,000 $217,695 $1,882 2.99%
15 Year 3,340 $462,920,000 $138,599 $1,066 2.99%
Other 2,851 $366,505,000 $128,553 $493 4.37%
10 Year 2,324 $125,900,000 $54,174 $274 3.81%
5 Year 463 $110,425,000 $238,499 $200 3.96%
20 Year 318 $71,180,000 $223,836 $1,516 2.69%
1 Year 2 $250,000 $125,000 $0 3.88%
3 Year 1 $42,005,000 $42,005,000 $0 3.25%

For the 2021, Greenstate Credit Union's most frequently cited loan length of loans were 30 Year, with 8,970 originations. The 2nd most popular length of loans were 15 Year, with 3,340 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 15,019 $2,552,275,000 $169,936
$1k-2k 530 $147,670,000 $278,623
$2k-3k 66 $23,320,000 $353,333
$3k-4k 39 $16,775,000 $430,128
$5k+ 11 $5,085,000 $462,273

$1,882 of loans were Greenstate Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 15,019 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 6,722 $1,008,830,000 $150,079
2.5-3% 6,261 $1,385,345,000 $221,266
<2.5% 2,565 $537,075,000 $209,386
4-5% 1,797 $147,175,000 $81,900
5-6% 690 $41,240,000 $59,768
6-7% 157 $7,975,000 $50,796
7-8% 60 $3,220,000 $53,667
Over 8% 17 $1,045,000 $61,471

During 2021, Greenstate Credit Union's average interest rate of loans were 2.99%, while their most frequently originated rate bucket of loans were 3-4%, with 6,722 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 6,802 $296,410,000 $43,577 $670 3.92%
$100k-200k 5,797 $853,425,000 $147,218 $1,688 3.06%
$200k-400k 4,605 $1,253,705,000 $272,249 $1,855 2.89%
$400k-600k 850 $406,680,000 $478,447 $2,152 2.90%
$600k-1MM 150 $109,200,000 $728,000 $1,669 3.38%
$1MM+ 65 $212,485,000 $3,269,000 $924 3.51%

2021 saw Greenstate Credit Union place emphasis on $100,000 or less loans with 6,802 originations, totaling $296,410,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 4,273 $779,255,000 $182,367 $1,542 3.33%
$50k-75k 4,163 $512,535,000 $123,117 $1,413 3.31%
$75k-100k 3,303 $503,065,000 $152,305 $1,517 3.32%
$50k or less 2,947 $260,005,000 $88,227 $1,340 3.34%
$150k-250k 2,429 $562,415,000 $231,542 $1,595 3.34%
$250k+ 900 $307,110,000 $341,233 $1,564 3.27%

Greenstate Credit Union lent most frequently to those with incomes in the $100k-150k range, with 4,273 originations. The second most popular income band? $50k-75k, with 4,163 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 5,065 $826,305,000 $163,140 $1,409 3.26%
30-36% 3,604 $579,360,000 $160,755 $1,437 3.32%
<20% 2,448 $380,490,000 $155,429 $1,259 3.24%
36% 611 $99,625,000 $163,052 $1,449 3.29%
39% 586 $96,950,000 $165,444 $1,693 3.39%
38% 580 $93,190,000 $160,672 $1,598 3.33%
37% 556 $94,210,000 $169,442 $1,551 3.34%
42% 544 $92,610,000 $170,239 $1,697 3.29%
41% 543 $96,085,000 $176,952 $1,740 3.29%
40% 541 $94,585,000 $174,834 $1,696 3.31%
43% 514 $91,660,000 $178,327 $1,684 3.34%
44% 474 $81,780,000 $172,532 $1,744 3.31%
45% 396 $70,330,000 $177,601 $1,711 3.37%
46% 312 $53,940,000 $172,885 $1,715 3.46%
50-60% 310 $32,190,000 $103,839 $971 4.17%
48% 251 $43,545,000 $173,486 $1,713 3.39%
47% 248 $40,780,000 $164,435 $1,725 3.51%
49% 247 $41,445,000 $167,794 $1,626 3.47%
>60% 179 $15,055,000 $84,106 $451 4.14%

Greenstate Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5,065 originations. The next most common DTI ratio? 30-36%, with 3,604 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 15,914 $2,567,570,000 $161,340 $1,479 3.34%
Not applicable 222 $198,680,000 $894,955 $0 3.78%
Not provided 1,132 $197,370,000 $174,355 $1,490 3.20%
Asian 428 $88,460,000 $206,682 $1,555 3.06%
Black 447 $55,565,000 $124,306 $1,304 3.51%
American Indian 62 $10,220,000 $164,839 $1,511 3.54%
Asian Indian 33 $8,665,000 $262,576 $1,725 2.77%
Native Hawaiian 16 $2,960,000 $185,000 $1,155 3.42%
Chinese 6 $1,170,000 $195,000 $1,783 2.69%
Other Asian 2 $380,000 $190,000 $1,558 2.88%
Korean 2 $260,000 $130,000 $1,820 3.08%
Other Pacific Islander 3 $255,000 $85,000 $1,157 3.54%
Vietnamese 1 $195,000 $195,000 $1,818 3.00%
Filipino 1 $155,000 $155,000 $2,027 2.88%

Approval Rates

Total approvals of all applications
98.28%

Greenstate Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
80.48%

Greenstate Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1,226 $85,400,000 $69,657
NA 17,043 $3,046,505,000 $178,754

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
18,269 $3,131,905,000 $171,433

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,720 $168,660,000 $98,058 $835 4.06%
40-60% 1,531 $328,005,000 $214,242 $1,505 2.93%
60-80% 4,417 $1,011,435,000 $228,987 $1,666 2.88%
80-100% 6,332 $1,467,260,000 $231,721 $1,966 3.07%
Over 100% 49 $28,495,000 $581,531 $2,090 3.46%
Under 20% 4,219 $125,085,000 $29,648 $205 4.04%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
GreenSky, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%