Is SAC Federal Credit Union An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.07%)
Loan Related Closing Costs: similar to average (-$52)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, SAC Federal Credit Union originated 701 mortgages, a national market share of 0.0%. It was primarily active in NE (1.7% market share) and IA (0.2% market share).

On average, SAC Federal Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.07%).1The comparable mortgages control for SAC 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 $3113, which was similar to those of comparable mortgages at $3165, with a difference of -$52. Overall, we estimate that SAC Federal Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 SAC Federal Credit Union.

SAC Federal Credit Union originated Conforming, FHA and VA mortgages for new home purchases. 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 SAC Federal Credit Union compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.03% -0.18% -0.15%
Loan related Closing Cost Difference -$21 +$44 -$290
Cost Adjusted Rate Difference -0.02% -0.19% -0.17%

Based on the table above, SAC Federal Credit Union is cheap for FHA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Other information about SAC Federal Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Papillion, NE, 68046

Footnotes   [ + ]

1. The comparable mortgages control for SAC 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.

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