Southern Mass Credit Union Mortgage Rates, Fees & Info
Fairhaven, MALEI: 2549004PVBWPAZBFE759
Tax ID: 04-1853650
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Southern Mass Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Southern Mass Credit Union has a high proportion of conventional loans. Their top markets include Providence, Boston, Barnstable Town, Worcester, and Barre among others. Southern Mass Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Southern Mass Credit Union is typically an average fee lendor.Originations
564Origination Dollar Volume (All Markets)
$168,590,000Relative Rate
Southern Mass Credit Union's average 30 year fixed rate mortgage of loans were
3.09%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.06%.
Relative Fees
Southern Mass Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,488.
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 |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 377 | $96,365,000 | $255,610 | $3,054 | 3.12% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 127 | $48,395,000 | $381,063 | $3,255 | 3.12% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 42 | $15,910,000 | $378,810 | $3,167 | 3.02% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 9 | $3,715,000 | $412,778 | $3,261 | 2.78% |
| Outside of Metro Areas | 3 | $1,965,000 | $655,000 | $4,117 | 3.08% |
| Barre, VT (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $4,584 | 3.25% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,304 | 2.50% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 4.13% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,836 | 3.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,476 | 3.13% |
Southern Mass Credit Union's top markets include Providence, Boston, Barnstable Town, Worcester, and Barre among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 564 | $168,590,000 | $298,918 | $3,120 | 3.11% |
For the 2021 period, Southern Mass Credit Union's most frequently originated loan type of loans were Conventional, with 564 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 292 | $82,770,000 | $283,459 | $3,074 | 2.91% |
| Home Purchase | 114 | $41,880,000 | $367,368 | $3,850 | 3.27% |
| Cash Out Refi | 113 | $33,225,000 | $294,027 | $2,634 | 3.42% |
| Home Improvement | 44 | $10,460,000 | $237,727 | $2,796 | 3.26% |
| Other | 1 | $255,000 | $255,000 | $3,062 | 3.00% |
For the 2021, Southern Mass Credit Union's most frequently cited loan purpose of loans were Refi, with 292 originations. The 2nd most popular reason of loans were Home Purchase, with 114 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 351 | $115,555,000 | $329,217 | $3,488 | 3.09% |
| 15 Year | 113 | $21,505,000 | $190,310 | $2,574 | 2.89% |
| 20 Year | 65 | $24,085,000 | $370,538 | $2,667 | 3.54% |
| 10 Year | 21 | $3,785,000 | $180,238 | $1,478 | 3.37% |
| Other | 12 | $3,590,000 | $299,167 | $2,470 | 3.03% |
| 5 Year | 2 | $70,000 | $35,000 | $0 | 3.38% |
For the 2021, Southern Mass Credit Union's most frequently cited loan length of loans were 30 Year, with 351 originations. The 2nd most popular length of loans were 15 Year, with 113 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 407 | $122,945,000 | $302,076 |
| $<1k | 53 | $4,825,000 | $91,038 |
| $2k-3k | 49 | $13,875,000 | $283,163 |
| $3k-4k | 26 | $7,860,000 | $302,308 |
| $5k+ | 3 | $2,435,000 | $811,667 |
$3,488 of loans were Southern Mass Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 407 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 252 | $73,900,000 | $293,254 |
| 3-4% | 181 | $60,935,000 | $336,657 |
| <2.5% | 72 | $15,770,000 | $219,028 |
| 4-5% | 58 | $17,560,000 | $302,759 |
During 2021, Southern Mass Credit Union's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 252 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 266 | $75,190,000 | $282,669 | $3,376 | 3.00% |
| $100k-200k | 131 | $20,585,000 | $157,137 | $2,745 | 2.96% |
| $400k-600k | 76 | $35,240,000 | $463,684 | $3,808 | 3.06% |
| $100,000 or less | 54 | $3,290,000 | $60,926 | $911 | 3.78% |
| $600k-1MM | 26 | $19,870,000 | $764,231 | $4,804 | 3.56% |
| $1MM+ | 11 | $14,415,000 | $1,310,455 | $7,131 | 3.67% |
2021 saw Southern Mass Credit Union place emphasis on $200k-400k loans with 266 originations, totaling $75,190,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 144 | $39,700,000 | $275,694 | $3,026 | 3.05% |
| $75k-100k | 121 | $30,345,000 | $250,785 | $3,064 | 3.02% |
| $50k-75k | 111 | $23,945,000 | $215,721 | $3,081 | 3.06% |
| $150k-250k | 79 | $30,075,000 | $380,696 | $3,214 | 3.05% |
| $50k or less | 50 | $7,150,000 | $143,000 | $2,587 | 3.10% |
| $250k+ | 35 | $21,415,000 | $611,857 | $4,383 | 3.19% |
Southern Mass Credit Union lent most frequently to those with incomes in the $100k-150k range, with 144 originations. The second most popular income band? $75k-100k, with 121 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 130 | $36,350,000 | $279,615 | $3,045 | 2.98% |
| 30-36% | 110 | $32,620,000 | $296,545 | $3,178 | 3.04% |
| <20% | 34 | $7,860,000 | $231,176 | $3,190 | 2.82% |
| 37% | 30 | $7,930,000 | $264,333 | $2,937 | 3.09% |
| 42% | 23 | $5,515,000 | $239,783 | $2,575 | 3.24% |
| 41% | 23 | $5,875,000 | $255,435 | $3,048 | 3.18% |
| 43% | 22 | $6,360,000 | $289,091 | $3,493 | 3.26% |
| 36% | 22 | $4,310,000 | $195,909 | $2,778 | 3.20% |
| 44% | 21 | $5,765,000 | $274,524 | $3,446 | 2.94% |
| 40% | 20 | $6,150,000 | $307,500 | $2,779 | 3.19% |
| 39% | 19 | $5,375,000 | $282,895 | $2,886 | 3.10% |
| 38% | 19 | $8,455,000 | $445,000 | $3,648 | 2.98% |
| 46% | 15 | $4,545,000 | $303,000 | $3,411 | 3.26% |
| 47% | 15 | $5,555,000 | $370,333 | $4,379 | 3.21% |
| 45% | 14 | $3,650,000 | $260,714 | $2,612 | 2.97% |
| 48% | 11 | $3,055,000 | $277,727 | $2,865 | 3.02% |
| 49% | 11 | $3,235,000 | $294,091 | $3,513 | 3.16% |
| 50-60% | 1 | $25,000 | $25,000 | $0 | 4.00% |
Southern Mass Credit Union lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? 30-36%, with 110 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 488 | $139,150,000 | $285,143 | $3,123 | 3.05% |
| Not applicable | 24 | $15,960,000 | $665,000 | $0 | 4.37% |
| Not provided | 23 | $6,565,000 | $285,435 | $3,387 | 3.09% |
| Black | 22 | $4,960,000 | $225,455 | $2,796 | 3.17% |
| Asian | 6 | $1,660,000 | $276,667 | $3,076 | 2.83% |
| American Indian | 1 | $295,000 | $295,000 | $2,657 | 2.88% |
Approval Rates
Total approvals of all applications93.06%
Southern Mass Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination83.95%
Southern Mass Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 564 | $168,590,000 | $298,918 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 564 | $168,590,000 | $298,918 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 59 | $10,535,000 | $178,559 | $2,319 | 3.07% |
| 40-60% | 156 | $38,140,000 | $244,487 | $3,027 | 2.83% |
| 60-80% | 242 | $87,810,000 | $362,851 | $3,522 | 3.13% |
| 80-100% | 69 | $28,385,000 | $411,377 | $4,125 | 3.19% |
| Over 100% | 1 | $1,065,000 | $1,065,000 | $0 | 4.63% |
| Under 20% | 37 | $2,655,000 | $71,757 | $367 | 4.05% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHERN TRUST MORTGAGE LLC | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
