Fl. Dept. Of Transportation Credit Union Mortgage Rates, Fees & Info
Tallahassee, FLLEI: 254900ZBZ4M7TCGJWL09
Tax ID: 59-6140072
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Mortgage Data
Review & Overview
Fl. Dept. Of Transportation Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Fl. Dept. Of Transportation Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tallahassee, Lake City, and Ocala among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Fl. Dept. Of Transportation 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. Fl. Dept. Of Transportation 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 about average rates.
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Originations
5Origination Dollar Volume (All Markets)
$835,000Top 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 |
|---|---|---|---|---|---|
| TALLAHASSEE, FL (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $3,896 | 4.38% |
| Lake City, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,140 | 4.75% |
| OCALA, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,612 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 5 | $835,000 | $167,000 | $3,488 | 4.58% |
For 2018, Fl. Dept. Of Transportation Credit Union's most frequently originated type of loan was Conventional, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 2 | $250,000 | $125,000 | $2,876 | 4.88% |
| Cash Out Refi | 2 | $510,000 | $255,000 | $3,993 | 4.63% |
| Refi | 1 | $75,000 | $75,000 | $3,700 | 3.88% |
For 2018, Fl. Dept. Of Transportation Credit Union's most frequently cited loan purpose was Home Purchase, with 2 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 4 | $760,000 | $190,000 | $3,435 | 4.75% |
| 15 Year | 1 | $75,000 | $75,000 | $3,700 | 3.88% |
For 2018, Fl. Dept. Of Transportation Credit Union's most frequently cited loan duration was 30 Year, with 4 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 5 | $835,000 | $167,000 |
Fl. Dept. Of Transportation Credit Union's average total fees were $3,435, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 4 | $760,000 | $190,000 |
| 3-4% | 1 | $75,000 | $75,000 |
During 2018, Fl. Dept. Of Transportation Credit Union's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 4 originations.
Loan Sizing
2018 saw Fl. Dept. Of Transportation Credit Union place emphasis on $100k-200k loans with 3 originations, totaling $375,000 in origination value.
Applicant Income
Fl. Dept. Of Transportation Credit Union lent most frequently to those with incomes in the $75k-100k range, with 2 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
Fl. Dept. Of Transportation Credit Union lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $835,000 | $167,000 | $3,488 | 4.58% |
Approval Rates
Total approvals of all applications100.00%
Fl. Dept. Of Transportation Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination40.00%
Fl. Dept. Of Transportation 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 | 5 | $835,000 | $167,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 5 | $835,000 | $167,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1 | $125,000 | $125,000 | $3,093 | 4.75% |
| 60-80% | 3 | $325,000 | $108,333 | $3,151 | 4.54% |
| 80-100% | 1 | $385,000 | $385,000 | $4,893 | 4.50% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Flat Branch Mortgage, Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |