F&a Federal Credit Union Mortgage Rates, Fees & Info

Monterey Park, CA

LEI: 254900BBEPZS8MDE1S61

Tax ID: 95-1683492

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

F&a Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. F&a Federal Credit Union has a high proportion of conventional loans. Their top markets include Los Angeles, Riverside, San Diego, Oxnard, and Santa Maria among others. F&a Federal 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. F&a Federal Credit Union is typically a low fee lendor.


Originations

923

Origination Dollar Volume (All Markets)

$296,505,000

Awards

F&A Federal Credit Union 30 Year Conventional Loans gold F&A Federal Credit Union 30 Year Conventional Loans gold F&A Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

F&a Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.02%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.13%.

Relative Fees

F&a Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $1,658.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 557 $182,885,000 $328,339 $1,298 3.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 205 $60,685,000 $296,024 $1,196 3.07%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 28 $11,350,000 $405,357 $1,439 2.87%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 23 $7,145,000 $310,652 $1,232 2.89%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 10 $3,960,000 $396,000 $1,246 2.95%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 10 $3,530,000 $353,000 $1,777 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 7 $3,485,000 $497,857 $1,037 3.02%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 6 $3,000,000 $500,000 $1,408 2.90%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 5 $2,115,000 $423,000 $1,393 3.05%
Outside of Metro Areas 6 $2,070,000 $345,000 $2,833 3.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $1,950,000 $325,000 $1,377 2.96%
BAKERSFIELD, CA (FHA|USDA|VA) 10 $1,950,000 $195,000 $918 3.47%
Outside of Metro Areas 5 $1,515,000 $303,000 $1,443 2.98%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 4 $1,500,000 $375,000 $2,134 2.97%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 7 $1,315,000 $187,857 $1,130 3.86%
RENO, NV (FHA|USDA|VA) 3 $1,025,000 $341,667 $1,040 3.29%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.75%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $485,000 $485,000 $2,280 3.13%
Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $450,000 $225,000 $1,227 2.25%
VISALIA, CA (FHA|USDA|VA) 2 $420,000 $210,000 $1,132 2.56%
Kalispell, MT (FHA|USDA|VA) 1 $375,000 $375,000 $2,153 2.88%
BEND, OR (FHA|USDA|VA) 1 $365,000 $365,000 $2,093 3.00%
Hilo, HI (FHA|USDA|VA) 1 $355,000 $355,000 $2,230 2.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $335,000 $335,000 $2,824 2.99%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $325,000 $325,000 $1,986 2.38%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $2,280 3.13%
MODESTO, CA (FHA|USDA|VA) 1 $265,000 $265,000 $1,264 3.63%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $255,000 $255,000 $459 2.50%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $245,000 $245,000 $3,029 3.12%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $225,000 $225,000 $1,864 3.13%
BOISE CITY, ID (FHA|USDA|VA) 1 $215,000 $215,000 $1,655 2.99%
CHICO, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 2.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $205,000 $205,000 $1,153 2.99%
GETTYSBURG, PA (FHA|USDA|VA) 1 $195,000 $195,000 $1,488 2.88%
Moscow, ID (FHA|USDA|VA) 1 $185,000 $185,000 $1,383 2.50%
EL PASO, TX (FHA|USDA|VA) 1 $175,000 $175,000 $1,719 3.88%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $155,000 $155,000 $1,139 2.25%
Payson, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.75%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $155,000 $155,000 $1,685 2.99%
VALLEJO, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $105,000 $105,000 $1,389 2.13%
Taos, NM (FHA|USDA|VA) 1 $85,000 $85,000 $847 2.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $65,000 $65,000 $1,049 3.63%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $55,000 $55,000 $558 3.63%
FRESNO, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.25%

F&a Federal Credit Union's top markets include Los Angeles, Riverside, San Diego, Oxnard, and Santa Maria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 923 $296,505,000 $321,241 $1,300 3.01%

For the 2021 period, F&a Federal Credit Union's most frequently originated loan type of loans were Conventional, with 923 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 497 $168,755,000 $339,547 $1,170 2.96%
Refi 255 $83,915,000 $329,078 $1,220 2.92%
Other 129 $22,815,000 $176,860 $249 3.37%
Home Purchase 39 $20,605,000 $528,333 $3,834 3.13%
Home Improvement 3 $415,000 $138,333 $0 2.92%

For the 2021, F&a Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 497 originations. The 2nd most popular reason of loans were Refi, with 255 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 299 $152,655,000 $510,552 $1,658 3.02%
Other 289 $53,025,000 $183,478 $0 3.03%
15 Year 186 $53,120,000 $285,591 $1,158 2.71%
20 Year 88 $26,030,000 $295,795 $850 3.75%
10 Year 61 $11,675,000 $191,393 $904 2.73%

For the 2021, F&a Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 299 originations. The 2nd most popular length of loans were Other, with 289 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 645 $242,875,000 $376,550
$5k+ 1 $1,245,000 $1,245,000

$1,658 of loans were F&a Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 645 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 514 $182,870,000 $355,778
<2.5% 171 $50,445,000 $295,000
3-4% 157 $53,705,000 $342,070
4-5% 43 $5,535,000 $128,721
5-6% 26 $2,690,000 $103,462
6-7% 11 $1,115,000 $101,364
Over 8% 1 $145,000 $145,000

During 2021, F&a Federal Credit Union's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 514 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 313 $88,685,000 $283,339 $1,280 2.78%
$100k-200k 208 $29,270,000 $140,721 $947 3.05%
$400k-600k 161 $79,835,000 $495,870 $1,391 2.92%
$100,000 or less 129 $7,735,000 $59,961 $221 3.71%
$600k-1MM 92 $66,860,000 $726,739 $1,696 2.91%
$1MM+ 20 $24,120,000 $1,206,000 $4,433 2.95%

2021 saw F&a Federal Credit Union place emphasis on $200k-400k loans with 313 originations, totaling $88,685,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 321 $114,045,000 $355,280 $1,406 3.04%
$100k-150k 247 $64,255,000 $260,142 $1,134 2.99%
$250k+ 154 $72,710,000 $472,143 $1,561 3.05%
$75k-100k 89 $21,425,000 $240,730 $1,136 3.09%
$50k-75k 72 $15,060,000 $209,167 $1,290 2.87%
$50k or less 27 $4,965,000 $183,889 $1,117 2.71%

F&a Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 321 originations. The second most popular income band? $100k-150k, with 247 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 249 $82,035,000 $329,458 $1,286 2.97%
30-36% 197 $63,905,000 $324,391 $1,231 3.04%
<20% 92 $23,700,000 $257,609 $1,191 2.75%
40% 31 $10,845,000 $349,839 $1,263 3.14%
36% 30 $8,550,000 $285,000 $1,059 3.28%
47% 30 $8,030,000 $267,667 $703 3.47%
42% 28 $11,250,000 $401,786 $1,423 3.25%
41% 27 $9,395,000 $347,963 $1,696 2.89%
39% 26 $8,480,000 $326,154 $1,306 2.94%
43% 25 $7,605,000 $304,200 $1,103 3.07%
49% 25 $8,305,000 $332,200 $1,209 2.74%
38% 25 $9,395,000 $375,800 $1,297 3.15%
50-60% 25 $5,385,000 $215,400 $975 3.13%
44% 23 $10,385,000 $451,522 $4,453 2.93%
45% 21 $8,315,000 $395,952 $1,325 3.06%
46% 20 $5,820,000 $291,000 $1,200 3.37%
48% 18 $5,500,000 $305,556 $1,315 2.79%
37% 18 $5,170,000 $287,222 $1,170 2.95%
>60% 7 $2,015,000 $287,857 $1,147 3.30%

F&a Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 249 originations. The next most common DTI ratio? 30-36%, with 197 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 594 $179,660,000 $302,458 $1,218 3.04%
Not provided 220 $78,360,000 $356,182 $1,302 2.91%
Asian 47 $19,665,000 $418,404 $2,814 3.03%
Black 27 $7,895,000 $292,407 $1,084 3.10%
Chinese 7 $3,045,000 $435,000 $1,210 2.71%
American Indian 10 $2,790,000 $279,000 $1,032 2.87%
Filipino 6 $1,770,000 $295,000 $676 3.71%
Japanese 4 $1,620,000 $405,000 $1,527 3.06%
Other Asian 4 $1,000,000 $250,000 $893 3.06%
Vietnamese 2 $400,000 $200,000 $1,219 2.81%
Samoan 1 $255,000 $255,000 $0 4.25%
Native Hawaiian 1 $45,000 $45,000 $0 3.75%

Approval Rates

Total approvals of all applications
91.86%

F&a Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
65.08%

F&a Federal 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 923 $296,505,000 $321,241

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
923 $296,505,000 $321,241

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 252 $67,360,000 $267,302 $1,183 2.78%
40-60% 196 $83,210,000 $424,541 $1,357 2.76%
60-80% 175 $97,365,000 $556,371 $1,512 2.98%
80-100% 29 $18,195,000 $627,414 $3,669 3.22%
Under 20% 271 $30,375,000 $112,085 $432 3.41%