1st Ed Credit Union Mortgage Rates, Fees & Info

Chambersburg, PA

LEI: 549300W75G5512S0BN41

Tax ID: 23-6274650

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Mortgage Data

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

    1st Ed Credit Union is a smaller credit union specializing in Refi loans. 1st Ed Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Chambersburg, Gettysburg, Harrisburg, and York among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    1st Ed 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. 1st Ed 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

    46

    Origination Dollar Volume (All Markets)

    $6,290,000

    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
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 31 $4,205,000 $135,645 $2,449 3.44%
    GETTYSBURG, PA (FHA|USDA|VA) 7 $955,000 $136,429 $999 3.77%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $520,000 $130,000 $1,579 3.38%
    YORK-HANOVER, PA (FHA|USDA|VA) 3 $455,000 $151,667 $3,127 3.04%
    Outside of Metro Areas 1 $155,000 $155,000 $4,678 3.38%
    1st Ed Credit Union's top markets include Chambersburg, Gettysburg, Harrisburg, and York among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $6,290,000 $136,739 $2,246 3.46%

    For 2020, 1st Ed Credit Union's most frequently originated type of loan was Conventional, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 31 $4,465,000 $144,032 $1,699 3.46%
    Home Purchase 5 $885,000 $177,000 $4,513 3.23%
    Home Improvement 5 $225,000 $45,000 $500 3.80%
    Cash Out Refi 5 $715,000 $143,000 $5,114 3.35%

    For 2020, 1st Ed Credit Union's most frequently cited loan purpose was Refi, with 31 originations. The 2nd most popular reason was Home Purchase, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 22 $3,250,000 $147,727 $1,633 3.56%
    30 Year 12 $2,130,000 $177,500 $4,363 3.33%
    5 Year 6 $210,000 $35,000 $500 3.10%
    10 Year 3 $445,000 $148,333 $500 3.75%
    Other 2 $150,000 $75,000 $2,891 4.00%
    20 Year 1 $105,000 $105,000 $4,738 3.00%

    For 2020, 1st Ed Credit Union's most frequently cited loan duration was 15 Year, with 22 originations. The 2nd most popular length was 30 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $3,935,000 $119,242
    $1k-2k 6 $1,190,000 $198,333
    $3k-4k 4 $680,000 $170,000
    $2k-3k 2 $260,000 $130,000
    $4k-5k 1 $225,000 $225,000

    1st Ed Credit Union's average total fees were $4,363, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 25 $3,615,000 $144,600
    2.5-3% 11 $1,855,000 $168,636
    4-5% 7 $675,000 $96,429
    <2.5% 3 $145,000 $48,333

    During 2020, 1st Ed Credit Union's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 23 $3,355,000 $145,870 $2,807 3.45%
    $100,000 or less 14 $750,000 $53,571 $621 3.58%
    $200k-400k 9 $2,185,000 $242,778 $3,339 3.29%

    2020 saw 1st Ed Credit Union place emphasis on $100k-200k loans with 23 originations, totaling $3,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $2,370,000 $169,286 $2,485 3.49%
    $50k-75k 13 $1,765,000 $135,769 $2,362 3.53%
    $50k or less 8 $690,000 $86,250 $2,441 3.22%
    $75k-100k 6 $810,000 $135,000 $1,326 3.69%
    $150k-250k 4 $420,000 $105,000 $1,065 3.38%

    1st Ed Credit Union lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 14 $1,910,000 $136,429 $2,301 3.37%
    20-30% 7 $1,045,000 $149,286 $2,666 3.13%
    <20% 5 $415,000 $83,000 $500 3.65%
    42% 4 $740,000 $185,000 $3,722 3.34%
    40% 3 $495,000 $165,000 $3,226 3.29%
    49% 2 $460,000 $230,000 $500 4.06%
    38% 2 $300,000 $150,000 $2,619 3.63%
    36% 2 $430,000 $215,000 $2,667 4.00%
    44% 2 $90,000 $45,000 $500 3.63%
    50-60% 1 $115,000 $115,000 $3,605 4.13%
    37% 1 $105,000 $105,000 $2,906 3.38%
    41% 1 $115,000 $115,000 $5,282 3.25%
    45% 1 $35,000 $35,000 $500 4.75%
    48% 1 $35,000 $35,000 $500 2.50%

    1st Ed Credit Union lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 45 $6,135,000 $136,333 $2,284 3.45%
    Not provided 1 $155,000 $155,000 $500 3.88%

    Approval Rates

    Total approvals of all applications
    91.07%

    1st Ed Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.13%

    1st Ed Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 46 $6,290,000 $136,739

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 46 $6,290,000 $136,739

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $210,000 $52,500 $500 3.09%
    40-60% 8 $990,000 $123,750 $1,388 3.53%
    60-80% 18 $3,000,000 $166,667 $3,254 3.31%
    80-100% 10 $1,890,000 $189,000 $2,863 3.58%
    Under 20% 6 $200,000 $33,333 $500 3.88%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    States Title Holding, Inc. Conventional home mortgage Closing on a mortgage 1 100.0%