Independent Federal Credit Union Mortgage Rates, Fees & Info
Anderson, INLEI: 254900PEMVJN4DS4MS43
Tax ID: 35-0896445
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Mortgage Data
Review & Overview
Independent Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Independent Federal Credit Union has a high proportion of conventional loans. Their top two markets are Indianapolis and New Castle .Independent 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. Independent 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.48% | 12/16/24 |
| 30 Year Conventional Refi | 6.47% | 12/16/24 |
| 30 Year Cash-out Refi | 6.04% | 12/16/24 |
| 15 Year Conventional Purchase | 6.14% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Independent Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
42Origination Dollar Volume (All Markets)
$3,880,000Awards
Independent Federal Credit Union - 2020
Independent Federal Credit Union is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 35 | $3,115,000 | $89,000 | $2,645 | 3.00% |
| Outside of Metro Areas | 6 | $700,000 | $116,667 | $2,648 | 3.46% |
| New Castle, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,760 | 4.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against Independent 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 | 42 | $3,880,000 | $92,381 | $2,648 | 3.09% |
For 2020, Independent Federal Credit Union's most frequently originated type of loan was Conventional, with 42 originations.
Loan Reason
For 2020, Independent Federal Credit Union's most frequently cited loan purpose was Refi, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
For 2020, Independent Federal Credit Union's most frequently cited loan duration was 30 Year, with 22 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 40 | $3,830,000 | $95,750 |
| $<1k | 1 | $35,000 | $35,000 |
Independent Federal Credit Union's average total fees were $2,674, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 40 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 16 | $1,590,000 | $99,375 |
| 3-4% | 12 | $1,230,000 | $102,500 |
| <2.5% | 10 | $850,000 | $85,000 |
| 4-5% | 2 | $160,000 | $80,000 |
| 5-6% | 2 | $50,000 | $25,000 |
During 2020, Independent Federal Credit Union's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 2.5-3%, with 16 originations.
Loan Sizing
2020 saw Independent Federal Credit Union place emphasis on $100,000 or less loans with 28 originations, totaling $1,820,000 in origination value.
Applicant Income
Independent Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
Independent Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 40 | $3,320,000 | $83,000 | $2,647 | 3.09% |
| Black | 2 | $560,000 | $280,000 | $2,659 | 3.06% |
Approval Rates
Total approvals of all applications93.44%
Independent Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination90.48%
Independent Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 42 | $3,880,000 | $92,381 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $95,000 | $95,000 |
| Single Family (1-4 Units):Site-Built | 41 | $3,785,000 | $92,317 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| INDEPENDENT BANK CORP. | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| INDEPENDENT BANK CORP. | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |