Apple Federal Credit Union Mortgage Rates, Fees & Info
Fairfax, VALEI: 254900NZCGMT6517BA94
Tax ID: 54-0629628
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,947Origination Dollar Volume (All Markets)
$426,855,000Relative 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 applications80.29%
Apple Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination68.79%
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% |
