Cobalt Credit Union Mortgage Rates, Fees & Info

Papillion, NE

LEI: 549300XUFWU3F35PWM42

Tax ID: 47-0376486

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cobalt Credit Union is a smaller credit union specializing in Home Purchase loans. Cobalt Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Omaha, Lincoln, Vermillion, Fremont, and Columbus among others. Cobalt Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Cobalt Credit Union is typically a low fee lendor.


Originations

555

Origination Dollar Volume (All Markets)

$84,485,000
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Relative Rate

Cobalt Credit Union's average 30 year fixed rate mortgage of loans were 2.89%.

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

This yields a difference of -0.26%.

Relative Fees

Cobalt Credit Union's average total fees for a 30 year fixed rate mortgage are $2,697.

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
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 528 $80,540,000 $152,538 $2,276 3.29%
Outside of Metro Areas 13 $1,455,000 $111,923 $2,685 3.24%
LINCOLN, NE (FHA|USDA|VA) 7 $915,000 $130,714 $1,317 3.53%
Vermillion, SD (FHA|USDA|VA) 1 $725,000 $725,000 $0 3.50%
Fremont, NE (FHA|USDA|VA) 4 $660,000 $165,000 $2,256 3.03%
Columbus, NE (FHA|USDA|VA) 1 $155,000 $155,000 $3,454 2.00%
Beatrice, NE (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.50%

Cobalt Credit Union's top markets include Omaha, Lincoln, Vermillion, Fremont, and Columbus among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 492 $71,570,000 $145,467 $1,998 3.40%
VA 52 $11,420,000 $219,615 $3,418 2.43%
FHA 11 $1,495,000 $135,909 $4,591 2.47%

For the 2021 period, Cobalt Credit Union's most frequently originated loan type of loans were Conventional, with 492 originations. Their 2nd most popular type is VA, with 52 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 161 $35,515,000 $220,590 $2,731 3.00%
Home Improvement 129 $7,675,000 $59,496 $496 3.91%
Other 90 $8,070,000 $89,667 $1,502 3.59%
Cash Out Refi 89 $16,895,000 $189,831 $2,688 3.09%
Refi 86 $16,330,000 $189,884 $2,154 2.80%

For the 2021, Cobalt Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 161 originations. The 2nd most popular reason of loans were Home Improvement, with 129 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 234 $45,390,000 $193,974 $2,697 2.89%
20 Year 169 $12,465,000 $73,757 $2,279 3.64%
15 Year 82 $11,070,000 $135,000 $1,906 2.87%
5 Year 25 $9,505,000 $380,200 $307 3.91%
10 Year 22 $2,540,000 $115,455 $1,017 4.03%
Other 21 $3,465,000 $165,000 $400 5.00%
3 Year 2 $50,000 $25,000 $158 3.88%

For the 2021, Cobalt Credit Union's most frequently cited loan length of loans were 30 Year, with 234 originations. The 2nd most popular length of loans were 20 Year, with 169 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 316 $51,920,000 $164,304
$1k-2k 29 $4,145,000 $142,931
$2k-3k 4 $1,160,000 $290,000
$5k+ 2 $1,720,000 $860,000
$3k-4k 1 $395,000 $395,000

$2,697 of loans were Cobalt Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 316 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 257 $35,555,000 $138,346
2.5-3% 161 $27,405,000 $170,217
<2.5% 96 $17,690,000 $184,271
4-5% 25 $3,055,000 $122,200
5-6% 8 $350,000 $43,750
6-7% 5 $235,000 $47,000
7-8% 3 $195,000 $65,000

During 2021, Cobalt Credit Union's average interest rate of loans were 2.89%, while their most frequently originated rate bucket of loans were 3-4%, with 257 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 233 $13,125,000 $56,330 $1,265 3.74%
$100k-200k 205 $29,755,000 $145,146 $2,404 2.99%
$200k-400k 101 $27,405,000 $271,337 $2,776 2.90%
$400k-600k 8 $3,600,000 $450,000 $3,045 2.69%
$1MM+ 5 $8,375,000 $1,675,000 $12,999 3.35%
$600k-1MM 3 $2,225,000 $741,667 $9,507 3.58%

2021 saw Cobalt Credit Union place emphasis on $100,000 or less loans with 233 originations, totaling $13,125,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 138 $16,110,000 $116,739 $2,339 3.17%
$100k-150k 125 $20,045,000 $160,360 $2,050 3.26%
$75k-100k 103 $12,215,000 $118,592 $2,101 3.36%
$50k or less 71 $8,085,000 $113,873 $2,395 3.05%
$150k-250k 68 $10,630,000 $156,324 $2,384 3.41%
$250k+ 16 $3,960,000 $247,500 $4,493 3.51%

Cobalt Credit Union lent most frequently to those with incomes in the $50k-75k range, with 138 originations. The second most popular income band? $100k-150k, with 125 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 160 $20,970,000 $131,063 $2,270 3.21%
30-36% 102 $12,000,000 $117,647 $2,069 3.45%
<20% 76 $9,670,000 $127,237 $2,162 3.16%
42% 23 $3,205,000 $139,348 $3,003 3.41%
36% 22 $3,560,000 $161,818 $1,979 3.21%
40% 19 $3,465,000 $182,368 $2,015 3.19%
37% 19 $3,155,000 $166,053 $2,536 3.18%
44% 17 $2,555,000 $150,294 $2,949 3.20%
41% 15 $1,875,000 $125,000 $2,113 3.57%
39% 12 $1,510,000 $125,833 $1,672 3.81%
43% 12 $1,680,000 $140,000 $1,920 3.06%
45% 11 $1,715,000 $155,909 $3,136 2.61%
38% 10 $1,050,000 $105,000 $1,967 3.25%
49% 5 $735,000 $147,000 $2,032 2.75%
46% 4 $750,000 $187,500 $2,311 3.03%
47% 4 $440,000 $110,000 $2,283 2.94%
48% 4 $680,000 $170,000 $2,337 2.87%
50-60% 4 $1,480,000 $370,000 $5,063 2.50%
>60% 1 $135,000 $135,000 $1,645 2.25%

Cobalt Credit Union lent most frequently to those with DTI ratios of 20-30%, with 160 originations. The next most common DTI ratio? 30-36%, with 102 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 435 $60,035,000 $138,011 $2,223 3.24%
Not applicable 33 $13,385,000 $405,606 $0 3.90%
Not provided 57 $7,295,000 $127,982 $2,276 3.32%
Black 24 $3,340,000 $139,167 $3,242 3.27%
Asian 5 $365,000 $73,000 $4,091 3.14%
Asian Indian 1 $65,000 $65,000 $0 3.50%

Approval Rates

Total approvals of all applications
88.77%

Cobalt Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
75.36%

Cobalt Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 555 $84,485,000 $152,225

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
555 $84,485,000 $152,225

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 87 $6,715,000 $77,184 $1,252 3.75%
40-60% 76 $9,580,000 $126,053 $2,016 2.94%
60-80% 141 $29,515,000 $209,326 $2,330 3.12%
80-100% 132 $30,670,000 $232,348 $2,950 2.86%
Over 100% 9 $3,105,000 $345,000 $8,091 3.38%
Under 20% 110 $4,900,000 $44,545 $226 3.90%