Act 1st Fcu Mortgage Rates, Fees & Info
CUMBERALND, MDLEI: 254900FE6QJXGH3VIA90
Tax ID: 52-0708990
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Mortgage Data
Review & Overview
Act 1st Fcu is a smaller credit union specializing in Home Improvement and Refi loans. Act 1st Fcu has a high proportion of conventional loans. Their top markets by origination volume include: Cumberland, Morgantown, Somerset, and Washington among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Act 1st Fcu has an average approval rate when compared to the average across all lenders. They have an 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 |
|---|---|---|
| 15 Year Conventional Refi | 2.53% | 4/21/24 |
| 15 Year Cash-out Refi | 2.53% | 4/21/24 |
| 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. | ||
Act 1st Fcu Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
40Origination Dollar Volume (All Markets)
$2,060,000Top 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 |
|---|---|---|---|---|---|
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 30 | $1,520,000 | $50,667 | $676 | 6.03% |
| Outside of Metro Areas | 7 | $365,000 | $52,143 | $611 | 5.68% |
| MORGANTOWN, WV (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,065 | 7.00% |
| Somerset, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $584 | 6.50% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,148 | 4.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $1,920,000 | $53,333 | $684 | 5.81% |
| HELOC | 4 | $140,000 | $35,000 | n/a | 7.38% |
For 2023, Act 1st Fcu's most frequently originated type of loan was Conventional, with 36 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 24 | $1,160,000 | $48,333 | $727 | 6.00% |
| Refi | 12 | $710,000 | $59,167 | $631 | 6.15% |
| Other | 4 | $190,000 | $47,500 | $632 | 5.19% |
For 2023, Act 1st Fcu's most frequently cited loan purpose was Home Improvement, with 24 originations. The 2nd most popular reason was Refi, with 12 originations.
Loan Duration/Length
For 2023, Act 1st Fcu's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 36 | $1,920,000 | $53,333 |
Act 1st Fcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 15 | $825,000 | $55,000 |
| 5-6% | 11 | $645,000 | $58,636 |
| 4-5% | 8 | $340,000 | $42,500 |
| 7-8% | 4 | $190,000 | $47,500 |
| 3-4% | 2 | $60,000 | $30,000 |
During 2023, Act 1st Fcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 15 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 36 | $1,590,000 | $44,167 | $672 | 5.90% |
| $100k-200k | 4 | $470,000 | $117,500 | $787 | 6.50% |
2023 saw Act 1st Fcu place emphasis on $100,000 or less loans with 36 originations, totaling $1,590,000 in origination value.
Applicant Income
Act 1st Fcu lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $75k-100k, with 10 originations.
Applicant Debt to Income Ratio
Act 1st Fcu lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $1,760,000 | $51,765 | $692 | 6.00% |
| Not provided | 6 | $300,000 | $50,000 | $644 | 5.75% |
Approval Rates
Total approvals of all applications89.58%
Act 1st Fcu has an average approval rate.
Pick Rate
Approvals leading to origination92.50%
Act 1st Fcu has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 40 | $2,060,000 | $51,500 |