Oklahoma Federal Credit Union Mortgage Rates, Fees & Info
Oklahoma City, OKLEI: 984500A1A8A91F8C4M93
Tax ID: 73-6094636
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Oklahoma Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Oklahoma Federal Credit Union has a high proportion of conventional loans.Oklahoma Federal Credit Union has an above average approval rate when compared to the average across all lenders. Oklahoma Federal 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 relatively high 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
32Origination Dollar Volume (All Markets)
$5,270,000Awards
Oklahoma Federal Credit Union - 2023
Oklahoma Federal Credit Union is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Oklahoma Federal Credit Union's average 30 year fixed mortgage rate was
7.67%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.19%.
Relative Fees (Closing Costs)
Oklahoma Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $245.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 32 | $5,270,000 | $164,688 | $262 | 8.05% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 32 | $5,270,000 | $164,688 | $262 | 8.05% |
For 2023, Oklahoma Federal Credit Union's most frequently originated type of loan was Conventional, with 32 originations.
Loan Reason
For 2023, Oklahoma Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2023, Oklahoma Federal Credit Union's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 10 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 16 | $1,850,000 | $115,625 |
| 7-8% | 13 | $2,935,000 | $225,769 |
| 6-7% | 2 | $430,000 | $215,000 |
| 4-5% | 1 | $55,000 | $55,000 |
During 2023, Oklahoma Federal Credit Union's average interest rate for loans was 7.67%, while their most frequently originated rate bucket for loans was Over 8%, with 16 originations.
Loan Sizing
2023 saw Oklahoma Federal Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $1,015,000 in origination value.
Applicant Income
Oklahoma Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 11 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Oklahoma Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 20-30%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $5,150,000 | $171,667 | $262 | 8.07% |
| Black | 1 | $65,000 | $65,000 | $269 | 8.04% |
| Asian | 1 | $55,000 | $55,000 | $269 | 7.25% |
Approval Rates
Total approvals of all applications100.00%
Oklahoma Federal 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 | 32 | $5,270,000 | $164,688 |