Florence Federal Credit Union Mortgage Rates, Fees & Info
Florence, ALLEI: 254900L8E0QUT5VH5G34
Tax ID: 63-0439839
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Mortgage Data
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 an 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.
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Originations
47Origination Dollar Volume (All Markets)
$5,705,000Top 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 |
|---|---|---|---|---|---|
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 46 | $5,580,000 | $121,304 | $2,763 | 4.01% |
| Outside of Metro Areas | 1 | $125,000 | $125,000 | $3,212 | 3.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $5,705,000 | $121,383 | $2,773 | 4.00% |
For 2020, Florence Federal Credit Union's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 32 | $3,500,000 | $109,375 | $2,551 | 3.91% |
| Home Purchase | 15 | $2,205,000 | $147,000 | $3,245 | 4.18% |
For 2020, Florence Federal Credit Union's most frequently cited loan purpose was Refi, with 32 originations. The 2nd most popular reason was Home Purchase, with 15 originations.
Loan Duration/Length
For 2020, Florence Federal Credit Union's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 18 | $1,190,000 | $66,111 |
| $1k-2k | 18 | $2,410,000 | $133,889 |
| $2k-3k | 7 | $1,865,000 | $266,429 |
Florence Federal Credit Union's average total fees were $3,023, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 33 | $3,995,000 | $121,061 |
| 4-5% | 6 | $640,000 | $106,667 |
| 2.5-3% | 4 | $750,000 | $187,500 |
| 5-6% | 3 | $195,000 | $65,000 |
| Over 8% | 1 | $125,000 | $125,000 |
During 2020, Florence Federal Credit Union's average interest rate for loans was 3.85%, while their most frequently originated rate bucket for loans was 3-4%, with 33 originations.
Loan Sizing
2020 saw Florence Federal Credit Union place emphasis on $100,000 or less loans with 21 originations, totaling $1,325,000 in origination value.
Applicant Income
Florence Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $50k-75k, with 9 originations.
Applicant Debt to Income Ratio
Florence Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 13 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 37 | $5,115,000 | $138,243 | $3,039 | 4.00% |
| White | 10 | $590,000 | $59,000 | $1,790 | 4.00% |
Approval Rates
Total approvals of all applications87.93%
Florence Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.49%
Florence Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 47 | $5,705,000 | $121,383 |