Discovery Federal Credit Union Mortgage Rates, Fees & Info
Wyomissing, PALEI: 254900DBXH1D6Z0HXT15
Tax ID: 23-1600048
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Mortgage Data
Review & Overview
Discovery Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Discovery Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Reading, Pottsville, Philadelphia, Lancaster, and Allentown among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Discovery 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 |
|---|---|---|
| 30 Year Conventional Purchase | 7.11% | 5/13/24 |
| 30 Year Cash-out Refi | 6.27% | 5/13/24 |
| 15 Year Conventional Refi | 5.93% | 5/13/24 |
| 15 Year Cash-out Refi | 5.93% | 5/13/24 |
| 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. | ||
Discovery 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
92Origination Dollar Volume (All Markets)
$8,160,000Top 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 |
|---|---|---|---|---|---|
| READING, PA (FHA|USDA|VA) | 83 | $7,345,000 | $88,494 | $0 | 0.00% |
| Pottsville, PA (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 0.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Discovery Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 92 | $8,160,000 | $88,696 | $0 | 0.00% |
For 2019, Discovery Federal Credit Union's most frequently originated type of loan was Conventional, with 92 originations.
Loan Reason
For 2019, Discovery Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 37 originations. The 2nd most popular reason was Refi, with 34 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 92 | $8,160,000 | $88,696 | $0 | 0.00% |
For 2019, Discovery Federal Credit Union's most frequently cited loan duration was Other, with 92 originations.
Loan Sizing
2019 saw Discovery Federal Credit Union place emphasis on $100,000 or less loans with 69 originations, totaling $3,025,000 in origination value.
Applicant Income
Discovery Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k-75k, with 19 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 92 | $8,160,000 | $88,696 | $0 | 0.00% |
Discovery Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.91%
Discovery Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.30%
Discovery Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 92 | $8,160,000 | $88,696 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 92 | $8,160,000 | $88,696 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 7 | 50.0% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 7.1% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 7.1% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 21.4% |
| DISCOVER BANK | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| DISCOVER BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |