Educators Credit Union Mortgage Rates, Fees & Info
WACO, TXLEI: 8945002AZSML1PBU6N20
Tax ID: 74-1129327
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Educators Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi 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
61Origination Dollar Volume (All Markets)
$8,075,000Top 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) | 54 | $7,300,000 | $135,185 | $0 | 0.00% |
| Outside of Metro Areas | 5 | $605,000 | $121,000 | $0 | 0.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 61 | $8,075,000 | $132,377 | $0 | 0.00% |
For 2022, Educators Credit Union's most frequently originated type of loan was Conventional, with 61 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 31 | $3,095,000 | $99,839 | $0 | 0.00% |
| Cash Out Refi | 30 | $4,980,000 | $166,000 | $0 | 0.00% |
For 2022, Educators Credit Union's most frequently cited loan purpose was Home Improvement, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 30 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 61 | $8,075,000 | $132,377 | $0 | 0.00% |
For 2022, Educators Credit Union's most frequently cited loan duration was Other, with 61 originations.
Loan Sizing
2022 saw Educators Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,310,000 in origination value.
Applicant Income
Educators Credit Union lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $50k-75k, with 13 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 59 | $7,945,000 | $134,661 | $0 | 0.00% |
| Black | 2 | $130,000 | $65,000 | $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 | 61 | $8,075,000 | $132,377 |