We compare mortgage interest rate and loan related closing costs at Co-op Credit Union with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.08%)
Loan Related Closing Costs: lower than average (-$300)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Co-op Credit Union originated 318 mortgages, a national market share of 0.0%. It was primarily active in WI (0.3% market share) and MN (0.0% market share).
On average, Co-op Credit Union’s interest rates were higher than those of comparable mortgages at other lenders (+0.08%).1The comparable mortgages control for Co-op 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 $979, which was lower than those of comparable mortgages at $1279, with a difference of -$300. Overall, we estimate that Co-op Credit Union tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 Co-op Credit Union.
Co-op 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 Co-op Credit Union compared to other lenders
|Interest Rate Difference||+0.15%|
|Loan related Closing Cost Difference||-$402|
|Cost Adjusted Rate Difference||+0.08%|
Based on the table above, Co-op Credit Union is more expensive than other lenders for Conforming purchase mortgages.
Mortgage Refinancing from Co-op Credit Union compared to other lenders
|Interest Rate Difference||+0.04%|
|Loan Related Closing Cost Difference||-$241|
|Cost Adjusted Rate Difference||-0.01%|
Based on the table above, Co-op Credit Union is similar to other lenders for Conforming mortgage refinance.
Other information about Co-op Credit Union:
Regulator: National Credit Union Administration (NCUA)
Registered city and state: Black River Falls, WI, 54615