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 above average approval rate when compared to the average across all lenders. They have an above 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
34Origination Dollar Volume (All Markets)
$3,760,000Top 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) | 34 | $3,760,000 | $110,588 | $2,723 | 3.98% |
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 | 34 | $3,760,000 | $110,588 | $2,723 | 3.98% |
For 2021, Florence Federal Credit Union's most frequently originated type of loan was Conventional, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 26 | $2,380,000 | $91,538 | $2,410 | 4.00% |
| Home Purchase | 8 | $1,380,000 | $172,500 | $3,742 | 3.91% |
For 2021, Florence Federal Credit Union's most frequently cited loan purpose was Refi, with 26 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2021, Florence Federal Credit Union's most frequently cited loan duration was 30 Year, with 13 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $1,270,000 | $63,500 |
| $1k-2k | 8 | $1,220,000 | $152,500 |
| $2k-3k | 2 | $370,000 | $185,000 |
| $3k-4k | 2 | $770,000 | $385,000 |
Florence Federal Credit Union's average total fees were $3,586, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 30 | $3,560,000 | $118,667 |
| 4-5% | 3 | $155,000 | $51,667 |
| Over 8% | 1 | $45,000 | $45,000 |
During 2021, Florence Federal Credit Union's average interest rate for loans was 3.83%, while their most frequently originated rate bucket for loans was 3-4%, with 30 originations.
Loan Sizing
2021 saw Florence Federal Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $1,400,000 in origination value.
Applicant Income
Florence Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $50k or less, with 10 originations.
Applicant Debt to Income Ratio
Florence Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 29 | $3,135,000 | $108,103 | $2,630 | 3.99% |
| White | 5 | $625,000 | $125,000 | $3,261 | 3.90% |
Approval Rates
Total approvals of all applications94.87%
Florence Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination91.18%
Florence Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 34 | $3,760,000 | $110,588 |