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, Refi, and Cash Out Refi loans. Discovery Federal Credit Union has a high proportion of conventional loans. Discovery Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Reading, Philadelphia, Pottsville, Lebanon, and Allentown among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Discovery Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Discovery Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 5.93% | 4/28/24 |
| 15 Year Cash-out Refi | 5.93% | 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. | ||
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
146Origination Dollar Volume (All Markets)
$12,590,000Awards
Discovery Federal Credit Union - 2021
Discovery Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Top 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) | 137 | $11,925,000 | $87,044 | $3,895 | 3.24% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $300,000 | $75,000 | $0 | 0.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $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 | 140 | $11,530,000 | $82,357 | $3,895 | 3.05% |
| Conventional | 6 | $1,060,000 | $176,667 | $0 | 3.91% |
For 2021, Discovery Federal Credit Union's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
For 2021, Discovery Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 55 originations. The 2nd most popular reason was Refi, with 36 originations.
Loan Duration/Length
For 2021, Discovery Federal Credit Union's most frequently cited loan duration was Other, with 125 originations. The 2nd most popular length was 30 Year, with 12 originations.
Origination Fees/Closing Costs
Discovery Federal Credit Union's average total fees were $3,751, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 18 | $3,590,000 | $199,444 |
| 2.5-3% | 6 | $1,150,000 | $191,667 |
| <2.5% | 3 | $515,000 | $171,667 |
During 2021, Discovery Federal Credit Union's average interest rate for loans was 3.33%, while their most frequently originated rate bucket for loans was 3-4%, with 18 originations.
Loan Sizing
2021 saw Discovery Federal Credit Union place emphasis on $100,000 or less loans with 100 originations, totaling $4,180,000 in origination value.
Applicant Income
Discovery Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 39 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
Discovery Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 119 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.67%
Discovery Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination94.52%
Discovery Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 119 | $7,335,000 | $61,639 |
| NA | 27 | $5,255,000 | $194,630 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| DISCOVER BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 8.3% |
| DISCOVER BANK | Conventional home mortgage | Closing on a mortgage | 1 | 4.2% |
| DISCOVER BANK | Conventional home mortgage | Incorrect information on your report | 1 | 4.2% |
| DISCOVER BANK | Conventional home mortgage | Trouble during payment process | 3 | 12.5% |
| DISCOVER BANK | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 4.2% |
| DISCOVER BANK | FHA mortgage | Trouble during payment process | 1 | 4.2% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 7 | 29.2% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 4.2% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 4.2% |
| DISCOVER BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 20.8% |
| DISCOVER BANK | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 4.2% |