Florence Federal Credit Union Mortgage Rates, Fees & Info

Florence, AL

LEI: 254900L8E0QUT5VH5G34

Tax ID: 63-0439839

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
  • Similar Lenders
  • 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

    Florence Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Florence Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Florence.

    Florence Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Florence 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    33

    Origination Dollar Volume (All Markets)

    $2,565,000

    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
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 33 $2,565,000 $77,727 $2,335 5.13%
    Florence Federal Credit Union's top markets include and Florence among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Florence Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    TVA Community Credit Union
    Similarity Rank: 91
    Alabama Central Credit Union
    Similarity Rank: 119
    Listerhill Credit Union
    Similarity Rank: 348
    Progress Bank and Trust
    Similarity Rank: 464
    Bank Independent
    Similarity Rank: 600
    First Federal Bank, A FSB
    Similarity Rank: 798
    SouthPoint Bank
    Similarity Rank: 924
    CB&S Bank, Inc.
    Similarity Rank: 966
    CIS Financial Services, Inc.
    Similarity Rank: 1224
    MORTGAGE INVESTORS GROUP, INC.
    Similarity Rank: 2562

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $2,565,000 $77,727 $2,335 5.13%

    For 2019, Florence Federal Credit Union's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 27 $1,935,000 $71,667 $2,200 5.16%
    Home Purchase 6 $630,000 $105,000 $2,941 4.96%

    For 2019, Florence Federal Credit Union's most frequently cited loan purpose was Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 13 $675,000 $51,923 $1,870 5.29%
    20 Year 7 $545,000 $77,857 $2,153 5.07%
    30 Year 7 $1,035,000 $147,857 $3,390 4.82%
    10 Year 6 $310,000 $51,667 $2,323 5.19%

    For 2019, Florence Federal Credit Union's most frequently cited loan duration was 15 Year, with 13 originations. The 2nd most popular length was 20 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 26 $1,450,000 $55,769
    $1k-2k 5 $655,000 $131,000
    $2k-3k 2 $460,000 $230,000

    Florence Federal Credit Union's average total fees were $3,390, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 26 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 21 $1,775,000 $84,524
    5-6% 7 $515,000 $73,571
    6-7% 2 $110,000 $55,000
    Over 8% 2 $80,000 $40,000
    7-8% 1 $85,000 $85,000

    During 2019, Florence Federal Credit Union's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 26 $1,450,000 $55,769 $2,034 5.22%
    $100k-200k 5 $655,000 $131,000 $2,951 4.85%
    $200k-400k 2 $460,000 $230,000 $4,702 4.63%

    2019 saw Florence Federal Credit Union place emphasis on $100,000 or less loans with 26 originations, totaling $1,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 14 $720,000 $51,429 $1,941 4.88%
    $50k-75k 12 $980,000 $81,667 $2,326 5.27%
    $100k-150k 4 $660,000 $165,000 $3,563 4.75%
    $75k-100k 3 $205,000 $68,333 $2,574 6.22%

    Florence Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $50k-75k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $1,325,000 $77,941 $2,380 4.94%
    30-36% 7 $695,000 $99,286 $2,794 5.91%
    <20% 4 $220,000 $55,000 $2,002 4.63%
    40% 1 $45,000 $45,000 $916 4.25%
    42% 1 $35,000 $35,000 $1,057 4.50%
    43% 1 $35,000 $35,000 $1,884 6.75%
    36% 1 $95,000 $95,000 $2,718 4.50%
    38% 1 $115,000 $115,000 $2,442 5.25%

    Florence Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 23 $1,985,000 $86,304 $2,526 5.07%
    Black 10 $580,000 $58,000 $1,894 5.25%

    Approval Rates

    Total approvals of all applications
    78.00%

    Florence Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.82%

    Florence Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 33 $2,565,000 $77,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 33 $2,565,000 $77,727

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $125,000 $41,667 $2,144 4.58%
    40-60% 6 $290,000 $48,333 $2,124 5.32%
    60-80% 11 $775,000 $70,455 $2,013 5.52%
    80-100% 13 $1,375,000 $105,769 $2,748 4.83%