Orion Federal Credit Union Mortgage Rates, Fees & Info

Memphis, TN

LEI: 254900U2ZPLWQTSD3158

Tax ID: 62-0586328

5 stars - Updated: 12/16/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Orion Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Orion Federal Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Memphis, Jackson, Atlanta, Nashville, and Dallas among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Orion 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. Orion 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 relatively high 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.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.32% 12/16/24
    30 Year Conventional Refi 6.32% 12/16/24
    30 Year Cash-out Refi 6.53% 12/16/24
    30 Year FHA Purchase 7.30% 12/16/24
    30 Year FHA Refi 7.80% 12/16/24
    30 Year VA Purchase 6.27% 12/16/24
    30 Year VA Refi 6.27% 12/16/24
    30 Year USDA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 6.35% 12/16/24
    15 Year Conventional Refi 6.38% 12/16/24
    15 Year Cash-out Refi 6.38% 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.

    Orion Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Orion Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    190

    Origination Dollar Volume (All Markets)

    $44,070,000
    Show all (5) awards

    Relative Rate

    Orion Federal Credit Union's average 30 year fixed mortgage rate was 6.52%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.04%.

    Relative Fees (Closing Costs)

    Orion Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,412.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 139 $30,445,000 $219,029 $4,328 6.56%
    JACKSON, TN (FHA|USDA|VA) 17 $3,595,000 $211,471 $4,201 6.29%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,745,000 $581,667 $10,020 6.54%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,570,000 $392,500 $4,835 6.41%
    Outside of Metro Areas 7 $955,000 $136,429 $3,411 6.55%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $790,000 $395,000 $4,451 6.50%
    Sevierville, TN (FHA|USDA|VA) 1 $695,000 $695,000 $11,608 7.50%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $645,000 $645,000 $5,400 6.88%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $610,000 $305,000 $3,521 5.75%
    Cookeville, TN (FHA|USDA|VA) 1 $555,000 $555,000 $3,165 6.00%
    Greeneville, TN (FHA|USDA|VA) 1 $405,000 $405,000 $5,703 6.38%
    Oxford, MS (FHA|USDA|VA) 1 $385,000 $385,000 $0 7.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,076 7.13%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 3 $295,000 $98,333 $2,515 5.83%
    Searcy, AR (FHA|USDA|VA) 1 $235,000 $235,000 $6,976 7.00%
    Brownsville, TN (FHA|USDA|VA) 2 $230,000 $115,000 $0 7.44%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $175,000 $175,000 $3,516 6.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $135,000 $135,000 $3,939 6.25%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $115,000 $115,000 $2,105 5.88%
    JACKSON, MS (FHA|USDA|VA) 1 $105,000 $105,000 $2,156 6.75%
    Orion Federal Credit Union's top markets include Memphis, Jackson, Atlanta, Nashville, and Dallas among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Orion Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Farmers and Merchants Bank
    Similarity Rank: 130
    First Citizens National Bank
    Similarity Rank: 288
    Orion Federal Credit Union
    Similarity Rank: 460
    US COMMUNITY
    Similarity Rank: 472
    Financial Federal Bank
    Similarity Rank: 598
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 736
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 848
    CORNERSTONE FINANCIAL CREDIT UNION
    Similarity Rank: 864
    The Farmers Bank
    Similarity Rank: 972
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 1183

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 177 $40,865,000 $230,876 $4,027 6.55%
    FHA 13 $3,205,000 $246,538 $8,482 6.24%

    For 2023, Orion Federal Credit Union's most frequently originated type of loan was Conventional, with 177 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 155 $38,745,000 $249,968 $4,498 6.48%
    Cash Out Refi 33 $4,625,000 $140,152 $3,663 6.72%
    Refi 2 $700,000 $350,000 $6,192 6.81%

    For 2023, Orion Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Cash Out Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 171 $40,555,000 $237,164 $4,412 6.52%
    15 Year 16 $3,320,000 $207,500 $4,824 6.62%
    20 Year 2 $140,000 $70,000 $1,426 6.91%
    10 Year 1 $55,000 $55,000 $2,322 6.00%

    For 2023, Orion Federal Credit Union's most frequently cited loan duration was 30 Year, with 171 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 116 $26,750,000 $230,603
    $1k-2k 16 $3,100,000 $193,750
    $5k+ 12 $5,380,000 $448,333
    $2k-3k 9 $2,865,000 $318,333
    $4k-5k 5 $1,185,000 $237,000
    $3k-4k 4 $1,210,000 $302,500

    Orion Federal Credit Union's average total fees were $4,412, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 116 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 97 $23,615,000 $243,454
    5-6% 47 $10,235,000 $217,766
    7-8% 41 $9,005,000 $219,634
    Over 8% 3 $735,000 $245,000
    4-5% 2 $480,000 $240,000

    During 2023, Orion Federal Credit Union's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 97 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 76 $20,770,000 $273,289 $4,569 6.47%
    $100k-200k 65 $9,295,000 $143,000 $3,551 6.47%
    $100,000 or less 27 $2,105,000 $77,963 $2,493 6.71%
    $400k-600k 16 $7,350,000 $459,375 $6,030 6.66%
    $600k-1MM 5 $3,375,000 $675,000 $8,079 6.83%
    $1MM+ 1 $1,175,000 $1,175,000 $17,986 5.75%

    2023 saw Orion Federal Credit Union place emphasis on $200k-400k loans with 76 originations, totaling $20,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 53 $12,635,000 $238,396 $4,336 6.60%
    $50k-75k 44 $7,650,000 $173,864 $4,063 6.22%
    $150k-250k 36 $10,160,000 $282,222 $5,197 6.92%
    $75k-100k 34 $6,710,000 $197,353 $4,187 6.45%
    $50k or less 14 $1,960,000 $140,000 $2,867 6.24%
    $250k+ 9 $4,955,000 $550,556 $7,705 6.74%

    Orion Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $50k-75k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 34 $8,370,000 $246,176 $4,814 6.41%
    20-30% 33 $6,315,000 $191,364 $3,514 6.47%
    <20% 12 $2,120,000 $176,667 $2,935 6.32%
    46% 11 $2,465,000 $224,091 $4,691 6.42%
    42% 10 $2,440,000 $244,000 $4,729 6.55%
    37% 10 $2,410,000 $241,000 $6,041 6.53%
    41% 10 $3,390,000 $339,000 $5,083 6.60%
    45% 9 $2,455,000 $272,778 $4,218 6.44%
    48% 9 $2,395,000 $266,111 $3,779 6.49%
    44% 9 $2,425,000 $269,444 $4,808 6.74%
    40% 7 $2,115,000 $302,143 $3,918 6.89%
    43% 7 $1,235,000 $176,429 $5,151 6.71%
    39% 6 $1,010,000 $168,333 $3,017 6.69%
    36% 6 $930,000 $155,000 $2,891 6.35%
    47% 6 $1,340,000 $223,333 $4,595 6.83%
    38% 4 $560,000 $140,000 $2,861 6.94%
    49% 4 $1,280,000 $320,000 $4,351 6.91%
    50-60% 2 $540,000 $270,000 $13,264 5.50%
    >60% 1 $275,000 $275,000 $8,715 7.50%

    Orion Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 20-30%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 105 $24,965,000 $237,762 $4,238 6.53%
    Black 47 $9,155,000 $194,787 $4,571 6.46%
    Asian 20 $5,870,000 $293,500 $4,677 6.75%
    Not provided 15 $3,355,000 $223,667 $4,993 6.48%
    Native Hawaiian or Islander 1 $375,000 $375,000 $5,054 6.13%
    American Indian 2 $350,000 $175,000 $1,832 6.31%

    Approval Rates

    Total approvals of all applications
    94.96%

    Orion Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    45.79%

    Orion 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 190 $44,070,000 $231,947

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    190 $44,070,000 $231,947

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $945,000 $105,000 $2,536 6.33%
    40-60% 27 $4,805,000 $177,963 $3,063 6.36%
    60-80% 57 $12,835,000 $225,175 $3,891 6.75%
    80-100% 96 $25,430,000 $264,896 $5,222 6.47%
    Under 20% 1 $55,000 $55,000 $2,322 6.00%