Ocean Financial Federal Credit Union Mortgage Rates, Fees & Info
Oceanside, NYLEI: 254900VFRQR5ZLXRQ298
Tax ID: 11-6175748
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Ocean Financial Federal Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Ocean Financial Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Tampa, Poughkeepsie, and Allentown among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Ocean Financial Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ocean Financial Federal Credit Union is typically an average 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 | 6.47% | 5/4/24 |
| 30 Year Conventional Refi | 6.27% | 5/4/24 |
| 30 Year Cash-out Refi | 6.33% | 5/4/24 |
| 15 Year Conventional Purchase | 6.94% | 5/4/24 |
| 15 Year Conventional Refi | 6.19% | 5/4/24 |
| 15 Year Cash-out Refi | 6.19% | 5/4/24 |
| 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. | ||
Ocean Financial Federal Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
49Origination Dollar Volume (All Markets)
$13,825,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 44 | $12,840,000 | $291,818 | $5,511 | 4.49% |
| Outside of Metro Areas | 1 | $475,000 | $475,000 | $8,905 | 4.38% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,519 | 4.25% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,803 | 5.38% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $692 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Ocean Financial 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 | 49 | $13,825,000 | $282,143 | $5,249 | 4.58% |
For 2022, Ocean Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations.
Loan Reason
For 2022, Ocean Financial Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 28 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2022, Ocean Financial Federal Credit Union's most frequently cited loan duration was 15 Year, with 16 originations. The 2nd most popular length was 20 Year, with 14 originations.
Origination Fees/Closing Costs
Ocean Financial Federal Credit Union's average total fees were $6,971, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 7 originations.
Interest Rates
During 2022, Ocean Financial Federal Credit Union's average interest rate for loans was 3.81%, while their most frequently originated rate bucket for loans was 4-5%, with 17 originations.
Loan Sizing
2022 saw Ocean Financial Federal Credit Union place emphasis on $400k-600k loans with 17 originations, totaling $8,105,000 in origination value.
Applicant Income
Ocean Financial Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 18 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
Ocean Financial Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 47 | $12,945,000 | $275,426 | $5,154 | 4.60% |
| Not provided | 2 | $880,000 | $440,000 | $7,472 | 4.13% |
Approval Rates
Total approvals of all applications77.03%
Ocean Financial Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination83.67%
Ocean Financial Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 49 | $13,825,000 | $282,143 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Ocwen Financial Corporation | Conventional home mortgage | Closing on a mortgage | 1 | 3.4% |
| Ocwen Financial Corporation | Conventional home mortgage | Struggling to pay mortgage | 9 | 31.0% |
| Ocwen Financial Corporation | Conventional home mortgage | Trouble during payment process | 7 | 24.1% |
| Ocwen Financial Corporation | FHA mortgage | Closing on a mortgage | 1 | 3.4% |
| Ocwen Financial Corporation | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 3.4% |
| Ocwen Financial Corporation | FHA mortgage | Struggling to pay mortgage | 3 | 10.3% |
| Ocwen Financial Corporation | FHA mortgage | Trouble during payment process | 3 | 10.3% |
| Ocwen Financial Corporation | Reverse mortgage | Struggling to pay mortgage | 1 | 3.4% |
| Ocwen Financial Corporation | Reverse mortgage | Trouble during payment process | 2 | 6.9% |
| Ocwen Financial Corporation | VA mortgage | Trouble during payment process | 1 | 3.4% |