Is Credit Union of Colorado An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: similar to average (-$136)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Credit Union of Colorado originated 1150 mortgages, a national market share of 0.0%. It was primarily active in CO, with a 0.6% market share.

On average, Credit Union of Colorado’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Credit Union of Colorado’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 $2871, which was similar to those of comparable mortgages at $3007, with a difference of -$136. Overall, we estimate that Credit Union of Colorado tends to be an cheap lender, with a cost-adjusted-rate difference of -0.13% 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 Credit Union of Colorado.

Credit Union of Colorado originated Conforming 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 Credit Union of Colorado compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan related Closing Cost Difference +$711
Cost Adjusted Rate Difference -0.00%

Based on the table above, Credit Union of Colorado is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Credit Union of Colorado compared to other lenders

Conforming
Interest Rate Difference -0.07%
Loan Related Closing Cost Difference -$413
Cost Adjusted Rate Difference -0.17%

Based on the table above, Credit Union of Colorado is cheap for Conforming mortgage refinance.

Other information about Credit Union of Colorado:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Denver, CO, 80203

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Footnotes   [ + ]

1. The comparable mortgages control for Credit Union of Colorado’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.