Fortera Federal Credit Union Mortgage Rates, Fees & Info
Clarksville, TNLEI: 254900WQCRCK13A7DC81
Tax ID: 61-0523393
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Mortgage Data
Review & Overview
Fortera Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Fortera Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Clarksville, Nashville, Jackson, Chattanooga, and Crossville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Fortera 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. 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 | 6.32% | 4/28/24 |
| 30 Year Conventional Refi | 6.37% | 4/28/24 |
| 30 Year Cash-out Refi | 6.61% | 4/28/24 |
| 30 Year VA Purchase | 6.04% | 4/28/24 |
| 30 Year VA Refi | 6.12% | 4/28/24 |
| 15 Year Conventional Purchase | 6.18% | 4/28/24 |
| 15 Year Conventional Refi | 6.11% | 4/28/24 |
| 15 Year Cash-out Refi | 6.11% | 4/28/24 |
| 15 Year VA Purchase | 4.41% | 4/28/24 |
| 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. | ||
Fortera 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
618Origination Dollar Volume (All Markets)
$46,230,000Top 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 |
|---|---|---|---|---|---|
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 567 | $41,245,000 | $72,743 | $87 | 4.16% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 28 | $3,030,000 | $108,214 | $0 | 3.46% |
| Outside of Metro Areas | 12 | $1,050,000 | $87,500 | $0 | 5.33% |
| JACKSON, TN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 3.06% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.63% |
| Crossville, TN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 4.24% |
| Paris, TN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.75% |
| Lawrenceburg, TN (FHA|USDA|VA) | 2 | $40,000 | $20,000 | $0 | 1.99% |
| Madisonville, KY (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 1.99% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.74% |
Similar Lenders
We use machine learning to identify the top lenders compared against Fortera 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 | 311 | $21,585,000 | $69,405 | $82 | 5.95% |
| HELOC | 269 | $16,855,000 | $62,658 | n/a | 2.04% |
| VA | 38 | $7,790,000 | $205,000 | $0 | 4.20% |
For 2018, Fortera Federal Credit Union's most frequently originated type of loan was Conventional, with 311 originations. Their 2nd most popular type was HELOC, with 269 originations.
Loan Reason
For 2018, Fortera Federal Credit Union's most frequently cited loan purpose was Other, with 448 originations. The 2nd most popular reason was Home Purchase, with 83 originations.
Loan Duration/Length
For 2018, Fortera Federal Credit Union's most frequently cited loan duration was 20 Year, with 284 originations. The 2nd most popular length was 10 Year, with 91 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 250 | $11,590,000 | $46,360 |
| $1k-2k | 14 | $1,920,000 | $137,143 |
| $2k-3k | 7 | $1,765,000 | $252,143 |
| $4k-5k | 3 | $1,145,000 | $381,667 |
Fortera Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.
Interest Rates
During 2018, Fortera Federal Credit Union's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was <2.5%, with 267 originations.
Loan Sizing
2018 saw Fortera Federal Credit Union place emphasis on $100,000 or less loans with 474 originations, totaling $20,640,000 in origination value.
Applicant Income
Fortera Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 177 originations. The second most popular income band? $100k-150k, with 133 originations.
Applicant Debt to Income Ratio
Fortera Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? <20%, with 105 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.17%
Fortera Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination58.74%
Fortera 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 |
|---|---|---|---|
| 1012.22 | 1 | $45,000 | $45,000 |
| 1032.74 | 1 | $265,000 | $265,000 |
| 1090.41 | 1 | $215,000 | $215,000 |
| 10918.19 | 1 | $235,000 | $235,000 |
| 10918.38 | 1 | $295,000 | $295,000 |
| 1115.85 | 1 | $115,000 | $115,000 |
| 1129.7 | 1 | $275,000 | $275,000 |
| 1139.68 | 1 | $455,000 | $455,000 |
| 1150.77 | 1 | $75,000 | $75,000 |
| 1163.59 | 1 | $45,000 | $45,000 |
| 1170.44 | 1 | $205,000 | $205,000 |
| 1211.08 | 1 | $45,000 | $45,000 |
| 1215.41 | 1 | $165,000 | $165,000 |
| 1215.81 | 1 | $105,000 | $105,000 |
| 1223.93 | 1 | $85,000 | $85,000 |
| 1262.03 | 1 | $45,000 | $45,000 |
| 1300.44 | 1 | $155,000 | $155,000 |
| 1308.76 | 1 | $65,000 | $65,000 |
| 1338.71 | 1 | $275,000 | $275,000 |
| 1341.47 | 1 | $415,000 | $415,000 |
| 1347.9 | 1 | $85,000 | $85,000 |
| 1390.94 | 1 | $355,000 | $355,000 |
| 1418.99 | 1 | $85,000 | $85,000 |
| 1482.8 | 1 | $275,000 | $275,000 |
| 1528.35 | 1 | $85,000 | $85,000 |
| 1573.25 | 1 | $65,000 | $65,000 |
| 1636.49 | 1 | $75,000 | $75,000 |
| 1717.85 | 1 | $95,000 | $95,000 |
| 1722.07 | 1 | $75,000 | $75,000 |
| 1735.61 | 1 | $125,000 | $125,000 |
| 174.94 | 1 | $65,000 | $65,000 |
| 1759.06 | 1 | $55,000 | $55,000 |
| 1764.68 | 1 | $145,000 | $145,000 |
| 1810.71 | 1 | $155,000 | $155,000 |
| 181.29 | 1 | $85,000 | $85,000 |
| 1826.33 | 1 | $125,000 | $125,000 |
| 1929.81 | 1 | $105,000 | $105,000 |
| 196.02 | 1 | $45,000 | $45,000 |
| 2050.03 | 1 | $135,000 | $135,000 |
| 2088.59 | 1 | $345,000 | $345,000 |
| 2134.16 | 1 | $115,000 | $115,000 |
| 2177.0 | 1 | $115,000 | $115,000 |
| 217.99 | 1 | $115,000 | $115,000 |
| 2286.55 | 1 | $155,000 | $155,000 |
| 2387.24 | 1 | $165,000 | $165,000 |
| 2446.84 | 1 | $135,000 | $135,000 |
| 246.52 | 1 | $115,000 | $115,000 |
| 2513.72 | 1 | $235,000 | $235,000 |
| 2539.88 | 1 | $165,000 | $165,000 |
| 286.73 | 1 | $175,000 | $175,000 |
| 305.51 | 1 | $65,000 | $65,000 |
| 3089.87 | 1 | $185,000 | $185,000 |
| 3178.45 | 1 | $125,000 | $125,000 |
| 340.23 | 1 | $75,000 | $75,000 |
| 348.85 | 1 | $95,000 | $95,000 |
| 3813.04 | 1 | $265,000 | $265,000 |
| 3898.0 | 1 | $125,000 | $125,000 |
| 408.42 | 1 | $55,000 | $55,000 |
| 4103.45 | 1 | $275,000 | $275,000 |
| 4319.12 | 1 | $225,000 | $225,000 |
| 4347.19 | 1 | $175,000 | $175,000 |
| 439.58 | 1 | $115,000 | $115,000 |
| 454.27 | 1 | $225,000 | $225,000 |
| 458.5 | 1 | $135,000 | $135,000 |
| 4649.27 | 1 | $295,000 | $295,000 |
| 472.84 | 1 | $75,000 | $75,000 |
| 484.45 | 1 | $185,000 | $185,000 |
| 5020.23 | 1 | $105,000 | $105,000 |
| 5035.39 | 1 | $195,000 | $195,000 |
| 5086.02 | 1 | $225,000 | $225,000 |
| 523.9 | 1 | $225,000 | $225,000 |
| 527.35 | 1 | $175,000 | $175,000 |
| 536.43 | 1 | $155,000 | $155,000 |
| 5403.36 | 1 | $205,000 | $205,000 |
| 5465.77 | 1 | $265,000 | $265,000 |
| 5524.06 | 1 | $155,000 | $155,000 |
| 5552.75 | 1 | $275,000 | $275,000 |
| 589.41 | 1 | $45,000 | $45,000 |
| 5926.48 | 1 | $235,000 | $235,000 |
| 612.54 | 1 | $225,000 | $225,000 |
| 6134.73 | 1 | $455,000 | $455,000 |
| 621.26 | 1 | $215,000 | $215,000 |
| 633.55 | 1 | $115,000 | $115,000 |
| 689.7 | 1 | $45,000 | $45,000 |
| 690.82 | 1 | $115,000 | $115,000 |
| 709.42 | 1 | $245,000 | $245,000 |
| 718.15 | 1 | $225,000 | $225,000 |
| 726.29 | 1 | $215,000 | $215,000 |
| 730.78 | 1 | $195,000 | $195,000 |
| 736.49 | 1 | $145,000 | $145,000 |
| 738.58 | 1 | $85,000 | $85,000 |
| 7602.62 | 1 | $145,000 | $145,000 |
| 775.57 | 1 | $155,000 | $155,000 |
| 775.86 | 1 | $95,000 | $95,000 |
| 776.11 | 1 | $45,000 | $45,000 |
| 818.62 | 1 | $125,000 | $125,000 |
| 8295.17 | 1 | $215,000 | $215,000 |
| 852.19 | 1 | $185,000 | $185,000 |
| 855.12 | 1 | $55,000 | $55,000 |
| 8555.13 | 1 | $225,000 | $225,000 |
| 8659.74 | 1 | $235,000 | $235,000 |
| 885.79 | 1 | $175,000 | $175,000 |
| 894.0 | 1 | $135,000 | $135,000 |
| 899.09 | 1 | $195,000 | $195,000 |
| 919.64 | 1 | $115,000 | $115,000 |
| 928.6 | 1 | $285,000 | $285,000 |
| 9350.3 | 1 | $255,000 | $255,000 |
| 942.31 | 1 | $125,000 | $125,000 |
| 947.58 | 1 | $95,000 | $95,000 |
| 958.58 | 1 | $155,000 | $155,000 |
| 968.97 | 1 | $135,000 | $135,000 |
| 987.89 | 1 | $45,000 | $45,000 |
| 991.07 | 1 | $85,000 | $85,000 |
| NA | 505 | $28,065,000 | $55,574 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $425,000 | $425,000 |
| Single Family (1-4 Units):Site-Built | 617 | $45,805,000 | $74,238 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Fortren Funding LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Fortren Funding LLC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |