Columbus Metro Federal Credit Union Mortgage Rates, Fees & Info
Columbus, OHLEI: 254900R8RQ7UOD00O702
Tax ID: 31-4388311
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Mortgage Data
Review & Overview
Columbus Metro Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Columbus Metro Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Detroit, and Mount Vernon among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Columbus Metro Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Columbus Metro 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.
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Originations
52Origination Dollar Volume (All Markets)
$8,540,000Awards
Columbus Metro Federal Credit Union - 2018
Columbus Metro Federal Credit Union is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| COLUMBUS, OH (FHA|USDA|VA) | 49 | $7,975,000 | $162,755 | $2,652 | 4.47% |
| Outside of Metro Areas | 1 | $195,000 | $195,000 | $2,363 | 4.50% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,487 | 4.50% |
| Mount Vernon, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,458 | 4.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Columbus Metro Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 224
Similarity Rank: 360
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Similarity Rank: 420
Similarity Rank: 728
Similarity Rank: 768
Similarity Rank: 820
Similarity Rank: 870
Similarity Rank: 935
Similarity Rank: 952
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 52 | $8,540,000 | $164,231 | $2,659 | 4.47% |
For 2018, Columbus Metro Federal Credit Union's most frequently originated type of loan was Conventional, with 52 originations.
Loan Reason
For 2018, Columbus Metro Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.
Loan Duration/Length
For 2018, Columbus Metro Federal Credit Union's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 43 | $7,135,000 | $165,930 |
| $1k-2k | 6 | $910,000 | $151,667 |
| $3k-4k | 1 | $205,000 | $205,000 |
Columbus Metro Federal Credit Union's average total fees were $2,761, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 43 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 35 | $5,935,000 | $169,571 |
| 3-4% | 10 | $1,610,000 | $161,000 |
| 5-6% | 5 | $705,000 | $141,000 |
During 2018, Columbus Metro Federal Credit Union's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 35 originations.
Loan Sizing
2018 saw Columbus Metro Federal Credit Union place emphasis on $100k-200k loans with 29 originations, totaling $4,385,000 in origination value.
Applicant Income
Columbus Metro Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
Columbus Metro Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 29 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.67%
Columbus Metro 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 origination69.23%
Columbus Metro 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 | 52 | $8,540,000 | $164,231 |