Educators Credit Union Mortgage Rates, Fees & Info
WACO, TXLEI: 8945002AZSML1PBU6N20
Tax ID: 74-1129327
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Mortgage Data
Review & Overview
Educators Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Educators Credit Union has a high proportion of conventional loans. Their top two markets are Waco and Killeen .Educators Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
55Origination Dollar Volume (All Markets)
$5,935,000Top 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 |
|---|---|---|---|---|---|
| WACO, TX (FHA|USDA|VA) | 45 | $4,925,000 | $109,444 | $0 | 0.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 6 | $760,000 | $126,667 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $250,000 | $62,500 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 55 | $5,935,000 | $107,909 | $0 | 0.00% |
For 2019, Educators Credit Union's most frequently originated type of loan was Conventional, with 55 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 34 | $4,170,000 | $122,647 | $0 | 0.00% |
| Home Improvement | 20 | $1,590,000 | $79,500 | $0 | 0.00% |
| Refi | 1 | $175,000 | $175,000 | $0 | 0.00% |
For 2019, Educators Credit Union's most frequently cited loan purpose was Cash Out Refi, with 34 originations. The 2nd most popular reason was Home Improvement, with 20 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 55 | $5,935,000 | $107,909 | $0 | 0.00% |
For 2019, Educators Credit Union's most frequently cited loan duration was Other, with 55 originations.
Loan Sizing
2019 saw Educators Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,685,000 in origination value.
Applicant Income
Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $50k or less, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 52 | $5,790,000 | $111,346 | $0 | 0.00% |
| Black | 3 | $145,000 | $48,333 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
Educators 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 | 55 | $5,935,000 | $107,909 |