Downey Federal Credit Union Mortgage Rates, Fees & Info
Downey, CALEI: 25490010EMNKWA8L9813
Tax ID: 95-2036330
Latest/2023 | 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 Refi loans. Downey Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, and Oxnard among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Downey Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above 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) | 3.78% | 4/28/24 |
| 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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Originations
85Origination Dollar Volume (All Markets)
$9,365,000Top 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) | 74 | $7,880,000 | $106,486 | $0 | 4.81% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 10 | $1,380,000 | $138,000 | $0 | 4.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $5,645,000 | $110,686 | $0 | 5.44% |
| HELOC | 34 | $3,720,000 | $109,412 | n/a | 3.88% |
For 2018, Downey Federal Credit Union's most frequently originated type of loan was Conventional, with 51 originations. Their 2nd most popular type was HELOC, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 65 | $5,695,000 | $87,615 | $0 | 4.88% |
| Refi | 15 | $2,775,000 | $185,000 | $0 | 4.72% |
| Home Purchase | 5 | $895,000 | $179,000 | $0 | 4.25% |
For 2018, Downey Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 65 originations. The 2nd most popular reason was Refi, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 83 | $9,225,000 | $111,145 | $0 | 4.77% |
| 20 Year | 1 | $105,000 | $105,000 | $0 | 7.75% |
| 30+ year | 1 | $35,000 | $35,000 | $0 | 5.50% |
For 2018, Downey Federal Credit Union's most frequently cited loan duration was Other, with 83 originations. The 2nd most popular length was 20 Year, with 1 originations.
Interest Rates
During 2018, Downey Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.
Loan Sizing
2018 saw Downey Federal Credit Union place emphasis on $100,000 or less loans with 49 originations, totaling $2,845,000 in origination value.
Applicant Income
Downey Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $150k-250k, with 21 originations.
Applicant Debt to Income Ratio
Downey Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.63%
Downey Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination98.82%
Downey Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 85 | $9,365,000 | $110,176 |