Is Evansville Teachers Federal Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Evansville Teachers Federal Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.00%)
Loan Related Closing Costs: similar to average (-$103)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Evansville Teachers Federal Credit Union originated 2970 mortgages, a national market share of 0.0%. It was most active in KY (1.5% market share), IN (1.0% market share), and MS (0.3% market share).

On average, Evansville Teachers Federal Credit Union’s interest rates were similar to those of comparable mortgages at other lenders (-0.00%).1The comparable mortgages control for Evansville Teachers Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $2956, which was similar to those of comparable mortgages at $3059, with a difference of -$103. Overall, we estimate that Evansville Teachers Federal Credit Union tends to be an average cost lender, with a cost-adjusted-rate difference of -0.03% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Evansville Teachers Federal Credit Union.

Evansville Teachers Federal Credit Union originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Evansville Teachers Federal Credit Union compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference -0.01% +0.02% -0.03% +0.12%
Loan related Closing Cost Difference -$124 +$86 +$104 +$691
Cost Adjusted Rate Difference -0.04% +0.02% -0.03% +0.19%

Based on the table above, Evansville Teachers Federal Credit Union is similar to other lenders for Conforming, FHA and USDA purchase mortgages. It is more expensive than other lenders for VA purchase mortgages.

Mortgage Refinancing from Evansville Teachers Federal Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference -$462
Cost Adjusted Rate Difference -0.13%

Based on the table above, Evansville Teachers Federal Credit Union is cheap for Conforming mortgage refinance.

Other information about Evansville Teachers Federal Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Louisville, KY, 40223

Footnotes   [ + ]

1. The comparable mortgages control for Evansville Teachers Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

Leave a Comment