Franklin First Federal Credit Union Mortgage Rates, Fees & Info

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LEI: 254900IX4HTUQ7A5Z642

Tax ID: 04-2278887

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

    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 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

    38

    Origination Dollar Volume (All Markets)

    $3,500,000

    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) 35 $3,385,000 $96,714 $285 4.07%
    Outside of Metro Areas 3 $115,000 $38,333 $0 0.00%
    Franklin First Federal Credit Union's top markets include and Springfield among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $3,500,000 $92,105 $285 4.07%

    For 2020, Franklin First Federal Credit Union's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 38 $3,500,000 $92,105 $285 4.07%

    For 2020, Franklin First Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 14 $1,460,000 $104,286 $289 4.37%
    15 Year 10 $1,240,000 $124,000 $280 4.05%
    10 Year 6 $360,000 $60,000 $293 3.79%
    5 Year 4 $110,000 $27,500 $283 3.62%
    Other 4 $330,000 $82,500 $273 4.07%

    For 2020, Franklin First Federal Credit Union's most frequently cited loan duration was 20 Year, with 14 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 17 $1,285,000 $75,588
    4-5% 16 $1,940,000 $121,250

    During 2020, Franklin First Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 17 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 24 $1,340,000 $55,833 $290 3.99%
    $100k-200k 12 $1,720,000 $143,333 $277 4.22%
    $200k-400k 2 $440,000 $220,000 $278 4.12%

    2020 saw Franklin First Federal Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $1,340,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 11 $865,000 $78,636 $300 4.22%
    $100k-150k 9 $1,045,000 $116,111 $286 3.99%
    $50k-75k 8 $540,000 $67,500 $283 3.74%
    $75k-100k 8 $980,000 $122,500 $263 4.41%
    $150k-250k 2 $70,000 $35,000 $263 3.74%

    Franklin First Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 11 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $715,000 $79,444 $282 4.02%
    30-36% 5 $525,000 $105,000 $283 4.24%
    <20% 4 $300,000 $75,000 $293 3.82%
    40% 3 $315,000 $105,000 $283 4.07%
    36% 3 $265,000 $88,333 $263 4.49%
    50-60% 3 $345,000 $115,000 $283 4.07%
    42% 2 $120,000 $60,000 $343 4.12%
    37% 2 $110,000 $55,000 $263 4.12%
    43% 1 $205,000 $205,000 $263 4.24%
    46% 1 $45,000 $45,000 $263 3.74%
    49% 1 $85,000 $85,000 $293 4.49%
    >60% 1 $35,000 $35,000 $293 3.25%
    39% 1 $235,000 $235,000 $293 3.99%
    38% 1 $175,000 $175,000 $263 4.24%
    41% 1 $25,000 $25,000 $293 4.24%

    Franklin First Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $3,270,000 $96,176 $285 4.07%
    Not provided 4 $230,000 $57,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.86%

    Franklin First Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.37%

    Franklin First 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 38 $3,500,000 $92,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 38 $3,500,000 $92,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $840,000 $84,000 $284 3.99%
    40-60% 7 $885,000 $126,429 $280 4.17%
    60-80% 8 $1,190,000 $148,750 $294 4.28%
    80-100% 2 $210,000 $105,000 $278 4.49%
    Under 20% 8 $260,000 $32,500 $283 3.78%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 12.5%
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 75.0%
    Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 12.5%