Is Educators Credit Union An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: lower than average (-$1087)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Educators Credit Union originated 1781 mortgages, a national market share of 0.0%. It was primarily active in WI (1.5% market share) and IL (0.0% market share).

On average, Educators Credit Union’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Educators 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 $1038, which was lower than those of comparable mortgages at $2125, with a difference of -$1087. Overall, we estimate that Educators Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.09% 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 Educators Credit Union.

Educators Credit Union 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 Educators Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.05%
Loan related Closing Cost Difference -$1136
Cost Adjusted Rate Difference -0.08%

Based on the table above, Educators Credit Union is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Educators Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.03%
Loan Related Closing Cost Difference -$1040
Cost Adjusted Rate Difference -0.11%

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

Other information about Educators Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Mount Pleasant, WI, 53177
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Footnotes   [ + ]

1. The comparable mortgages control for Educators 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.