Northern Star Credit Union Mortgage Rates, Fees & Info
Portsmouth, VALEI: 549300Y8MO6UUFA38I79
Tax ID: 54-0316051
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Mortgage Data
Review & Overview
Northern Star Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Northern Star Credit Union has a high proportion of conventional loans. Northern Star Credit Union has a high proportion of conventional loans.Northern Star Credit Union has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.
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Originations
27Origination Dollar Volume (All Markets)
$445,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Outside of Metro Areas | 27 | $445,000 | $16,481 | $0 | 7.86% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 22 | $150,000 | $6,818 | $0 | 8.42% |
| HELOC | 3 | $75,000 | $25,000 | n/a | 5.50% |
| Conventional | 2 | $220,000 | $110,000 | $0 | 5.25% |
For 2019, Northern Star Credit Union's most frequently originated type of loan was Conventional, with 22 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 26 | $260,000 | $10,000 | $0 | 7.95% |
| Home Purchase | 1 | $185,000 | $185,000 | $0 | 5.50% |
For 2019, Northern Star Credit Union's most frequently cited loan purpose was Home Improvement, with 26 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
For 2019, Northern Star Credit Union's most frequently cited loan duration was Other, with 10 originations. The 2nd most popular length was 3 Year, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 10 | $70,000 | $7,000 |
| 3-4% | 7 | $45,000 | $6,429 |
| 5-6% | 5 | $265,000 | $53,000 |
| 4-5% | 3 | $55,000 | $18,333 |
| 6-7% | 1 | $5,000 | $5,000 |
| 7-8% | 1 | $5,000 | $5,000 |
During 2019, Northern Star Credit Union's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was Over 8%, with 10 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 26 | $260,000 | $10,000 | $0 | 7.95% |
| $100k-200k | 1 | $185,000 | $185,000 | $0 | 5.50% |
2019 saw Northern Star Credit Union place emphasis on $100,000 or less loans with 26 originations, totaling $260,000 in origination value.
Applicant Income
Northern Star Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $50k or less, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 3 | $245,000 | $81,667 | $0 | 5.33% |
| 20-30% | 2 | $50,000 | $25,000 | $0 | 5.50% |
Northern Star Credit Union lent most frequently to those with DTI ratios of 30-36%, with 3 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $330,000 | $27,500 | $0 | 6.47% |
| Black | 15 | $115,000 | $7,667 | $0 | 8.97% |
Approval Rates
Total approvals of all applications100.00%
Northern Star 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $445,000 | $16,481 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 27 | $445,000 | $16,481 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 1 | $185,000 | $185,000 | $0 | 5.50% |
| Under 20% | 4 | $110,000 | $27,500 | $0 | 5.38% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Northern Trust Company, The | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
| Northern Trust Company, The | Other type of mortgage | Improper use of your report | 1 | 25.0% |
| Northern Trust Company, The | VA mortgage | Struggling to pay mortgage | 1 | 25.0% |