Metrowest Community Federal Credit Union Mortgage Rates, Fees & Info

Framingham, MA

LEI: 254900HWPC2WEGN8NF25

Tax ID: 04-2255766

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Barnstable Town, Providence, and Portland among others. We have data for 5 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. Metrowest Community 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.

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    Originations

    59

    Origination Dollar Volume (All Markets)

    $6,245,000

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 49 $5,375,000 $109,694 $1,150 4.03%
    WORCESTER, MA-CT (FHA|USDA|VA) 6 $490,000 $81,667 $878 4.12%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $200,000 $100,000 $878 4.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $125,000 $125,000 $878 4.25%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $55,000 $55,000 $878 3.50%
    Metrowest Community Federal Credit Union's top markets include Boston, Worcester, Barnstable Town, Providence, and Portland among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 59 $6,245,000 $105,847 $1,103 4.03%

    For 2018, Metrowest Community Federal Credit Union's most frequently originated type of loan was Conventional, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 22 $1,380,000 $62,727 $878 3.94%
    Cash Out Refi 20 $2,900,000 $145,000 $1,286 4.25%
    Other 7 $265,000 $37,857 $878 3.61%
    Refi 6 $940,000 $156,667 $1,474 4.10%
    Home Purchase 4 $760,000 $190,000 $1,359 4.08%

    For 2018, Metrowest Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 22 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 23 $2,735,000 $118,913 $956 4.14%
    10 Year 13 $795,000 $61,154 $878 3.92%
    5 Year 12 $490,000 $40,833 $878 3.52%
    20 Year 6 $1,260,000 $210,000 $1,246 4.43%
    30 Year 4 $680,000 $170,000 $2,740 4.57%
    Other 1 $285,000 $285,000 $2,847 4.50%

    For 2018, Metrowest Community Federal Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 51 $4,665,000 $91,471
    $1k-2k 7 $1,325,000 $189,286

    Metrowest Community Federal Credit Union's average total fees were $2,740, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 51 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 33 $2,415,000 $73,182
    4-5% 26 $3,830,000 $147,308

    During 2018, Metrowest Community Federal Credit Union's average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was 3-4%, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 33 $1,555,000 $47,121 $878 3.84%
    $100k-200k 15 $2,115,000 $141,000 $1,208 4.25%
    $200k-400k 11 $2,575,000 $234,091 $1,688 4.30%

    2018 saw Metrowest Community Federal Credit Union place emphasis on $100,000 or less loans with 33 originations, totaling $1,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $1,785,000 $105,000 $994 3.93%
    $150k-250k 16 $1,840,000 $115,000 $1,044 4.17%
    $75k-100k 13 $1,135,000 $87,308 $1,162 3.90%
    $50k-75k 8 $850,000 $106,250 $1,267 4.15%
    $250k+ 4 $430,000 $107,500 $878 4.12%
    $50k or less 1 $205,000 $205,000 $2,667 4.00%

    Metrowest Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $150k-250k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $1,985,000 $104,474 $1,139 4.17%
    30-36% 10 $1,200,000 $120,000 $1,373 4.10%
    50-60% 5 $535,000 $107,000 $1,236 4.05%
    36% 5 $575,000 $115,000 $878 3.95%
    <20% 3 $565,000 $188,333 $1,495 4.03%
    >60% 3 $255,000 $85,000 $878 3.92%
    41% 2 $110,000 $55,000 $878 4.13%
    42% 2 $70,000 $35,000 $878 3.50%
    37% 2 $270,000 $135,000 $878 3.88%
    39% 2 $60,000 $30,000 $878 3.50%
    46% 1 $255,000 $255,000 $878 4.74%
    47% 1 $125,000 $125,000 $878 3.75%
    38% 1 $115,000 $115,000 $878 4.50%
    40% 1 $75,000 $75,000 $878 4.25%
    43% 1 $25,000 $25,000 $878 3.25%
    44% 1 $25,000 $25,000 $878 3.25%

    Metrowest Community Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 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 36 $3,980,000 $110,556 $1,199 3.95%
    Not provided 21 $2,185,000 $104,048 $966 4.21%
    Korean 1 $45,000 $45,000 $878 3.50%
    Black 1 $35,000 $35,000 $878 4.00%

    Approval Rates

    Total approvals of all applications
    92.42%

    Metrowest Community Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.61%

    Metrowest Community Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 59 $6,245,000 $105,847

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 59 $6,245,000 $105,847

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $2,265,000 $133,235 $1,203 4.23%
    40-60% 6 $1,400,000 $233,333 $1,813 4.18%
    60-80% 4 $730,000 $182,500 $1,520 4.21%
    Under 20% 32 $1,850,000 $57,813 $878 3.87%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    METRO ISLAND MORTGAGE INC. FHA mortgage Closing on a mortgage 1 100.0%