Metrowest Community Federal Credit Union Mortgage Rates, Fees & Info
Framingham, MALEI: 254900HWPC2WEGN8NF25
Tax ID: 04-2255766
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Metrowest Community Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Metrowest Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Vineyard Haven among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Metrowest Community 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.
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Originations
77Origination Dollar Volume (All Markets)
$7,495,000Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 53 | $5,465,000 | $103,113 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 19 | $1,585,000 | $83,421 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $7,495,000 | $97,338 | $0 | 0.00% |
For 2023, Metrowest Community Federal Credit Union's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
For 2023, Metrowest Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 33 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 77 | $7,495,000 | $97,338 | $0 | 0.00% |
For 2023, Metrowest Community Federal Credit Union's most frequently cited loan duration was Other, with 77 originations.
Loan Sizing
2023 saw Metrowest Community Federal Credit Union place emphasis on $100,000 or less loans with 51 originations, totaling $2,785,000 in origination value.
Applicant Income
Metrowest Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $150k-250k, with 18 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 77 | $7,495,000 | $97,338 | $0 | 0.00% |
Metrowest Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 77 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 35 | $3,855,000 | $110,143 | $0 | 0.00% |
| Not provided | 41 | $3,555,000 | $86,707 | $0 | 0.00% |
| Black | 1 | $85,000 | $85,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications95.29%
Metrowest Community Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.81%
Metrowest Community Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 77 | $7,495,000 | $97,338 |