Southern Mass Credit Union Mortgage Rates, Fees & Info

Fairhaven, MA

LEI: 2549004PVBWPAZBFE759

Tax ID: 04-1853650

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

564

Origination Dollar Volume (All Markets)

$168,590,000

Relative 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 applications
93.06%

Southern Mass Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
83.95%

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%