First Community Credit Union Mortgage Rates, Fees & Info
JAMESTOWN, NDLEI: 213800THW6KSUL191M34
Tax ID: 45-0226664
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
First Community Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. First Community Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Fargo, Bismarck, Jamestown, Grand Forks, and Wahpeton among others. First Community Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Community Credit Union is typically an average fee lendor.Originations
1,004Origination Dollar Volume (All Markets)
$203,840,000Relative Rate
First Community Credit Union's average 30 year fixed rate mortgage of loans were
2.94%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.21%.
Relative Fees
First Community Credit Union's average total fees for a 30 year fixed rate
mortgage are $4,706.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
FARGO, ND-MN (FHA|USDA|VA) | 324 | $79,200,000 | $244,444 | $3,908 | 2.83% |
Outside of Metro Areas | 243 | $38,155,000 | $157,016 | $3,577 | 3.14% |
BISMARCK, ND (FHA|USDA|VA) | 89 | $21,845,000 | $245,449 | $4,354 | 2.87% |
Jamestown, ND (FHA|USDA|VA) | 148 | $21,810,000 | $147,365 | $3,941 | 2.97% |
GRAND FORKS, ND-MN (FHA|USDA|VA) | 107 | $20,275,000 | $189,486 | $3,919 | 2.97% |
Wahpeton, ND-MN (FHA|USDA|VA) | 65 | $7,745,000 | $119,154 | $3,277 | 2.88% |
Bemidji, MN (FHA|USDA|VA) | 2 | $4,760,000 | $2,380,000 | $4,623 | 2.75% |
Minot, ND (FHA|USDA|VA) | 1 | $3,855,000 | $3,855,000 | $0 | 3.75% |
Fergus Falls, MN (FHA|USDA|VA) | 13 | $3,725,000 | $286,538 | $5,230 | 2.77% |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 8 | $1,650,000 | $206,250 | $4,351 | 2.64% |
DULUTH, MN-WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,105 | 2.75% |
Alexandria, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,328 | 2.99% |
Dickinson, ND (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,337 | 2.70% |
Brainerd, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,736 | 3.50% |
First Community Credit Union's top markets include Fargo, Bismarck, Jamestown, Grand Forks, and Wahpeton among others.
Product Mix
Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Conventional | 945 | $194,285,000 | $205,593 | $3,743 | 2.96% |
USDA | 39 | $5,785,000 | $148,333 | $5,253 | 2.60% |
FHA | 17 | $3,405,000 | $200,294 | $6,450 | 2.90% |
VA | 3 | $365,000 | $121,667 | $4,738 | 2.78% |
For the 2021 period, First Community Credit Union's most frequently originated loan type of loans were Conventional, with 945 originations. Their 2nd most popular type is USDA, with 39 originations.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Home Purchase | 390 | $86,150,000 | $220,897 | $4,620 | 2.94% |
Cash Out Refi | 289 | $51,025,000 | $176,557 | $3,717 | 2.96% |
Refi | 257 | $62,045,000 | $241,420 | $3,731 | 2.79% |
Home Improvement | 68 | $4,620,000 | $67,941 | $921 | 3.50% |
For the 2021, First Community Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 390 originations. The 2nd most popular reason of loans were Cash Out Refi, with 289 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 475 | $105,445,000 | $221,989 | $4,706 | 2.94% |
15 Year | 262 | $35,120,000 | $134,046 | $3,162 | 2.68% |
20 Year | 108 | $21,390,000 | $198,056 | $4,132 | 2.90% |
10 Year | 93 | $15,435,000 | $165,968 | $1,621 | 3.22% |
Other | 41 | $20,085,000 | $489,878 | $3,698 | 3.50% |
5 Year | 24 | $6,200,000 | $258,333 | $337 | 4.15% |
1 Year | 1 | $165,000 | $165,000 | $0 | 4.25% |
For the 2021, First Community Credit Union's most frequently cited loan length of loans were 30 Year, with 475 originations. The 2nd most popular length of loans were 15 Year, with 262 originations.
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$2k-3k | 309 | $54,515,000 | $176,424 |
$<1k | 213 | $25,205,000 | $118,333 |
$1k-2k | 201 | $21,675,000 | $107,836 |
$3k-4k | 184 | $53,380,000 | $290,109 |
$5k+ | 22 | $11,540,000 | $524,545 |
$4,706 of loans were First Community Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 309 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 392 | $73,700,000 | $188,010 |
<2.5% | 323 | $60,345,000 | $186,827 |
3-4% | 229 | $61,025,000 | $266,485 |
4-5% | 41 | $7,345,000 | $179,146 |
5-6% | 7 | $565,000 | $80,714 |
7-8% | 6 | $650,000 | $108,333 |
6-7% | 4 | $100,000 | $25,000 |
Over 8% | 2 | $110,000 | $55,000 |
During 2021, First Community Credit Union's average interest rate of loans were 2.94%, while their most frequently originated rate bucket of loans were 2.5-3%, with 392 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100k-200k | 381 | $56,885,000 | $149,304 | $3,898 | 2.80% |
$200k-400k | 296 | $79,490,000 | $268,547 | $5,186 | 2.78% |
$100,000 or less | 271 | $16,975,000 | $62,638 | $1,863 | 3.32% |
$400k-600k | 41 | $18,975,000 | $462,805 | $6,061 | 2.78% |
$1MM+ | 12 | $28,870,000 | $2,405,833 | $8,251 | 3.60% |
$600k-1MM | 3 | $2,645,000 | $881,667 | $10,987 | 3.70% |
2021 saw First Community Credit Union place emphasis on $100k-200k loans with 381 originations, totaling $56,885,000 in origination value.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$50k-75k | 232 | $35,610,000 | $153,491 | $3,772 | 2.85% |
$100k-150k | 204 | $42,880,000 | $210,196 | $4,115 | 2.82% |
$75k-100k | 200 | $33,780,000 | $168,900 | $3,799 | 2.98% |
$50k or less | 180 | $20,160,000 | $112,000 | $3,343 | 2.98% |
$150k-250k | 78 | $19,290,000 | $247,308 | $4,327 | 2.95% |
$250k+ | 38 | $14,430,000 | $379,737 | $5,534 | 3.06% |
First Community Credit Union lent most frequently to those with incomes in the $50k-75k range, with 232 originations. The second most popular income band? $100k-150k, with 204 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 263 | $42,215,000 | $160,513 | $3,559 | 2.85% |
30-36% | 173 | $33,035,000 | $190,954 | $4,112 | 2.89% |
<20% | 115 | $18,555,000 | $161,348 | $3,352 | 2.79% |
38% | 46 | $9,400,000 | $204,348 | $4,458 | 2.94% |
36% | 40 | $7,140,000 | $178,500 | $3,898 | 3.06% |
41% | 38 | $6,710,000 | $176,579 | $3,936 | 2.84% |
42% | 35 | $5,255,000 | $150,143 | $3,581 | 3.12% |
40% | 34 | $6,240,000 | $183,529 | $4,223 | 3.02% |
39% | 32 | $5,070,000 | $158,438 | $3,371 | 3.08% |
37% | 32 | $5,900,000 | $184,375 | $3,601 | 2.95% |
43% | 32 | $6,760,000 | $211,250 | $4,340 | 2.83% |
44% | 29 | $5,845,000 | $201,552 | $4,410 | 2.85% |
47% | 19 | $3,355,000 | $176,579 | $3,870 | 3.25% |
46% | 18 | $3,460,000 | $192,222 | $4,701 | 2.77% |
45% | 15 | $4,045,000 | $269,667 | $4,374 | 2.95% |
50-60% | 11 | $2,835,000 | $257,727 | $4,716 | 3.64% |
49% | 10 | $2,290,000 | $229,000 | $4,810 | 2.70% |
48% | 8 | $1,870,000 | $233,750 | $4,777 | 2.88% |
>60% | 2 | $390,000 | $195,000 | $3,223 | 4.15% |
First Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 263 originations. The next most common DTI ratio? 30-36%, with 173 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 901 | $163,695,000 | $181,681 | $3,863 | 2.91% |
Not applicable | 47 | $30,705,000 | $653,298 | $0 | 3.63% |
Not provided | 25 | $3,185,000 | $127,400 | $2,932 | 3.03% |
Black | 11 | $2,525,000 | $229,545 | $4,607 | 2.95% |
Asian | 12 | $2,290,000 | $190,833 | $4,230 | 2.67% |
American Indian | 7 | $1,145,000 | $163,571 | $4,866 | 2.94% |
Asian Indian | 1 | $295,000 | $295,000 | $2,750 | 2.75% |
Approval Rates
Total approvals of all applications84.42%
First Community Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination53.15%
First Community Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 1,004 | $203,840,000 | $203,028 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
1,004 | $203,840,000 | $203,028 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 71 | $5,875,000 | $82,746 | $1,826 | 3.05% |
40-60% | 132 | $29,570,000 | $224,015 | $3,280 | 2.92% |
60-80% | 393 | $89,395,000 | $227,468 | $4,256 | 2.89% |
80-100% | 352 | $76,480,000 | $217,273 | $4,574 | 2.86% |
Over 100% | 4 | $520,000 | $130,000 | $3,451 | 3.51% |
Under 20% | 52 | $2,000,000 | $38,462 | $387 | 3.81% |
Complaints
Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
First Technology Federal Credit Union | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |
First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 14.3% |
First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
First Technology Federal Credit Union | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |