Franklin First Federal Credit Union Mortgage Rates, Fees & Info

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LEI: 254900IX4HTUQ7A5Z642

Tax ID: 04-2278887

Latest/2024 | 2023 Data | 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
  • 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

    Franklin First Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Franklin First Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Springfield.

    Franklin First Federal Credit Union has an 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

    20

    Origination Dollar Volume (All Markets)

    $1,070,000

    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
    SPRINGFIELD, MA (FHA|USDA|VA) 20 $1,070,000 $53,500 $0 7.41%
    Franklin First Federal Credit Union's top markets include and Springfield among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 20 $1,070,000 $53,500 $0 7.41%

    For 2024, Franklin First Federal Credit Union's most frequently originated type of loan was Conventional, with 20 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 20 $1,070,000 $53,500 $0 7.41%

    For 2024, Franklin First Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 8 $540,000 $67,500 $0 7.85%
    10 Year 6 $260,000 $43,333 $0 7.08%
    15 Year 3 $175,000 $58,333 $0 7.40%
    5 Year 3 $95,000 $31,667 $0 6.90%

    For 2024, Franklin First Federal Credit Union's most frequently cited loan duration was 20 Year, with 8 originations. The 2nd most popular length was 10 Year, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 16 $940,000 $58,750
    6-7% 4 $130,000 $32,500

    During 2024, Franklin First Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $965,000 $50,789 $0 7.38%
    $100k-200k 1 $105,000 $105,000 $0 7.90%

    2024 saw Franklin First Federal Credit Union place emphasis on $100,000 or less loans with 19 originations, totaling $965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $440,000 $55,000 $0 7.32%
    $50k-75k 4 $200,000 $50,000 $0 7.40%
    $50k or less 4 $230,000 $57,500 $0 7.71%
    $75k-100k 4 $200,000 $50,000 $0 7.30%

    Franklin First Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $195,000 $39,000 $0 7.30%
    30-36% 4 $210,000 $52,500 $0 7.30%
    50-60% 3 $225,000 $75,000 $0 7.90%
    <20% 2 $100,000 $50,000 $0 7.28%
    38% 1 $75,000 $75,000 $0 7.40%
    40% 1 $35,000 $35,000 $0 7.15%
    41% 1 $55,000 $55,000 $0 7.50%
    44% 1 $45,000 $45,000 $0 7.15%
    46% 1 $75,000 $75,000 $0 7.90%
    37% 1 $55,000 $55,000 $0 7.15%

    Franklin First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 20 $1,070,000 $53,500 $0 7.41%

    Approval Rates

    Total approvals of all applications
    73.33%

    Franklin First Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    Franklin First Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 20 $1,070,000 $53,500

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    20 $1,070,000 $53,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $365,000 $73,000 $0 7.80%
    40-60% 1 $105,000 $105,000 $0 7.90%
    Under 20% 14 $600,000 $42,857 $0 7.24%