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 two markets are Boston and Worcester .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
113Origination Dollar Volume (All Markets)
$11,175,000Top 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) | 77 | $8,365,000 | $108,636 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 36 | $2,810,000 | $78,056 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 113 | $11,175,000 | $98,894 | $0 | 0.00% |
For 2022, Metrowest Community Federal Credit Union's most frequently originated type of loan was Conventional, with 113 originations.
Loan Reason
For 2022, Metrowest Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 57 originations. The 2nd most popular reason was Cash Out Refi, with 24 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 113 | $11,175,000 | $98,894 | $0 | 0.00% |
For 2022, Metrowest Community Federal Credit Union's most frequently cited loan duration was Other, with 113 originations.
Loan Sizing
2022 saw Metrowest Community Federal Credit Union place emphasis on $100,000 or less loans with 71 originations, totaling $3,725,000 in origination value.
Applicant Income
Metrowest Community Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 27 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 113 | $11,175,000 | $98,894 | $0 | 0.00% |
Metrowest Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 113 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 54 | $5,700,000 | $105,556 | $0 | 0.00% |
| Not provided | 57 | $5,395,000 | $94,649 | $0 | 0.00% |
| Black | 2 | $80,000 | $40,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications95.97%
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 origination95.58%
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 |
|---|---|---|---|
| Exempt | 113 | $11,175,000 | $98,894 |