Fl. Dept. Of Transportation Credit Union Mortgage Rates, Fees & Info

Tallahassee, FL

LEI: 254900ZBZ4M7TCGJWL09

Tax ID: 59-6140072

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Fl. Dept. Of Transportation Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Fl. Dept. Of Transportation Credit Union has a high proportion of conventional loans. Their top two markets are Tallahassee and Lake City .

    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 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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    Originations

    8

    Origination Dollar Volume (All Markets)

    $1,550,000

    Top 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) 6 $1,200,000 $200,000 $5,709 3.06%
    Outside of Metro Areas 1 $215,000 $215,000 $5,745 3.00%
    Lake City, FL (FHA|USDA|VA) 1 $135,000 $135,000 $5,640 2.88%
    Fl. Dept. Of Transportation Credit Union's top markets include Tallahassee and Lake City among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 8 $1,550,000 $193,750 $5,705 3.03%

    For 2021, Fl. Dept. Of Transportation Credit Union's most frequently originated type of loan was Conventional, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 3 $565,000 $188,333 $5,407 2.83%
    Cash Out Refi 3 $675,000 $225,000 $6,000 3.38%
    Home Purchase 2 $310,000 $155,000 $5,709 2.81%

    For 2021, Fl. Dept. Of Transportation Credit Union's most frequently cited loan purpose was Refi, with 3 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4 $750,000 $187,500 $5,547 3.31%
    20 Year 3 $715,000 $238,333 $6,688 2.83%
    15 Year 1 $85,000 $85,000 $3,386 2.50%

    For 2021, Fl. Dept. Of Transportation Credit Union's most frequently cited loan duration was 30 Year, with 4 originations. The 2nd most popular length was 20 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 4 $980,000 $245,000
    $2k-3k 3 $485,000 $161,667
    $1k-2k 1 $85,000 $85,000

    Fl. Dept. Of Transportation Credit Union's average total fees were $5,547, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 5 $1,065,000 $213,000
    <2.5% 1 $85,000 $85,000
    3-4% 1 $225,000 $225,000
    4-5% 1 $175,000 $175,000

    During 2021, Fl. Dept. Of Transportation Credit Union's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 2.5-3%, with 5 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4 $980,000 $245,000 $6,383 3.00%
    $100k-200k 3 $485,000 $161,667 $5,573 3.25%
    $100,000 or less 1 $85,000 $85,000 $3,386 2.50%

    2021 saw Fl. Dept. Of Transportation Credit Union place emphasis on $200k-400k loans with 4 originations, totaling $980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 3 $675,000 $225,000 $6,159 2.92%
    $100k-150k 2 $400,000 $200,000 $5,403 3.69%
    $50k or less 2 $220,000 $110,000 $4,513 2.69%
    $50k-75k 1 $255,000 $255,000 $7,333 2.75%

    Fl. Dept. Of Transportation Credit Union lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $100k-150k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    37% 2 $440,000 $220,000 $5,624 3.13%
    20-30% 1 $85,000 $85,000 $3,386 2.50%
    30-36% 1 $285,000 $285,000 $6,953 3.00%
    <20% 1 $175,000 $175,000 $5,779 2.75%
    39% 1 $175,000 $175,000 $5,302 4.13%
    46% 1 $255,000 $255,000 $7,333 2.75%
    48% 1 $135,000 $135,000 $5,640 2.88%

    Fl. Dept. Of Transportation Credit Union lent most frequently to those with DTI ratios of 37%, 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 6 $1,330,000 $221,667 $6,102 3.15%
    Black 2 $220,000 $110,000 $4,513 2.69%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination
    50.00%

    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 8 $1,550,000 $193,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    8 $1,550,000 $193,750

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $85,000 $85,000 $3,386 2.50%
    40-60% 2 $390,000 $195,000 $5,762 2.88%
    60-80% 2 $400,000 $200,000 $5,403 3.69%
    80-100% 3 $675,000 $225,000 $6,642 2.88%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Flat Branch Mortgage, Inc. Conventional home mortgage Trouble during payment process 1 33.3%
    Flat Branch Mortgage, Inc. Other type of mortgage Trouble during payment process 1 33.3%
    Flat Branch Mortgage, Inc. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%