Apple Federal Credit Union Mortgage Rates, Fees & Info

Fairfax, VA

LEI: 254900NZCGMT6517BA94

Tax ID: 54-0629628

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Apple Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Apple Federal Credit Union has a high proportion of conventional loans. Their top markets include Washington, Winchester, Richmond, Virginia Beach, and Hagerstown among others. Apple Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

1,947

Origination Dollar Volume (All Markets)

$426,855,000

Relative Rate

Apple Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.67%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.52%.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1,662 $376,540,000 $226,558 $0 3.49%
WINCHESTER, VA-WV (FHA|USDA|VA) 127 $20,325,000 $160,039 $0 3.42%
Outside of Metro Areas 36 $5,170,000 $143,611 $0 3.20%
RICHMOND, VA (FHA|USDA|VA) 22 $4,830,000 $219,545 $0 3.49%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 14 $3,610,000 $257,857 $0 3.24%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 23 $3,425,000 $148,913 $0 3.77%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 9 $2,515,000 $279,444 $0 3.33%
RALEIGH-CARY, NC (FHA|USDA|VA) 9 $2,035,000 $226,111 $0 3.26%
ROANOKE, VA (FHA|USDA|VA) 4 $1,580,000 $395,000 $0 3.22%
Kill Devil Hills, NC (FHA|USDA|VA) 8 $1,370,000 $171,250 $0 3.54%
SALISBURY, MD-DE (FHA|USDA|VA) 4 $910,000 $227,500 $0 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $890,000 $222,500 $0 3.17%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $730,000 $182,500 $0 4.27%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $630,000 $105,000 $0 3.97%
WILMINGTON, NC (FHA|USDA|VA) 2 $390,000 $195,000 $0 2.88%
HARRISONBURG, VA (FHA|USDA|VA) 2 $360,000 $180,000 $0 3.00%
STAUNTON, VA (FHA|USDA|VA) 2 $300,000 $150,000 $0 3.62%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $235,000 $235,000 $0 2.75%
Marion, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.99%
LYNCHBURG, VA (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.99%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.99%
PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $155,000 $155,000 $0 2.88%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $95,000 $95,000 $0 2.25%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.24%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.38%
Big Stone Gap, VA (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.38%

Apple Federal Credit Union's top markets include Washington, Winchester, Richmond, Virginia Beach, and Hagerstown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,947 $426,855,000 $219,237 $0 3.48%

For the 2021 period, Apple Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,947 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 605 $171,135,000 $282,868 $0 2.55%
Home Improvement 481 $43,405,000 $90,239 $0 4.74%
Cash Out Refi 339 $103,215,000 $304,469 $0 2.64%
Other 324 $40,370,000 $124,599 $0 4.61%
Home Purchase 198 $68,730,000 $347,121 $0 2.86%

For the 2021, Apple Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 605 originations. The 2nd most popular reason of loans were Home Improvement, with 481 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,246 $281,960,000 $226,292 $0 3.67%
15 Year 324 $70,950,000 $218,981 $0 3.07%
10 Year 200 $28,850,000 $144,250 $0 3.50%
20 Year 155 $43,985,000 $283,774 $0 2.59%
5 Year 22 $1,110,000 $50,455 $0 4.68%

For the 2021, Apple Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 1,246 originations. The 2nd most popular length of loans were 15 Year, with 324 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 387 $159,335,000 $411,718
$<1k 341 $48,905,000 $143,416
$3k-4k 292 $81,920,000 $280,548
$2k-3k 195 $49,675,000 $254,744
$1k-2k 152 $27,490,000 $180,855

$0 of loans were Apple Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 387 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 669 $217,425,000 $325,000
<2.5% 407 $104,585,000 $256,966
4-5% 375 $37,075,000 $98,867
3-4% 332 $54,950,000 $165,512
5-6% 147 $11,395,000 $77,517
6-7% 17 $1,425,000 $83,824

During 2021, Apple Federal Credit Union's average interest rate of loans were 3.67%, while their most frequently originated rate bucket of loans were 2.5-3%, with 669 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 723 $205,755,000 $284,585 $0 2.90%
$100,000 or less 517 $27,965,000 $54,091 $0 4.62%
$100k-200k 475 $69,155,000 $145,589 $0 3.49%
$400k-600k 181 $86,125,000 $475,829 $0 2.72%
$600k-1MM 47 $33,195,000 $706,277 $0 2.76%
$1MM+ 4 $4,660,000 $1,165,000 $0 2.78%

2021 saw Apple Federal Credit Union place emphasis on $200k-400k loans with 723 originations, totaling $205,755,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 533 $110,545,000 $207,402 $0 3.57%
$150k-250k 510 $123,160,000 $241,490 $0 3.72%
$75k-100k 349 $69,855,000 $200,158 $0 3.27%
$50k-75k 278 $52,050,000 $187,230 $0 3.14%
$250k+ 154 $51,710,000 $335,779 $0 3.86%
$50k or less 103 $14,135,000 $137,233 $0 3.08%

Apple Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 533 originations. The second most popular income band? $150k-250k, with 510 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 571 $130,235,000 $228,082 $0 3.26%
30-36% 376 $82,770,000 $220,133 $0 3.47%
<20% 201 $49,445,000 $245,995 $0 3.07%
44% 100 $14,560,000 $145,600 $0 4.46%
43% 89 $18,935,000 $212,753 $0 3.88%
40% 78 $15,510,000 $198,846 $0 3.94%
37% 73 $15,685,000 $214,863 $0 3.64%
36% 71 $16,515,000 $232,606 $0 3.48%
42% 69 $14,345,000 $207,899 $0 3.61%
38% 63 $11,585,000 $183,889 $0 3.76%
41% 60 $10,890,000 $181,500 $0 3.88%
39% 45 $10,185,000 $226,333 $0 3.61%
45% 33 $9,435,000 $285,909 $0 3.08%
46% 25 $5,895,000 $235,800 $0 3.47%
49% 19 $4,375,000 $230,263 $0 3.05%
47% 14 $3,810,000 $272,143 $0 2.81%
48% 13 $4,025,000 $309,615 $0 3.09%
50-60% 11 $1,615,000 $146,818 $0 4.07%
>60% 3 $345,000 $115,000 $0 5.36%

Apple Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 571 originations. The next most common DTI ratio? 30-36%, with 376 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,171 $251,875,000 $215,094 $0 3.51%
Not provided 368 $81,980,000 $222,772 $0 3.41%
Black 194 $45,860,000 $236,392 $0 3.35%
Asian 150 $33,310,000 $222,067 $0 3.53%
Asian Indian 27 $5,855,000 $216,852 $0 4.01%
Other Asian 19 $4,035,000 $212,368 $0 3.35%
American Indian 11 $2,155,000 $195,909 $0 3.59%
Filipino 3 $655,000 $218,333 $0 4.33%
Native Hawaiian 2 $610,000 $305,000 $0 2.75%
Chinese 1 $405,000 $405,000 $0 2.63%
Other Pacific Islander 1 $115,000 $115,000 $0 2.38%

Approval Rates

Total approvals of all applications
80.29%

Apple Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
68.79%

Apple Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,947 $426,855,000 $219,237

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,947 $426,855,000 $219,237

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 286 $48,890,000 $170,944 $0 3.67%
40-60% 312 $85,980,000 $275,577 $0 2.59%
60-80% 463 $152,995,000 $330,443 $0 2.69%
80-100% 247 $87,945,000 $356,053 $0 2.84%
Under 20% 606 $44,230,000 $72,987 $0 4.72%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
APPLE FINANCIAL HOLDINGS, INC. Conventional home mortgage Trouble during payment process 1 100.0%