City Of Boston Credit Union Mortgage Rates, Fees & Info

Boston, MA

LEI: 254900PH44D8BB632E53

Tax ID: 04-1103180

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

City Of Boston Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. City Of Boston Credit Union has a high proportion of conventional loans. Their top markets include Boston, Providence, Barnstable Town, Portland, and Worcester among others. City Of Boston Credit Union has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors.


Originations

214

Origination Dollar Volume (All Markets)

$86,220,000

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 184 $76,150,000 $413,859 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 13 $3,875,000 $298,077 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $2,150,000 $358,333 $0 0.00%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 5 $1,775,000 $355,000 $0 0.00%
WORCESTER, MA-CT (FHA|USDA|VA) 3 $1,205,000 $401,667 $0 0.00%
Outside of Metro Areas 1 $655,000 $655,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%

City Of Boston Credit Union's top markets include Boston, Providence, Barnstable Town, Portland, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 214 $86,220,000 $402,897 $0 0.00%

For the 2021 period, City Of Boston Credit Union's most frequently originated loan type of loans were Conventional, with 214 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 93 $35,115,000 $377,581 $0 0.00%
Home Purchase 54 $26,390,000 $488,704 $0 0.00%
Refi 30 $16,840,000 $561,333 $0 0.00%
Home Improvement 20 $3,250,000 $162,500 $0 0.00%
Other 17 $4,625,000 $272,059 $0 0.00%

For the 2021, City Of Boston Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 93 originations. The 2nd most popular reason of loans were Home Purchase, with 54 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 214 $86,220,000 $402,897 $0 0.00%

For the 2021, City Of Boston Credit Union's most frequently cited loan length of loans were Other, with 214 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 81 $23,545,000 $290,679 $0 0.00%
$400k-600k 50 $24,040,000 $480,800 $0 0.00%
$100k-200k 28 $4,200,000 $150,000 $0 0.00%
$600k-1MM 26 $18,850,000 $725,000 $0 0.00%
$100,000 or less 18 $930,000 $51,667 $0 0.00%
$1MM+ 11 $14,655,000 $1,332,273 $0 0.00%

2021 saw City Of Boston Credit Union place emphasis on $200k-400k loans with 81 originations, totaling $23,545,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 60 $25,370,000 $422,833 $0 0.00%
$100k-150k 57 $20,575,000 $360,965 $0 0.00%
$250k+ 38 $24,870,000 $654,474 $0 0.00%
$75k-100k 28 $7,970,000 $284,643 $0 0.00%
$50k-75k 26 $6,480,000 $249,231 $0 0.00%
$50k or less 5 $955,000 $191,000 $0 0.00%

City Of Boston Credit Union lent most frequently to those with incomes in the $150k-250k range, with 60 originations. The second most popular income band? $100k-150k, with 57 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 214 $86,220,000 $402,897 $0 0.00%

City Of Boston Credit Union lent most frequently to those with DTI ratios of Exempt%, with 214 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 147 $62,405,000 $424,524 $0 0.00%
Black 48 $15,930,000 $331,875 $0 0.00%
Not provided 14 $4,950,000 $353,571 $0 0.00%
Asian 4 $2,640,000 $660,000 $0 0.00%
Native Hawaiian 1 $295,000 $295,000 $0 0.00%

Approval Rates

Total approvals of all applications
98.25%

City Of Boston Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
96.19%

City Of Boston Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
Exempt 214 $86,220,000 $402,897

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
214 $86,220,000 $402,897