Dort Financial Credit Union Mortgage Rates, Fees & Info

Grand Blanc, MI

LEI: 254900WQ6O9JA8WI5W89

Tax ID: 38-1440283

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Dort Financial Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Dort Financial Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Flint, Detroit, Lansing, Saginaw, and Grand Rapids among others. Dort Financial Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Dort Financial Credit Union is typically a low fee lendor.


Originations

756

Origination Dollar Volume (All Markets)

$101,920,000
Show all (8) awards

Relative Rate

Dort Financial Credit Union's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Dort Financial Credit Union's average total fees for a 30 year fixed rate mortgage are $2,807.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FLINT, MI (FHA|USDA|VA) 514 $62,760,000 $122,101 $2,292 3.26%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 127 $23,445,000 $184,606 $2,399 3.21%
Outside of Metro Areas 48 $5,650,000 $117,708 $2,192 3.05%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 22 $2,810,000 $127,727 $2,226 3.09%
SAGINAW, MI (FHA|USDA|VA) 19 $2,725,000 $143,421 $2,683 3.15%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $1,155,000 $385,000 $3,128 2.83%
ANN ARBOR, MI (FHA|USDA|VA) 5 $955,000 $191,000 $1,569 3.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $445,000 $445,000 $5,022 2.63%
Ludington, MI (FHA|USDA|VA) 2 $260,000 $130,000 $1,238 3.63%
JACKSON, MI (FHA|USDA|VA) 2 $230,000 $115,000 $1,468 3.06%
Traverse City, MI (FHA|USDA|VA) 2 $230,000 $115,000 $3,659 3.19%
MONROE, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,127 2.88%
MIDLAND, MI (FHA|USDA|VA) 1 $185,000 $185,000 $3,257 2.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,629 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,349 2.88%
Adrian, MI (FHA|USDA|VA) 2 $130,000 $65,000 $1,293 4.44%
Big Rapids, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,167 3.00%
BAY CITY, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,963 2.88%
Alma, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,927 2.75%
OCALA, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,432 3.13%
Cadillac, MI (FHA|USDA|VA) 1 $55,000 $55,000 $497 3.75%

Dort Financial Credit Union's top markets include Flint, Detroit, Lansing, Saginaw, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 720 $97,270,000 $135,097 $2,199 3.21%
FHA 32 $4,120,000 $128,750 $4,766 3.55%
USDA 3 $425,000 $141,667 $3,208 3.00%
VA 1 $105,000 $105,000 $2,432 2.88%

For the 2021 period, Dort Financial Credit Union's most frequently originated loan type of loans were Conventional, with 720 originations. Their 2nd most popular type is FHA, with 32 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 221 $31,315,000 $141,697 $2,363 3.23%
Home Purchase 204 $32,120,000 $157,451 $3,017 3.05%
Refi 200 $27,050,000 $135,250 $2,107 2.89%
Home Improvement 114 $10,620,000 $93,158 $1,522 3.76%
Other 17 $815,000 $47,941 $880 5.83%

For the 2021, Dort Financial Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 221 originations. The 2nd most popular reason of loans were Home Purchase, with 204 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 400 $64,880,000 $162,200 $2,807 3.09%
15 Year 193 $23,695,000 $122,772 $2,108 2.85%
10 Year 75 $4,615,000 $61,533 $952 4.54%
20 Year 58 $7,510,000 $129,483 $2,178 3.20%
5 Year 27 $695,000 $25,741 $519 4.26%
Other 3 $525,000 $175,000 $2,058 3.79%

For the 2021, Dort Financial Credit Union's most frequently cited loan length of loans were 30 Year, with 400 originations. The 2nd most popular length of loans were 15 Year, with 193 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 578 $73,920,000 $127,889
$1k-2k 120 $17,200,000 $143,333
$2k-3k 35 $5,405,000 $154,429
$3k-4k 19 $3,815,000 $200,789
$5k+ 4 $1,580,000 $395,000

$2,807 of loans were Dort Financial Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 578 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 386 $57,800,000 $149,741
3-4% 280 $36,050,000 $128,750
4-5% 44 $3,490,000 $79,318
<2.5% 21 $3,615,000 $172,143
6-7% 9 $375,000 $41,667
Over 8% 8 $290,000 $36,250
5-6% 6 $220,000 $36,667
7-8% 2 $80,000 $40,000

During 2021, Dort Financial Credit Union's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 386 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 321 $44,325,000 $138,084 $2,582 3.01%
$100,000 or less 300 $18,090,000 $60,300 $1,645 3.57%
$200k-400k 117 $30,215,000 $258,248 $3,071 2.97%
$400k-600k 15 $7,035,000 $469,000 $3,055 3.01%
$600k-1MM 3 $2,255,000 $751,667 $6,683 2.96%

2021 saw Dort Financial Credit Union place emphasis on $100k-200k loans with 321 originations, totaling $44,325,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 218 $25,340,000 $116,239 $2,249 3.18%
$50k or less 217 $19,515,000 $89,931 $2,177 3.39%
$100k-150k 129 $22,465,000 $174,147 $2,375 3.25%
$75k-100k 128 $18,900,000 $147,656 $2,506 3.10%
$150k-250k 52 $11,590,000 $222,885 $2,318 2.95%
$250k+ 12 $4,110,000 $342,500 $3,108 3.33%

Dort Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 218 originations. The second most popular income band? $50k or less, with 217 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 199 $27,505,000 $138,216 $2,293 3.12%
30-36% 154 $21,490,000 $139,545 $2,467 3.27%
<20% 88 $7,840,000 $89,091 $1,888 2.99%
40% 46 $8,230,000 $178,913 $2,396 3.42%
42% 42 $5,710,000 $135,952 $1,954 3.57%
37% 36 $5,100,000 $141,667 $2,292 3.30%
36% 32 $4,540,000 $141,875 $2,447 3.11%
38% 31 $3,565,000 $115,000 $1,873 3.43%
39% 29 $4,245,000 $146,379 $2,529 3.05%
41% 28 $4,350,000 $155,357 $2,042 3.22%
44% 17 $2,335,000 $137,353 $3,185 3.20%
43% 14 $1,350,000 $96,429 $2,386 3.88%
46% 12 $2,160,000 $180,000 $3,529 2.83%
48% 9 $1,025,000 $113,889 $2,558 4.03%
47% 6 $1,040,000 $173,333 $2,614 3.25%
45% 6 $670,000 $111,667 $2,779 2.98%
50-60% 4 $380,000 $95,000 $2,165 3.75%
49% 3 $385,000 $128,333 $3,255 3.13%

Dort Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 154 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 654 $88,080,000 $134,679 $2,270 3.20%
Black 70 $9,190,000 $131,286 $2,616 3.49%
Not provided 22 $3,150,000 $143,182 $2,497 3.26%
Asian 6 $960,000 $160,000 $2,974 3.10%
American Indian 2 $200,000 $100,000 $1,311 3.38%
Native Hawaiian 1 $185,000 $185,000 $2,105 2.75%
Other Asian 1 $155,000 $155,000 $2,155 2.63%

Approval Rates

Total approvals of all applications
91.87%

Dort Financial Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
84.22%

Dort Financial Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 756 $101,920,000 $134,815

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
756 $101,920,000 $134,815

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 73 $5,365,000 $73,493 $1,420 3.76%
40-60% 147 $17,745,000 $120,714 $2,056 3.14%
60-80% 267 $43,195,000 $161,779 $2,612 3.02%
80-100% 190 $30,310,000 $159,526 $2,937 3.08%
Over 100% 1 $125,000 $125,000 $1,573 4.13%
Under 20% 49 $1,525,000 $31,122 $605 4.60%