Dort Financial Credit Union Mortgage Rates, Fees & Info
Grand Blanc, MILEI: 254900WQ6O9JA8WI5W89
Tax ID: 38-1440283
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
756Origination Dollar Volume (All Markets)
$101,920,000Awards
Dort Financial Credit Union - 2021
Dort Financial Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications91.87%
Dort Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.22%
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% |
