Is Great Lakes Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Great Lakes 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 (+$13)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Great Lakes Credit Union originated 270 mortgages, a national market share of 0.0%. It was most active in IL (0.1% market share), CA (0.0% market share), and WI (0.0% market share).

On average, Great Lakes Credit Union’s interest rates were similar to those of comparable mortgages at other lenders (-0.00%).1The comparable mortgages control for Great Lakes 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 $3383, which was similar to those of comparable mortgages at $3370, with a difference of +$13. Overall, we estimate that Great Lakes Credit Union tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Great Lakes Credit Union.

Great Lakes 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 Great Lakes Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.03%
Loan related Closing Cost Difference +$154
Cost Adjusted Rate Difference +0.04%

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

Mortgage Refinancing from Great Lakes Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.04%
Loan Related Closing Cost Difference -$139
Cost Adjusted Rate Difference -0.06%

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

Other information about Great Lakes Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Bannockburn, IL, 60015

Footnotes   [ + ]

1. The comparable mortgages control for Great Lakes 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.

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