Faa Federal Credit Union Mortgage Rates, Fees & Info
Memphis, TNLEI: 254900QSYPZJ7UL0PC48
Tax ID: 62-0577214
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Faa Federal Credit Union is a smaller credit union specializing in Other and Refi loans. Faa Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, El Paso, and Dallas among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Faa 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.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
13Origination Dollar Volume (All Markets)
$1,505,000Top 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 |
|---|---|---|---|---|---|
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 10 | $1,240,000 | $124,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $105,000 | $105,000 | $0 | 0.00% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 13 | $1,505,000 | $115,769 | $0 | 0.00% |
For 2023, Faa Federal Credit Union's most frequently originated type of loan was Conventional, with 13 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 6 | $650,000 | $108,333 | $0 | 0.00% |
| Home Improvement | 4 | $290,000 | $72,500 | $0 | 0.00% |
| Refi | 3 | $565,000 | $188,333 | $0 | 0.00% |
For 2023, Faa Federal Credit Union's most frequently cited loan purpose was Other, with 6 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 13 | $1,505,000 | $115,769 | $0 | 0.00% |
For 2023, Faa Federal Credit Union's most frequently cited loan duration was Other, with 13 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $445,000 | $63,571 | $0 | 0.00% |
| $100k-200k | 4 | $480,000 | $120,000 | $0 | 0.00% |
| $200k-400k | 2 | $580,000 | $290,000 | $0 | 0.00% |
2023 saw Faa Federal Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $445,000 in origination value.
Applicant Income
Faa Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 13 | $1,505,000 | $115,769 | $0 | 0.00% |
Faa Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 13 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $1,460,000 | $121,667 | $0 | 0.00% |
| Black | 1 | $45,000 | $45,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
Faa Federal 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 origination92.31%
Faa Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 13 | $1,505,000 | $115,769 |