Downey Federal Credit Union Mortgage Rates, Fees & Info
Downey, CALEI: 25490010EMNKWA8L9813
Tax ID: 95-2036330
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Downey Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Downey Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, and San Diego among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Downey Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 8.41% | 4/5/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Downey Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
71Origination Dollar Volume (All Markets)
$8,705,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 63 | $7,645,000 | $121,349 | $786 | 8.18% |
| Outside of Metro Areas | 4 | $530,000 | $132,500 | $885 | 7.44% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $0 | 7.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 47 | $5,815,000 | $123,723 | n/a | 7.74% |
| Conventional | 24 | $2,890,000 | $120,417 | $794 | 8.94% |
For 2024, Downey Federal Credit Union's most frequently originated type of loan was HELOC, with 47 originations. Their 2nd most popular type was Conventional, with 24 originations.
Loan Reason
For 2024, Downey Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 36 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
For 2024, Downey Federal Credit Union's most frequently cited loan duration was 20 Year, with 56 originations. The 2nd most popular length was 10 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $165,000 | $165,000 |
Downey Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 23 | $2,695,000 | $117,174 |
| 6-7% | 9 | $885,000 | $98,333 |
| 5-6% | 7 | $1,015,000 | $145,000 |
| 7-8% | 4 | $440,000 | $110,000 |
During 2024, Downey Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 23 originations.
Loan Sizing
2024 saw Downey Federal Credit Union place emphasis on $100,000 or less loans with 34 originations, totaling $2,200,000 in origination value.
Applicant Income
Downey Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 22 originations. The second most popular income band? $100k-150k, with 18 originations.
Applicant Debt to Income Ratio
Downey Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 9 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications60.32%
Downey Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination94.37%
Downey Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 71 | $8,705,000 | $122,606 |