Metrowest Community Federal Credit Union Mortgage Rates, Fees & Info

Framingham, MA

LEI: 254900HWPC2WEGN8NF25

Tax ID: 04-2255766

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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

113

Origination Dollar Volume (All Markets)

$11,175,000

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) 77 $8,365,000 $108,636 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 36 $2,810,000 $78,056 $0 0.00%
Metrowest Community Federal Credit Union's top markets include Boston and Worcester among others.

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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 57 $4,445,000 $77,982 $0 0.00%
    Cash Out Refi 24 $3,910,000 $162,917 $0 0.00%
    Other 22 $1,560,000 $70,909 $0 0.00%
    Refi 8 $670,000 $83,750 $0 0.00%
    Home Purchase 2 $590,000 $295,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 71 $3,725,000 $52,465 $0 0.00%
    $100k-200k 25 $3,195,000 $127,800 $0 0.00%
    $200k-400k 16 $3,830,000 $239,375 $0 0.00%
    $400k-600k 1 $425,000 $425,000 $0 0.00%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 37 $3,885,000 $105,000 $0 0.00%
    $100k-150k 27 $2,535,000 $93,889 $0 0.00%
    $75k-100k 24 $2,250,000 $93,750 $0 0.00%
    $250k+ 10 $970,000 $97,000 $0 0.00%
    $50k or less 8 $760,000 $95,000 $0 0.00%
    $50k-75k 7 $775,000 $110,714 $0 0.00%

    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 applications
    95.97%

    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 origination
    95.58%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    113 $11,175,000 $98,894